Company: CPMV
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001683168-25-002584
Chunk: 301

Company: Mosaic ImmunoEngineering Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1C
Chunk 301
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 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 related services in connection with studies and projects. During the year ended
December 31, 2024, we earned $42,000 for advisory and related services which is recorded in other income in the accompanying consolidated
statements of operations.

 34 

On November 18, 2024, we entered into an unsecured
convertible promissory note (“Note Purchase Agreement”) with an accredited investor (“Investor”) for proceeds
of up to $200,000 to be used for general corporate purposes. On December 4, 2024, the Company received $200,000 under the note purchase
agreement and issued an unsecured convertible note bearing interest at a rate of 5% per annum that is due and payable upon closing a financing
of at least $10.0 million or convertible into shares of common stock of the Company, at the sole discretion of the accredited investor.
The number of shares of common stock