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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ |
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2023
Or
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _________ to _________
Commission File Number 000-22182
MOSAIC IMMUNOENGINEERING, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization) |
84-1070278
(I.R.S. Employer Identification No.) |
9114
Adams Ave., #202, Huntington Beach, California
(Address of principal executive offices) |
92646
(Zip Code) |
(Registrant’s telephone number, including
area code): (657) 208-0890
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
|
Trading Symbol |
|
Name of each exchange on which registered |
None |
|
None |
|
None |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”
and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ |
Accelerated filer ☐ |
Non-accelerated filer ☒ |
Smaller reporting company
☒ |
|
Emerging growth company ☐ |
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
On November 2, 2023, 7,242,137 shares of common
stock, par value $0.00001 per share, were outstanding.
INDEX
Unless the context otherwise requires, references
to the “Company,” “Mosaic,” “we,” “our,” or “us” in this Quarterly Report
on Form 10-Q refer to Mosaic ImmunoEngineering, Inc. and its subsidiaries.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (“Report”
or Quarterly Report”), including all documents incorporated by reference herein, includes certain statements constituting “forward-looking”
statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the Private Securities
Litigation Reform Act of 1995, including statements concerning our beliefs, plans, objectives, goals, expectations, anticipations, estimates,
intentions, operations, future results and prospects, and we rely on the “safe harbor” provisions in those laws. We are including
this statement for the express purpose of availing ourselves of the protections of such safe harbors with respect to all such forward-looking
statements. In this Report, the words “anticipates,” “believes,” “expects,” “intends,”
“future,” “estimates,” “may,” “could,” “should,” “would,” “will,”
“shall,” “propose,” “continue,” “predict,” “plan” or the negative versions
of these terms and other similar expressions are generally intended to identify certain of these forward-looking statements.
These forward-looking statements are subject to
certain risks and uncertainties, and actual results may differ materially from those in the forward-looking statements. Factors that could
cause or contribute to these differences include those discussed in “Risk Factors,” in Part II, Item 1A of this Report as
well as information provided elsewhere in this Report and our Annual Report on Form 10-K for the year ended December 31, 2022, which was
filed with the Securities and Exchange Commission (the SEC) on March 2, 2023. You should carefully consider that information before you
make an investment decision.
You should not place undue reliance on these types
of forward-looking statements, which speak only as of the date that they were made. These forward-looking statements are based on the
beliefs and assumptions of the Company’s management based on information currently available to management and should be considered
in connection with any written or oral forward-looking statements that the Company may issue in the future as well as other cautionary
statements the Company has made and may make. Except as required by law, the Company does not undertake any obligation to release publicly
any revisions to these forward-looking statements after completion of the filing of this Report to reflect later events or circumstances
or the occurrence of unanticipated events.
The discussion of the Company’s financial
condition and results of operations should be read in conjunction with the Company’s Unaudited Condensed Consolidated Financial
Statements and the related Notes thereto included in this Report.
RISK FACTOR SUMMARY
Below is a summary of material factors that make
an investment in our common stock speculative or risky. Importantly, this summary does not address all of the risks and uncertainties
that we face. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider
this section to be a complete discussion of all potential risks or uncertainties that may substantially impact our business. Additional
discussion of the risks and uncertainties summarized in this risk factor summary, as well as other risks and uncertainties that we face,
can be found under “Risk Factors” in Part II, Item 1A of this Quarterly Report. Moreover, we operate in a competitive and
rapidly changing environment. New factors emerge from time to time and it is not possible to predict the impact of all of these factors
on our business, financial condition or results of operations. The below summary is qualified in its entirety by that more complete discussion
of such risks and uncertainties. You should consider carefully the risks and uncertainties described under “Risk Factors”
in Part II, Item 1A of this Quarterly Report as part of your evaluation of an investment in our common stock.
Risks Related to Our Operations
| · | While the Company’s financial statements
have been prepared on a going concern basis, we do not currently have sufficient working capital to fund our existing liabilities and
planned operations for the next twelve months and we may be required to cease our operations altogether if we are unable to secure sufficient
funding. |
| · | We currently do not have sufficient capital to
pay all amounts owed under our License Agreement with Case Western Reserve University (“CWRU”) in the amount of approximately
$396,000 and if we fail to raise sufficient capital in the near term to pay for past due patent fees, we could lose the rights to develop
our lead product candidate, MIE-101, which is the product upon which our business depends. |
| · | If we are able to raise sufficient capital, we
expect that we will incur significant losses over the next several years and may never achieve or maintain profitability. |
| · | We are early in our development efforts and our
product candidates are in preclinical development. |
| · | Our short operating history may make it difficult
to evaluate the success of our business to date and to assess our future viability. |
| · | The Company and its subsidiaries have limited
insurance for their operations and are subject to various risks of loss. |
| · | Drug development involves a lengthy and expensive
process with an uncertain outcome, including failure to demonstrate safety and efficacy to the satisfaction of the FDA or similar regulatory
authorities outside the United States. We may incur additional costs or experience delays in completing, or ultimately be unable to complete,
the product manufacturing of our product candidates. |
| · | If serious adverse events or unacceptable side
effects are identified during the development of our product candidates, we may need to abandon or limit our development of some of our
product candidates. |
| · | If we fail to establish and maintain proper and
effective internal control over financial reporting, our operating results and our ability to operate our business could be harmed. |
Risks Related to Our Financial Position and Need for Additional
Capital
| · | We need substantial additional funding. If we
are unable to secure sufficient capital in the near term, we may be required to further reduce or eliminate product development and potentially
cease operations. |
| · | Raising capital will cause dilution to our stockholders,
restrict our operations, or require us to relinquish rights to our technologies or product candidates. |
Risks Related to the Commercialization of Our
Product Candidates
| · | We face substantial competition, which may result
in others discovering, developing or commercializing competing products before or more successfully than we do. |
| · | Product liability lawsuits against us could cause
us to incur substantial liabilities and to limit commercialization of any products that we may develop. |
Risks Related to Our Dependence on Third Parties
| · | Future development collaborations may be important
to us. If we are unable to enter into or maintain these collaborations, or if these collaborations are not successful, our business could
be adversely affected. |
| · | We may contract with third parties for the manufacture
of our product candidates for preclinical and clinical studies and may expect to continue to do so for commercialization. This potential
reliance on third parties increases the risk that we will not have sufficient quantities of our product candidates or products at an acceptable
cost and quality, which could delay, prevent or impair our development or commercialization efforts. |
| · | Data provided by collaborators and other parties
upon which we rely have not been independently verified and could turn out to be inaccurate, misleading, or incomplete. |
Risks Related to Our Intellectual Property
| · | If we or Case Western Reserve University (“CWRU”)
are unable to obtain and maintain intellectual property protection for technology and products under the License Agreement or if the scope
of the intellectual property protection obtained by CWRU is not sufficiently broad, our competitors could develop and commercialize technology
and products similar or identical to ours, and our ability to successfully commercialize our technology and products may be impaired.
|
| · | If we fail to comply with our obligations under
the License Agreement with CWRU or other agreements under which we may license intellectual property and other rights from third parties
or otherwise experience disruptions to our business relationships with our future licensors, we could lose those rights or other rights,
which are the products upon which our business depends. |
| · | We may become involved in lawsuits to protect
or enforce our patents or other intellectual property, which could be expensive, time consuming and unsuccessful. |
| · | We may need to license certain intellectual property
from third parties, and such licenses may not be available or may not be available on commercially reasonable terms. |
| · | Third parties may initiate legal proceedings
alleging that we are infringing their intellectual property rights, the outcome of which would be uncertain and could have a material
adverse effect on the success of our business. |
| · | If we are unable to protect the confidentiality
of our trade secrets, our business and competitive position would be harmed. |
Risks Related to Our Employee Matters, Managing
Growth and Macroeconomic Conditions
| · | Our future success depends on our ability to
attract, hire, retain and motivate executives, key employees, and our general workforce. |
| · | We expect to expand our research and development
function, as well as our corporate operations, and as a result, we may encounter difficulties in managing our growth, which could disrupt
our operations. |
| · | We may face risks related to securities litigation
that could result in significant legal expenses and settlement or damage awards. |
Risks Related to Our Common Stock
| · | There is a substantial lack of liquidity of our
common stock and volatility risks, and because there is no active public trading market for our common stock, you may not be able to resell
your common stock. |
| · | The market for our common stock is subject to
rules relating to low-priced stock (“Penny Stock”) which may limit our ability to raise capital. |
| · | Future sales of shares by existing stockholders
could cause the Company’s stock price to decline. |
| · | We expect our stock price to be volatile, and
the market price of our common stock may drop unexpectedly. |
| · | We may issue preferred stock, and the terms of
such preferred stock may reduce the value of our common stock. |
| · | Our executive officers, directors and principal
stockholders, if they choose to act together, will have the ability to control all matters submitted to stockholders for approval. |
| · | Our amended and restated certificate of incorporation
and amended and restated bylaws provides that state or federal court located within the state of Delaware will be the sole and exclusive
forum for substantially all disputes between us and our stockholders, which could limit its stockholders’ ability to obtain a favorable
judicial forum for disputes with us or our directors, officers or other employees. |
| · | Anti-takeover provisions contained in our amended
and restated certificate of incorporation and amended and restated bylaws, as well as provisions of Delaware law, could impair a takeover
attempt. |
PART I- FINANCIAL INFORMATION
|
Item 1. |
Financial Statements |
Mosaic ImmunoEngineering, Inc.
Condensed Consolidated Balance Sheets
|
|
September 30,
2023 |
|
|
December 31,
2022 |
|
|
|
|
unaudited |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
252,898 |
|
|
$ |
220,645 |
|
Prepaid expenses and other current assets |
|
|
32,630 |
|
|
|
40,632 |
|
Total current assets |
|
|
285,528 |
|
|
|
261,277 |
|
Total assets |
|
$ |
285,528 |
|
|
$ |
261,277 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
116,421 |
|
|
$ |
133,464 |
|
Derivative liability |
|
|
– |
|
|
|
46,700 |
|
Accrued compensation |
|
|
2,993,793 |
|
|
|
2,399,132 |
|
Accrued consulting |
|
|
809,528 |
|
|
|
753,570 |
|
Accrued expenses and other |
|
|
649,225 |
|
|
|
584,808 |
|
Total current liabilities |
|
|
4,568,967 |
|
|
|
3,917,674 |
|
|
|
|
|
|
|
|
|
|
Convertible notes, net |
|
|
1,297,590 |
|
|
|
1,228,361 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
5,866,557 |
|
|
|
5,146,035 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
– |
|
|
|
– |
|
|
|
|
|
|
|
|
|
|
Stockholders’ deficit: |
|
|
|
|
|
|
|
|
Preferred stock, $0.00001 par value; 5,000,000 shares authorized: |
|
|
|
|
|
|
|
|
Series A Convertible Voting Preferred Stock; 630,000 shares designated; no shares issued and outstanding |
|
|
– |
|
|
|
– |
|
Series B Convertible Voting Preferred Stock; 70,000 shares designated; 70,000 shares issued and outstanding |
|
|
1 |
|
|
|
1 |
|
Common stock, $0.00001 par value: 100,000,000 shares authorized: 7,242,137 shares issued and outstanding |
|
|
72 |
|
|
|
72 |
|
Additional paid-in capital |
|
|
2,039,677 |
|
|
|
2,023,271 |
|
Accumulated deficit |
|
|
(7,620,779 |
) |
|
|
(6,908,102 |
) |
Total stockholders’ deficit |
|
|
(5,581,029 |
) |
|
|
(4,884,758 |
) |
Total liabilities and stockholders’ deficit |
|
$ |
285,528 |
|
|
$ |
261,277 |
|
See accompanying notes to unaudited condensed
consolidated financial statements.
Mosaic ImmunoEngineering, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
| |
|
|
|
|
|
| | |
|
|
|
|
|
| |
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Research and development | |
$ | 84,927 | | |
$ | 211,082 | | |
$ | 385,460 | | |
$ | 841,435 | |
General and administrative | |
| 226,944 | | |
| 306,124 | | |
| 738,690 | | |
| 1,288,533 | |
Total operating expenses | |
| 311,871 | | |
| 517,206 | | |
| 1,124,150 | | |
| 2,129,968 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (311,871 | ) | |
| (517,206 | ) | |
| (1,124,150 | ) | |
| (2,129,968 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Gain on redemption of preferred stock of Holocom | |
| – | | |
| 343,000 | | |
| 433,000 | | |
| 343,000 | |
Interest income | |
| 16 | | |
| 11 | | |
| 3,402 | | |
| 25 | |
Change in valuation of derivative liability | |
| – | | |
| 56,700 | | |
| 46,700 | | |
| 58,000 | |
Non-cash interest expense on convertible notes | |
| (18,484 | ) | |
| (18,484 | ) | |
| (54,849 | ) | |
| (51,254 | ) |
Accretion to redemption value on convertible notes | |
| (2,907 | ) | |
| (17,673 | ) | |
| (14,380 | ) | |
| (64,171 | ) |
Total other income (expense), net | |
| (21,375 | ) | |
| 363,554 | | |
| 413,873 | | |
| 285,600 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Provision for income taxes | |
| – | | |
| – | | |
| 2,400 | | |
| 2,400 | |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (333,246 | ) | |
$ | (153,652 | ) | |
$ | (712,677 | ) | |
$ | (1,846,768 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted loss per common share | |
$ | (0.05 | ) | |
$ | (0.02 | ) | |
$ | (0.10 | ) | |
$ | (0.26 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of common shares outstanding – basic and diluted | |
| 7,236,447 | | |
| 7,235,447 | | |
| 7,236,447 | | |
| 7,235,447 | |
See accompanying notes to unaudited
condensed consolidated financial statements.
Mosaic ImmunoEngineering, Inc.
Condensed Consolidated Statements of Stockholders’
Deficit
(Unaudited)
For the Three Months Ended September 30, 2023
| |
|
|
|
|
|
| | |
|
|
|
|
|
| | |
|
|
|
|
|
| | |
| | |
| | |
| |
| |
Series
A Convertible Voting Preferred Stock | | |
Series B
Convertible Voting Preferred Stock | | |
Common
Stock | | |
Additional Paid-in | | |
Accumulated | | |
Total Stockholders' | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balances, June 30, 2023 | |
| – | | |
$ | – | | |
| 70,000 | | |
$ | 1 | | |
| 7,242,137 | | |
$ | 72 | | |
$ | 2,034,148 | | |
$ | (7,287,533 | ) | |
$ | (5,253,312 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Share-based compensation | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 5,529 | | |
| – | | |
| 5,529 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (333,246 | ) | |
| (333,246 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, September 30, 2023 | |
| – | | |
$ | – | | |
| 70,000 | | |
$ | 1 | | |
| 7,242,137 | | |
$ | 72 | | |
$ | 2,039,677 | | |
$ | (7,620,779 | ) | |
$ | (5,581,029 | ) |
For the Three Months Ended September 30, 2022
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Series
A Convertible Voting Preferred Stock | | |
Series B
Convertible Voting Preferred Stock | | |
Common
Stock | | |
Additional Paid-in | | |
Accumulated | | |
Total Stockholders' | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balances, June 30, 2022 | |
| – | | |
$ | – | | |
| 70,000 | | |
$ | 1 | | |
| 7,241,137 | | |
$ | 72 | | |
$ | 1,965,150 | | |
$ | (6,220,348 | ) | |
$ | (4,255,125 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Share-based compensation | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 51,592 | | |
| – | | |
| 51,592 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (153,652 | ) | |
| (153,652 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, September 30, 2022 | |
| – | | |
$ | – | | |
| 70,000 | | |
$ | 1 | | |
| 7,241,137 | | |
$ | 72 | | |
$ | 2,016,742 | | |
$ | (6,374,000 | ) | |
$ | (4,357,185 | ) |
For the Nine Months Ended September 30, 2023
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Series
A Convertible Voting Preferred Stock | | |
Series B
Convertible Voting Preferred Stock | | |
Common
Stock | | |
Additional Paid-in | | |
Accumulated | | |
Total Stockholders' | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balances, January 1, 2023 | |
| – | | |
$ | – | | |
| 70,000 | | |
$ | 1 | | |
| 7,242,137 | | |
$ | 72 | | |
$ | 2,023,271 | | |
$ | (6,908,102 | ) | |
$ | (4,884,758 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Share-based compensation | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 16,406 | | |
| – | | |
| 16,406 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (712,677 | ) | |
| (712,677 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, September 30, 2023 | |
| – | | |
$ | – | | |
| 70,000 | | |
$ | 1 | | |
| 7,242,137 | | |
$ | 72 | | |
$ | 2,039,677 | | |
$ | (7,620,779 | ) | |
$ | (5,581,029 | ) |
For the Nine Months Ended September 30, 2022
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Series
A Convertible Voting Preferred Stock | | |
Series B
Convertible Voting Preferred Stock | | |
Common
Stock | | |
Additional Paid-in | | |
Accumulated | | |
Total Stockholders' | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balances, January 1, 2022 | |
| – | | |
$ | – | | |
| 70,000 | | |
$ | 1 | | |
| 7,241,137 | | |
$ | 72 | | |
$ | 1,728,148 | | |
$ | (4,527,232 | ) | |
$ | (2,799,011 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Share-based compensation | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 288,594 | | |
| – | | |
| 288,594 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (1,846,768 | ) | |
| (1,846,768 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, September 30, 2022 | |
| – | | |
$ | – | | |
| 70,000 | | |
$ | 1 | | |
| 7,241,137 | | |
$ | 72 | | |
$ | 2,016,742 | | |
$ | (6,374,000 | ) | |
$ | (4,357,185 | ) |
See accompanying notes to unaudited condensed
consolidated financial statements.
Mosaic ImmunoEngineering, Inc.
Condensed Consolidated Statement of Cash Flows
(Unaudited)
| |
|
|
|
|
|
| |
| |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
Operating activities: | |
| | | |
| | |
Net loss | |
$ | (712,677 | ) | |
$ | (1,846,768 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Gain on redemption of preferred stock of Holocom | |
| (433,000 | ) | |
| (343,000 | ) |
Share-based compensation | |
| 16,406 | | |
| 288,594 | |
Change in fair value of derivative liability | |
| (46,700 | ) | |
| (58,000 | ) |
Non-cash interest expense on convertible notes | |
| 54,849 | | |
| 51,254 | |
Accretion to redemption value on convertible notes | |
| 14,380 | | |
| 64,171 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Prepaid expenses and other current assets | |
| 8,002 | | |
| (5,438 | ) |
Accounts payable | |
| (17,043 | ) | |
| 7,770 | |
Accrued compensation | |
| 594,661 | | |
| 753,932 | |
Accrued consulting | |
| 55,958 | | |
| 234,900 | |
Accrued expenses and other | |
| 64,417 | | |
| 325,948 | |
Net cash used in operating activities | |
| (400,747 | ) | |
| (526,637 | ) |
| |
| | | |
| | |
Investing activities: | |
| | | |
| | |
Proceeds from redemption of preferred stock of Holocom | |
| 433,000 | | |
| 343,000 | |
Net cash provided by investing activities | |
| 433,000 | | |
| 343,000 | |
| |
| | | |
| | |
Financing activities: | |
| | | |
| | |
Proceeds from the issuance of convertible notes | |
| – | | |
| 341,632 | |
Net cash provided by financing activities | |
| – | | |
| 341,632 | |
| |
| | | |
| | |
Net change in cash and cash equivalents | |
| 32,253 | | |
| 157,995 | |
| |
| | | |
| | |
Cash and cash equivalents, beginning of period | |
| 220,645 | | |
| 226,142 | |
| |
| | | |
| | |
Cash and cash equivalents, end of period | |
$ | 252,898 | | |
$ | 384,137 | |
| |
| | | |
| | |
Supplemental disclosure of cash flow information: | |
| | | |
| | |
Cash paid for income taxes | |
$ | 2,400 | | |
$ | 2,400 | |
Cash paid for interest | |
$ | – | | |
$ | – | |
See accompanying
notes to unaudited condensed consolidated financial statements.
Mosaic ImmunoEngineering, Inc. |
Notes to Unaudited Condensed Consolidated Financial Statements
For the Three and Nine Months Ended September 30, 2023 |
Unless the context otherwise requires, references
to the “Company,” “Mosaic,” “we,” “our,” or “us” in this Quarterly Report
on Form 10-Q ("Report" or “Quarterly Report”) refer to Mosaic ImmunoEngineering, Inc. and its subsidiaries.
