Company: CPMV
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001683168-25-002584
Chunk: 709

Company: Mosaic ImmunoEngineering Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 6
Chunk 709
---
 acting
Chief Scientific Officer under her consulting agreement.

During the year ended December 31, 2024, we did not
incur any related party consulting expenses. During the year ended December 31, 2023, we incurred related party consulting expenses for
Dr. Steinmetz, Dr. Pokorski, and Dr. Fiering in the aggregate amount of $20,000, $10,000 and $500, respectively, included in research
and development expenses in the accompanying consolidated financial statements. Pursuant to the consulting agreements, Dr. Steinmetz,
Dr. Pokorski, and Dr. Fiering are initially paid 15% of their monthly amounts up and until the Company is able to raise at least $4 million
in new funding. In exchange for the deferral of consulting payments, the Company agreed to grant each of the Related Parties RSU’s
with a fair market value equal to 20% of their deferred cash compensation as of the closing date of the financing (the “20% Deferral”).
The number of RSU’s to be granted will be calculated based on the closing price of the Company’s common stock on the closing
date of the financing and will vest one-year from the date of grant. There was no share-based compensation expense recorded for the years
ended December 31, 2024 and 2023 pertaining to the 20% Deferral as the terms are unknown and are based on a future performance trigger.
As of December 31, 2024 and 2023, we have accrued $264,375 in accrued consulting fees provided by the Related Parties, which amounts are
included in accrued consulting in the accompanying consolidated balance sheets.

In addition, on May 7, 2021, we entered into convertible
note purchase agreements with five (5) accredited investors, including three (3) members of our Board of Directors that participated on
the same terms as other accredited investors, in the aggregate principal amount of $575,000. Of such amount, the three members of our
Board of Directors invested $225,000 in aggregate (see Note 7).

Moreover, on February 18, 2022, we entered into convertible
note purchase agreements with sixteen (16) accredited investors, including five (5) members of our Board that participated on the same
terms as other accredited investors, in the aggregate principal amount of $341,632. Of such amount, four members of our Board and one
former member of