Company: CPMV
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001683168-25-002584
Chunk: 150

Company: Mosaic ImmunoEngineering Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 150
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Split. On December 30, 2020, we changed our fiscal year end from May 31 to December 31.

Our funding has primarily come from the issuance of
convertible notes. On May 7, 2021 and February 18, 2022, we issued unsecured convertible promissory notes in the aggregate principal amount
of $575,000 and $341,632, respectively (see Note 7 to the accompanying consolidated financial statements).

On July 6, 2022, we entered into a redemption agreement
(the “Redemption Agreement”) with Holocom, Inc. (“Holocom”) pursuant to which we requested full redemption of
our 2,100,000 shares of Series A Preferred Stock at a redemption price of $0.40 per share, provided Holocom has sufficient capital to
redeem the underlying shares. As of December 31, 2023, we redeemed in aggregate, 2,100,000 shares of Series A Preferred Stock, in exchange
for aggregate net proceeds received by us of $776,000 (see Note 4 to the accompanying consolidated financial statements). As of December
31, 2023, Holocom had no further obligations to us under the Redemption Agreement or any other arrangement and therefore there were no
proceeds received during the year ended December 31, 2024.

On April 26, 2024, we entered into a binding term
sheet (“Binding Term Sheet”) with Oncotelic Therapeutics, Inc. (“Oncotelic”) pursuant to which we intend to acquire
(i) certain rights to Oncotelic’s clinical stage necroptosis cancer therapies associated with its vascular disruptive agents (“VDAs”)
and related regulatory and clinical packages, and (ii) non-exclusive access to its proprietary Artificial Intelligence (“AI”)
technologies for identifying immunotherapy combinations, in exchange for the issuance of shares of our common stock valued at $15.0 million
upon execution of the definitive agreement (representing 47,923,322 shares of our common stock), or a combination of common stock and
preferred stock to be determined by the parties, along with additional milestones allowing Oncotelic to earn up to an additional $15.0
million in shares of common stock that would be valued at the time of issuance, if earned. Pursuant to the Binding Term Sheet, we and
Oncotelic agreed to negotiate in good faith towards the execution of a definitive agreement and the closing of the transaction