1. Organization and Business
Organization
Mosaic ImmunoEngineering, Inc. (the “Company,”
“Mosaic,” “we,” “us,” or “our”), formerly known as Patriot Scientific Corporation, is
a corporation organized under Delaware law on March 24, 1992. We are a development-stage biotechnology company focused on advancing and
eventually commercializing our proprietary immunotherapy platform technology. Our lead immunotherapy product candidate, MIE-101, is based
on a naturally occurring plant virus known as Cowpea mosaic virus (or CPMV) which is believed to be non-infectious in humans and animals.
However, because of its virus structure and genetic composition, CPMV elicits a strong immune response when delivered directly into tumors
as shown in our preclinical studies. Data from numerous mouse cancer models and in companion dogs with naturally occurring tumors show
the ability of intratumoral (“IT”) administration of CPMV to result in anti-tumor effects in treated tumors and systemically
at other sites of disease through immune activation. MIE-101 is currently in late-stage preclinical development and our goal is to advance
MIE-101 into veterinary studies and into Phase I clinical trials within 18 to 24 months from the date we are able to raise sufficient
funding.
The Company has two inactive wholly owned subsidiaries:
Mosaic ImmunoEngineering Development Company, a corporation organized under Delaware law on March 30, 2020 and Patriot Data Solutions
Group, Inc.
Going Concern and Management’s Plans
The accompanying unaudited condensed consolidated
financial statements have been prepared assuming the Company will continue as a going concern. At September 30, 2023, the Company had
cash and cash equivalents of $252,898 and has not yet generated any revenues. Therefore, our ability to continue our operations is highly
dependent on our ability to raise capital to fund future operations. We anticipate, based on currently proposed plans and assumptions
that our cash and cash equivalents on hand will not satisfy our operational and capital requirements through twelve months from the filing
date of this Quarterly Report on Form 10-Q.
There are a number of uncertainties associated
with our ability to raise additional capital and we have no current arrangements with respect to any additional financing. Consequently,
there can be no assurance that any additional financing on commercially reasonable terms, or at all, will be available when needed. The
inability to obtain additional capital will delay our ability to conduct our business operations and may require us to cease our operations
altogether. In addition, any additional equity financing may involve substantial dilution to our then existing stockholders. The above
matters raise substantial doubt regarding our ability to continue as a going concern.
Mosaic ImmunoEngineering, Inc. |
Notes to Unaudited Condensed Consolidated Financial Statements
For the Three and Nine Months Ended September 30, 2023 (continued) |
2. Basis
of Presentation and Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated
financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly
reports on Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted in the
United States of America. The accompanying unaudited condensed consolidated financial statements should therefore be read in conjunction
with the consolidated financial statements and notes thereto for the fiscal year ended December 31, 2022 included in the Company’s
Annual Report on Form 10-K. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly
owned subsidiaries. The accompanying unaudited condensed consolidated financial statements have been prepared assuming the Company will
continue as a going concern. In the opinion of management, the interim condensed consolidated financial statements reflect all adjustments
of a normal recurring nature necessary for a fair presentation of the results for the interim period presented.
Significant Accounting Policies
There have been no material changes to the Company’s
significant accounting policies during the three and nine months ended September 30, 2023, as compared to the significant accounting policies
disclosed in Note 2 – Summary of Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for
the year ended December 31, 2022.
Recently Adopted Accounting Standards
There have been no new accounting pronouncements
adopted by the Company or new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) during
the three and nine months ended September 30, 2023, as compared to the recent accounting pronouncements described in Note 2 of the Company’s
Annual Report on Form 10-K for the year ended December 31, 2022, that the Company believes are of significance or potential significance
to the Company.
3. Fair
Value of Financial Instruments
The Company’s financial instruments consist
of money market funds as well as an anti-dilution issuance rights liability pursuant to the License Option Agreement with Case Western
Reserve University (“CWRU”) (see Note 6). The anti-dilution issuance rights met the definition of a derivative under ASC Topic
815, “Derivatives and Hedging”, and the liability was carried at fair value until the Capital Threshold (see Note 6) was met
during June 2023, at which point the anti-dilutions rights were extinguished.
Under this authoritative guidance, we are required
to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. We determine fair value
based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using
market interest rates commensurate with the credit quality and duration of the investment or valuations by third-party professionals.
The three levels of inputs that we may use to measure fair value are:
| · | Level 1: Unadjusted quoted prices in active markets
that are accessible at the measurement date for identical, unrestricted assets or liabilities; |
| · | Level 2: Quoted prices in markets that are not
active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and |
| · | Level 3: Prices or valuation techniques that
require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). |
Mosaic ImmunoEngineering, Inc. |
Notes to Unaudited Condensed Consolidated Financial Statements
For the Three and Nine Months Ended September 30, 2023 (continued) |
The following tables set forth the fair value
of the Company’s financial assets and liabilities by level within the fair value hierarchy at September 30, 2023 and December 31,
2022:
Schedule of financial assets and liabilities | |
| | |
|
|
|
|
|
|
|
|
|
| |
| |
| | |
Fair Value Measurements at September 30, 2023 Using | |
| |
Fair Value at September 30,
2023 | | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Unobservable Inputs (Level 3) | |
Assets: | |
| | |
| | |
| | |
| |
Cash and cash equivalents | |
$ | 252,898 | | |
$ | 252,898 | | |
$ | – | | |
$ | – | |
Total assets | |
$ | 252,898 | | |
$ | 252,898 | | |
$ | – | | |
$ | – | |
| |
| | |
Fair Value Measurements at December
31, 2022 Using | |
| |
Fair Value at December 31, 2022 | | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Unobservable Inputs (Level 3) | |
Assets: | |
| | |
| | |
| | |
| |
Cash and cash equivalents | |
$ | 220,645 | | |
$ | 220,645 | | |
$ | – | | |
$ | – | |
Total assets | |
$ | 220,645 | | |
$ | 220,645 | | |
$ | – | | |
$ | – | |
| |
| | | |
| | | |
| | | |
| | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Anti-dilution issuance rights derivative liability | |
$ | 46,700 | | |
$ | – | | |
$ | – | | |
$ | 46,700 | |
Total liabilities | |
$ | 46,700 | | |
$ | – | | |
$ | – | | |
$ | 46,700 | |
Mosaic ImmunoEngineering, Inc. |
Notes to Unaudited Condensed Consolidated Financial Statements
For the Three and Nine Months Ended September 30, 2023 (continued) |
Anti-Dilution Issuance Rights Derivative Liability
Pursuant to the Series B Preferred Certificate
of Designation, the Series B Preferred includes certain anti-dilution issuance rights, whereby the holder will continue to maintain equity
ownership equal to 10% of the fully diluted shares of common stock outstanding, calculated on an as converted basis, including all other
convertible securities outstanding and reserved for issuance (and excluding stock options issued and outstanding and reserved for issuance
under a Board approved employee stock option plan reserving for issuance no more than ten percent (10%) of the outstanding common stock
of the Company) until we raise the Capital Threshold under the License Agreement (see Note 6). As of June 2023, we received life-to-date
aggregate proceeds in excess of the Capital Threshold and therefore, we recorded no derivative liability as of September 30, 2023. As
of December 31, 2022, the remaining Capital Threshold was $283,000.
To determine the estimated fair value of the anti-dilution
issuance rights liability, the Company used a Monte Carlo simulation methodology, which models the future movement of stock prices based
on several key variables. At December 31, 2022, the estimated fair value of the anti-dilution issuance rights was $46,700. We initially
recorded the fair value as a derivative liability with a corresponding charge to research and development expense and we marked-to-market
at each reporting period, with changes in fair value recognized in other income (expense) in the consolidated statements of operations
at each period-end while this derivative instrument was outstanding.
The primary inputs used in valuing the anti-dilution
issuance rights liability at December 31, 2022 were as follows:
Schedule of assumptions used |
|
|
Fair value of common stock (per share) |
|
$ |
0.99 |
Estimated additional shares of common stock |
|
|
71,511 |
Expected volatility |
|
|
130% |
Expected term (years) |
|
|
0.25 |
Risk-free interest rate |
|
|
4.42% |
The fair value of the common stock was determined
by management with the assistance of an independent third-party specialist. The computation of expected volatility was estimated using
available information about the historical volatility of stocks of similar publicly traded companies for a period matching the expected
term assumption. In addition, the Company incorporated the estimated number of shares, timing, and probability of future equity financings
in the calculation of the anti-dilution issuance rights liability.
4. Investment
in Affiliated Companies
Holocom, Inc.
In February 2007, we invested an aggregate of
$370,000 in Holocom in exchange for 2,100,000 shares of Series A Preferred Stock, which represented an approximate 46% ownership interest
in Holocom, on an as-converted basis. Pursuant to the articles of incorporation of Holocom, the Series A Preferred Stock is convertible
at our option into shares of Holocom’s common stock on a one-to-one basis or is redeemable at any time after May 31, 2007 at a redemption
price equal to $0.40 per share or $840,000 in aggregate, provided Holocom has sufficient funding to redeem our shares of Series A Preferred
Stock.
Mosaic ImmunoEngineering, Inc. |
Notes to Unaudited Condensed Consolidated Financial Statements
For the Three and Nine Months Ended September 30, 2023 (continued) |
On July 6, 2022, we entered into the Redemption
Agreement with Holocom, pursuant to which we requested full redemption of our Series A Preferred Stock. Pursuant to the Redemption Agreement,
we received cash proceeds in the amount of $336,000
upon the redemption of 840,000
shares of Series A Preferred Stock in July 2022 with the remaining shares of Series A Preferred Stock were to be redeemed over
a period of thirty (30) months beginning August 1, 2022 based on the following redemption schedule:
Schedule of series A preferred stock to be redeemed over a period |
|
|
|
|
Period |
|
Shares of Series A
Preferred Stock to be
Redeemed each Month |
|
Monthly Redemption
Proceeds to the Company |
Months 1-12 |
|
35,000 |
|
$14,000 |
Months 13-24 |
|
43,750 |
|
$17,500 |
Months 25-30 |
|
52,500 |
|
$21,000 |
We recognized the initial and monthly redemption
of shares of Series A Preferred Stock using a cash basis of accounting rather than an accrual method as we were unable to assert that
collection of amounts due under the redemption agreement was probable, regardless of the terms of the Redemption Agreement. Any amounts
not paid within fifteen (15) days of its respective due date accrued interest at a rate of 8% per annum until fully paid and retroactively
adjusted to 12% per annum from its original due date for amounts not paid within 90 days of its original due date.
During the year ended December 31, 2022, of the
175,000 shares of Series A Preferred Stock to be redeemed under the aforementioned redemption schedule, Holocom redeemed 17,500
shares of Series A Preferred Stock in exchange for proceeds of $7,000.
During the three months ended March 31, 2023, 192,500 shares of Series A Preferred Stock were redeemed in exchange for proceeds of $77,000,
including redemption amounts that were past due as of December 31, 2022. On June 21, 2023, we entered into an amendment to the Redemption
Agreement (“Amendment No. 1”) to redeem the remaining 910,000 shares of Series A Preferred Stock outstanding in exchange
for a lump sum payment of $300,000 (in lieu of monthly payments), representing a redemption price of approximately $0.33 per share. As
of June 30, 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
as follows:
Schedule of exchange for aggregate net proceeds received | |
| | |
| |
| |
Six Months
Ended
June 30,
2023 | | |
Year
Ended
December 31,
2022 | |
Proceeds received | |
$ | 433,000 | | |
$ | 343,000 | |
Shares of Series A Preferred Stock redeemed | |
| 1,242,500 | | |
| 857,500 | |
As of June 30, 2023, Holocom had no further obligations
to us under the Redemption Agreement or any other arrangement.
Mosaic ImmunoEngineering, Inc. |
Notes to Unaudited Condensed Consolidated Financial Statements
For the Three and Nine Months Ended September 30, 2023 (continued) |
5. Accrued
Expenses and Other Current Liabilities
Accrued expenses and other current liabilities
consisted of the following:
Schedule of accrued expenses | |
| | |
| |
| |
September 30, 2023 | | |
December 31, 2022 | |
Crossflo acquisition liability | |
$ | 177,244 | | |
$ | 177,244 | |
Accrued patent expenses | |
| 420,144 | | |
| 382,207 | |
Other accrued expenses | |
| 51,837 | | |
| 25,357 | |
Total accrued expenses and other current liabilities | |
$ | 649,225 | | |
$ | 584,808 | |
In September 2008, we acquired Patriot Data Solutions
Group, Inc. (“PDSG”), formerly known as Crossflo Systems, Inc. In connection with the acquisition of Crossflo Systems, Inc.,
we have accrued $177,244 that could be payable to Crossflo investors.
6. License
Agreements
License Option Agreement and License 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 the Company 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, which included certain anti-dilution rights. Pursuant to the Certificate of Designation,
the Series B Preferred holder will continue to maintain ownership equal to 10% of the fully diluted shares of common stock outstanding
of the Company, including for such purposes all other convertible securities outstanding and reserved for issuance except stock options
issued and outstanding and reserved for issuance under a board approved employee stock option plans reserving for issuance no more than
ten percent (10%) of the outstanding common stock of the Company then outstanding, until we raise at least $1 million from the sale of
either preferred, common stock, or from the net working capital acquired under the reverse merger in August 2020, or any combination thereof
(“Capital Threshold”). The anti-dilution issuance rights under the License Option Agreement meet the definition of a derivative
instrument under ASC Topic 815 (see Note 3). Initially, the net working capital acquired under the reverse merger in August 2020 of approximately
$374,000 was applied against the Capital Threshold. Subsequent to the closing date of the reverse merger, we received additional net working
capital under the reverse merger through aggregate payments received from the redemption of Holocom preferred stock (see Note 4) in the
amount of $776,000 since such investment existed as of closing date of the reverse merger in August 2020 and was not included in net working
capital as of the closing date. Therefore, as of June 2023, we received in excess of $1 million in net working capital under the reverse
merger and have met the Capital Threshold. As such, there is no remaining derivative liability as of June 2023.
Mosaic ImmunoEngineering, Inc. |
Notes to Unaudited Condensed Consolidated Financial Statements
For the Three and Nine Months Ended September 30, 2023 (continued) |
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, (ii)
tiered royalty on net sales beginning in the mid-single digits, (iii) annual minimum royalty of $10,000 beginning on the second anniversary
date of the Agreement with the minimum amount rising based on net sales of the licensed product, and (iv) a declining percentage of all
non-royalty sublicensing income based on the escalating stage of development upon a sublicensing event, if applicable. In addition, we
agreed to pay CWRU for each licensed product used in veterinarian applications (i) a tiered royalty on net sales beginning in the low
single digits and (ii) a declining percentage of all non-royalty sublicensing income based on the escalating stage of development upon
a sublicensing event, if applicable.
In addition, we are responsible for the reimbursement
of all past, current and future patent fees incurred by CWRU under the License Agreement. During the three and nine months ended September
30, 2023, we incurred $5,559 and $31,737, respectively, in patent legal fees associated with the License Agreement, and during the three
and nine months ended September 30, 2022, we incurred $17,549 and $299,361, respectively, in patent legal fees associated with the License
Agreement, which amounts are included in general and administrative expenses in the accompanying unaudited condensed consolidated statement
of operations.
Furthermore,
we agreed to reimburse CWRU for all intellectual property fees incurred since inception of the portfolio through the date of the
License Agreement in the amount of approximately $303,000 (included
in Accrued expenses and other in the accompanying condensed consolidated balance sheets) in four (4) equal quarterly installments
beginning upon the sooner of (i) August 31, 2021 or (ii) upon the Company closing a financing in the amount of $5 million or more.
Due to our limited cash position, as of September 30, 2023, we have not paid any amounts owed to CWRU and we continue to seek
additional time to raise sufficient capital in order to pay amounts due to CWRU. While CWRU has previously provided us additional
time to pay amounts due under the License Agreement beyond the initial August 31, 2021 due date, there can be no guarantees that
CWRU will grant us any additional extension of time to pay amounts due under the License Agreement. If we fail to comply with our
obligations under the License Agreement, including the payment of all amounts due under the License Agreement, we may lose the
rights to develop and potentially commercialize our technology, and CWRU may have the right to terminate the License Agreement or
restrict our rights, in which event we would not be able to develop or market products covered by the License Agreement, which are
the products upon which our business depends. As of September 30, 2023 and December 31, 2022, we have accrued $396,244 and
$364,507,
respectively, in accrued patent fees under the License Agreement.
The License Agreement will remain in effect until
the later of (i) twenty (20) years from the date of the License Agreement, (ii) on the expiration date of the last-to-expire patent under
the License Agreement or (iii) at the expiry of all Market Exclusivity Periods for a licensed product.
License Agreements with University of California
San Diego (“UC San Diego”)
During July 2021, we licensed the exclusive rights
from UC San Diego to develop and commercialize technology that involves the loading of immuno-stimulatory molecules into plant virus protein
nanoparticles, including the ability to load these molecules into MIE-101, our lead product candidate. These plant virus protein nanoparticles
can be loaded with other TLR agonists to further tailor specific immune response parameters. Under the licensing agreement, we are obligated
to pay (i) a nominal upfront license access fee, (ii) all patent costs incurred prior to the effective date of the license agreement,
(iii) annual license maintenance fees beginning on the second anniversary date of the agreement, (iv) aggregate future milestone payments
based on potential clinical development and regulatory milestones of up to $165,000 through Phase III development plus additional milestones
upon regulatory approval in the U.S. and other countries, (v) potential sales milestones upon achieving certain sales levels, and (vi)
a low single digit royalty on net sales and/or a percentage of sublicense income.
Mosaic ImmunoEngineering, Inc. |
Notes to Unaudited Condensed Consolidated Financial Statements
For the Three and Nine Months Ended September 30, 2023 (continued) |
During September 2021, we licensed the exclusive
rights to develop and commercialize several novel vaccine candidates, including SARS-CoV-2 and other infectious disease applications from
UC San Diego. Under the licensing agreement, we are obligated to pay (i) a nominal upfront license access fee, (ii) all patent costs incurred
prior to the effective date of the license agreement, (iii) annual license maintenance fees beginning on the second anniversary date of
the agreement, (iv) aggregate future milestone payments based on potential clinical development and regulatory milestones of up to $1,250,000
through Phase III development plus additional milestones upon regulatory approval in the U.S. and other countries, and (v) a low single
digit royalty on net sales and/or a percentage of sublicense income. On July 12, 2023, we provided notice to UC San Diego to terminate
the September 2021 license agreement based on our evaluation of our licensed technology portfolio and our focus on advancing our lead
oncology candidate, MIE-101.
For the three and nine months ended September
30, 2023, we expensed $6,000 and $6,200, respectively, in intellectual property costs associated with the aforementioned license agreements
with UC San Diego, and for the three and nine months ended September 30, 2022, we expensed $400 and $23,325, respectively, which amounts
are included in general and administrative expense in the accompanying unaudited condensed consolidated statement of operations. As of
September 30, 2023 and December 31, 2022, we have accrued $23,900 and $17,700, respectively, in accrued patent fees under the license
agreements with UC San Diego.
7. Convertible
Notes
On May 7, 2021, we entered into a convertible
note purchase agreement (“May Note Agreement”) with five (5) accredited investors, including three (3) members of our Board
of Directors (“Board”) that participated on the same terms as other accredited investors. Pursuant to the Note Agreement,
we received $525,003 in proceeds in addition to $49,997 in accrued payable to founder that was invested in convertible notes, and the
Company issued unsecured convertible promissory notes (“May Convertible Notes”) in the aggregate principal amount of $575,000.
On February 18, 2022, we entered into additional
convertible note purchase agreements (“February Note Agreement”) with sixteen (16) accredited investors, including five (5)
members of our Board that participated on the same terms as other accredited investors. Pursuant to the February Note Agreement, we received
$341,632 in proceeds and issued unsecured convertible promissory notes (“February Convertible Notes”) in the aggregate principal
amount of $341,632. The February Convertible Notes were issued as part of a convertible note offering authorized by the Company’s
Board (the “Convertible Notes Offering”) for raising up to $5 million from the issuance of convertible notes.
The May and February Convertible Notes (collectively,
the “Convertible Notes”) have no stated maturity date; bear interest at a simple rate equal to eight percent (8.0%) per annum
until converted; and automatically convert into the same equity securities issued for cash in the Qualified Financing (as described below),
or at the option of the holder, into the same equity securities issued for cash in a Smaller Financing (as described below). Interest
on the Convertible Notes is accreted and added to the unpaid principal balance prior to conversion of the Convertible Notes. During the
three and nine months ended September 30, 2023, the Company recorded non-cash interest expense on the Convertible Notes in the amount
of $18,484 and $54,849, respectively. During the three and nine months ended September 30, 2022, the Company recorded non-cash interest
expense on the Convertible Notes in the amount of $18,484 and $51,254, respectively.
