10-K - Mountain Crest Acquisition Corp. V (0001859035) (Filer)
Tue, Aug 27, 11:14 PM (146 days ago)
Mountain Crest Acquisition Corp. V reported a net loss of $2,251,116 for the year ended December 31, 2023, a significant decline from a net income of $4,471 in 2022. The loss stemmed from operating expenses of $2,654,975, with interest income of $510,728 partially offsetting these costs. As of December 31, 2023, total assets stood at $5,629,484, primarily from investments in a Trust Account amounting to $5,613,395. The company faced compliance challenges with Nasdaq's listing standards, failing to meet the $35 million market value requirement, but regained compliance by June 2024. The company extended its business combination deadline to November 16, 2024, depositing $51,932 into the Trust Account. Notably, the firm entered into several promissory notes with its sponsor, totaling $700,000, to support operational liquidity. The financial condition reflects ongoing risks, including potential liquidation if a business combination is not achieved by the deadline. Future plans include focusing on acquiring private companies in North America and Asia Pacific, with an emphasis on those with positive cash flows.