Mountain Crest Acquisition V(MCAG) - 2023 Q1 - Quarterly Report

Financial Performance - The Company reported a net loss of $43,336 for the three months ended March 31, 2023, compared to a net loss of$121,880 for the same period in 2022[156]. - The Company has not generated any operating revenues to date and does not expect to do so until after the completion of its Business Combination[155]. - For the three months ended March 31, 2023, cash used in operating activities was $187,740, with changes in operating assets and liabilities providing$72,993 of cash[160]. - As of March 31, 2023, the company did not have any dilutive securities, resulting in diluted income (loss) per share being the same as basic income (loss) per share[176]. Trust Account and Funds - As of March 31, 2023, the Company had marketable securities held in the Trust Account amounting to $20,038,974, including$397,894 of interest income[162]. - Following the underwriters' full exercise of their over-allotment option, the total proceeds held in the Trust Account increased to $69,000,000[159]. - The Company intends to use substantially all funds held in the Trust Account to complete its Business Combination[163]. - Stockholders holding 1,405,134 shares exercised their right to redeem shares for a pro rata portion of the funds in the Trust Account during the extension of the Business Combination Period[150]. Business Combination - The Business Combination Agreement with AUM Biosciences Pte. Ltd. was signed on October 19, 2022, with subsequent amendments extending the closing date to February 16, 2024[143][150]. - The company extended the time to complete its initial business combination from May 16, 2023, to February 16, 2024[168]. - If a business combination is not consummated by February 16, 2024, there will be a mandatory liquidation and subsequent dissolution[169]. Costs and Liabilities - The Company incurred transaction costs of$5,090,361 related to the Initial Public Offering, including $1,380,000 in underwriting fees[159]. - The underwriters are entitled to a deferred fee of$2,070,000, payable only if the company completes a business combination[172]. - The company issued a non-interest bearing, unsecured promissory note of $300,000 to the Sponsor, due upon consummation of an initial business combination[165]. - As of March 31, 2023, there was$102,877 outstanding under a promissory note for services rendered, with a principal sum of $108,001.90[166]. Cash and Debt - As of March 31, 2023, the company had cash of$122,523 held outside the Trust Account for general working capital purposes[164]. - The company has no off-balance sheet arrangements as of March 31, 2023[170]. - The company does not have any long-term debt or capital lease obligations, with a monthly payment agreement of up to $10,000 for office-related expenses[171]. Risk Factors - The company was not subject to any market or interest rate risk as of March 31, 2023, with investments in U.S. government treasury obligations[180].