Company: CPMV
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001683168-25-002584
Chunk: 109

Company: Mosaic ImmunoEngineering Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 109
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,824  
     442,275 
  
    Valuation allowance 
     (3,504,861) 
     (3,150,861)
  
    Net deferred tax asset 
    $–  
    $– 

We have federal and state net operating loss carryforwards
available to offset future taxable income of approximately $4,860,000 and $2,968,000 at December 31, 2024, respectively, of which approximately
$2,647,000 and $468,000, respectively, are subject to a limitation under IRS Section 382. Approximately $4,486,000 of the federal net
operating losses can be carried forward indefinitely with $2,273,000 subject to a limitation under IRS Section 382. The remaining $374,000
of federal net operating losses will expire from 2025 through 2036. The state net operating losses will expire from 2028 through 2042.

We follow authoritative guidance which defines criteria
that an individual tax position must meet for any part of the benefit of that position to be recognized in a company’s financial
statements and also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods,
disclosure and transition. Interest and penalties, if any, related to unrecognized tax benefits are recorded in income tax expense. Interest
and penalties relating to underpayment of income taxes are recorded in general and administrative expense. As of December 31, 2024, we
are subject to U.S. Federal income tax examinations for the tax years May 31, 2019 through December 31, 2024, and we are subject to state
and local income tax examinations for the tax years May 31, 2021 through December 31, 2024 due to the carryover of net operating losses.

     F-21 

    Mosaic ImmunoEngineering, Inc.

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

We have no liability relating to unrecognized tax
benefits under the authoritative guidance for the year ended December 31, 2024 and 2023.

Our continuing practice is to recognize accrued interest
and penalties related to unrecognized tax benefits as a component of tax expense. We do not expect our unrecognized tax benefits to change
significantly over the next twelve months.

11.        Commitments and Contingencies