Mosaic ImmunoEngineering, Inc. |
Notes to Unaudited Condensed Consolidated Financial Statements
For the Three and Nine Months Ended September 30, 2023 (continued) |
The Convertible Notes will convert into the same
equity securities offered in the Qualified Financing or Smaller Financing (“Conversion Shares”), as described below, at a
conversion price equal to the lower of (i) the product equal to 80% times the lowest per unit purchase price of the equity securities
issued for cash in the Qualified Financing or Smaller Financing, or (ii) $2.377 for the May Convertible Notes (“May Conversion Price”)
or $1.00 for the February Convertible Notes (“February Conversion Price”). Pursuant to the February Note Agreement, for each
holder of the May Convertible Notes that purchased a February Convertible Note in the amount of (a) $50,000 or (b) an amount equivalent
to the principal amount of their May Convertible Note, the conversion price of the May Convertible Notes was adjusted to the February
Conversion Price. As of September 30, 2023, the principal amount of Convertible Notes that may be converted at the February Conversion
Price was $866,632. In addition, the conversion price may be reduced or increased proportionately as a result of stock splits, stock dividends,
recapitalizations, reorganizations, and similar transactions. Upon any conversion of the Convertible Notes in connection with a Qualified
Financing or a Smaller Financing, as applicable, the Convertible Notes shall convert immediately prior to the closing thereof, such that
the investors paying cash in such Qualified Financing or Smaller Financing, as applicable, are not diluted by the conversion of the Convertible
Notes.
Pursuant to the Convertible Notes, a Qualified
Financing represents a single transaction or series of transactions whereby the Company receives aggregate gross proceeds of at least
$5 million from the sale of equity securities following the issuance date (excluding proceeds from the issuance of any future convertible
notes). A Smaller Financing represents any sale of equity securities whereby the aggregate gross proceeds are less than $5 million (excluding
proceeds from the issuance of any future convertible notes).
In addition, in the event of a corporate transaction
covering the sale of all or substantially all of the Company’s assets, or merger or consolidation with or into another entity, or
change in ownership of at least 50% in voting securities of the Company, the holder of the Convertible Note may elect that either: (a)
the Company pay the holder of such Convertible Note an amount equal to the sum of (i) all accrued and unpaid interest due on such Convertible
Note and (ii) one and one-half (1.5) times the outstanding principal balance of such Convertible Note; or (b) such Convertible Note will
convert into that number of conversion shares equal to the quotient obtained by dividing (i) the outstanding principal balance and unpaid
accrued interest of such Convertible Note on the date of conversion by (ii) the May or February Conversion Price, as applicable.
Pursuant to ASC Topic 835-30, “Imputation
of Interest”, the Convertible Notes were initially recorded at their amortized cost of $916,632 and are being accreted to their
redemption value of $1,145,790 over the estimated conversion period ending December 31, 2023 using the effective interest method. During
the three and nine months ended September 30, 2023, the Company recorded $2,907 and $14,380, respectively, in accretion to redemption
value on the Convertible Notes. During the three and nine months ended September 30, 2022, the Company recorded $17,673 and $64,171, respectively,
in accretion to redemption value on the Convertible Notes.
8. Stockholders’
Equity (Deficit) and Share-Based Compensation
Stockholders’ Equity (Deficit)
The Company’s authorized capital consists
of 100,000,000 shares of common stock, par value $0.00001 per share, and 5,000,000 shares of preferred stock, par value $0.00001 per share
(“Preferred Stock”). We have designated and issued 630,000 shares of Series A Convertible Voting Preferred Stock (“Series
A Preferred”) and 70,000 shares of Series B Convertible Voting Preferred Stock (“Series B Preferred”). As of September
30, 2023 and December 31, 2022, there are no shares of Series A Preferred outstanding and 70,000 shares of Series B outstanding.
Mosaic ImmunoEngineering, Inc. |
Notes to Unaudited Condensed Consolidated Financial Statements
For the Three and Nine Months Ended September 30, 2023 (continued) |
Series B Preferred
On August 21, 2020, the Company issued 70,000
shares of Series B Preferred (classified as permanent equity), in exchange for 70,000 shares of Class B Common Stock in connection with
the reverse merger in August 2020. Each share of Series B Preferred has a par value of $0.00001 per share, no dividend rate, a stated
value of $6.50 per share, and each share of Series B Preferred initially converts into 11.46837 shares of common stock of the Company
(“Series B Conversion Number”). In addition, the Series B Preferred possesses full voting rights, on an as-converted basis,
as the common stock of the Company, as defined in the Series B Certificate of Designation. Furthermore, the Series B Preferred does not
have any mandatory conversion rights and only converts upon written notice from the holder.
The Series B Preferred also includes certain anti-dilution
rights (“anti-dilution issuance rights”), whereby the holder of Series B Preferred will continue to maintain ownership equal
to 10% of the fully diluted shares of common stock outstanding, including for such purposes all other convertible securities outstanding
and reserved for issuance except equity awards issued and outstanding and reserved for issuance under a board approved equity compensation
plan reserving for issuance no more than ten percent (10%) of the outstanding common stock of the Company then outstanding, until the
Capital Threshold is met. The anti-dilution issuance rights meet the definition of a derivative instrument under FASB’s ASC Topic
815 (see Note 3). As of June 2023, the $1 million dollar Capital Threshold was achieved and therefore, there is no remaining derivative
liability (see Note 6).
In the event of any Liquidation Event, the Holders
of Series B Preferred shall be entitled to receive, prior and in preference to any distribution of any of the assets or surplus funds
of the Company to the holders of common stock, an amount per share in cash equal to the greater of (x) the stated value of $6.50 for each
share of Series B Preferred then held by the holder or (y) the amount payable per share of common stock which such holder of Series B
Preferred would have received if such Holder had converted to common stock immediately prior to the Liquidation Event.
Share-Based Compensation
2020 Omnibus Incentive Plan
On October 21, 2020, we adopted our 2020 Omnibus
Incentive Plan (the “2020 Plan”) and on October 22, 2020, the 2020 Plan was approved by our stockholders. The 2020 Plan was
adopted to promote our long-term success and the creation of stockholder value by motivating participants, through equity incentive awards,
to achieve long-term success in our business. The 2020 Plan permits the discretionary award of stock options, restricted stock, RSUs,
and other equity awards to selected participants. On October 21, 2021, the first anniversary date from the adoption date of the 2020 Plan,
the number of shares of common stock reserved for issuance under the 2020 Plan increased to 20% of the fully diluted shares of common
stock outstanding, including shares of common stock reserved for issuance under convertible securities. As of September 30, 2023, we have
reserved 1,661,966 shares of common stock for issuance under the 2020 Plan, of which 541,957 were subject to outstanding RSUs and 1,105,965
shares were available for future grants of share-based awards.
Mosaic ImmunoEngineering, Inc. |
Notes to Unaudited Condensed Consolidated Financial Statements
For the Three and Nine Months Ended September 30, 2023 (continued) |
The cost of all share-based awards will be recognized
in the consolidated financial statements based on the fair value of the awards. The fair value of stock option awards will be determined
using the Black-Scholes valuation model on the date of grant. The fair value of restricted stock awards and RSUs will be equal to the
closing market price of our common stock on the date of grant. The Company will generally recognize share-based compensation expense over
the period of vesting or period that services will be provided for all time-based awards. Share-based compensation expense for the three
and nine months ended September 30, 2023 and 2022 was comprised of the following:
Schedule of share-based compensation | |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30,
2023 | | |
September 30,
2022 | | |
September 30,
2023 | | |
September 30,
2022 | |
Research and development | |
$ | 5,529 | | |
$ | 15,579 | | |
$ | 16,406 | | |
$ | 117,123 | |
General and administrative | |
| – | | |
| 36,013 | | |
| – | | |
| 171,471 | |
Total | |
$ | 5,529 | | |
$ | 51,592 | | |
$ | 16,406 | | |
$ | 288,594 | |
The following summarizes our transaction activity
related to RSUs for the nine months ended September 30, 2023:
| |
Shares | | |
Weighted Average Grant Date Fair Value | |
Nonvested and outstanding at January 1, 2023 | |
| 541,957 | | |
$ | 3.01 | |
Granted | |
| – | | |
| – | |
Vested | |
| – | | |
| – | |
Forfeited | |
| – | | |
| – | |
Nonvested and outstanding at September 30, 2023 | |
| 541,957 | | |
$ | 3.01 | |
As of September 30, 2023, the total estimated
unrecognized compensation cost related to non-vested RSUs was approximately $10,000. This cost is expected to be recognized over the remaining
weighted average vesting period of 0.47 years. As of September 30, 2023, 14,044 RSUs have vested under the 2020 Plan since its adoption.
9. Basic and Diluted Income (Loss) Per Common Share
Basic income (loss) per common share is computed
by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the
period. Diluted earnings per common share is computed by dividing our net income (loss) available to common stockholders by the sum of
the weighted average number of common shares outstanding during the period, plus the potential dilutive effects of unvested RSUs and shares
of common stock expected to be issued under our Convertible Notes and Series B Preferred during the period.
Mosaic ImmunoEngineering, Inc. |
Notes to Unaudited Condensed Consolidated Financial Statements
For the Three and Nine Months Ended September 30, 2023 (continued) |
The potential dilutive effect of unvested RSUs
outstanding during the period are calculated in accordance with the treasury stock method, but are excluded if their effect is anti-dilutive.
The potential dilutive effect of our Convertible Notes and Series B Preferred outstanding during the period is calculated using the if-converted
method assuming the conversion of Convertible Notes and Series B Preferred as of the earliest period reported or at the date of issuance,
if later, but are excluded if their effect is anti-dilutive.
For the three and nine months ended September
30, 2023 and 2022, weighted average diluted shares outstanding exclude the dilutive effect of unvested RSUs and shares of common stock
expected to be issued under our Convertible Notes and Series B Preferred as the effect of their inclusion would have been anti-dilutive
during periods of net loss.
10. Commitments and Contingencies
Legal Matters
While the Company is not involved in any litigation
as of September 30, 2023, the Company may be involved in various lawsuits and claims arising in the ordinary course of business, including
actions with respect to intellectual property, employment, and contractual matters. Any litigation could have a material adverse effect
on the Company’s business, financial condition, results of operations, and/or cash flows in the period in which the unfavorable
outcome occurs or becomes probable, and potentially in future periods.
Indemnification
We have made certain guarantees and indemnities,
under which we may be required to make payments to a guaranteed or indemnified party. We indemnify our directors, officers, employees,
and agents to the maximum extent permitted under the laws of the State of Delaware. The duration of the guarantees and indemnities varies,
and in many cases is indefinite. These guarantees and indemnities do not provide for any limitation of the maximum potential future payments
we could be obligated to make. Historically, we have not been obligated to make any payments for these obligations and no liabilities
have been recorded for these guarantees and indemnities in the accompanying unaudited condensed consolidated balance sheets.
Escrow Shares
On August 31, 2009, we gave notice to the former
shareholders of Crossflo and Union Bank of California (the “Escrow Agent”) under Section 2.5 of the Agreement and Plan of
Merger between us and Crossflo (the “Agreement”), outlining damages incurred by us in conjunction with the acquisition of
Crossflo, and seeking the return of 5,690 shares of our common stock held by the Escrow Agent. Subsequently, former shareholders of Crossflo,
representing a majority of the escrowed shares responded in protest to our claim, delaying the release of the escrowed shares until a
formal resolution is reached. In the event we fail to prevail in our claim against the escrowed shares, we may be obligated to deposit
into escrow approximately $256,000 of cash consideration due to the decline in our average stock price over the one-year escrow period
calculated in accordance with the agreement. We have evaluated the potential for loss regarding our claim and believe that it is probable
that the resolution of this issue will not result in a material obligation to the Company, although there is no assurance of this. Accordingly,
we have not recorded any liability for this matter.
Mosaic ImmunoEngineering, Inc. |
Notes to Unaudited Condensed Consolidated Financial Statements
For the Three and Nine Months Ended September 30, 2023 (continued) |
Operating Lease
We have no lease obligations as of September 30,
2023 and there was no rent expense for the three and nine months ended September 30, 2023 and 2022. Employees work from home offices at
no cost to the Company.
11. Related
Parties
During April 2021, we entered into consulting
agreements (retroactive to September 1, 2020) with Nicole Steinmetz, Ph.D., former acting Chief Scientific Officer and former member of
the Board of Directors, Jonathan Pokorski, Ph.D. (Dr. Steinmetz’s spouse), and Steve Fiering, Ph.D., each a co-founder of the company
acquired in the reverse merger and greater than 5% shareholder of the Company (“Related Parties”), for their scientific contributions
towards advancing the technology platforms. On May 2, 2023, Dr. Steinmetz resigned from the Board of Directors and her role as acting
Chief Scientific Officer.
During the three months ended September 30, 2023,
we did not incur any related party consulting expenses for Dr. Steinmetz or Dr. Pokorski. During the three months ended September 30,
2023, we incurred related party consulting expenses for Dr. Fiering in the aggregate amount of $7,500, included in research and development
expenses in the accompanying unaudited condensed 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 three
and nine months ended September 30, 2023 and 2022 pertaining to the 20% Deferral as the terms are unknown and are based on a future performance
trigger. As of September 30, 2023 and December 31, 2022, we have accrued $286,375 and $238,000, respectively, in accrued consulting fees
provided by the Related Parties, which amounts are included in accrued consulting in the accompanying unaudited condensed 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, the five (5) members of
our Board invested $155,000 in aggregate (see Note 7).
12. Subsequent
Events
We have evaluated subsequent events after the
consolidated balance sheet date and through the filing date of this Quarterly Report, and based on our evaluation, management has determined
that no subsequent events have occurred that would require recognition in the accompanying unaudited condensed consolidated financial
statements or disclosure in the notes thereto other than as disclosed herein and in the accompanying notes.
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
The following discussion and analysis of the
financial condition and results of our operations should be read together with the financial statements and related notes of Mosaic ImmunoEngineering,
Inc. included in Part I Item 1 of this Quarterly Report on Form 10-Q and with our audited consolidated financial statements and the
related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022.
Unless the context otherwise requires, references
to the “Company,” “Mosaic,” “we,” “our,” or “us” in this Quarterly Report
refer to Mosaic ImmunoEngineering, Inc. and its subsidiaries.
Cautionary Note Regarding Forward-Looking Statements
This Quarterly Report contains forward-looking
statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this
Quarterly Report, including statements regarding our future results of operations and financial position, strategy and plans, and our
expectations for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology
such as “may,” “will,” “should,” “could,” “expects,” “intends,”
“plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,”
“continue” or the negative of these terms or other comparable terminology.
In addition to historical information, this discussion
and analysis contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Please see
Part II, Item 1A. Risk Factors for a discussion of certain risk factors applicable to our business, financial condition, and results of
operations. Operating results are not necessarily indicative of results that may occur for the full year or any other future period.
Any forward-looking statements in this Quarterly
Report reflect our views and assumptions only as of the date that this Quarterly Report. Future events or our future financial performance
involves known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be
materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Given
these uncertainties, you should not place undue reliance on these forward-looking statements. Except as required by law, we assume no
obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.
We qualify all of our forward-looking statements
by these cautionary statements. In addition, with respect to all of our forward-looking statements, we claim the protection of the safe
harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
About Mosaic
We are a development-stage biotechnology company
focused on advancing and eventually commercializing our proprietary immunotherapy platform technology. Our lead immunotherapy product
candidate, MIE-101, is based on a naturally occurring plant virus known as Cowpea mosaic virus (or CPMV) which is believed to be non-infectious
in humans and animals. However, because of its virus structure and genetic composition, CPMV elicits a strong immune response when delivered
directly into tumors as shown in our preclinical studies. Data from numerous mouse cancer models and in companion dogs with naturally
occurring tumors show the ability of intratumoral administration of CPMV to result in anti-tumor effects in treated tumors and systemically
at other sites of disease through immune activation. MIE-101 is currently in late-stage preclinical development and our goal is to advance
MIE-101 into veterinary studies and into Phase I clinical trials within 18 to 24 months from the date we are able to raise sufficient
funding.
Critical Accounting Policies
and Estimates
Our unaudited condensed consolidated financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which require
us to make estimates and judgments that significantly affect the reported amounts of assets, liabilities, revenues and expenses, and related
disclosure of contingent assets and liabilities. Actual results could differ from those estimates, and such differences could affect the
results of operations reported in future periods. During the three and nine months ended September 30, 2023, there have been no material
changes to the Company’s significant accounting policies as compared to the significant accounting policies disclosed in Note 2
– Summary of Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December
31, 2022.
Results of Operation
Three Months Ended September
30, 2023 and 2022:
Research and Development Expenses
Research and development expenses of approximately
$85,000 for the three months ended September 30, 2023 are primarily related to salaries and related costs for personnel in research and
development functions and related consulting fees, including approximately $6,000 in share-based compensation. The decrease in research
and development expenses of approximately $126,000 for the three months ended September 30, 2023 as compared to the same prior year period
was primarily due to a (i) decrease in payroll and related costs of approximately $85,000 due to a reduced time commitment by certain
employees, (ii) a decrease in share-based compensation expense of approximately $10,000 as the majority of share-based awards have been
fully expensed in prior periods, (iii) a decrease in consulting fees of approximately $39,000 due to a lower time commitment by our independent
contractors, and (iv) a decrease in other expenses of approximately $2,000, which amounts were offset by an increase in technology license
maintenance fees of $10,000. We believe our research and development expenses will increase significantly over time if we are able to
raise sufficient capital to advance our programs.
Research and development expenses of approximately
$211,000 for the three months ended September 30, 2022 are primarily related to salaries and related costs for personnel in research and
development functions and related consulting fees associated with advancing the platform technologies, including approximately $16,000
in share-based compensation.
General and Administrative Expenses
General and administrative expenses of approximately
$227,000 for the three months ended September 30, 2023 consist principally of salaries and related costs for personnel and consultants
in executive and administrative functions of approximately $182,000, accounting and filing fees of approximately $17,000, director and
officer insurance of approximately $10,000, legal fees related to intellectual property rights of approximately $12,000, and other corporate
expenses of approximately $6,000. The decrease in general and administrative expenses of approximately $79,000 for the three months ended
September 30, 2023 as compared to the same prior year period was primarily due to (i) decrease in payroll and related costs of approximately
$39,000 due to a reduced time commitment by certain employees, (ii) a decrease in share-based compensation expense of approximately $36,000
as all outstanding share-based awards have been fully expensed in prior periods (iii) a decrease in legal fees related to intellectual
property rights of approximately $6,000, and (iv) a net decrease in other expenses of approximately $6,000, which amounts were offset
by a net increase in accounting and filing fees of approximately $8,000 due to the timing of the filing of the Company’s tax returns.
We believe our general and administrative expenses will increase over time as we hire new employees to support key administrative functions
and the planned expansion of research and development personnel, provided we are able to raise sufficient capital.
General and administrative expenses of approximately
$306,000 for the three months ended September 30, 2022 consist principally of salaries and related costs for personnel and consultants
in executive and administrative functions of approximately $257,000, including approximately $36,000 in share-based compensation expense,
legal fees related to intellectual property rights of approximately $18,000 primarily related to the license agreement with Case Western
Reserve University, accounting and filing fees of approximately $9,000, director and officer insurance of approximately $11,000, investor
and public relation fees of approximately $5,000, and other fees and expenses of approximately $6,000.
Other Income (Expense)
Gain on Redemption of Holocom Preferred Stock
On July 6, 2022, we entered into a Redemption
Agreement with Holocom, as amended on June 21, 2023, pursuant to which we requested full redemption of our 2,100,000 shares of Series
A Preferred Stock of Holocom. All shares were redeemed as of June 2023. During the three months ended September 30, 2022, we received
cash proceeds in the amount of $343,000 upon the redemption of 857,500 shares of Series A Preferred Stock (see Note 4 to the accompanying
unaudited condensed consolidated financial statements).
Change in Valuation of Derivative Liability
The change in valuation of the derivative liability
of approximately $57,000 for the three months ended September 30, 2022 pertains to a decrease in the estimated fair value of the anti-dilution
issuance rights provided under the Series B Preferred (see Note 3 to the accompanying unaudited condensed consolidated financial statements).
