Significant Accounting Policies (Tables)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Mar. 31, 2025 |
Sep. 30, 2024 |
Mar. 31, 2024 |
| Alphatime Acquisition Corp [Member] |
|
|
|
| Restructuring Cost and Reserve [Line Items] |
|
|
|
| Schedule of Net Income (Loss) Per Share |
The
net income (loss) per share presented in the statements of operations is based on the following:
Schedule
of Net Income (Loss) Per Share
| | |
For
the three months
ended
March 31,
2025 | | |
For
the three months
ended
March 31,
2024 | |
| | |
| | |
| |
| Net income | |
$ | 117,969 | | |
$ | 442,265 | |
| Income earned on Trust Account | |
| (301,371 | ) | |
| (787,168 | ) |
| Accretion of carrying value to redemption value | |
| (54,979 | ) | |
| (165,000 | ) |
| Net loss including accretion of equity into redemption
value | |
$ | (238,381 | ) | |
$ | (509,903 | ) |
|
The
net income (loss) per share presented in the statements of operations is based on the following:
Schedule
of Net Income (Loss) Per Share
| | |
For
the year ended December 31, 2024 | | |
For
the year ended December 31, 2023 | |
| | |
| | |
| |
| Net income | |
$ | 1,498,591 | | |
$ | 1,941,118 | |
| Income earned on Trust Account | |
| (2,782,552 | ) | |
| (3,130,199 | ) |
| Accretion of carrying value to redemption
value | |
| (550,000 | ) | |
| (8,427,382 | ) |
| Net
loss including accretion of equity into redemption value | |
$ | (1,833,961 | ) | |
$ | (9,616,463 | ) |
|
|
| Schedule of Income (Loss) Basic and Diluted Per Share |
Schedule
of Income (Loss) Basic and Diluted Per Share
| | |
Redeemable | | |
Non-
Redeemable | | |
Redeemable | | |
Non-
Redeemable | |
| | |
Three
months ended
March 31,
2025 | | |
Three
months ended
March 31,
2024 | |
| | |
Redeemable | | |
Non-
Redeemable | | |
Redeemable | | |
Non-
Redeemable | |
| Particulars | |
Shares | | |
Shares | | |
Shares | | |
Shares | |
| Basic and diluted net income/(loss) per share: | |
| | | |
| | | |
| | | |
| | |
| Numerators: | |
| | | |
| | | |
| | | |
| | |
| Allocation of net loss including accretion of temporary equity | |
| (91,743 | ) | |
| (146,638 | ) | |
| (353,202 | ) | |
| (156,701 | ) |
| Income earned on Trust Account | |
| 301,371 | | |
| — | | |
| 787,168 | | |
| — | |
| Accretion of temporary equity to redemption value | |
| 54,979 | | |
| — | | |
| 165,000 | | |
| — | |
| Allocation of net income/(loss) | |
| 264,607 | | |
| (146,638 | ) | |
| 598,966 | | |
| (156,701 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Denominators: | |
| | | |
| | | |
| | | |
| | |
| Weighted-average shares outstanding | |
| 1,335,250 | | |
| 2,134,200 | | |
| 4,810,460 | | |
| 2,134,200 | |
| Basic and diluted net income/(loss) per share | |
| 0.20 | | |
| (0.07 | ) | |
| 0.12 | | |
| (0.07 | ) |
|
Schedule
of Income (Loss) Basic and Diluted Per Share
| | |
| | |
| | |
| | |
| |
| | |
For
the year ended December
31, 2024 | | |
For
the year ended December
31, 2023 | |
| | |
Redeemable | | |
Non-Redeemable | | |
Redeemable | | |
Non-Redeemable | |
| Particulars | |
Shares | | |
Shares | | |
Shares | | |
Shares | |
| Basic and diluted net income/(loss) per
share: | |
| | | |
| | | |
| | | |
| | |
| Numerators: | |
| | | |
| | | |
| | | |
| | |
| Allocation of net loss including
accretion of temporary equity | |
| (1,265,212 | ) | |
| (568,749 | ) | |
| (7,330,400 | ) | |
| (2,286,063 | ) |
| Income earned on Trust Account | |
| 2,782,552 | | |
| — | | |
| 3,130,199 | | |
| — | |
| Accretion of temporary
equity to redemption value | |
| 550,000 | | |
| — | | |
| 8,427,382 | | |
| — | |
| Allocation of net income/(loss) | |
| 2,067,340 | | |
| (568,749 | ) | |
| 4,227,181 | | |
| (2,286,063 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Denominators: | |
| | | |
| | | |
| | | |
| | |
| Weighted-average shares outstanding | |
| 4,747,637 | | |
| 2,134,200 | | |
| 6,830,959 | | |
| 2,130,307 | |
| Basic and diluted net
income/(loss) per share | |
| 0.44 | | |
| (0.27 | ) | |
| 0.62 | | |
| (1.07 | ) |
|
|
| Schedule of Subject to Possible Redemption |
At
March 31, 2025, the ordinary shares reflected in the balance sheets are reconciled in the following table:
Schedule
of Subject to Possible Redemption
| Ordinary shares subject to possible redemption – December 31,
2024 | |
$ | 15,240,284 | |
| Redemption of public shares | |
| - | |
| Subsequent measurement of ordinary shares subject to possible redemption
(income earned on trust account) and extension deposit | |
| 356,350 | |
| Ordinary shares subject to possible redemption - March
31, 2025 | |
$ | 15,596,634 | |
|
At
December 31, 2024, the ordinary shares reflected in the balance sheets are reconciled in the following table:
Schedule
of Subject to Possible Redemption
| Gross proceeds | |
$ | 69,000,000 | |
| Less: | |
| | |
| Proceeds allocated to Public Rights | |
| (621,000 | ) |
