Mountain Crest Acquisition V(MCAG) - 2023 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2023, the company reported a net loss of $206,112, with general and administrative expenses of$322,349 and interest earned on investments held in the Trust Account amounting to $148,448 [156]. - For the six months ended June 30, 2023, the company had a net loss of$249,448, consisting of general and administrative expenses of $540,579 and interest earned on investments held in the Trust Account of$365,845 [158]. - The company has not generated any operating revenues to date and only incurs expenses related to being a public company [155]. Assets and Securities - As of June 30, 2023, the company had marketable securities held in the Trust Account totaling $5,542,002, which includes$506,670 of interest income [165]. - As of June 30, 2023, the company had cash of $96,449 held outside the Trust Account for general working capital purposes [167]. - The company has invested IPO proceeds in U.S. government treasury obligations or money market funds, minimizing exposure to interest rate risk [182]. Initial Public Offering (IPO) - The company generated gross proceeds of$60,000,000 from the Initial Public Offering of 6,000,000 Units at $10.00 per Unit [160]. - The company incurred transaction costs of$5,090,361 related to the Initial Public Offering, which included $1,380,000 in underwriting fees [162]. - The underwriters are entitled to a deferred fee of$0.30 per unit, totaling $2,070,000, payable only if a Business Combination is completed [175]. Business Combination and Compliance - The company extended its Combination Period from May 16, 2023, to February 16, 2024, following stockholder approval on May 12, 2023 [148]. - On June 8, 2023, the company received a termination notice from AUM, which ended the Business Combination Agreement [144]. - The company submitted a plan to Nasdaq on June 30, 2023, to regain compliance with the publicly held shares requirement [151]. - The company has until February 16, 2024, to consummate a Business Combination, with substantial doubt about its ability to continue as a going concern if not completed [172]. Debt and Obligations - The company issued a non-interest bearing, unsecured promissory note of$300,000 to the Sponsor, due upon consummation of an initial business combination [168]. - As of June 30, 2023, there was $102,877 outstanding under a promissory note with UHY Advisors, with an interest rate of 8$10,000 for office-related expenses [174]. Other Financial Information - The company has no off-balance sheet arrangements as of June 30, 2023, and does not participate in transactions that create relationships with unconsolidated entities [173]. - The company does not have any dilutive securities as of June 30, 2023, resulting in diluted loss per share being the same as basic loss per share [179].