Non-Cash Interest Expense and Accretion to
Redemption Value on Convertible Notes
Non-cash interest expense of approximately $18,000
and $18,000 for the three months ended September 30, 2023 and 2022, respectively, represents interest expense on convertible notes (see
Note 7 to the accompanying unaudited condensed consolidated financial statements).
Accretion to redemption value on convertible notes
of approximately $3,000 and $18,000 for the three months ended September 30, 2023 and 2022, respectively, pertains to the accretion of
the convertible notes to their redemption value of $1,145,790 over the estimated conversion period using the effective interest method
(see Note 7 to the accompanying unaudited condensed consolidated financial statements).
Nine Months Ended September
30, 2023 and 2022:
Research and Development Expenses
Research and development expenses of approximately
$385,000 for the nine months ended September 30, 2023 are primarily related to salaries and related costs for personnel in research and
development functions and related consulting fees, including approximately $16,000 in share-based compensation. The decrease in research
and development expenses of approximately $456,000 for the nine months ended September 30, 2023 as compared to the same prior year period
was primarily due to a (i) decrease in payroll and related costs of approximately $167,000 due to a reduced time commitment by certain
employees, (ii) a decrease in share-based compensation expense of approximately $101,000 as the majority of share-based awards have been
fully expensed in prior periods, (iii) a decrease in consulting fees of approximately $192,000 due to a lower time commitment by our independent
contractors, and (iv) a decrease in other expenses of approximately $6,000, which amounts were offset by an increase in technology license
maintenance fees of $10,000.
Research and development expenses of approximately
$841,000 for the nine months ended September 30, 2022 are primarily related to salaries and related costs for personnel in research and
development functions and related consulting fees associated with advancing the platform technologies, including approximately $117,000
in share-based compensation.
General and Administrative Expenses
General and administrative expenses of approximately
$739,000 for the nine months ended September 30, 2023 consist principally of salaries and related costs for personnel and consultants
in executive and administrative functions of approximately $594,000, accounting and filing fees of approximately $49,000, legal fees related
to intellectual property rights of approximately $38,000, director and officer insurance of approximately $34,000, investor and public
relation fees of approximately $12,000, and other expenses of approximately $12,000. The decrease in general and administrative expenses
of approximately $550,000 for the nine months ended September 30, 2023 as compared to the same prior year period was primarily due to
(i) a decrease in legal fees related to intellectual property rights of approximately $285,000 primarily related to the license agreement
with Case Western Reserve University executed in the same prior year period, (ii) a decrease in share-based compensation expense of approximately
$171,000 as all outstanding share-based awards have been fully expensed in prior periods, (iii) a decrease in legal fees of approximately
$20,000, (iv) a decrease in payroll and consulting fees of approximately $63,000 due to a reduced time commitment by certain employees
and consultants, (v) a decrease in accounting and filing fees of approximately $6,000 due to fewer filings with the Securities and Exchange
Commission, and (vi) a decrease in other expenses of approximately $5,000.
General and administrative expenses of approximately
$1,289,000 for the nine months ended September 30, 2022 consist principally of salaries and related costs for personnel and consultants
in executive and administrative functions of approximately $828,000, including approximately $171,000 in share-based compensation expense,
fees for outside legal counsel of approximately $20,000, legal fees related to intellectual property rights of approximately $323,000,
audit, tax, accounting and filing fees of approximately $55,000, director and officer insurance of approximately $34,000, investor and
public relation fees of approximately $16,000, and other fees and expenses of approximately $13,000.
Other Income (Expense)
Gain on Redemption of Holocom Preferred Stock
On July 6, 2022, we entered into a Redemption
Agreement with Holocom, as amended on June 21, 2023, pursuant to which we requested full redemption of our 2,100,000 shares of Series
A Preferred Stock of Holocom. During the nine months ended September 30, 2023, we received cash proceeds of $433,000 upon the redemption
of 1,242,500 shares of Series A Preferred Stock. During the nine months ended September 30, 2022, we received cash proceeds in the amount
of $343,000 upon the redemption of 857,500 shares of Series A Preferred Stock (see Note 4 to the accompanying unaudited condensed consolidated
financial statements).
Interest Income
Interest income of approximately $3,000 for the
nine months ended September 30, 2023 is primarily related to interest earned and received on monthly past due redemption installments
from Holocom under the Redemption Agreement (see Note 4 to the accompanying unaudited condensed consolidated financial statements).
Change in Valuation of Derivative Liability
The change in valuation of the derivative liability
of approximately $47,000 and $58,000 for the nine months ended September 30, 2023 and 2022, respectively, pertains to a decrease in the
estimated fair value of the anti-dilution issuance rights pursuant to the Series B Preferred (see Note 3 to the accompanying unaudited
condensed consolidated financial statements).
Non-Cash Interest Expense and Accretion to
Redemption Value on Convertible Notes
Non-cash interest expense of approximately $55,000
and $51,000 for the nine months ended September 30, 2023 and 2022, respectively, represents interest expense on convertible notes (see
Note 7 to the accompanying unaudited condensed consolidated financial statements).
Accretion to redemption value on convertible notes
of approximately $14,000 and $64,000 for the nine months ended September 30, 2023 and 2022, respectively, pertains to the accretion of
the convertible notes to their redemption value of $1,145,790 over the estimated conversion period using the effective interest method
(see Note 7 to the accompanying unaudited condensed consolidated financial statements).
Liquidity and Capital Resources
On August 21, 2020, we completed a reverse merger
with Patriot Scientific Corporation, which provided us with $605,215 in cash, cash equivalents, and restricted cash. During May 2021,
we raised $575,000 from the issuance of convertible notes, which included $49,997 of accrued payable to founder that was invested in convertible
notes. During February 2022, we raised an additional $341,632 from the issuance of convertible notes. During the nine months ended September
30, 2023 and year ended December 31, 2022, we received proceeds of $433,000 and $343,000, respectively, from the redemption of Holocom
Series A Preferred Stock (see Note 4 to the accompanying condensed consolidated financial statements). As of September 30, 2023, we had
cash and cash equivalents of $252,898. Our ability to continue our operations is highly dependent on our ability to raise capital to fund
future operations. We anticipate, based on currently proposed plans and assumptions that our cash on hand will not satisfy our operational
and capital requirements through twelve months from the filing date of this Quarterly Report.
Our primary uses of capital to date are primarily
related to payroll, consulting and related costs, public company expenses, fees associated with license agreements, including patent related
expenses, and costs of the reverse merger. On a go forward basis, we will need significant additional capital to support our research
and development efforts, compensation and related expenses, and hiring additional staff (including clinical, scientific, operational,
financial, and management personnel) and to reduce our accrued liabilities. We expect to incur substantial expenditures in the foreseeable
future for the development and potential commercialization of our product candidates, provided we are able to raise sufficient capital
to advance our technologies.
We plan to continue to fund losses from operations
and future funding needs through our cash on hand and future equity and/or debt offerings, as well as potential collaborations or licensing
arrangements with other companies.
There are a number of uncertainties associated
with our ability to raise additional capital and we have no current arrangements with respect to any additional financing. If we raise
funds from the issuance of equity securities (which will be challenging in light of current market conditions combined with our early
stage of development), substantial dilution to our existing stockholders would likely result. If we raise additional funds by incurring
debt financing (also challenging in light of current market conditions combined with our early stage of development), the terms of the
debt may involve significant cash payment obligations as well as covenants and specific financial ratios that may restrict our ability
to operate our business. Further, any contracts or license arrangements we enter into to raise funds may require us to relinquish our
rights to our products or technology, and we may not be able to enter into any such contracts or license arrangements on favorable terms,
or at all. Since the closing date of the reverse merger, our limited cash position has required us to perform only limited development
activities and to delay and scale back our development programs and other activities to remain afloat. If we continue to have insufficient
funds, we may be required to cease our operations altogether.
In addition, the continuation of disruptions caused
by COVID-19, broad-based inflation, and various economic indicators that the United States economy may be entering a recession in upcoming
quarters may cause investors to slow down or delay their decision to deploy capital which will adversely impact our ability to fund future
operations. Consequently, there can be no assurance that any additional financing on commercially reasonable terms, or at all, will be
available when needed. If we are unable to raise additional capital and continue to have insufficient funds, we may be required to cease
our operations altogether. The above matters raise substantial doubt regarding our ability to continue as a going concern.
Cash Flow Summary
The following table provides a summary of our net cash flow activity
for the nine months ended September 30, 2023 and 2022:
| |
Nine Months Ended September 30, 2023 | | |
Nine Months Ended September 30, 2022 | |
Net cash used in operating activities | |
$ | (400,747 | ) | |
$ | (526,637 | ) |
Net cash provided by investing activities | |
| 433,000 | | |
| 343,000 | |
Net cash provided by financing activities | |
| – | | |
| 341,632 | |
Net increase in cash and cash equivalents | |
$ | 32,253 | | |
$ | 157,995 | |
Cash Flows From Operating Activities
Net cash used in operating activities for the
nine months ended September 30, 2023 consisted of our net loss of $712,677 combined with a decrease in the fair value of the derivative
liability of $46,700 and a gain on redemption of preferred stock of Holocom of $433,000, which amounts were offset by (i) non-cash share-based
compensation expense of $16,406, (ii) non-cash interest expense of $54,849, (iii) the accretion to redemption value on convertible notes
of $14,380, and (iv) a net change in operating assets and liabilities of $705,995 primarily due to an increase in accrued compensation,
accrued consulting, and other accrued expenses of $715,036, in aggregate.
Net cash used in operating activities for the
nine months ended September 30, 2022 consisted of our net loss of $1,846,768 combined with a decrease in the fair value of the derivative
liability of $58,000 and a gain on redemption of preferred stock of Holocom of $343,000, which amounts were offset by (i) non-cash share-based
compensation expense of $288,594, (ii) non-cash interest expense of $51,254, (iii) the accretion to redemption value on convertible notes
of $64,171 and (iv) a net change in operating assets and liabilities of $1,317,112 primarily due to an increase in accrued compensation,
accrued consulting, and other accrued expenses of $1,314,780, in aggregate.
Cash Flows From Investing Activities
Net cash provided by investing activities for
the nine months ended September 30, 2023 and 2022 consisted of proceeds received from our redemption of Holocom’s Series A Preferred
Stock of $433,000 and $343,000, respectively (see Note 4 to the accompanying unaudited condensed consolidated financial statements).
Cash Flows From Financing Activities
Net cash provided by financing activities for
the nine months ended September 30, 2022 consisted of net proceeds received from the issuance of convertible notes of $341,632 (see Note
7 to the accompanying unaudited condensed consolidated financial statements).
Recently Adopted Accounting
Standards
There have been no new accounting pronouncements
adopted by the Company or new accounting pronouncements issued by the Financial Accounting Standards Board during the three and nine months
ended September 30, 2023, as compared to the recent accounting pronouncements described in Note 2 of the Company’s Annual Report
on Form 10-K for the year ended December 31, 2022, that the Company believes are of significance or potential significance to the Company.
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
As a “smaller reporting company” as
defined in Rule 12b-2 of the Exchange Act, we are not required to provide the information called for by this item.
|
Item 4. |
Controls and Procedures |
As required by Rule 13a-15(b) under the Exchange
Act, as of September 30, 2023, the end of the period to which this quarterly report relates, we have carried out an evaluation of the
effectiveness of the design and operation of our disclosure controls and procedures. This evaluation was carried out under the supervision
and with the participation of our management, including our President and Chief Executive Officer and our EVP, Chief Financial Officer.
Disclosure controls and procedures are controls
and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the
Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s
rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information
required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to management, including the President
and Chief Executive Officer and the EVP, Chief Financial Officer as appropriate, to allow timely decisions regarding required disclosure.
Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance
of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible
controls and procedures. Based on the evaluation of our disclosure controls and procedures as of September 30, 2023, our management,
with the participation of our President and Chief Executive Officer and our EVP, Chief Financial Officer, concluded that, as of such date,
our disclosure controls and procedures were effective.
Changes in Internal Control over Financial Reporting
There were no significant changes to our internal
control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during our most recently
completed quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II- OTHER INFORMATION
|
Item 1. |
Legal Pro0ceedings |
Information pertaining to legal proceedings is
provided in Note 10, Commitments and Contingencies, to the unaudited condensed consolidated financial statements and is incorporated by
reference herein.
Investing in our common stock involves a high
degree of risk. You should carefully consider the risks described below, together with our unaudited condensed consolidated financial
statements and related notes thereto appearing elsewhere in this quarterly report on Form 10-Q (“Report” or “Quarterly
Report”) before making a decision to invest in our securities. The risks and uncertainties described below are not the only ones
we face. Additional risks and uncertainties not presently known to us, or that we currently believe are not material, also may become
important factors that affect us and impair our business operations. The occurrence of any of the events or developments discussed in
the risk factors below could have a material and adverse impact on our business, financial condition, results of operations and cash flows
and, in such case, our future prospects would likely be materially and adversely affected.
Unless the context otherwise requires, references
to the “Company,” “Mosaic,” “we,” “our,” or “us” in this Quarterly Report
refer to Mosaic ImmunoEngineering, Inc. and its subsidiaries (formerly known as Patriot Scientific Corporation). References to “PTSC”
and “Private Mosaic” refer to Patriot Scientific Corporation and privately held Mosaic ImmunoEngineering Inc., respectively,
prior to the completion of a reverse merger in August 2020.
Risks Related to Our Operations
While the Company’s consolidated financial
statements have been prepared on a going concern basis, we do not currently have sufficient working capital to fund our planned operations
for the next twelve months and we may be required to cease our operations altogether if we are unable to secure sufficient funding.
There is substantial doubt about our ability to
continue as a going concern, as we currently do not have adequate financial resources to fund our forecasted operating costs for at least
twelve months from the filing of this Report. As of September 30, 2023, the Company had incurred operating losses since inception, and
continues to generate losses from operations, and has an accumulated deficit of $7,620,779. As a result, our existing cash resources are
not sufficient to meet our anticipated needs over the next twelve months from the date hereof and we would need to raise additional capital
to continue our operations and to implement our business plan, which capital is unlikely to be available on favorable terms or at all.
These matters raise substantial doubt about the Company’s ability to continue as a going concern.
If we raise funds from the issuance of equity
securities (which will be challenging in light of current market conditions combined with our early stage of development), substantial
dilution to our existing stockholders would likely result. If we raise additional funds by incurring debt financing (also challenging
in light of current market conditions combined with our early stage of development), the terms of the debt may involve significant cash
payment obligations as well as covenants and specific financial ratios that may restrict our ability to operate our business. Further,
any contracts or license arrangements we enter into to raise funds may require us to relinquish our rights to our products or technology,
and we may not be able to enter into any such contracts or license arrangements on favorable terms, or at all. Since the closing date
of the reverse merger, our limited cash position has required us to perform only limited development activities and to delay and scale
back our development programs and other activities to remain afloat. If we continue to have insufficient funds, we may be required to
cease our operations altogether.
Our ability to pursue the research and development
activities and other initiatives discussed in the following risk factors and elsewhere in this Report will require significant funding,
which may not be available to us in light of current market conditions combined with our early stage of development.
The consolidated financial statements included
in this Report do not include any adjustments relating to the recoverability and classification of asset amounts or the classification
of liabilities that might be necessary should the Company be unable to continue as a going concern.
We currently do not have sufficient capital
to pay all amounts owed under our License Agreement with Case Western Reserve University (“CWRU”) in the amount of approximately
$396,000 and if we fail to raise sufficient capital in the near term to pay for past due patent fees, we could lose the rights to develop
our lead product candidate, MIE-101, which is the product upon which our business depends.
On May 4, 2022, we entered into a License Agreement
with CWRU allowing us to develop and commercialize our lead product candidate, MIE-101. If we fail to comply with our obligations under
the License Agreement, including the payment of all amounts due under the License Agreement, we may lose the rights to developed and potentially
commercialize our lead product candidate, MIE-101, which is the product upon which our business depends. As of September 30, 2023, we
have accrued approximately $396,000 in accrued patent fees payable to CWRU under the License Agreement and we currently do not have sufficient
capital to pay all amounts due under the License Agreement. While CWRU has historically agreed to defer certain amounts due under the
License Agreement, there can no guarantee that CWRU will grant us any additional time to pay our obligations and CWRU may terminate the
License Agreement with us (see Note 6 to the accompanying unaudited condensed consolidated financial statements) if we are unable to raise
sufficient capital to pay these past due amounts. In addition, there are many risks associated with our financial position and need for
additional capital, as further described below under the section titled “RISKS RELATED TO OUR FINANCIAL POSITION AND NEED FOR ADDITIONAL
CAPITAL”.
If we are able to raise sufficient capital,
we expect that we will incur significant losses over the next several years and may never achieve or maintain profitability.
We have a limited operating history since
the reverse merger in August 2020. We have not raised any capital other than $575,000 and $341,632 from
the issuance of our convertible notes in May 2021 and February 2022, respectively. Due to our limited cash, our historical results
do not reflect the significant costs required to develop our product candidates. In addition, our products are in preclinical
development and therefore, we anticipate that our expenses will increase substantially over the next several years, if and as
we:
| · | develop product manufacturing processes under
the Food and Drug Administration's (“FDA’s”) current Good Manufacturing Practice regulations (“cGMP”) for
each of our product candidates and enter into manufacturing supply agreements to support toxicology studies and our planned Phase I clinical
trials; |
| · | contract preclinical toxicology studies to support
the safety of our product candidates prior to starting any human trial; |
| · | continue preclinical research and translational
studies to enhance our understanding of the mechanism of action of the product candidates; |
| · | enter into collaboration arrangements with regards
to product discovery and product development; |
| · | operate under the licensing agreement with Case
Western Reserve University and acquire rights to other technologies; |
| · | prepare regulatory filings, such as filing IND
applications with the FDA that are required prior to starting any human clinical trial; |
| · | plan, initiate, enroll, and complete clinical
trials; |
| · | maintain, expand and protect our intellectual
property portfolio; and |
| · | hire additional personnel to support our research,
development, and administrative efforts. |
We expect that it will be several years, if ever,
before we have a product candidate ready for commercialization. If we are unable to advance our product candidates and begin to generate
clinical data, we may have greater difficulty raising capital on favorable terms, or at all. In addition, there are many risks associated
with our financial position and need for additional capital, as further described below under the section titled “RISKS RELATED
TO OUR FINANCIAL POSITION AND NEED FOR ADDITIONAL CAPITAL”.
If we are able to raise sufficient capital, we
expect to continue to incur significant expenses and increasing operating losses for the foreseeable future. The net losses that we incur
may fluctuate significantly from quarter to quarter and year to year.
To become and remain profitable, we or a potential
partner must develop and eventually commercialize a product or products with significant market potential. This will require us to be
successful in a range of challenging activities, including completing all phases of clinical trials of our product candidates, obtaining
marketing approval for these product candidates and manufacturing, marketing and selling those products for which we obtain marketing
approval. We or a potential partner may never succeed in these activities and, even if we do, may never generate revenues that are significant
or large enough to achieve profitability. If we do achieve profitability, we may not be able to sustain or increase profitability on a
quarterly or annual basis. Our development efforts will take several years and will require significant capital that will dilute the ownership
interest of common stockholders. A decline in the value of the Company could also cause stockholders to lose all or part of their investment.
We are early in our development efforts and
our product candidates are in preclinical development.
We currently do not have any products that have
gained regulatory approval. Our ability to generate product revenues, which we do not expect will occur for several years, if ever, will
depend heavily on the successful development and eventual commercialization of our product candidates. As a result, our business is substantially
dependent on our ability to successfully complete the development of and obtain regulatory approval for our product candidates.
We have not yet demonstrated an ability to successfully
overcome many of the risks and uncertainties frequently encountered by companies in new and rapidly evolving fields, particularly in the
nanotechnology area. If we are unsuccessful in accomplishing the numerous and complex objectives in developing our product candidates,
we may not be able to successfully develop and commercialize our two product candidates, and our business will suffer.
Our short operating history may make it difficult to evaluate the
success of our business to date and to assess our future viability.
We are an early development stage biotechnology
company formed on March 30, 2020. Our ongoing operations to date have been limited to organizing the Company, business planning, acquiring
rights to license the technology, identifying potential product candidates, and undertaking preclinical studies in collaboration with
our external researchers under university approved grants. In addition, we have limited human resources to help us achieve our goals.
