Company: CPMV
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001683168-25-002584
Chunk: 99

Company: Mosaic ImmunoEngineering Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 99
---
 December 31, 2024 and 2023 consisted of the following:

    Schedule of accrued expenses and other current
    liabilities 

    December 31, 2024  
    December 31, 2023 
  
    Crossflo acquisition liability 
    $177,244  
    $177,244 
  
    Accrued patent expenses 
     430,873  
     430,873 
  
    Other accrued expenses 
     38,733  
     33,646 
  
    Total accrued expenses and other current liabilities 
    $646,850  
    $641,763 

In September 2008, PTSC acquired Patriot Data Solutions
Group, Inc. formerly known as Crossflo Systems, Inc. (“PDSG”). In connection with the acquisition of Crossflo by PTSC, we
have accrued $177,244 that could be payable to Crossflo investors.

     F-15 

    Mosaic ImmunoEngineering, Inc.

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

6.        License
Agreements

License Option and Agreement with CWRU

On July 1, 2020, we signed a License Option Agreement
with CWRU, granting the Company the exclusive right to license certain technology covering an immunotherapy platform technology to treat
and prevent cancer in humans and for veterinary use, including MIE-101, our lead clinical candidate. Under the License Option Agreement,
CWRU granted us the exclusive option for a period of two (2) years to negotiate and enter into a license agreement with CWRU, provided
that we meet certain diligence milestones.

Under the License Option Agreement, we issued CWRU
70,000 shares of Class B Common Stock at the fair market value of $7 on the date of issuance. On August 21, 2020, the Class B Stock was
exchanged for shares of Series B Preferred.

On May 4, 2022 we exercised our rights under the License
Option Agreement and entered into a license agreement with CWRU (“License Agreement”). Pursuant to the terms of the License
Agreement, we agreed to pay CWRU for each licensed product used in human applications (i) development milestones of up to $1.8 million
in aggregate dependent upon the progress of clinical trials, regulatory approvals, and initiation of product launch,