Company: CPMV
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001683168-25-002584
Chunk: 443

Company: Mosaic ImmunoEngineering Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 3
Chunk 443
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 transaction within
ninety (90) days, which is subject to customary due diligence and other conditions, including us obtaining shareholder approval for the
transaction and receiving waivers from our holders of Convertible Notes representing at least 90% of the principal amount outstanding
from any payment that would become due and payable upon a corporate transaction as contemplated under the Binding Term Sheet.

In addition, 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 initially through June 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 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