Mountain Crest Acquisition Corp. V Files Q1 2024 10-Q

TL;DR

MCAG filed its Q1 2024 10-Q. Financials look standard for a SPAC.

AI Summary

Mountain Crest Acquisition Corp. V filed its 10-Q for the period ending March 31, 2024. The filing details financial information for the first quarter of 2024, including balance sheet items such as common stock, additional paid-in capital, and retained earnings. The company's principal executive offices are located at 524 Broadway, 11th Floor, New York, NY 10012.

Why It Matters

This 10-Q filing provides investors with a quarterly update on the financial health and operational status of Mountain Crest Acquisition Corp. V, crucial for understanding its performance and future prospects.

Risk Assessment

Risk Level: low — This filing is a routine quarterly report and does not contain significant new risk factors or material adverse events.

Key Numbers

• Q1 2024 — Reporting Period (Financials for the first quarter of 2024 are detailed.)
• March 31, 2024 — Balance Sheet Date (Key financial figures as of this date are presented.)

Key Players & Entities

• Mountain Crest Acquisition Corp. V (company) — Filer of the 10-Q
• 0001829126-24-006280 (other) — Accession Number for the filing
• 20240331 (date) — End of the reporting period
• 524 Broadway, 11th Floor, New York, NY 10012 (location) — Company's business and mailing address

FAQ

Key Financial Figures

• $0.0001 — s of common stock underlying the units, $0.0001 par value per share, issued and outstan
• $60,000,000 — ring on November 16, 2021, an amount of $60,000,000 ($10.00 per Unit) from the net proceeds
• $10.00 — ber 16, 2021, an amount of $60,000,000 ($10.00 per Unit) from the net proceeds of the
• $0.10 — to the Trust Account an amount equal to $0.10 per outstanding Public Share for each t

Filing Documents

• mountaincrest5_10q.htm (10-Q) — 612KB
• mountaincrest5_ex31-1.htm (EX-31.1) — 14KB
• mountaincrest5_ex31-2.htm (EX-31.2) — 14KB
• mountaincrest5_ex32-1.htm (EX-32.1) — 7KB
• mountaincrest5_ex32-2.htm (EX-32.2) — 7KB
• 0001829126-24-006280.txt ( ) — 3613KB
• mcag-20240331.xsd (EX-101.SCH) — 35KB
• mcag-20240331_cal.xml (EX-101.CAL) — 30KB
• mcag-20240331_def.xml (EX-101.DEF) — 151KB
• mcag-20240331_lab.xml (EX-101.LAB) — 202KB
• mcag-20240331_pre.xml (EX-101.PRE) — 194KB
• mountaincrest5_10q_htm.xml (XML) — 470KB

Financial Information

Part I. Financial Information 1

Financial Statements

Item 1. Financial Statements 1 Condensed Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 1 Condensed Statements of Operations for the three months ended March 31, 2024 and 2023 (Unaudited) 2 Condensed Statements of Changes in Stockholders' Deficit for the three months ended March 31, 2024 and 2023 (Unaudited) 3 Condensed Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited) 4 Notes to Condensed Financial Statements (Unaudited) 5

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures Regarding Market Risk

Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk 36

Controls and Procedures

Item 4. Controls and Procedures 36

Other Information

Part II. Other Information 37

Legal Proceedings

Item 1. Legal Proceedings 37

Risk Factors

Item 1A. Risk Factors 37

Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 37

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 37

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 37

Other Information

Item 5. Other Information 37

Exhibits

Item 6. Exhibits 38

Signatures

Part III. Signatures 39 i

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Interim Financial Statements

Item 1. Interim Financial Statements. MOUNTAIN CREST ACQUISITION CORP. V CONDENSED BALANCE SHEETS March 31, December 31, 2024 2023 (Unaudited) ASSETS CURRENT ASSETS Cash $ 23,813 $ 16,089 Prepaid expenses 104,405 - TOTAL CURRENT ASSETS 128,218 16,089 NONCURRENT ASSETS Investments held in Trust Account 5,738,912 5,613,395 TOTAL ASSETS $ 5,867,130 $ 5,629,484 LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Accounts payable and accrued expenses $ 640,262 $ 582,432 Income taxes payable 303,886 289,588 Excise taxes payable 146,924 146,924 Promissory note 52,877 52,877 Promissory note – related party 390,000 200,000 Interest payable 6,642 5,587 TOTAL CURRENT LIABILITIES 1,540,591 1,277,408 LONG TERM LIABILITIES Deferred underwriting fee payable 2,070,000 2,070,000 TOTAL LIABILITIES 3,610,591 3,347,408 COMMITMENTS AND CONTINGENCIES Common stock subject to possible redemption, $ 0.0001 par value, 519,321 shares at redemption value of $ 10.95 and $ 10.74 per share as of March 31, 2024 and December 31, 2023, respectively 5,684,950 5,579,231 STOCKHOLDERS' DEFICIT Common Stock; $ 0.0001 par value; 30,000,000 shares authorized; 2,650,900 issued and outstanding (excluding 519,321 shares subject to possible redemption) as of March 31, 2024 and December 31, 2023 266 266 Additional paid-in capital 1,841,108 1,946,827 Accumulated deficit ( 5,269,785 ) ( 5,244,248 ) TOTAL STOCKHOLDERS' DEFICIT ( 3,428,411 ) ( 3,297,155 ) TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 5,867,130 $ 5,629,484 The accompanying notes are an integral part of the unaudited condensed financial statements. 1 MOUNTAIN CREST ACQUISITION CORP. V CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) For the Three Months Ended March 31, 2024 2023 General and administrative expenses $ 83,769 $ 218,230 Loss from operations ( 83,76

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