Mountain Crest Acquisition Corp. V(MCAGU) - 2023 Q3 - Quarterly Report

Financial Performance - As of September 30, 2023, the company reported a net loss of $1,932,911 for the three months ended September 30, 2023, primarily due to general and administrative expenses of$1,988,611[142] - For the nine months ended September 30, 2023, the company had a net loss of $2,182,359, with general and administrative expenses totaling$2,529,190[144] - As of September 30, 2023, the company reported a net (loss) income per share allocation of 19% for Public Shares and 81% for non-redeemable shares for the three months ended, and 36% for Public Shares and 64% for non-redeemable shares for the nine months ended[167] - The company did not have any dilutive securities as of September 30, 2023, resulting in diluted (loss) income per share being the same as basic (loss) income per share[168] Cash and Securities - The company had cash of $11,334 held outside the Trust Account for general working capital purposes as of September 30, 2023[154] - As of September 30, 2023, the company held marketable securities in the Trust Account amounting to$5,488,143, including $214,382 of interest income[152] Initial Public Offering - The company generated gross proceeds of$60,000,000 from its Initial Public Offering of 6,000,000 Units at $10.00 per Unit[146] - The company incurred transaction costs of$5,090,361 related to its Initial Public Offering, which included $1,380,000 in underwriting fees[148] Business Combination - The company extended the period to complete a Business Combination from November 16, 2023, to February 16, 2024, by depositing$51,932 into its trust account[139] - The company has until November 16, 2024, to consummate a Business Combination, with a potential mandatory liquidation if not completed[160] Debt and Financial Instruments - The company issued an unsecured promissory note to the Sponsor for up to $400,000, which may be drawn down as needed[137] - The company has no off-balance sheet arrangements or long-term debt as of September 30, 2023[161] - The company is currently assessing the impact of ASU 2020-06, effective January 1, 2022, which simplifies accounting for certain financial instruments and may affect its financial position[169]