Company: CPMV
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001683168-25-002584
Chunk: 369

Company: Mosaic ImmunoEngineering Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 369
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 further limit our ability
to use net operating loss carryforwards. As a result, if we generate taxable income, our ability to use some of our net operating loss
carryforwards to offset U.S. federal taxable income may be subject to limitations, which could result in increased future tax liability
to us.

With the exception of refundable income taxes, we
have determined that it was more likely than not that all of our deferred tax assets will not be realized in the future due to our continuing
pre-tax and taxable losses in addition to the potential loss of deferred tax assets as a result of the change in control (see Note 1 to
the accompanying consolidated financial statements). As a result of this determination, and with the exception for the aforementioned
refundable income taxes, we have recorded a full valuation allowance against our deferred tax assets.

Results of Operations

Years Ended December 31, 2024 and 2023

Research and Development Expenses

Research and development expenses of approximately
$184,000 for the year ended December 31, 2024 are primarily related to salaries and related costs for personnel in research and development
functions totaling $176,000. The decrease in research and development expenses of approximately $252,000 for the year ended December 31,
2024 as compared to the same prior year period was primarily due to a (i) decrease in payroll and related costs of approximately $193,000
due to a reduced time commitment by certain employees, (ii) a decrease in share-based compensation expense of approximately $17,000 as
the majority of share-based awards have been fully expensed in prior periods, (iii) a decrease in consulting fees of approximately $39,000
due to a lower time commitment by our independent contractors, and (iv) a decrease in technology license maintenance fees of $3,000.

 32 

General and Administrative Expenses

General and administrative expenses of
approximately $696,000 for the year ended December 31, 2024 consist principally of salaries and related costs for personnel and
consultants in executive and administrative functions of approximately $581,000, accounting and filing fees of approximately
$63,000, director and officer insurance of approximately $35,000, investor and public relation fees of approximately $5,000, and
other expenses of approximately $11,000. The decrease in general and administrative expenses of approximately $269,000 for the year
ended December 31, 2024 as compared to the same prior year period