Company: CPMV
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001683168-25-002584
Chunk: 209

Company: Mosaic ImmunoEngineering Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 209
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 of assets and liabilities for financial reporting purposes and amounts
used for income tax purposes. Significant components of our deferred tax assets as of December 31, 2024 and 2023 are as follows:

    Schedule of deferred tax assets and liabilities 

    December 31, 2024  
    December 31, 2023 
  
    Deferred tax assets (liabilities): 

    State taxes 
    $504  
    $504 
  
    Accrued expenses 
     1,494,515  
     1,313,837 
  
    Investment in affiliated company 
     (6,701) 
     (6,701)
  
    Share-based compensation expense 
     456,105  
     484,819 
  
    Impairment of note receivable 
     215,261  
     215,261 
  
    Capitalized research and development expenses 
     62,091  
     103,604 
  
    382 limited net operating loss carryforwards 
     597,262  
     597,262 
  
    Net operating loss carryforwards 
     685,824  
     442,275 
  
    Valuation allowance 
     (3,504,861) 
     (3,150,861)
  
    Net deferred tax asset 
    $–  
    $– 

We have federal and state net operating loss carryforwards
available to offset future taxable income of approximately $4,860,000 and $2,968,000 at December 31, 2024, respectively, of which approximately
$2,647,000 and $468,000, respectively, are subject to a limitation under IRS Section 382. Approximately $4,486,000 of the federal net
operating losses can be carried forward indefinitely with $2,273,000 subject to a limitation under IRS Section 382. The remaining $374,000
of federal net operating losses will expire from 2025 through 2036. The state net operating losses will expire from 2028 through 2042.

We follow authoritative guidance which defines criteria
that an individual tax position must meet for any part of the benefit of that position to be recognized in a company’s financial
statements and also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods,
disclosure and transition. Interest and penalties, if any, related