| Proceeds allocated to Public Warrants | |
| (1,104,000 | ) |
| Allocation of offering costs related to
redeemable shares | |
| (4,770,382 | ) |
| Accretion of carrying value to redemption value | |
| 7,737,382 | |
| Redemption of public shares | |
| (62,154,467 | ) |
| Subsequent measurement
of ordinary shares subject to possible redemption (income earned on trust account) and extension deposit | |
| 3,820,199 | |
| Ordinary shares subject
to possible redemption - December 31, 2023 | |
$ | 74,062,199 | |
| Redemption of public shares | |
| (62,154,467 | ) |
| Subsequent measurement
of ordinary shares subject to possible redemption (income earned on trust account) and extension deposit | |
| 3,332,552 | |
| Ordinary
shares subject to possible redemption – December 31, 2024 | |
$ | 15,240,284 | |
|
|
| HCYC Group Company Limited [Member] |
|
|
|
| Restructuring Cost and Reserve [Line Items] |
|
|
|
| Schedule of Accounts Receivable |
|
The
following table sets forth the aging analysis of accounts receivable:
Schedule
of Accounts Receivable
| | |
September
30, 2024 | | |
March
31, 2024 | |
| | |
(Unaudited) | | |
| |
| | |
| | |
| |
| Up to three months | |
| 237,545 | | |
| 72,346 | |
| Less: Allowance for current expected credit losses | |
| - | | |
| - | |
| Total accounts receivable, net | |
| 237,545 | | |
| 72,346 | |
|
The
following table sets forth the aging analysis of accounts receivable:
Schedule
of Accounts Receivable
| | |
March
31, 2024 | | |
March
31, 2023 | |
| | |
| | |
| |
| Up to three months | |
| 72,346 | | |
| 360,657 | |
| Less: Allowance for current expected
credit losses | |
| - | | |
| - | |
| Total accounts receivable, net | |
| 72,346 | | |
| 360,657 | |
|
| Schedule of Property, Plant and Equipment Useful Lives |
|
Property,
plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and
equipment is provided using the straight-line method over their expected useful lives, as follows:
Schedule
of Property, Plant and Equipment Useful Lives
| |
|
Useful
life |
| Office
Equipment |
|
5
years |
| Fixtures
& Furniture |
|
5
years |
| Computers |
|
3
years |
|
Property,
plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and
equipment is provided using the straight-line method over their expected useful lives, as follows:
Schedule
of Property, Plant and Equipment Useful Lives
| | |
| Useful
life | |
| Office Equipment | |
| 5
years | |
| Fixtures & Furniture | |
| 5
years | |
| Computers | |
| 3
years | |
|
| Schedule of Disaggregation of Revenues |
|
The
Company disaggregates its revenue by types of commission and fee earn, as the Company believes it best depicts how the nature, amount,
timing and uncertainty of the revenue and cash flows are affected by economic factors. The summary of the Company’s total revenues
by commission type for the six months ended September 30, 2024 and 2023 was as follows:
Schedule
of Disaggregation of Revenues
| | |
2024 | | |
2023 | |
| | |
For the six months ended
September
30, | |
| | |
2024 | | |
2023 | |
| | |
(Unaudited) | | |
(Unaudited) | |
| Revenue - first year commission | |
$ | 2,642,434 | | |
$ | 6,674,788 | |
| Revenue - renewal commission | |
| 207,418 | | |
| 96,937 | |
| Other activities | |
| - | | |
| 3,974 | |
| Total revenue | |
$ | 2,849,852 | | |
$ | 6,775,699 | |
|
The
Company disaggregates its revenue by types of commission and fee earned, as the Company believes it best depicts how the nature, amount,
timing and uncertainty of the revenue and cash flows are affected by economic factors. The summary of the Company’s total revenues
by commission type for the years ended March 31, 2024 and 2023 was as follows:
Schedule
of Disaggregation of Revenues
| | |
2024 | | |
2023 | |
| | |
For years
ended March 31, | |
| | |
2024 | | |
2023 | |
| | |
| | |
| |
| Revenue - first year commission | |
$ | 10,358,016 | | |
$ | 704,619 | |
| Revenue - renewal commission | |
| 521,976 | | |
| 132,852 | |
| Other activities | |
| 7,838 | | |
| 7,925 | |
| Total revenue | |
$ | 10,887,830 | | |
$ | 845,395 | |
|
| Schedule of Currency Exchange Rates |
|
The
following table outlines the currency exchange rates that were used in creating the consolidated financial statements:
Schedule
of Currency Exchange Rates
| |
|
September
30, 2024 |
|
|
March
31, 2024 |
|
|
September
30, 2023 |
|
| Period-end
spot rate |
|
|
US$1=HKD7.7693 |
|
|
|
US$1=HKD7.8259 |
|
|
|
US$1=HKD7.8308 |
|
| Average
rate |
|
|
US$1=HKD7.8084 |
|
|
|
US$1=HKD7.8246 |
|
|
|
US$1=HKD7.8317 |
|
|
The
following table outlines the currency exchange rates that were used in creating the consolidated financial statements:
Schedule
of Currency Exchange Rates
| | |
| March
31, 2024 | | |
| March
31, 2023 | |
| Period-end spot rate | |
| US$1=HKD7.8259 | | |
| US$1=HKD7.8499 | |
| Average rate | |
| US$1=HKD7.8246 | | |
| US$1=HKD7.8389 | |
|