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Mountain Crest Acquisition V(MCAG) - 2023 Q3 - Quarterly Report
MCAGMountain Crest Acquisition V(MCAG)2023-11-21 02:30

Financial Performance - For the three months ended September 30, 2023, the company reported a net loss of 1,932,911,withgeneralandadministrativeexpensesof1,932,911, with general and administrative expenses of 1,988,611 and interest earned on investments held in the Trust Account of 71,564[151].−FortheninemonthsendedSeptember30,2023,thecompanyhadanetlossof71,564[151]. - For the nine months ended September 30, 2023, the company had a net loss of 2,182,359, consisting of general and administrative expenses of 2,529,190andinterestearnedoninvestmentsheldintheTrustAccountof2,529,190 and interest earned on investments held in the Trust Account of 437,409[153]. - As of September 30, 2023, the company reported a split in net (loss) income allocation with 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[174]. - 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[175]. Trust Account and Securities - As of September 30, 2023, the company had marketable securities held in the Trust Account amounting to 5,488,143,including5,488,143, including 214,382 of interest income[160]. - As of September 30, 2023, the company had cash of 11,334heldoutsidetheTrustAccountforgeneralworkingcapitalpurposes[162].−Thecompanyhasnooff−balancesheetarrangementsorlong−termdebtobligationsasofSeptember30,2023[169].BusinessCombinationandIPO−ThecompanycompleteditsInitialPublicOfferingonNovember16,2021,raisinggrossproceedsof11,334 held outside the Trust Account for general working capital purposes[162]. - The company has no off-balance sheet arrangements or long-term debt obligations as of September 30, 2023[169]. Business Combination and IPO - The company completed its Initial Public Offering on November 16, 2021, raising gross proceeds of 60,000,000 from the sale of 6,000,000 Units[155]. - The company extended the period to complete a Business Combination from November 16, 2023, to February 16, 2024, by depositing 51,932intoitstrustaccount[148].−ThecompanyhasuntilNovember16,2024,toconsummateaBusinessCombination,withamandatoryliquidationifnotcompletedbythatdate[168].−ThecompanyissuedanunsecuredpromissorynotetotheSponsorforupto51,932 into its trust account[148]. - The company has until November 16, 2024, to consummate a Business Combination, with a mandatory liquidation if not completed by that date[168]. - The company issued an unsecured promissory note to the Sponsor for up to 400,000, which is due upon the consummation of an initial Business Combination or liquidation[146]. - The company incurred transaction costs of 5,090,361relatedtoitsInitialPublicOffering,including5,090,361 related to its Initial Public Offering, including 1,380,000 in underwriting fees[157]. Accounting Standards - The company is currently assessing the impact of ASU 2020-06, effective January 1, 2022, which simplifies accounting for certain financial instruments and introduces additional disclosures for convertible debt[176]. - Management believes that recently issued accounting standards, if adopted, would not have a material effect on the condensed financial statements[177].