Mountain Crest Acquisition Corp. V Files Q2 2024 10-Q

TL;DR

MCAG 10-Q filed: SPAC still looking for a deal, financials reflect pre-combination status.

AI Summary

Mountain Crest Acquisition Corp. V filed its 10-Q for the period ending June 30, 2024. The company, a special purpose acquisition company (SPAC), reported its financial position and operational activities. As of June 30, 2024, the company's financial statements reflect its status as a shell company with limited operational history, primarily focused on its initial public offering and subsequent search for a business combination.

Why It Matters

This filing provides insight into the financial health and operational status of Mountain Crest Acquisition Corp. V as it continues its search for a merger target.

Risk Assessment

Risk Level: medium — As a SPAC, the company's primary risk is its ability to successfully complete a business combination within its mandated timeframe, which carries inherent uncertainties.

Key Numbers

• N/A — Revenue (As a SPAC, revenue generation is not the primary focus pre-combination.)
• N/A — Net Income (As a SPAC, net income is typically not a key metric pre-combination; focus is on cash and liabilities.)
• N/A — Total Assets (Specific dollar amounts for total assets are not detailed in the provided header information, but would be found within the full filing.)

Key Players & Entities

• Mountain Crest Acquisition Corp. V (company) — Filer of the 10-Q
• 0001859035 (company) — Central Index Key for Mountain Crest Acquisition Corp. V
• 20240630 (date) — End of the reporting period
• 20241004 (date) — Filing date of the 10-Q

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) — 644KB
• 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
• 0001829126-24-006659.txt ( ) — 3791KB
• mcag-20240630.xsd (EX-101.SCH) — 37KB
• mcag-20240630_cal.xml (EX-101.CAL) — 32KB
• mcag-20240630_def.xml (EX-101.DEF) — 159KB
• mcag-20240630_lab.xml (EX-101.LAB) — 213KB
• mcag-20240630_pre.xml (EX-101.PRE) — 205KB
• mountaincrest5_10q_htm.xml (XML) — 504KB

Financial Information

Part I. Financial Information 1

Financial Statements

Item 1. Financial Statements 1 Condensed Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 1 Condensed 2 Condensed 3 Condensed Statements of Cash Flows for the six months ended June 30, 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 29

Quantitative and Qualitative Disclosures Regarding Market Risk

Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk 38

Controls and Procedures

Item 4. Controls and Procedures 38

Other Information

Part II. Other Information 39

Legal Proceedings

Item 1. Legal Proceedings 39

Risk Factors

Item 1A. Risk Factors 39

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 39

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 39

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 39

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 40

Signatures

Part III. Signatures 41 i

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Interim Financial Statements

Item 1. Interim Financial Statements. MOUNTAIN CREST ACQUISITION CORP. V CONDENSED BALANCE SHEETS June 30, 2024 December 31, 2023 (Unaudited) ASSETS CURRENT ASSETS Cash $ 21,087 $ 16,089 Prepaid expenses 72,415 - TOTAL CURRENT ASSETS 93,502 16,089 NONCURRENT ASSETS Investments held in Trust Account 5,865,909 5,613,395 TOTAL ASSETS $ 5,959,411 $ 5,629,484 LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Accounts payable and accrued expenses $ 376,538 $ 582,432 Income taxes payable 324,001 289,588 Excise taxes payable 146,924 146,924 Promissory note - 52,877 Promissory note – related party 250,000 200,000 Interest payable - 5,587 TOTAL CURRENT LIABILITIES 1,097,463 1,277,408 LONG TERM LIABILITIES Deferred underwriting fee payable 2,070,000 2,070,000 TOTAL LIABILITIES 3,167,463 3,347,408 COMMITMENTS AND CONTINGENCIES Common stock subject to possible redemption, $ 0.0001 par value, 519,321 shares at redemption value of $ 11.14 and $ 10.74 per share as of June 30, 2024 and December 31, 2023, respectively 5,787,094 5,579,231 STOCKHOLDERS' DEFICIT Common Stock; $ 0.0001 par value; 30,000,000 shares authorized; 2,800,900 and 2,650,900 issued and outstanding (excluding 519,321 shares subject to possible redemption) as of June 30, 2024 and December 31, 2023, respectively 281 266 Additional paid-in capital 2,338,949 1,946,827 Accumulated deficit ( 5,334,376 ) ( 5,244,248 ) TOTAL STOCKHOLDERS' DEFICIT ( 2,995,146 ) ( 3,297,155 ) TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 5,959,411 $ 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 June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 General and administrative expenses

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View this 10-Q filing on SEC EDGAR