Mountain Crest Acquisition Corp. V(MCAGU) - 2023 Q4 - Annual Report

Financial Performance - For the year ended December 31, 2023, the company reported a net loss of $2,251,116, with operating costs of$2,654,975 and interest income of $510,728 [162]. - The company has identified a ratio of 31$5,613,395, including $5,325,694 from the IPO and$287,701 in interest income [137]. - The total amount in the trust account reached $69,000,000 after the underwriters fully exercised their over-allotment option, resulting in an additional$9,000,000 [164]. - As of December 31, 2023, the company had withdrawn $129,288 of interest earned on the Trust Account to pay taxes [168]. - As of December 31, 2023, the company had cash of$16,089 held outside the Trust Account for general working capital purposes [171]. - Cash used in operating activities for the year ended December 31, 2023, was $470,675, with changes in operating assets and liabilities providing$2,291,169 of cash [166]. Business Combination and Compliance - The company extended the time to complete its initial Business Combination from February 16, 2024, to May 16, 2024, by depositing $51,932 into its trust account [175]. - The company has until November 16, 2024, to consummate a Business Combination, with a potential mandatory liquidation if not completed by that date [176]. - The company entered into a non-binding term sheet with CUBEBIO Co., Ltd. for a proposed business combination on May 2, 2024 [158]. - The company received a notice from Nasdaq on December 13, 2023, indicating non-compliance with the$35,000,000 market value of listed securities requirement [139]. - The company regained compliance with the Nasdaq MVLS Rule on June 5, 2024, after maintaining a market value of $35,000,000 or greater for ten consecutive business days [141]. Debt and Financial Obligations - The company issued a non-interest bearing, unsecured promissory note of$300,000 to the Sponsor, which can be converted into 75,000 shares of Common Stock upon consummation of a Business Combination [172]. - As of December 31, 2023, there was $52,877 outstanding under a promissory note with UHY Advisors, with$5,587 of interest accrued [173]. - The underwriters are entitled to a deferred fee of $0.30 per unit, totaling$2,070,000, payable only if the company completes a Business Combination [180]. - The company does not have any long-term debt or off-balance sheet financing arrangements as of December 31, 2023 [178][179]. - The company has no obligations or liabilities considered off-balance sheet arrangements as of December 31, 2023 [178]. Accounting and Regulatory Matters - The company does not believe that any recently issued accounting standards will have a material effect on its financial statements [188]. - The company extended the Combination Period twice in 2024, depositing $51,932 each time into its trust account [152].