Consequently, any predictions made about our future success or viability based on our short operating history to date may not be as accurate
as they could be if we had a longer and more established operating history. In addition, as an early-stage business, we may encounter
unforeseen expenses, difficulties, complications, delays and other known and unknown factors.
Business interruptions resulting from the coronavirus
disease (COVID-19) outbreak or similar public health crises could cause a disruption of the development of our product candidates and
adversely impact our business.
In March 2020, the World Health Organization declared
the novel coronavirus disease (COVID-19) outbreak a global pandemic. To limit the spread of COVID-19, governments have taken various actions
including the issuance of stay-at-home orders and physical distancing guidelines. Accordingly, businesses have adjusted, reduced or suspended
operating activities. We may experience disruptions as a result of COVID-19 (or any new potential variant) or any other pandemic that
could severely impact our business and planned clinical trials, including:
| · | delays or difficulties in planned clinical site
initiation, including difficulties in recruiting clinical site investigators and clinical site staff; |
| · | delays or difficulties in enrolling patients
in our planned clinical trials and further incurrence of additional costs as a result of preclinical study and clinical trial delays and
adjustments; |
| · | challenges related to ongoing and increased operational
expenses related to the COVID-19 pandemic or any other pandemic; |
| · | delays, difficulties or increased costs to comply
with COVID-19 protocols or any other pandemic protocols; |
| · | diversion of healthcare resources away from the
conduct of clinical trials, including the diversion of hospitals serving as our clinical trial sites and hospital staff supporting the
conduct of clinical trials; |
| · | interruption of key clinical trial activities,
such as clinical trial site monitoring, due to limitations on travel imposed or recommended by federal or state governments, employers
and others; |
| · | limitations in resources that would otherwise
be focused on the conduct of our business or our clinical trials, including because of sickness or the desire to avoid contact with large
groups of people or as a result of government-imposed “Stay-at-Home” orders or similar working restrictions; |
| · | delays in receiving approval from local regulatory
authorities to initiate our planned clinical trials; |
| · | delays in preclinical and clinical sites receiving
the supplies and materials needed to conduct our planned clinical trials; |
| · | interruption in global shipping that may affect
the transport of clinical trial materials, such as investigational drug product used in our planned clinical trials; |
| · | changes in regulations as part of a response
to the COVID-19 pandemic or any other pandemic which may require us to change the ways in which our planned clinical trials may be conducted,
or which may result in unexpected costs; |
| · | delays in necessary interactions with regulators,
ethics committees and other important agencies and contractors due to limitations in employee resources or forced furlough of government
or contractor personnel; and |
| · | increased competition for contract research organizations
(“CROs”), suppliers and vendors. |
We will continue to assess the impact that COVID-19
may have on our ability to effectively conduct our business operations as planned and there can be no assurance that we will be able to
avoid a material impact on our business from the spread of COVID-19 or its consequences, including disruption to our business and downturns
in business sentiment generally or in our industry. Should COVID-19 cases in USA increase or any other pandemic, the country or states
may institute stricter social distancing protocols.
Additionally, third parties that we may engage,
including our collaborators, contract organizations, third-party manufacturers, suppliers, clinical trial sites, regulators and other
third parties with whom we conduct business are similarly adjusting their operations and assessing their capacity in light of the COVID-19
pandemic. If these third parties experience shutdowns or continued business disruptions, our ability to conduct our business in the manner
and on the timelines presently planned could be materially and negatively impacted. It is likely that the disproportionate impact of COVID-19
on hospitals and clinical sites will have an impact on recruitment and retention for our planned clinical trials. In addition, our future
clinical trial sites could experience delays in collecting, receiving and analyzing data from patients enrolled in our planned clinical
trial due to limited staff at such sites, limitation or suspension of on-site visits by patients, or patients’ reluctance to visit
the clinical trial sites during the pandemic. As a result, research and development expenses and general and administrative expenses may
vary significantly if there is an increased impact from COVID-19 on the costs and timing associated with the conduct of our panned clinical
trial and other related business activities.
As we continue to actively advance our clinical
programs and discovery and research programs, we are assessing the impact of the COVID-19 pandemic on each of our programs, expected timelines
and costs on an ongoing basis. In light of ongoing developments relating to the COVID-19 pandemic, the focus of healthcare providers and
hospitals on fighting the virus, and consistent with the FDA’s industry guidance for conducting clinical trials issued in March
2020, as updated subsequently. We and our CROs have also made certain adjustments to the operation of such trials in an effort to ensure
the monitoring and safety of patients and minimize risks to trial integrity during the pandemic in accordance with the guidance issued
by the FDA on June 19, 2020 on good manufacturing practice considerations for responding to COVID-19 infection in employees in biopharmaceutical
products manufacturing and generally and may need to make further adjustments in the future. Other COVID-related guidance recently released
by FDA that apply to us and our third-party manufacturers include guidance addressing cGMP considerations for responding to COVID-19 infections
in employees and statistical considerations for clinical trials during the COVID-19 public health emergency. Many of these adjustments
are new and untested, may not be effective, and may have unforeseen effects on the enrollment, progress and completion of these trials
and the findings from these trials. While we are currently continuing our clinical trial and seeking to add new clinical trial sites,
we may not be successful in adding trial sites, may experience delays in patient enrollment or in the progression of our clinical trial,
may need to suspend our clinical trial, and may encounter other negative impacts to our trials, due to the effects of the COVID-19 pandemic.
The global outbreak of COVID-19 continues to rapidly
evolve. The extent to which the COVID-19 pandemic impacts our business will depend on future developments such as the rate of the spread
of the disease, travel restrictions and social distancing in the United States and other countries, business closures or business disruptions
and the effectiveness of actions taken in the United States and other countries to contain and treat the disease and to address its impact,
including on financial markets or otherwise. Further, a lack of coordinated response on risk mitigation and vaccination deployment with
respect to the COVID-19 pandemic on a local or federal level could result in significant increases to the duration and severity of the
pandemic in the United States as compared to the rest of the world and could have a corresponding negative impact on our business. While
the extent of the impact of the current COVID-19 pandemic on our business and financial results is uncertain, a continued and prolonged
public health crisis such as the COVID-19 pandemic or any other pandemic could have a material negative impact on our business, financial
condition and operating results.
To the extent the COVID-19 pandemic or any other
pandemic adversely affects our business, financial condition and operating results, it may also have the effect of heightening many of
the risks described in this “Risk Factors” section.
The Company and its subsidiaries have limited
insurance for their operations and are subject to various risks of loss.
The Company and its subsidiaries carry limited
directors’ and officers’ insurance. In addition, we do not carry general business liability insurance or other insurance applicable
to our business. Successful claims against the Company would likely render us insolvent. The Company has not reserved any amounts in connection
with self-insuring against any potential claims against the Company or its subsidiaries. Once we are able to raise sufficient funding
to advance our business, we plan to secure additional insurance coverage to better protect our business. There can be no assurance that
we will obtain sufficient insurance coverage to cover all possible risks and potential related losses.
Drug development involves a lengthy and expensive
process with an uncertain outcome, including failure to demonstrate safety and efficacy to the satisfaction of the FDA or similar regulatory
authorities outside the United States. We may incur additional costs or experience delays in completing, or ultimately be unable to complete,
the product manufacturing of our product candidates.
Given the early stage of our product candidates,
the risk of failure for our product candidates is high. Before obtaining marketing approval from regulatory authorities for the sale of
any product candidate, we must complete formulation development for our products, conduct nonclinical trials, and then conduct extensive
clinical trials to demonstrate the safety and efficacy of our product candidates in humans. In addition, product manufacturing and process
development along with preclinical and clinical testing are all expensive activities, difficult to design and implement, and can take
several years to complete. The outcome of preclinical and clinical trials is inherently uncertain. Failure can occur at any time during
the development program, including during the clinical trial process. Further, the results of preclinical studies and early clinical trials
of our product candidates, may not be predictive of the results of later-stage clinical trials. Moreover, preclinical and clinical data
are often susceptible to varying interpretations and analyses, and many companies that have believed their product candidates performed
satisfactorily in preclinical and clinical trials have nonetheless failed to obtain marketing approval of their products. It is impossible
to predict when or if any of our product candidates will prove effective and safe in humans or will receive regulatory approval.
We may experience delays in our planned clinical
trials, and we do not know whether planned clinical trials will begin or enroll subjects on time, need to be redesigned or be completed
on schedule, if at all. There can be no assurance that the FDA or any other foreign regulatory body will not put any of our product candidates
on clinical hold in the future. We may experience numerous unforeseen events during, or as a result of, clinical trials that could delay
or prevent our ability to receive marketing approval or commercialize our product candidates. Planned clinical trials may be delayed,
suspended or prematurely terminated for a variety of reasons, such as:
| · | delay or failure in reaching agreement with the
FDA, European Medicines Agency (“EMA”), or a comparable foreign regulatory authority on a trial design that we want to execute; |
| · | delay or failure in obtaining authorization to
commence a trial or inability to comply with conditions imposed by a regulatory authority regarding the scope or design of a clinical
study; |
| · | delays in reaching, or failure to reach, agreement
on acceptable clinical trial contracts or clinical trial protocols with prospective trial sites; |
| · | inability, delay, or failure in identifying and
maintaining a sufficient number of trial sites, many of which may already be engaged in other clinical programs; |
| · | delay or failure in recruiting and enrolling
suitable subjects to participate in a trial; |
| · | delay or failure in having subjects complete
a trial or return for post-treatment follow-up; |
| · | clinical sites and investigators deviating from
trial protocol, failing to conduct the trial in accordance with regulatory requirements, or dropping out of a trial; |
| · | lack of adequate funding to continue the clinical
trial, including the incurrence of unforeseen costs due to enrollment delays, requirements to conduct additional clinical studies and
increased expenses associated with the services of our contract research organizations (“CROs”) and other third parties; |
| · | clinical trials of our product candidates may
produce negative or inconclusive results, and we may decide, or regulators may require us, to conduct additional clinical trials or abandon
product development programs; |
| · | the number of patients required for clinical
trials of our product candidates may be larger than we anticipate, enrollment in these clinical trials may be slower than we anticipate,
or participants may drop out of these clinical trials at a higher rate than we anticipate; |
| · | we may experience delays or difficulties in the
enrollment of patients that our product candidates are designed to target based on the inclusion and exclusion criteria; |
| · | our third-party contractors may fail to comply
with regulatory requirements or meet their contractual obligations to us in a timely manner, or at all; |
| · | we may have difficulty partnering with experienced
Clinical Research Organization and study sites that can identify patients that our product candidates are designed to target and run our
clinical trials effectively; |
| · | regulators or institutional review boards (“IRBs”)
may require that we or our investigators suspend or terminate clinical research for various reasons, including noncompliance with regulatory
requirements or a finding that the participants are being exposed to unacceptable health risks; |
| · | the supply or quality of our product candidates
or other materials necessary to conduct clinical trials of our product candidates may be insufficient or inadequate; or |
| · | there may be changes in governmental regulations
or administrative actions. |
If we are required to conduct additional clinical
trials or other testing of our product candidates beyond those that we currently contemplate, or if we are unable to successfully complete
clinical trials of our product candidates or other testing, or if the results of these trials or tests are not positive or are only modestly
positive, or if there are safety concerns, we may:
| · | be delayed in obtaining marketing approval for
our product candidates, if ever; |
| · | obtain approval for indications or patient populations
that are not as broad as intended or desired; |
| · | obtain approval with labeling that includes significant
use or distribution restrictions or safety warnings that would reduce the potential market for our products or inhibit our ability to
successfully commercialize our product candidates; |
| · | be subject to additional post-marketing restrictions
and/or testing requirements; or |
| · | have the product removed from the market after
obtaining marketing approval. |
Product development costs will also increase if
we experience delays in testing or marketing approvals. We do not know whether any of our preclinical studies or clinical trials will
need to be restructured or will be completed on schedule, or at all. Significant preclinical or clinical trial delays also could shorten
any periods during which we may have the exclusive right to commercialize our product candidates or may allow our competitors to bring
products to market before we do and impair our ability to successfully commercialize our product candidates and may harm our business
and results of operations. In addition, enrollment delays in our clinical trials may result in increased development costs for our product
candidates, which would cause the value of the Company to decline and limit our ability to obtain additional financing.
If serious adverse events or unacceptable side
effects are identified during the development of our product candidates, we may need to abandon or limit our development of some of our
product candidates.
If our product candidates are associated with
undesirable effects in preclinical or clinical trials or have characteristics that are unexpected, we may need to interrupt, delay or
abandon their development or limit development to more narrow uses or subpopulations in which the undesirable side effects or other characteristics
are less prevalent, less severe or more acceptable from a risk-benefit perspective. Currently unknown, drug-related side effects may be
identified in our planned clinical studies and, as such, these possible drug-related side effects could affect patient recruitment, the
ability of enrolled subjects to complete the trial, or result in potential product liability claims. Reported serious adverse events may
arise and the occurrence, whatever the cause, may impact the conduct of any ongoing or future clinical trial. To date, our product candidates
have not been evaluated in any human clinical studies. Any occurrence of clinically significant adverse events may harm our business,
financial condition and prospects significantly.
Our business and operations would suffer in
the event of computer system failures, cyber-attacks or deficiencies in our or third parties’ cyber security.
Given our limited operating history, we are still
in the process of implementing our internal security measures. Our internal computer systems and those of current and future third parties
on which we rely may fail and are vulnerable to damage from computer viruses and unauthorized access. Our information technology and other
planned internal infrastructure systems, including corporate firewalls, servers, connection to the Internet, face the risk of systemic
failure that could disrupt our operations. If such an event were to occur and cause interruptions in our operations, it could result in
a material disruption of our development programs and our business operations. To the extent that any disruption or security breach were
to result in a loss of, or damage to, our data or applications, or inappropriate disclosure of confidential or proprietary information,
we could incur liability, our competitive position could be harmed and the further development and commercialization of our product candidates
or any future product candidates could be hindered or delayed. In addition, due to limited corporate infrastructure, our entire workforce
is currently working remotely. This could increase our cyber security risk, create data accessibility concerns, and make us more susceptible
to communication disruptions.
We do not presently maintain insurance coverage
to protect against cybersecurity risks. If we procure such coverage in the future, we cannot ensure that it will be sufficient to cover
any loss we may experience as a result of such cyberattacks. Any cyber incident could have a material adverse effect on our business,
financial condition, and results of operations.
If we fail to establish and maintain proper
and effective internal control over financial reporting, our operating results and our ability to operate our business could be harmed.
Ensuring that we will have adequate internal financial
and accounting controls and procedures in place so that we can produce accurate financial statements on a timely basis is a costly and
time-consuming effort that needs to be re-evaluated frequently. Internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with Generally
Accepted Accounting Principles or GAAP.
In addition, we are required to be compliant with
public company internal control requirements mandated under Section 302 and 906 of the Sarbanes-Oxley Act. If we are unable to successfully
maintain internal controls over financial reporting, the accuracy and timing of our financial reporting, and our stock price, may be adversely
affected.
Risks Related to Our Financial
Position and Need for Additional Capital
We will need substantial additional funding.
If we are unable to secure sufficient capital in the near term, we may be required to further reduce or eliminate product development
and potentially cease operations.
As of September 30, 2023, we had cash and cash
equivalents of $252,898 and current liabilities of $4,568,967. Since the closing date of the reverse merger, we have been unable to raise
sufficient capital to advance our lead product candidate, MIE-101, from preclinical development into clinical development. Moreover, our
existing cash resources are not sufficient to meet our anticipated needs over the next twelve months from the date hereof. We will need
to raise additional capital to continue our operations and to implement our business plan, which capital is unlikely to be available on
favorable terms or at all. In addition, we expect our expenses to significantly increase if and when we are able to initiate product manufacturing
to support preclinical and clinical testing, perform preclinical studies, including toxicology studies, initiate clinical development,
and eventually, if successful, seek marketing approval for, our product candidates. Since the closing date of the reverse merger, our
limited cash position has slowed our product development and other activities to remain afloat. If we are unable to raise additional capital
when needed, we would be forced to further delay our preclinical and clinical development programs and potentially cease our operations
altogether.
If we are able to raise additional capital, our
funding needs may fluctuate significantly based on several factors, including, but not limited to:
| · | the scope, progress, results and costs of product
development and manufacture of drug product to support preclinical and clinical development of our product candidates; |
| · | the extent to which we enter into additional
collaboration arrangements regarding product discovery or development; |
| · | the costs, timing and outcome of regulatory review
of our product candidates; |
| · | our ability to establish additional collaborations
with favorable terms, if at all; |
| · | the costs of future commercialization activities,
including product sales, marketing, manufacturing and distribution, for any of our product candidates for which we receive marketing approval; |
| · | the costs of preparing, filing and prosecuting
patent applications, maintaining and enforcing our intellectual property rights and defending intellectual property-related claims; |
| · | The costs to in-license our product candidates
from Case Western Reserve University, and others if we acquire or in-license other products or technologies; and |
| · | revenue, if any, received from commercial sales
of our product candidates, should any of our product candidates receive marketing approval. |
Identifying potential product candidates and conducting
manufacturing and process development, preclinical testing and clinical trials is a time-consuming, expensive and uncertain process that
takes years to complete, and we may never generate the necessary data or results required to obtain marketing approval and achieve product
sales. In addition, our product candidates, if approved, may not achieve commercial success. Our commercial revenues, if any, will be
derived from sales of products that we do not expect to be commercially available for several years, if at all. Accordingly, we will need
to continue to rely on additional financing to achieve our business objectives. Adequate additional capital is unlikely to be available
on favorable terms or at all.
Raising capital will cause dilution to our
stockholders, restrict our operations, or require us to relinquish rights to our technologies or product candidates.
Until such time, if ever, as we can generate substantial
product revenues, we expect to finance our cash needs through a combination of equity offerings, debt financings, and/or licensing arrangements.
While we do not have any committed external source of funds, if we raise funds from the issuance of equity securities (which will be challenging
in light of current market conditions combined with our early stage of development), substantial dilution to our existing stockholders
would likely result. If we raise additional funds by incurring debt financing (also challenging in light of current market conditions
combined with our early stage of development), the terms of the debt may involve significant cash payment obligations as well as covenants
and specific financial ratios that may restrict our ability to operate our business. Further, any contracts or license arrangements we
enter into to raise funds may require us to relinquish our rights to our products or technology, and we may not be able to enter into
any such contracts or license arrangements on favorable terms, or at all.
We cannot be certain that additional funding will
be available on acceptable terms, or at all. If we are unable to raise additional funds when needed, we may be required to delay, limit,
reduce or terminate product development and potentially cease our operations altogether.
Because the reverse merger resulted in an ownership
change under Section 382 of the Internal Revenue Code for PTSC, PTSC’s pre-merger net operating loss carryforwards and certain
other tax attributes may be subject to limitations.
If a corporation undergoes an “ownership
change” within the meaning of Section 382 of the Code, the corporation’s net operating loss carryforwards and certain other
tax attributes arising from before the ownership change are subject to limitations on use after the ownership change. In general, an ownership
change occurs if there is a cumulative change in the corporation’s equity ownership by certain stockholders that exceeds 50 percentage
points over a rolling three-year period. Similar rules may apply under state tax laws. The reverse merger resulted in an ownership change
for PTSC and, accordingly, PTSC’s net operating loss carryforwards and certain other tax attributes may be subject to limitations
(or disallowance) on their use after the reverse merger. Additional ownership changes in the future could result in additional limitations
on the Company’s post-merger net operating loss carryforwards. Consequently, even if the Company achieves profitability, it may
not be able to utilize a material portion of PTSC’s, or the post-merger Company’s net operating loss carryforwards and other
tax attributes, which could have a material adverse effect on cash flow and results of operations.
Risks
Related to the Commercialization of Our Product Candidates
We face substantial competition, which may
result in others discovering, developing or commercializing competing products before or more successfully than we do.
The development and commercialization of new drug
products is highly competitive. We face competition with respect to our current product candidates, and will face competition with respect
to any product candidates that we may seek to develop or commercialize in the future, from major pharmaceutical companies, specialty pharmaceutical
companies and biotechnology companies worldwide. There are a number of large pharmaceutical and biotechnology companies that currently
market and sell products or are pursuing the development of products for the treatment of the disease indications for which we are developing
our product candidates. Some of these competitive products and therapies are based on scientific approaches in immuno-oncology that are
similar to our approach, and others are based on entirely different approaches. Potential competitors also include academic institutions,
government agencies and other public and private research organizations that conduct research, seek patent protection and establish collaborative
arrangements for research, development, manufacturing and commercialization.
