Company: CPMV
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001683168-25-006318
Chunk: 31

Company: Mosaic ImmunoEngineering Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 2
Chunk 31
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 least $10.0 million or convertible into shares of common stock of the Company, at the sole discretion of the accredited investor.
The number of shares of common stock to be issued, if converted, would be equal to the unpaid principal amount and accrued and unpaid
interest thereon divided by the closing price of our common stock on the date that is one day prior to such election.

Critical Accounting Policies
and Estimates 

Our unaudited condensed consolidated financial statements
have been prepared in accordance with accounting principles generally accepted in the United States of America, which require us to make
estimates and judgments that significantly affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure
of contingent assets and liabilities. Actual results could differ from those estimates, and such differences could affect the results
of operations reported in future periods. During the six months ended June 30, 2025, there have been no material changes to the Company’s
significant accounting policies as compared to the significant accounting policies disclosed in Note 2 – Summary of Significant
Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Results of Operation

Three Months Ended June 30, 2025 and 2024:

Research and Development Expenses

Research and development expenses of approximately
$16,000 for the three months ended June 30, 2025 are primarily related to salaries and related costs for personnel in research and development
functions. The decrease in research and development expenses of approximately $45,000 for the three months ended June 30, 2025 as compared
to the same prior year period was primarily due to a decrease in payroll and related costs due to a reduced time commitment by certain
employees.

General and Administrative Expenses

General and administrative expenses of approximately
$133,000 for the three months ended June 30, 2025 consist principally of salaries and related costs for personnel and consultants in executive
and administrative functions of approximately $112,000, accounting and filing fees of approximately $11,000, director and officer insurance
of approximately $8,000, and other expenses of approximately $2,000. The decrease in general and administrative expenses of approximately
$81,000 for the three months ended June 30, 2025 as compared to the same prior year period was primarily due to (i) a decrease in payroll
and related expenses of approximately $58,000 due to a reduced time commitment by certain employees, (ii)