Fri, Oct 4, 8:46 PM (78 days ago)
For the quarter ended June 30, 2024, Mountain Crest Acquisition Corp. V reported a net loss of $64,591, a significant reduction from $206,112 in the same quarter of 2023. The company’s total current assets increased to $93,502, primarily due to cash and prepaid expenses, while total assets rose to $5,959,411, reflecting a rise in investments held in the Trust Account. Current liabilities decreased to $1,097,463, contributing to a reduction in stockholders’ deficit to $2,995,146. The company continues to face uncertainties regarding its ability to complete a business combination by the extended deadline of November 16, 2024, after which mandatory liquidation may occur. As of June 30, 2024, the company had $21,087 in cash available for working capital, with ongoing reliance on loans from its sponsor for operational funding. Management highlighted risks from ongoing geopolitical tensions and the impact of the Inflation Reduction Act's excise tax on share repurchases, which could affect cash flow and operational capacity. Future operations remain contingent upon successful business combination efforts.