Company: CPMV
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001683168-25-002584
Chunk: 214

Company: Mosaic ImmunoEngineering Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 214
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 under the Binding Term Sheet, (i) we
will continue the development work necessary to achieve the mutually agreed upon milestones upon the requisite funding, (ii) Oncotelic
will provide a loan to us to cover certain operational costs of the Company through June 1, 2024, (iii) Oncotelic will assist the Company
in potentially raising initial funding to support the technologies of $2 million, and (iv) in the event the Company is unable to raise
the requisite funding, then the transaction may proceed to a reverse acquisition/merger, with conditions typical of such a transaction.

If we enter into a definitive agreement under the
terms of the Binding Term Sheet, our present stockholders will experience immediate substantial dilution and will not have control of
our majority voting securities. In addition, if we do not receive shareholder approval for a possible transaction by Juen 30, 2025, as
amended, we may not be able to enter into a definitive agreement with Oncotelic, and we may need to cease our operations altogether. Currently,
we and Oncotelic are continuing to pursue a potential transaction under the Binding Term Sheet although there are no guarantees we will
enter into any definitive agreement. On December 31, 2024, the expiration date to enter into a possible transaction with Oncotelic was
extended to June 30, 2025. 

On May 8, 2024, we entered into a convertible note
purchase agreement with Oncotelic for up to $70,000 in funding with interest at a rate of 16% per annum. Amounts totaling $70,000 were
received at various times throughout the year ended December 31, 2024. On December 12, 2024, we repaid the entire outstanding principal
of $70,000 along with accrued interest of $6,214. As of December 31, 2024, there are no amounts due or outstanding under the convertible
note purchase agreement with Oncotelic

On July 1, 2024, we entered into a Master Services
Agreement with Oncotelic whereby we perform advisory and related services in connection with studies and projects. During the year ended
December 31, 2024, we earned $42,000 for advisory and related services which is recorded in other income in the accompanying consolidated
statement of operations.

     F-24 

    Mosaic ImmunoEngineering, Inc.

    Notes to Consolidated Financial