Our commercial opportunity could be reduced or
eliminated if our competitors develop and commercialize products that are safer, more effective, have fewer or less severe side effects,
are more convenient or are less expensive than any products that we may develop. In addition, our ability to compete may be affected in
many cases by insurers or other third-party payers seeking to encourage the use of biosimilar or generic products.
Many of the companies against which we are competing
or against which we may compete in the future have significantly greater financial resources and expertise in research and development,
manufacturing, conducting preclinical studies, conducting clinical trials, obtaining regulatory approvals and marketing approved products
than we do. Mergers and acquisitions in the pharmaceutical and biotechnology industries may result in even more resources being concentrated
among a smaller number of our competitors. Smaller and other early-stage companies may also prove to be significant competitors, particularly
through collaborative arrangements with large and established companies. These third parties compete with us in recruiting and retaining
qualified scientific and management personnel, establishing clinical trial sites and patient registration for clinical trials, as well
as in acquiring technologies complementary to, or necessary for, our programs.
Product liability lawsuits against us could
cause us to incur substantial liabilities and to limit commercialization of any products that we may develop.
We will face an inherent risk of product liability
exposure related to the testing of our product candidates in human clinical trials and will face an even greater risk if we commercially
sell any products that we may develop. If we cannot successfully defend against claims that our product candidates or products caused
injuries, we will incur substantial liabilities. Regardless of merit or eventual outcome, liability claims may result in:
| · | decreased demand for any product candidates or
products that we may develop, if approved; |
| · | injury to our reputation and significant negative
media attention; |
| · | withdrawal of clinical trial participants; |
| · | significant costs to defend the related litigation; |
| · | substantial monetary awards to trial participants
or patients; |
| · | loss of revenue, if approved; |
| · | reduced resources of our management to pursue
our business strategy; and |
| · | the inability to commercialize any products that
we may develop. |
We currently have no product liability insurance
coverage as our product candidates are not ready for clinical testing in patients. If we secure product liability insurance, it may not
be adequate to cover all liabilities that we may incur. We may need to increase our insurance coverage as we expand our clinical trials
or if we commence commercialization of our product candidates. Insurance coverage is increasingly expensive. We may not be able to maintain
insurance coverage at a reasonable cost or in an amount adequate to satisfy any liability that may arise.
Risks
Related to Our Dependence on Third Parties
Future development collaborations may be important
to us. If we are unable to enter into or maintain these collaborations, or if these collaborations are not successful, our business could
be adversely affected.
For any of our product candidates, we may in the
future determine to seek to collaborate with pharmaceutical and biotechnology companies for the development of our product candidates.
We face significant competition in seeking appropriate collaborators. Our ability to reach a definitive agreement for any collaboration
will depend, among other things, upon our assessment of the collaborator’s resources and expertise, the terms and conditions of
the proposed collaboration and the proposed collaborator’s evaluation of a number of factors. If we are unable to reach agreements
with suitable collaborators on a timely basis, on acceptable terms, or at all, we may have to curtail the development of a product candidate,
reduce or delay its development program or one or more of our other potential development programs, delay its potential development schedule
or reduce the scope of research activities, or increase our expenditures and all development activities at our own expense. If we fail
to enter into collaborations and do not have sufficient funds or expertise to undertake the necessary development activities, we may not
be able to further develop our product candidates or continue to develop our product candidates, and our business may be materially and
adversely affected.
If any future collaboration does not result in
the successful development of products or product candidates, product candidates could be delayed, and we may need additional resources
to develop product candidates. All of the risks relating to product development, regulatory approval and commercialization described in
this periodic report also apply to the activities of our collaborators.
We may contract with third parties for the
manufacture of our product candidates for preclinical and clinical studies and may expect to continue to do so for commercialization.
This potential reliance on third parties increases the risk that we will not have sufficient quantities of our product candidates or products
at an acceptable cost and quality, which could delay, prevent or impair our development or commercialization efforts.
Due to our limited operations and no existing
manufacturing infrastructure or capabilities, we may utilize third parties to formulate, manufacture, package, and distribute preclinical
and clinical supplies of our product candidates. In addition, these materials are custom-made and available from only a limited number
of sources. Despite drug substance and product risk management, this reliance on third parties presents a risk that we will not have sufficient
quantities of our product candidates or products or such quantities at an acceptable cost or quality, which could delay, prevent or impair
our development or commercialization efforts. Any performance failure on the part of our future manufacturers of drug substance or drug
products could delay clinical development or potential marketing approval.
We also expect to rely on other third parties
to label, store, and distribute drug supplies for our clinical trials. Any performance failure on the part of our distributors could delay
clinical development or marketing approval of our product candidates or commercialization of our products, producing additional losses
and depriving us of potential product revenue.
We may be unable to establish any agreements with
third-party manufacturers or to do so on acceptable terms. Even if we can establish agreements with third-party manufacturers, reliance
on third-party manufacturers entails additional risks, including:
| · | reliance on the third party for regulatory compliance
and quality assurance; |
| · | the possible breach of the manufacturing agreement
by the third party; |
| · | the possible misappropriation of our proprietary
information, including our trade secrets and know-how; and |
| · | the possible termination or nonrenewal of the
agreement by the third party at a time that is costly or inconvenient for us. |
The third parties we may rely on for manufacturing
and packaging are also subject to regulatory review, and any regulatory compliance problems with these third parties could significantly
delay or disrupt our clinical or commercialization activities. Third-party manufacturers may not be able to comply with cGMP regulations
or similar regulatory requirements outside the United States. Our failure, or the failure of our third-party manufacturers, to comply
with applicable regulations could result in sanctions being imposed on us, including clinical holds, fines, injunctions, civil penalties,
delays, suspension or withdrawal of approvals, license revocation, seizures or recalls of product candidates or products, operating restrictions
and criminal prosecutions, any of which could significantly and adversely affect supplies of our products. Additionally, macro-economic
conditions may adversely affect these third parties, causing them to suffer liquidity or operational problems. If a key third-party vendor
becomes insolvent or is forced to lay off workers assisting with our projects, our results and development timing could suffer.
In addition, our product candidate, and any products
that we may develop may compete with other product candidates and products for access to manufacturing facilities. There are a limited
number of manufacturers that operate under cGMP regulations that may be capable of manufacturing for us. Our anticipated future dependence
upon others for the manufacture of our product candidates or products may adversely affect our future profit margins and our ability to
commercialize any products that receive marketing approval on a timely and competitive basis.
Data provided by collaborators and other parties
upon which we rely have not been independently verified and could turn out to be inaccurate, misleading, or incomplete.
We rely and intend to rely on third-party vendors,
scientists, and collaborators to provide us with significant data and other information related to our projects, clinical trials, and
business. We do not independently verify or audit all of such data (including possibly material portions thereof). As a result, such data
may be inaccurate, misleading, or incomplete.
Risks Related to Our Intellectual
Property
If we or CWRU are unable to obtain and maintain
intellectual property protection for technology and products under the License Agreement or if the scope of the intellectual property
protection obtained by CWRU is not sufficiently broad, our competitors could develop and commercialize technology and products similar
or identical to ours, and our ability to successfully commercialize our technology and products may be impaired.
Our success depends in large part on our ability
and CWRU’s ability to obtain and maintain patent protection in the United States, the European Union, and other countries with respect
to our proprietary technology and products. We or CWRU have and will seek to protect our proprietary position by filing patent applications
in the United States and internationally that are related to our novel technologies and product candidates. We currently heavily rely
on CWRU to assist with protecting the underlying patents and patent applications under the License Agreement.
The patent prosecution process is expensive and
time-consuming, and we may not be able to file and prosecute all necessary or desirable patent applications at a reasonable cost or in
a timely manner. We or CWRU may choose not to seek patent protection for certain innovations and may choose not to pursue patent protection
in certain jurisdictions, and under the laws of certain jurisdictions, patents or other intellectual property rights may be unavailable
or limited in scope. It is also possible that we or CWRU will fail to identify patentable aspects of our discovery and preclinical development
output before it is too late to obtain patent protection. Moreover, in some circumstances, we may not have the right to control the preparation,
filing and prosecution of patent applications, or to maintain the patents, covering technology that we license from third parties. Therefore,
these patents and applications may not be prosecuted and enforced in a manner consistent with the best interests of our business.
The patent position of biotechnology and pharmaceutical
companies generally is highly uncertain, involves complex legal and factual questions and has in recent years been the subject of much
litigation. In addition, the laws of foreign countries may not protect our rights to the same extent as the laws of the United States.
Publications of discoveries in the scientific literature often lag behind the actual discoveries, and patent applications in the United
States and other jurisdictions are typically not published until 18 months after filing, or in limited cases not at all. Therefore, we
cannot know with certainty whether we were the first to make the inventions claimed in our owned or licensed patents or pending patent
applications, or that we were the first to file for patent protection of such inventions. Also, an examination is often lengthy and can
involve numerous challenges to the claims sought. As a result, the issuance, scope, validity, enforceability and commercial value of our
patent rights are highly uncertain. Pending and future patent applications may not result in patents being issued which protect our technology
or products, in whole or in part, or which effectively prevent others from commercializing competitive technologies and products. Changes
in either the patent laws or interpretation of the patent laws in the United States, the European Union, and other countries may diminish
the value of the underlying patents under our License Agreement or narrow the scope of our patent protection.
Any inability by us or CWRU to adequately protect
the underlying intellectual property covered by the License Agreement may have a material adverse effect on our business, operating results,
and financial position.
If we fail to comply with our obligations under
the License Agreement with CWRU or other agreements under which we may license intellectual property and other rights from third parties
or otherwise experience disruptions to our business relationships with our future licensors, we could lose those rights or other rights,
which are the products upon which our business depends.
On July 1, 2020, we signed a License Option Agreement
with CWRU, granting us the exclusive right to license technology and patent portfolios concerning certain immunostimulatory nanotechnology-based
therapeutics and formulations to treat cancer and diseases in humans and for veterinary use. On May 4, 2022, we exercised our right to
license the technology from CWRU and entered into a License Agreement. If we fail to comply with our obligations under the License Agreement,
or any other future agreement, including the payment of all amounts due under the License Agreement, we may lose the rights to developed
and potentially commercialize our technology, and CWRU may have the right to terminate the License Agreement or restrict our rights, in
which event we would not be able to develop or market products covered by the License Agreement, which are the products upon which our
business depends. As of September 30, 2023, we have accrued approximately $396,000 in accrued patent fees payable to CWRU under the License
Agreement and we currently do not have sufficient capital to pay all amounts due under the License Agreement. While CWRU has historically
agreed to defer certain amounts due under the License Agreement, there can no guarantee that CWRU will grant us any additional time to
pay our obligations (see Note 6 to the accompanying unaudited condensed consolidated financial statements). Additionally, all milestones
and other payments associated with this License Agreement will make it less profitable for us to develop our drug candidates than if we
had developed the licensed technology internally.
Also, patent prosecution under the License Agreement
is controlled by CWRU. If CWRU fails to obtain and maintain patent or other protection for the proprietary intellectual property we plan
to license from them, we could lose our rights to the intellectual property or our exclusivity with respect to those rights, and our competitors
could market competing products using the intellectual property. If disputes over intellectual property and other rights that we have
licensed or plan to license prevent or impair our ability to maintain our current licensing arrangements on acceptable terms, we may be
unable to successfully develop and commercialize the affected product candidates.
We may become involved in lawsuits to protect
or enforce our patents or other intellectual property, which could be expensive, time consuming and unsuccessful.
Because competition in our industry is intense,
competitors may infringe or otherwise violate our rights to patents of our licensors or other intellectual property. To counter infringement
or unauthorized use, we or CWRU may be required to file infringement claims, which can be expensive and time-consuming. Any claims we
assert against perceived infringers could provoke these parties to assert counterclaims against us alleging that we infringe their patents.
In addition, in a patent infringement proceeding, a court may decide that a patent of ours or CWRU is invalid or unenforceable, in whole
or in part, construe the patent’s claims narrowly, or refuse to stop the other party from using the technology at issue on the grounds
that our patents do not cover the technology in question. An adverse result in any litigation proceeding could put one or more of our
patents at risk of being invalidated or interpreted narrowly. We may also elect to enter into license agreements in order to settle patent
infringement claims or to resolve disputes prior to litigation, and any such license agreement may require us to pay royalties and other
fees that could be significant. Furthermore, because of the substantial amount of discovery required in connection with intellectual property
litigation, there is a risk that some of our confidential information could be compromised by disclosure.
We may need to license certain intellectual
property from third parties, and such licenses may not be available or may not be available on commercially reasonable terms.
A third party may hold intellectual property,
including patent rights that are important or necessary to the development of our products. It may be necessary for us to use the patented
or proprietary technology of third parties to commercialize our products, in which case, we would be required to obtain a license from
these third parties on commercially reasonable terms, or our business could be harmed, possibly materially. If we were not able to obtain
a license, or we are not able to obtain a license on commercially reasonable terms, our business could be harmed, possibly materially.
Third parties may initiate legal proceedings
alleging that we are infringing their intellectual property rights, the outcome of which would be uncertain and could have a material
adverse effect on the success of our business.
Our commercial success depends upon our ability,
and the ability of our licensors and collaborators, to develop, manufacture, market and sell our product candidates and use our proprietary
technologies without infringing the proprietary rights of third parties. There is considerable intellectual property litigation in the
biotechnology and pharmaceutical industries. We may become party to, or threatened with, future adversarial proceedings or litigation
regarding intellectual property rights with respect to our products and technology, including proceedings challenging validity before
the United States Patent and Trademark Office (“USPTO”) and/or European Patent Office (“EPO”). Third parties may
assert infringement claims against us or CWRU based on existing patents or patents that may be granted in the future.
If we are found to infringe a third party’s
intellectual property rights, we could be required to obtain a license from such third party to continue developing and marketing our
products and technology. However, we may not be able to obtain any required license on commercially reasonable terms or at all. Even if
we were able to obtain a license, it could be non-exclusive, thereby giving our competitors access to the same technologies licensed to
us. We could be forced, including by court order, to cease commercializing any infringing technology or product. In addition, we could
be found liable for monetary damages, including treble damages and attorneys’ fees if we are found to have willfully infringed a
patent. A finding of infringement could prevent us from commercializing our product candidates or force us to cease some of our business
operations, which could materially harm our business. Claims that we have misappropriated the confidential information or trade secrets
of third parties could have a similar negative impact on our business.
If we are unable to protect the confidentiality
of our trade secrets, our business and competitive position would be harmed.
In addition to seeking patents for some of our
technology and product candidates, we also plan to rely on trade secrets, including unpatented know-how, technology and other proprietary
information, to maintain our competitive position. Any NDAs or similar agreements entered into by the Company may not be with all relevant
parties, or adequately protect the confidentiality of our trade secrets. Moreover, to the extent we enter into such agreements, any of
these parties may breach the agreements and disclose our proprietary information, including our trade secrets, and we may not be able
to obtain adequate remedies for such breaches. Enforcing a claim that a party illegally disclosed or misappropriated a trade secret is
difficult, expensive and time-consuming, and the outcome is unpredictable. In addition, some courts inside and outside the United States
are less willing or unwilling to protect trade secrets. If any of our trade secrets were to be lawfully obtained or independently developed
by a competitor, we would have no right to prevent them from sharing such trade secrets or from using that technology or information to
compete with us. If any of our trade secrets were to be disclosed to or independently developed by a competitor, our competitive position
would be harmed.
Risks
Related to Our Employee Matters, Managing Growth and Macroeconomic Conditions
Our future success depends on our ability to
attract, hire, retain and motivate executives, key employees, and our general workforce.
We are highly dependent on the product development,
clinical and business development expertise of the principal members of our management, scientific and clinical teams. Although we have
entered into offer letters with our executives and employees, each of them may terminate their employment with us at any time. We do not
maintain “key person” insurance for any of our executives or other employees.
In addition, our business plan relies significantly
on the continued services of our President and Chief Executive Officer, Steven King. If we were to lose his services, including through
death or disability, our ability to continue to execute our business plan would be materially impaired. The Company has not entered into
an employment agreement with Mr. King, or any other officer of the Company.
Recruiting and retaining qualified scientific,
clinical, regulatory, and manufacturing personnel is critical to our success. Due to the small size of the Company and the limited number
of employees, each of our executives and key employees serves a critical role. The loss of the services of our executive officers or other
key employees could impede the achievement of our development objectives and seriously harm our ability to successfully implement our
business strategy. Furthermore, replacing executive officers and key employees may be difficult and may take an extended period of time
because of the limited number of individuals in our industry with the breadth of skills and experience required to successfully develop,
gain regulatory approval of, and commercialize products. Competition to hire from this limited pool is intense, and we may be unable to
hire, train, retain or motivate these key personnel on acceptable terms given the competition among numerous pharmaceutical and biotechnology
companies for similar personnel. We also may experience competition for the hiring of scientific and clinical personnel from universities
and research institutions. In addition, we rely on consultants and advisors, including scientific and clinical advisors, to assist us
in product manufacturing, preclinical development, clinical development, regulatory strategy, and commercial strategy. Our consultants
and advisors may be employed by employers other than us and may have commitments under consulting or advisory contracts with other entities
that may limit their availability to provide services to us. If we are unable to continue to attract and retain high quality personnel,
our ability to pursue our development strategy will be limited.
We expect to expand our research and development
function, as well as our corporate operations, and as a result, we may encounter difficulties in managing our growth, which could disrupt
our operations.
We expect to experience significant growth in
the number of our employees and the scope of our operations, particularly in the areas of product manufacturing, preclinical research,
clinical development, and regulatory affairs, as capital resources become available. To manage our anticipated future growth, we must
also implement and improve our managerial, operational and financial systems, identify new facilities and continue to recruit and train
additional qualified personnel. Due to our limited financial resources, we may not be able to effectively manage the expansion of our
operations or recruit and train additional qualified personnel. The expansion of our operations may lead to significant costs and may
divert our management and business development resources. Any inability to manage growth could delay the execution of our business plans
or disrupt our operations.
We may face risks related to securities litigation
that could result in significant legal expenses and settlement or damage awards.
We may in the future become subject to claims
and litigation alleging violations of the securities laws or other related claims, which could harm our business and require us to incur
significant costs. We are generally obliged, to the extent permitted by law, to indemnify our current and former directors and officers
who are named as defendants in these types of lawsuits. Regardless of the outcome, litigation may require significant attention from management
and could result in significant legal expenses, settlement costs or damage awards that could have a material impact on our financial position,
results of operations and cash flows.
Risks
Related to Our Common Stock
There is a substantial lack of liquidity of
our common stock and volatility risks, and because there is no active public trading market for our common stock, you may not be able
to resell your common stock.
Our common stock is not listed on any securities
exchange and is quoted on the OTC Pink Open Market (“OTC Pink”) under the symbol “CPMV.” The trading volume of
our common stock historically has been limited and sporadic, and the stock prices have been volatile. There can be no assurance that there
will be an active market for our shares of common stock either now or in the future or that stockholders will be able to liquidate their
investment or liquidate it at a price that reflects the value of the business. As a result, our stockholders may not find purchasers for
our securities should they desire to sell them. We cannot give you any assurance that a broader or more active public trading market for
our common stock will develop or be sustained. In addition, if our shares of common stock cease to be quoted, holders would find it more
difficult to dispose of or to obtain accurate quotation as to the market value of our common stock, and as a result, the market value
of our common stock likely would decline.
The market for our common stock is subject
to rules relating to low-priced stock (“Penny Stock”) which may limit our ability to raise capital.
Our common stock is currently subject to the “penny
stock rules” adopted pursuant to Section 15(g) of the Exchange Act. In general, the penny stock rules apply to non-Nasdaq or non-national
stock exchange companies whose common stock trades at less than $5.00 per share or which have tangible net worth of less than $5,000,000
($2,000,000 if the company has been operating for three or more years). Such rules require, among other things, that brokers who trade
“penny stock” on behalf of persons other than “established customers” complete certain documentation, make suitability
inquiries of investors and provide investors with certain information concerning trading in the security, including a risk disclosure
document, quote information, broker’s commission information and rights and remedies available to investors in penny stocks. Many
brokers have decided not to trade “penny stock” because of the requirements of the penny stock rules, and as a result, the
number of broker-dealers willing to act as market makers in such securities is limited. The “penny stock rules,” therefore,
may have an adverse impact on the market for our common stock and may affect our ability to raise additional capital.
FINRA sales practice requirements may limit
a stockholder’s ability to buy and sell our common stock.
