Financial Performance - The company reported a net loss of $41,213 for the three months ended June 30, 2022, consisting of general and administrative expenses of $123,819 and a provision for income taxes of $10,567, offset by interest earned on investments of $93,173 [108]. - For the six months ended June 30, 2022, the net loss was $163,093, with general and administrative expenses totaling $252,647 and interest income of $100,121 [109]. - Cash used in operating activities for the six months ended June 30, 2022, was $281,696, influenced by a net loss of $163,093 and interest earned of $100,121 [113]. Assets and Securities - As of June 30, 2022, the company had marketable securities in the Trust Account amounting to $69,099,822, including $99,822 of interest income [115]. - As of June 30, 2022, the company had cash of $193,984 available for identifying and evaluating target businesses [117]. Fundraising and Proceeds - The company raised gross proceeds of $60,000,000 from the Initial Public Offering of 6,000,000 Units at $10.00 per Unit [110]. - Following the underwriters' full exercise of their over-allotment option, an additional $9,000,000 was deposited into the Trust Account, bringing total proceeds to $69,000,000 [111]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital [116]. Business Combination and Liabilities - The company has until November 16, 2022, to consummate a Business Combination, with uncertainty regarding the ability to do so [120]. - The company has no off-balance sheet arrangements or long-term liabilities, other than a monthly agreement for office-related expenses [121].
Mountain Crest Acquisition Corp. V(MCAGU) - 2022 Q2 - Quarterly Report