AlphaTime Acquisition Corp, a blank check company incorporated on September 15, 2021, reported its financial performance for the third quarter and the first nine months of 2024 in its recent 10-Q filing. As of September 30, 2024, the company had total current assets of $32,937 and total assets of $53,380,525, a decline from total current assets of $58,106 and total assets of $74,120,305 as of December 31, 2023. The investment held in the Trust Account decreased significantly from $74,062,199 to $53,347,588 during the same period.
Total liabilities increased from $3,953,907 at the end of 2023 to $5,284,271 by September 30, 2024. The accumulated deficit also rose from $(3,896,015) to $(5,251,548), while total shareholders’ deficit increased from $(3,895,801) to $(5,251,334).
In terms of income, AlphaTime reported net income of $404,367 for Q3 2024, down from $486,555 in Q3 2023. For the first nine months of 2024, net income was $1,232,002, a decrease from $1,712,827 in the same period of 2023. The basic and diluted net income per share for Q3 2024 was $0.11, compared to $0.07 in Q3 2023. For the first nine months, the per-share income decreased from $0.54 to $0.35.
The company’s cash position was notably low, with only $1,473 remaining at the end of September 2024, down from $56,540 a year earlier. A working capital deficit of $2,836,334 was reported, alongside a cash withdrawal of $23,302,146 from the Trust Account for redemptions.
AlphaTime's strategic developments included a merger agreement with HCYC Holding Company, which is pending shareholder approval. The company has extended its business combination deadline multiple times, with the latest extension pushing the deadline to December 4, 2024. The company has also incurred a loan of $1,152,500 against a promissory note issued to the Sponsor for these extensions.
Management expressed concerns regarding the company's ability to continue as a going concern due to financial limitations and ongoing costs. The company has not generated any operating revenues to date and is focused on completing its initial business combination, primarily targeting sectors such as fintech, clean energy, and artificial intelligence.
About ALPHATIME ACQUISITION CORP
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