The Financial Industry Regulatory Authority, or
FINRA, has adopted rules requiring that, in recommending an investment to a customer, a broker-dealer must have reasonable grounds for
believing that the investment is suitable for that customer. Prior to recommending speculative or low-priced securities to their non-institutional
customers, broker-dealers must make reasonable efforts to obtain information about the customer’s financial status, tax status,
investment objectives and other information. Under interpretations of these rules, FINRA has indicated its belief that there is a high
probability that speculative or low-priced securities will not be suitable for at least some customers. If these FINRA requirements are
applicable to us or our securities, they may make it more difficult for broker-dealers to recommend that at least some of their customers
buy our common stock, which may limit the ability of our stockholders to buy and sell our common stock and could have an adverse effect
on the market for and price of our common stock.
Future sales of shares by existing stockholders
could cause the Company’s stock price to decline.
If existing stockholders of the Company sell,
or indicate an intention to sell, substantial amounts of the Company’s common stock in the public market, the trading price of the
common stock could decline significantly. After the reverse merger, shareholders of Private Mosaic currently own a majority of the fully
diluted shares of common stock outstanding, on an as-converted basis. In addition, our shareholders are not restricted in the price at
which they can sell their shares. Shares sold at a price below the current market price at which our common stock is trading may cause
the market price of our common stock to decline.
We expect our stock price to be volatile, and
the market price of our common stock may drop unexpectedly.
The market price of our common stock could be
subject to significant fluctuations. For instance, during the year ended December 31, 2022, the low and high trading prices of our common
stock ranged from $0.50 to $3.00 per share, and during the nine months ended September 30, 2023, the low and high trading prices of our
common stock ranged from $0.52 to $1.25 per share. Market prices for securities of early-stage pharmaceutical, biopharmaceutical, and
other life sciences companies have historically been particularly volatile.
Some of the factors that may cause the market
price of our common stock to fluctuate include:
| · | results from preclinical testing and clinical
trial results, and our ability to obtain regulatory approvals for our product candidates, and delays or failures to obtain such approvals; |
| · | issues in manufacturing our product candidates; |
| · | the entry into, or termination of, key agreements,
including our License Agreement with CWRU and any future license agreement; |
| · | the initiation of, material developments in,
or conclusion of litigation to enforce or defend any of the underlying intellectual property rights under the License Agreement or defend
against the intellectual property rights of others; |
| · | announcements by competitors of new commercial
products, clinical progress or the lack thereof, significant contracts, or commercial relationships; |
| · | the introduction of technological innovations
or new therapies that compete with our potential products; |
| · | the loss of key employees; |
| · | general and industry-specific economic conditions
that may affect our research and development expenditures; |
| · | changes in the structure of healthcare payment
systems; |
| · | issuance of new shares of common stock from raising
additional capital, which may not be available on acceptable terms, or at all; and |
| · | period-to-period fluctuations in our financial
results. |
Moreover, the stock markets in general have experienced
substantial volatility that has often been unrelated to the operating performance of individual companies. These broad market fluctuations
may also adversely affect the trading price of our common stock.
In the past, following periods of volatility in
the market price of a company’s securities, stockholders have often instituted class action securities litigation against those
companies. Such litigation, if instituted, could result in substantial costs and diversion of management attention and resources, which
could significantly harm our financial position.
Our share price could decline as a result of
short sales.
When an investor sells stock that he does not
own, it is known as a short sale. The seller, anticipating that the price of the stock will go down, intends to buy stock to cover his/her
sale at a later date. If the price of the stock goes down, the seller will profit to the extent of the difference between the price at
which he originally sold it less his later purchase price. Short sales enable the seller to profit in a down market. Short sales could
place significant downward pressure on the price of our common stock. Penny stocks which do not trade on an exchange, such as our common
stock, are particularly susceptible to short sales.
We may issue preferred stock, and the terms
of such preferred stock may reduce the value of our common stock.
We are authorized to issue up to a total of 5,000,000
shares of preferred stock in one or more series, of which, 4,300,000 have been undesignated as of September 30, 2023. Our Board of Directors
may determine whether to issue shares of preferred stock without further action by holders of our common stock. If we issue shares of
preferred stock, it could affect the rights or reduce the value of our common stock. In particular, specific rights granted to future
holders of preferred stock could be used to restrict our ability to merge with or sell our assets to a third party. These terms may include
voting rights, preferences as to dividends and liquidation, conversion and redemption rights, and sinking fund provisions. As we seek
capital for our business, such capital may be raised through the issuance of preferred stock.
Our executive officers, directors and principal
stockholders, if they choose to act together, will have the ability to control all matters submitted to stockholders for approval.
Shareholders of Private Mosaic beneficially own
shares representing a majority of our capital stock outstanding as of September 30, 2023, on an as-converted basis. As a result, if these
stockholders were to choose to act together, they would be able to control all matters submitted to our stockholders for approval, as
well as our management and affairs. For example, these persons, if they choose to act together, would control the election of directors
and approval of any merger, consolidation or sale of all or substantially all of our assets. This concentration of ownership control may:
| · | delay, defer or prevent a change in control; |
| · | entrench our management and the board of directors;
or |
| · | impede a merger, consolidation, takeover or other
business combination involving the Company that other stockholders may desire. |
Our amended and restated certificate of incorporation
and amended and restated bylaws provides that state or federal court located within the state of Delaware will be the sole and exclusive
forum for substantially all disputes between us and our stockholders, which could limit its stockholders’ ability to obtain a favorable
judicial forum for disputes with us or our directors, officers or other employees.
Section XIV of our amended and restated certificate
of incorporation provides that “Unless the Corporation consents in writing to the selection of an alternative forum, the Court of
Chancery of the State of Delaware shall, to the fullest extent permitted by applicable law, be the sole and exclusive forum for any stockholder
(including a beneficial owner) to bring (A) any derivative action or proceeding brought on behalf of the Corporation, (B) any action asserting
a claim of breach of a fiduciary duty owed by any director, officer, employee or agent of the Corporation to the Corporation or the Corporation’s
stockholders, (C) any action asserting a claim against the Corporation, its directors, officers or employees or agents arising pursuant
to any provision of the DGCL, this Amended and Restated Certificate of Incorporation or the Corporation’s bylaws, or (D) any action
asserting a claim against the Corporation, its directors, officers or employees or agents governed by the internal affairs doctrine, except
as to each of (A) through (D) above, for any claim as to which the Court of Chancery determines that there is an indispensable party not
subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the
Court of Chancery within ten days following such determination), which is vested in the exclusive jurisdiction of a court or forum other
than the Court of Chancery, or over which the Court of Chancery does not have subject matter jurisdiction. To the fullest extent permitted
by law, any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of the Corporation shall be deemed
to have notice of and consented to the provisions of this Article XIV.”
The exclusive forum provision in our amended and
restated certificate of incorporation and amended and restated bylaws will not relieve us of our duty to comply with the federal securities
laws and the rules and regulations thereunder, and shareholders will not be deemed to have waived our compliance with these laws, rules
and regulations. This exclusive forum provision may limit a shareholder’s ability to bring a claim in a judicial forum of their
choosing for disputes with us or our directors, officers or other employees, which may discourage lawsuits against us or our directors,
officers or other employees. In addition, shareholders who do bring a claim in the state or federal court in the State of Delaware could
face additional litigation costs in pursuing any such claim, particularly if they do not reside in or near Delaware. The state or federal
court of the State of Delaware may also reach different judgments or results than would other courts, including courts where a shareholder
would otherwise choose to bring the action, and such judgments or results may be more favorable to us than to our shareholders. However,
the enforceability of similar exclusive forum provisions in other companies’ certificates of incorporation have been challenged
in legal proceedings, and it is possible that a court could find this type of provision to be inapplicable to, or unenforceable in respect
of, one or more of the specified types of actions or proceedings. If a court were to find the exclusive forum provision contained in our
amended and restated certificate of incorporation to be inapplicable or unenforceable in an action, we might incur additional costs associated
with resolving such action in other jurisdictions.
Anti-takeover provisions contained in our amended
and restated certificate of incorporation and amended and restated bylaws, as well as provisions of Delaware law, could impair a takeover
attempt.
The Company’s amended and restated certificate
of incorporation and amended and restated bylaws contain provisions that could have the effect of delaying or preventing changes in control
or changes in our management without the consent of our board of directors.
These provisions include:
| · | providing that our directors may be removed only
for cause by the affirmative vote of the holders of at least 75% of the voting power of our then outstanding shares of common stock entitled
to vote generally for the election of directors; |
| · | providing that any action required or permitted
to be taken by the stockholders must be effected at a duly called annual or special meeting of stockholders and may not be effected by
any consent in writing in lieu of a meeting of such stockholders, subject to the rights of the holders of any series of preferred stock
with respect to such series, if any; |
| · | providing that special meetings of our stockholders
may only be called by the board of directors pursuant to a resolution adopted by the affirmative vote of a majority of the board of directors; |
| · | providing that our board of directors can be
divided into three classes of directors, with each class as nearly equal in number as possible, serving staggered three year terms, other
than directors which may be elected by holders of preferred stock, if any. This system of electing and removing directors may tend to
discourage a third party from making a tender offer or otherwise attempting to obtain control of us, because it could have the effect
of increasing the length of time necessary to change the composition of a majority of the board of directors. In general, at least two
annual meetings of stockholders will be necessary for stockholders to effect a change in a majority of the members of the board of directors; |
| · | providing that all board vacancies, including
newly created directorships, may, except as otherwise required by law, be filled by the affirmative vote of a majority of directors then
in office, even if less than a quorum, or by a sole remaining director and shall not be filled by the stockholders; |
| · | providing that our amended and restated bylaws
may only be amended by the affirmative vote of the holders of at least two-thirds of our then outstanding common stock; |
| · | providing the ability of our board of directors
to determine whether to issue shares of our preferred stock and to determine the price and other terms of those shares, including preferences
and voting rights, without stockholder approval, which could be used to significantly dilute the ownership of a hostile acquirer; and |
| · | limiting the liability of, and providing indemnification
to, our directors and officers. |
These provisions, alone or together, could delay
hostile takeovers and changes in control of the Company or changes in our board of directors and management.
Any provision of our amended and restated certificate
of incorporation or amended and restated bylaws or Delaware law that has the effect of delaying or deterring a change in control could
limit the opportunity for our security holders to receive a premium for their securities and could also affect the price that some investors
are willing to pay for our securities.
We do not expect to pay any cash dividends
in the foreseeable future.
We expect to retain our future earnings, if any,
to fund the development and growth of our business. As a result, capital appreciation, if any, of our common stock will be the sole source
of gain, if any, for any stockholders for the foreseeable future.
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
None.
|
Item 3. |
Defaults Upon Senior Securities |
None.
|
Item 4. |
Mine Safety Disclosures |
Not applicable.
|
Item 5. |
Other Information |
None.
The exhibits filed or furnished as part of this
Quarterly Report on Form 10-Q are set forth below.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: November 2, 2023 |
MOSAIC IMMUNOENGINEERING, INC.
/s/ Steven King
Steven King. President and Chief Executive Officer, Director
(Principal Executive Officer)
|
Dated: November 2, 2023 |
MOSAIC IMMUNOENGINEERING, INC.
/s/ Paul Lytle
Paul Lytle. EVP, Chief Financial Officer, Director
(Principal Financial Officer and Principal Accounting Officer)
|
Exhibit 31.1
CERTIFICATION PURSUANT TO RULE 13A-14 OR 15D-14
OF THE SECURITIES EXCHANGE ACT OF 1934
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002
I, Steven King, President and Chief Executive
Officer of the registrant, certify that:
1. I have reviewed this
Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 of Mosaic ImmunoEngineering, Inc., a Delaware corporation (the
“Registrant”);
2. Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
4. The Registrant’s
other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the Registrant and have:
a) Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure
that material information relating to the Registrant, including its consolidated subsidiaries, is made known to me by others within those
entities, particularly during the period in which this report is being prepared;
b) Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;
c) Evaluated
the effectiveness of the Registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed
in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent
quarter (the Registrant's fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially
affect, the Registrant’s internal control over financial reporting; and
5. The Registrant’s
other certifying officer and I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the
Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):
a) All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely
to adversely affect the Registrant's ability to record, process, summarize and report financial information; and
b) Any fraud,
whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control
over financial reporting.
Date: November 2, 2023 |
|
/s/ Steven King |
|
|
Steven King
President and Chief Executive Officer, Director
(Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION PURSUANT TO RULE 13A-14 OR 15D-14
OF THE SECURITIES EXCHANGE ACT OF 1934
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002
I, Paul Lytle, EVP, Chief Financial Officer of the registrant, certify
that:
1. I have reviewed this
Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 of Mosaic ImmunoEngineering, Inc., a Delaware corporation (the
“Registrant”);
2. Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
4. The Registrant’s
other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the Registrant and have:
a) Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure
that material information relating to the Registrant, including its consolidated subsidiaries, is made known to me by others within those
entities, particularly during the period in which this report is being prepared;
b) Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;
c) Evaluated
the effectiveness of the Registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed
in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent
quarter (the Registrant's fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially
affect, the Registrant’s internal control over financial reporting; and
5. The Registrant’s
other certifying officer and I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the
Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):
a) All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely
to adversely affect the Registrant's ability to record, process, summarize and report financial information; and
b) Any fraud,
whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control
over financial reporting.
Date: November 2, 2023 |
|
/s/ Paul Lytle |
|
|
Paul Lytle
EVP, Chief Financial Officer, Director
(Principal Financial Officer and Principal Accounting Officer) |
Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION
1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY
ACT OF 2002
In connection with the Quarterly Report on Form
10-Q of Mosaic ImmunoEngineering, Inc., a Delaware corporation (the “Company”) for the quarter ended September 30, 2023, as
filed with the Securities and Exchange Commission on November 2, 2023 (the “Report”), the undersigned officer of the Company
does hereby certify, pursuant to Title 18 of the United States Code Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that to his knowledge:
(1) The Report fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 2, 2023
|
|
/s/ Steven King |
|
|
|
|
Steven King
President and Chief Executive Officer, Director
(Principal Executive Officer) |
|
|
A signed original of this written statement
required by Section 906 has been provided to Mosaic ImmunoEngineering, Inc. and will be retained by Mosaic ImmunoEngineering, Inc. and
furnished to the Securities and Exchange Commission or its staff upon request.
This Certification is being furnished pursuant
to Rule 15(d) and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r),
or otherwise subject to the liability of that section. This Certification shall not be deemed to be incorporated by reference into any
filing under the Securities Act or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.
Exhibit 32.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION
1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY
ACT OF 2002
In connection with the Quarterly Report on Form
10-Q of Mosaic ImmunoEngineering, Inc., a Delaware corporation (the “Company”) for the quarter ended September 30, 2023, as
filed with the Securities and Exchange Commission on November 2, 2023 (the “Report”), the undersigned officer of the Company
does hereby certify, pursuant to Title 18 of the United States Code Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that to his knowledge:
(1) The Report fully complies with
the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in
the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 2, 2023
|
|
/s/ Paul Lytle |
|
|
|
|
Paul Lytle
EVP, Chief Financial Officer, Director
(Principal Financial Officer and Principal Accounting
Officer) |
|
|
A signed original of this written statement
required by Section 906 has been provided to Mosaic ImmunoEngineering, Inc. and will be retained by Mosaic ImmunoEngineering, Inc. and
furnished to the Securities and Exchange Commission or its staff upon request.
This Certification is being furnished pursuant
to Rule 15(d) and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r),
or otherwise subject to the liability of that section. This Certification shall not be deemed to be incorporated by reference into any
filing under the Securities Act or the Exchange Act, except to the extent that the Company specifically incorporates it by reference
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Nov. 02, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
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false
|
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Document Quarterly Report |
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|
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Document Period End Date |
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|
|
Document Fiscal Period Focus |
Q3
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-22182
|
|
Entity Registrant Name |
MOSAIC IMMUNOENGINEERING, INC.
|
|
Entity Central Index Key |
0000836564
|
|
Entity Tax Identification Number |
84-1070278
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
9114
Adams Ave., #202
|
|
Entity Address, City or Town |
Huntington Beach
|
|
Entity Address, State or Province |
CA
|
|
Entity Address, Postal Zip Code |
92646
|
|
City Area Code |
657
|
|
Local Phone Number |
208-0890
|
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Entity Current Reporting Status |
Yes
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash and cash equivalents |
$ 252,898
|
$ 220,645
|
Prepaid expenses and other current assets |
32,630
|
40,632
|
Total current assets |
285,528
|
261,277
|
Total assets |
285,528
|
261,277
|
Current liabilities: |
|
|
Accounts payable |
116,421
|
133,464
|
Derivative liability |
0
|
46,700
|
Accrued compensation |
2,993,793
|
2,399,132
|
Accrued consulting |
809,528
|
753,570
|
Accrued expenses and other |
649,225
|
584,808
|
Total current liabilities |
4,568,967
|
3,917,674
|
Convertible notes, net |
1,297,590
|
1,228,361
|
Total liabilities |
5,866,557
|
5,146,035
|
Commitments and contingencies |
|
|
Stockholders’ deficit: |
|
|
Common stock, $0.00001 par value: 100,000,000 shares authorized: 7,242,137 shares issued and outstanding |
72
|
72
|
Additional paid-in capital |
2,039,677
|
2,023,271
|
Accumulated deficit |
(7,620,779)
|
(6,908,102)
|
Total stockholders’ deficit |
(5,581,029)
|
(4,884,758)
|
Total liabilities and stockholders’ deficit |
285,528
|
261,277
|
Series A Preferred Stock [Member] |
|
|
Stockholders’ deficit: |
|
|
Preferred stock, value |
0
|
0
|
Series B Preferred Stock [Member] |
|
|
Stockholders’ deficit: |
|
|
Preferred stock, value |
$ 1
|
$ 1
|
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Preferred Stock, Par or Stated Value Per Share |
$ 0.00001
|
$ 0.00001
|
Preferred Stock, Shares Authorized |
5,000,000
|
5,000,000
|
Common Stock, Par or Stated Value Per Share |
$ 0.00001
|
$ 0.00001
|
Common Stock, Shares Authorized |
100,000,000
|
100,000,000
|
Common Stock, Shares, Issued |
7,242,137
|
7,242,137
|
Common Stock, Shares, Outstanding |
7,242,137
|
7,242,137
|
Series A Preferred Stock [Member] |
|
|
Preferred Stock, Shares Authorized |
630,000
|
630,000
|
Preferred Stock, Shares Issued |
0
|
0
|
Preferred Stock, Shares Outstanding |
0
|
0
|
Series B Preferred Stock [Member] |
|
|
Preferred Stock, Shares Authorized |
70,000
|
70,000
|
Preferred Stock, Shares Issued |
70,000
|
70,000
|
Preferred Stock, Shares Outstanding |
70,000
|
70,000
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Operating expenses: |
|
|
|
|
Research and development |
$ 84,927
|
$ 211,082
|
$ 385,460
|
$ 841,435
|
General and administrative |
226,944
|
306,124
|
738,690
|
1,288,533
|
Total operating expenses |
311,871
|
517,206
|
1,124,150
|
2,129,968
|
Loss from operations |
(311,871)
|
(517,206)
|
(1,124,150)
|
(2,129,968)
|
Other income (expense): |
|
|
|
|
Gain on redemption of preferred stock of Holocom |
0
|
343,000
|
433,000
|
343,000
|
Interest income |
16
|
11
|
3,402
|
25
|
Change in valuation of derivative liability |
0
|
56,700
|
46,700
|
58,000
|
Non-cash interest expense on convertible notes |
(18,484)
|
(18,484)
|
(54,849)
|
(51,254)
|
Accretion to redemption value on convertible notes |
(2,907)
|
(17,673)
|
(14,380)
|
(64,171)
|
Total other income (expense), net |
(21,375)
|
363,554
|
413,873
|
285,600
|
Loss before income taxes |
(333,246)
|
(153,652)
|
(710,277)
|
(1,844,368)
|
Provision for income taxes |
0
|
0
|
2,400
|
2,400
|
Net loss |
$ (333,246)
|
$ (153,652)
|
$ (712,677)
|
$ (1,846,768)
|
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v3.23.3
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - $ / shares
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Earnings Per Share, Basic |
$ (0.05)
|
$ (0.02)
|
$ (0.10)
|
$ (0.26)
|
Earnings Per Share, Diluted |
$ (0.05)
|
$ (0.02)
|
$ (0.10)
|
$ (0.26)
|
Weighted Average Number of Shares Outstanding, Basic |
7,236,447
|
7,235,447
|
7,236,447
|
7,235,447
|
Weighted Average Number of Shares Outstanding, Diluted |
7,236,447
|
7,235,447
|
7,236,447
|
7,235,447
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.23.3
Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($)
|
Series A Convertible Voting Preferred Stock [Member] |
Series B Convertible Voting Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
$ 0
|
$ 1
|
$ 72
|
$ 1,728,148
|
$ (4,527,232)
|
$ (2,799,011)
|
Beginning balance, shares at Dec. 31, 2021 |
0
|
70,000
|
7,241,137
|
|
|
|
Share-based compensation |
|
|
|
288,594
|
|
288,594
|
Net loss |
|
|
|
|
(1,846,768)
|
(1,846,768)
|
Ending balance, value at Sep. 30, 2022 |
$ 0
|
$ 1
|
$ 72
|
2,016,742
|
(6,374,000)
|
(4,357,185)
|
Beginning balance, shares at Sep. 30, 2022 |
0
|
70,000
|
7,241,137
|
|
|
|
Beginning balance, value at Jun. 30, 2022 |
$ 0
|
$ 1
|
$ 72
|
1,965,150
|
(6,220,348)
|
(4,255,125)
|
Beginning balance, shares at Jun. 30, 2022 |
0
|
70,000
|
7,241,137
|
|
|
|
Share-based compensation |
|
|
|
51,592
|
|
51,592
|
Net loss |
|
|
|
|
(153,652)
|
(153,652)
|
Ending balance, value at Sep. 30, 2022 |
$ 0
|
$ 1
|
$ 72
|
2,016,742
|
(6,374,000)
|
(4,357,185)
|
Beginning balance, shares at Sep. 30, 2022 |
0
|
70,000
|
7,241,137
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 0
|
$ 1
|
$ 72
|
2,023,271
|
(6,908,102)
|
(4,884,758)
|
Beginning balance, shares at Dec. 31, 2022 |
0
|
70,000
|
|
|
|
|
Share-based compensation |
|
|
|
16,406
|
|
16,406
|
Net loss |
|
|
|
|
(712,677)
|
(712,677)
|
Ending balance, value at Sep. 30, 2023 |
$ 0
|
$ 1
|
$ 72
|
2,039,677
|
(7,620,779)
|
(5,581,029)
|
Beginning balance, shares at Sep. 30, 2023 |
0
|
70,000
|
7,242,137
|
|
|
|
Beginning balance, value at Jun. 30, 2023 |
$ 0
|
$ 1
|
$ 72
|
2,034,148
|
(7,287,533)
|
(5,253,312)
|
Beginning balance, shares at Jun. 30, 2023 |
0
|
70,000
|
7,242,137
|
|
|
|
Share-based compensation |
|
|
|
5,529
|
|
5,529
|
Net loss |
|
|
|
|
(333,246)
|
(333,246)
|
Ending balance, value at Sep. 30, 2023 |
$ 0
|
$ 1
|
$ 72
|
$ 2,039,677
|
$ (7,620,779)
|
$ (5,581,029)
|
Beginning balance, shares at Sep. 30, 2023 |
0
|
70,000
|
7,242,137
|
|
|
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.
