Company: CPMV
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001683168-25-002584
Chunk: 111

Company: Mosaic ImmunoEngineering Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 111
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 December 31, 2024
and there was no rent expense for the years ended December 31, 2024 and 2023. Employees are working from home offices at no cost to the
Company.

     F-22 

    Mosaic ImmunoEngineering, Inc.

    Notes to Consolidated Financial Statements
    For the Years Ended December 31, 2024 and 2023 (continued)

12.        Related
Parties

During April 2021, we entered into consulting agreements
(retroactive to September 1, 2020) with Nicole Steinmetz, Ph.D., former acting Chief Scientific Officer and former member of the Board
of Directors, Jonathan Pokorski, Ph.D. (Dr. Steinmetz’s spouse), and Steve Fiering, Ph.D., each a co-founder of the company acquired
in the reverse merger and greater than 5% shareholder of the Company (“Related Parties”), for their scientific contributions
towards advancing the technology platforms. On May 2, 2023, Dr. Steinmetz resigned from the Board of Directors and her role as acting
Chief Scientific Officer under her consulting agreement.

During the year ended December 31, 2024, we did not
incur any related party consulting expenses. During the year ended December 31, 2023, we incurred related party consulting expenses for
Dr. Steinmetz, Dr. Pokorski, and Dr. Fiering in the aggregate amount of $20,000, $10,000 and $500, respectively, included in research
and development expenses in the accompanying consolidated financial statements. Pursuant to the consulting agreements, Dr. Steinmetz,
Dr. Pokorski, and Dr. Fiering are initially paid 15% of their monthly amounts up and until the Company is able to raise at least $4 million
in new funding. In exchange for the deferral of consulting payments, the Company agreed to grant each of the Related Parties RSU’s
with a fair market value equal to 20% of their deferred cash compensation as of the closing date of the financing (the “20% Deferral”).
The number of RSU’s to be granted will be calculated based on the closing price of the Company’s common stock on the closing
date of the financing and will vest one-year from the date of grant. There was no share-based compensation expense recorded for the years
ended December 31, 202