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v3.23.3
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Operating activities: |
|
|
|
|
Net loss |
$ (333,246)
|
$ (153,652)
|
$ (712,677)
|
$ (1,846,768)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
Gain on redemption of preferred stock of Holocom |
0
|
(343,000)
|
(433,000)
|
(343,000)
|
Share-based compensation |
|
|
16,406
|
288,594
|
Change in fair value of derivative liability |
0
|
(56,700)
|
(46,700)
|
(58,000)
|
Non-cash interest expense on convertible notes |
18,484
|
18,484
|
54,849
|
51,254
|
Accretion to redemption value on convertible notes |
2,907
|
17,673
|
14,380
|
64,171
|
Changes in operating assets and liabilities: |
|
|
|
|
Prepaid expenses and other current assets |
|
|
8,002
|
(5,438)
|
Accounts payable |
|
|
(17,043)
|
7,770
|
Accrued compensation |
|
|
594,661
|
753,932
|
Accrued consulting |
|
|
55,958
|
234,900
|
Accrued expenses and other |
|
|
64,417
|
325,948
|
Net cash used in operating activities |
|
|
(400,747)
|
(526,637)
|
Investing activities: |
|
|
|
|
Proceeds from redemption of preferred stock of Holocom |
|
|
433,000
|
343,000
|
Net cash provided by investing activities |
|
|
433,000
|
343,000
|
Financing activities: |
|
|
|
|
Proceeds from the issuance of convertible notes |
|
|
0
|
341,632
|
Net cash provided by financing activities |
|
|
0
|
341,632
|
Net change in cash and cash equivalents |
|
|
32,253
|
157,995
|
Cash and cash equivalents, beginning of period |
|
|
220,645
|
226,142
|
Cash and cash equivalents, end of period |
$ 252,898
|
$ 384,137
|
252,898
|
384,137
|
Supplemental disclosure of cash flow information: |
|
|
|
|
Cash paid for income taxes |
|
|
2,400
|
2,400
|
Cash paid for interest |
|
|
$ 0
|
$ 0
|
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v3.23.3
Organization and Business
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization and Business |
1. Organization and Business
Organization
Mosaic ImmunoEngineering, Inc. (the “Company,”
“Mosaic,” “we,” “us,” or “our”), formerly known as Patriot Scientific Corporation, is
a corporation organized under Delaware law on March 24, 1992. We are a development-stage biotechnology company focused on advancing and
eventually commercializing our proprietary immunotherapy platform technology. Our lead immunotherapy product candidate, MIE-101, is based
on a naturally occurring plant virus known as Cowpea mosaic virus (or CPMV) which is believed to be non-infectious in humans and animals.
However, because of its virus structure and genetic composition, CPMV elicits a strong immune response when delivered directly into tumors
as shown in our preclinical studies. Data from numerous mouse cancer models and in companion dogs with naturally occurring tumors show
the ability of intratumoral (“IT”) administration of CPMV to result in anti-tumor effects in treated tumors and systemically
at other sites of disease through immune activation. MIE-101 is currently in late-stage preclinical development and our goal is to advance
MIE-101 into veterinary studies and into Phase I clinical trials within 18 to 24 months from the date we are able to raise sufficient
funding.
The Company has two inactive wholly owned subsidiaries:
Mosaic ImmunoEngineering Development Company, a corporation organized under Delaware law on March 30, 2020 and Patriot Data Solutions
Group, Inc.
Going Concern and Management’s Plans
The accompanying unaudited condensed consolidated
financial statements have been prepared assuming the Company will continue as a going concern. At September 30, 2023, the Company had
cash and cash equivalents of $252,898 and has not yet generated any revenues. Therefore, our ability to continue our operations is highly
dependent on our ability to raise capital to fund future operations. We anticipate, based on currently proposed plans and assumptions
that our cash and cash equivalents on hand will not satisfy our operational and capital requirements through twelve months from the filing
date of this Quarterly Report on Form 10-Q.
There are a number of uncertainties associated
with our ability to raise additional capital and we have no current arrangements with respect to any additional financing. Consequently,
there can be no assurance that any additional financing on commercially reasonable terms, or at all, will be available when needed. The
inability to obtain additional capital will delay our ability to conduct our business operations and may require us to cease our operations
altogether. In addition, any additional equity financing may involve substantial dilution to our then existing stockholders. The above
matters raise substantial doubt regarding our ability to continue as a going concern.
|
X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.23.3
Basis of Presentation and Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Significant Accounting Policies |
2. Basis
of Presentation and Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated
financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly
reports on Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted in the
United States of America. The accompanying unaudited condensed consolidated financial statements should therefore be read in conjunction
with the consolidated financial statements and notes thereto for the fiscal year ended December 31, 2022 included in the Company’s
Annual Report on Form 10-K. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly
owned subsidiaries. The accompanying unaudited condensed consolidated financial statements have been prepared assuming the Company will
continue as a going concern. In the opinion of management, the interim condensed consolidated financial statements reflect all adjustments
of a normal recurring nature necessary for a fair presentation of the results for the interim period presented.
Significant Accounting Policies
There have been no material changes to the Company’s
significant accounting policies during the three and nine months ended September 30, 2023, as compared to the significant accounting policies
disclosed in Note 2 – Summary of Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for
the year ended December 31, 2022.
Recently Adopted Accounting Standards
There have been no new accounting pronouncements
adopted by the Company or new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) during
the three and nine months ended September 30, 2023, as compared to the recent accounting pronouncements described in Note 2 of the Company’s
Annual Report on Form 10-K for the year ended December 31, 2022, that the Company believes are of significance or potential significance
to the Company.
|
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v3.23.3
Fair Value of Financial Instruments
|
9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value of Financial Instruments |
3. Fair
Value of Financial Instruments
The Company’s financial instruments consist
of money market funds as well as an anti-dilution issuance rights liability pursuant to the License Option Agreement with Case Western
Reserve University (“CWRU”) (see Note 6). The anti-dilution issuance rights met the definition of a derivative under ASC Topic
815, “Derivatives and Hedging”, and the liability was carried at fair value until the Capital Threshold (see Note 6) was met
during June 2023, at which point the anti-dilutions rights were extinguished.
Under this authoritative guidance, we are required
to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. We determine fair value
based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using
market interest rates commensurate with the credit quality and duration of the investment or valuations by third-party professionals.
The three levels of inputs that we may use to measure fair value are:
| · | Level 1: Unadjusted quoted prices in active markets
that are accessible at the measurement date for identical, unrestricted assets or liabilities; |
| · | Level 2: Quoted prices in markets that are not
active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and |
| · | Level 3: Prices or valuation techniques that
require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). |
The following tables set forth the fair value
of the Company’s financial assets and liabilities by level within the fair value hierarchy at September 30, 2023 and December 31,
2022:
Schedule of financial assets and liabilities | |
| | |
|
|
|
|
|
|
|
|
|
| |
| |
| | |
Fair Value Measurements at September 30, 2023 Using | |
| |
Fair Value at September 30,
2023 | | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Unobservable Inputs (Level 3) | |
Assets: | |
| | |
| | |
| | |
| |
Cash and cash equivalents | |
$ | 252,898 | | |
$ | 252,898 | | |
$ | – | | |
$ | – | |
Total assets | |
$ | 252,898 | | |
$ | 252,898 | | |
$ | – | | |
$ | – | |
| |
| | |
Fair Value Measurements at December
31, 2022 Using | |
| |
Fair Value at December 31, 2022 | | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Unobservable Inputs (Level 3) | |
Assets: | |
| | |
| | |
| | |
| |
Cash and cash equivalents | |
$ | 220,645 | | |
$ | 220,645 | | |
$ | – | | |
$ | – | |
Total assets | |
$ | 220,645 | | |
$ | 220,645 | | |
$ | – | | |
$ | – | |
| |
| | | |
| | | |
| | | |
| | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Anti-dilution issuance rights derivative liability | |
$ | 46,700 | | |
$ | – | | |
$ | – | | |
$ | 46,700 | |
Total liabilities | |
$ | 46,700 | | |
$ | – | | |
$ | – | | |
$ | 46,700 | |
Anti-Dilution Issuance Rights Derivative Liability
Pursuant to the Series B Preferred Certificate
of Designation, the Series B Preferred includes certain anti-dilution issuance rights, whereby the holder will continue to maintain equity
ownership equal to 10% of the fully diluted shares of common stock outstanding, calculated on an as converted basis, including all other
convertible securities outstanding and reserved for issuance (and excluding stock options issued and outstanding and reserved for issuance
under a Board approved employee stock option plan reserving for issuance no more than ten percent (10%) of the outstanding common stock
of the Company) until we raise the Capital Threshold under the License Agreement (see Note 6). As of June 2023, we received life-to-date
aggregate proceeds in excess of the Capital Threshold and therefore, we recorded no derivative liability as of September 30, 2023. As
of December 31, 2022, the remaining Capital Threshold was $283,000.
To determine the estimated fair value of the anti-dilution
issuance rights liability, the Company used a Monte Carlo simulation methodology, which models the future movement of stock prices based
on several key variables. At December 31, 2022, the estimated fair value of the anti-dilution issuance rights was $46,700. We initially
recorded the fair value as a derivative liability with a corresponding charge to research and development expense and we marked-to-market
at each reporting period, with changes in fair value recognized in other income (expense) in the consolidated statements of operations
at each period-end while this derivative instrument was outstanding.
The primary inputs used in valuing the anti-dilution
issuance rights liability at December 31, 2022 were as follows:
Schedule of assumptions used |
|
|
Fair value of common stock (per share) |
|
$ |
0.99 |
Estimated additional shares of common stock |
|
|
71,511 |
Expected volatility |
|
|
130% |
Expected term (years) |
|
|
0.25 |
Risk-free interest rate |
|
|
4.42% |
The fair value of the common stock was determined
by management with the assistance of an independent third-party specialist. The computation of expected volatility was estimated using
available information about the historical volatility of stocks of similar publicly traded companies for a period matching the expected
term assumption. In addition, the Company incorporated the estimated number of shares, timing, and probability of future equity financings
in the calculation of the anti-dilution issuance rights liability.
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v3.23.3
Investment in Affiliated Companies
|
9 Months Ended |
Sep. 30, 2023 |
Investments in and Advances to Affiliates [Abstract] |
|
Investment in Affiliated Companies |
4. Investment
in Affiliated Companies
Holocom, Inc.
In February 2007, we invested an aggregate of
$370,000 in Holocom in exchange for 2,100,000 shares of Series A Preferred Stock, which represented an approximate 46% ownership interest
in Holocom, on an as-converted basis. Pursuant to the articles of incorporation of Holocom, the Series A Preferred Stock is convertible
at our option into shares of Holocom’s common stock on a one-to-one basis or is redeemable at any time after May 31, 2007 at a redemption
price equal to $0.40 per share or $840,000 in aggregate, provided Holocom has sufficient funding to redeem our shares of Series A Preferred
Stock.
On July 6, 2022, we entered into the Redemption
Agreement with Holocom, pursuant to which we requested full redemption of our Series A Preferred Stock. Pursuant to the Redemption Agreement,
we received cash proceeds in the amount of $336,000
upon the redemption of 840,000
shares of Series A Preferred Stock in July 2022 with the remaining shares of Series A Preferred Stock were to be redeemed over
a period of thirty (30) months beginning August 1, 2022 based on the following redemption schedule:
Schedule of series A preferred stock to be redeemed over a period |
|
|
|
|
Period |
|
Shares of Series A
Preferred Stock to be
Redeemed each Month |
|
Monthly Redemption
Proceeds to the Company |
Months 1-12 |
|
35,000 |
|
$14,000 |
Months 13-24 |
|
43,750 |
|
$17,500 |
Months 25-30 |
|
52,500 |
|
$21,000 |
We recognized the initial and monthly redemption
of shares of Series A Preferred Stock using a cash basis of accounting rather than an accrual method as we were unable to assert that
collection of amounts due under the redemption agreement was probable, regardless of the terms of the Redemption Agreement. Any amounts
not paid within fifteen (15) days of its respective due date accrued interest at a rate of 8% per annum until fully paid and retroactively
adjusted to 12% per annum from its original due date for amounts not paid within 90 days of its original due date.
During the year ended December 31, 2022, of the
175,000 shares of Series A Preferred Stock to be redeemed under the aforementioned redemption schedule, Holocom redeemed 17,500
shares of Series A Preferred Stock in exchange for proceeds of $7,000.
During the three months ended March 31, 2023, 192,500 shares of Series A Preferred Stock were redeemed in exchange for proceeds of $77,000,
including redemption amounts that were past due as of December 31, 2022. On June 21, 2023, we entered into an amendment to the Redemption
Agreement (“Amendment No. 1”) to redeem the remaining 910,000 shares of Series A Preferred Stock outstanding in exchange
for a lump sum payment of $300,000 (in lieu of monthly payments), representing a redemption price of approximately $0.33 per share. As
of June 30, 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
as follows:
Schedule of exchange for aggregate net proceeds received | |
| | |
| |
| |
Six Months
Ended
June 30,
2023 | | |
Year
Ended
December 31,
2022 | |
Proceeds received | |
$ | 433,000 | | |
$ | 343,000 | |
Shares of Series A Preferred Stock redeemed | |
| 1,242,500 | | |
| 857,500 | |
As of June 30, 2023, Holocom had no further obligations
to us under the Redemption Agreement or any other arrangement.
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- DefinitionThe entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities.
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v3.23.3
Accrued Expenses and Other Current Liabilities
|
9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
Accrued Expenses and Other Current Liabilities |
5. Accrued
Expenses and Other Current Liabilities
Accrued expenses and other current liabilities
consisted of the following:
Schedule of accrued expenses | |
| | |
| |
| |
September 30, 2023 | | |
December 31, 2022 | |
Crossflo acquisition liability | |
$ | 177,244 | | |
$ | 177,244 | |
Accrued patent expenses | |
| 420,144 | | |
| 382,207 | |
Other accrued expenses | |
| 51,837 | | |
| 25,357 | |
Total accrued expenses and other current liabilities | |
$ | 649,225 | | |
$ | 584,808 | |
In September 2008, we acquired Patriot Data Solutions
Group, Inc. (“PDSG”), formerly known as Crossflo Systems, Inc. In connection with the acquisition of Crossflo Systems, Inc.,
we have accrued $177,244 that could be payable to Crossflo investors.
|
X |
- DefinitionThe entire disclosure for accounts payable, accrued expenses, and other liabilities that are classified as current at the end of the reporting period.
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v3.23.3
License Agreements
|
9 Months Ended |
Sep. 30, 2023 |
License Agreements |
|
License Agreements |
6. License
Agreements
License Option Agreement and License 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 the Company 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, which included certain anti-dilution rights. Pursuant to the Certificate of Designation,
the Series B Preferred holder will continue to maintain ownership equal to 10% of the fully diluted shares of common stock outstanding
of the Company, including for such purposes all other convertible securities outstanding and reserved for issuance except stock options
issued and outstanding and reserved for issuance under a board approved employee stock option plans reserving for issuance no more than
ten percent (10%) of the outstanding common stock of the Company then outstanding, until we raise at least $1 million from the sale of
either preferred, common stock, or from the net working capital acquired under the reverse merger in August 2020, or any combination thereof
(“Capital Threshold”). The anti-dilution issuance rights under the License Option Agreement meet the definition of a derivative
instrument under ASC Topic 815 (see Note 3). Initially, the net working capital acquired under the reverse merger in August 2020 of approximately
$374,000 was applied against the Capital Threshold. Subsequent to the closing date of the reverse merger, we received additional net working
capital under the reverse merger through aggregate payments received from the redemption of Holocom preferred stock (see Note 4) in the
amount of $776,000 since such investment existed as of closing date of the reverse merger in August 2020 and was not included in net working
capital as of the closing date. Therefore, as of June 2023, we received in excess of $1 million in net working capital under the reverse
merger and have met the Capital Threshold. As such, there is no remaining derivative liability as of June 2023.
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, (ii)
tiered royalty on net sales beginning in the mid-single digits, (iii) annual minimum royalty of $10,000 beginning on the second anniversary
date of the Agreement with the minimum amount rising based on net sales of the licensed product, and (iv) a declining percentage of all
non-royalty sublicensing income based on the escalating stage of development upon a sublicensing event, if applicable. In addition, we
agreed to pay CWRU for each licensed product used in veterinarian applications (i) a tiered royalty on net sales beginning in the low
single digits and (ii) a declining percentage of all non-royalty sublicensing income based on the escalating stage of development upon
a sublicensing event, if applicable.
In addition, we are responsible for the reimbursement
of all past, current and future patent fees incurred by CWRU under the License Agreement. During the three and nine months ended September
30, 2023, we incurred $5,559 and $31,737, respectively, in patent legal fees associated with the License Agreement, and during the three
and nine months ended September 30, 2022, we incurred $17,549 and $299,361, respectively, in patent legal fees associated with the License
Agreement, which amounts are included in general and administrative expenses in the accompanying unaudited condensed consolidated statement
of operations.
Furthermore,
we agreed to reimburse CWRU for all intellectual property fees incurred since inception of the portfolio through the date of the
License Agreement in the amount of approximately $303,000 (included
in Accrued expenses and other in the accompanying condensed consolidated balance sheets) in four (4) equal quarterly installments
beginning upon the sooner of (i) August 31, 2021 or (ii) upon the Company closing a financing in the amount of $5 million or more.
Due to our limited cash position, as of September 30, 2023, we have not paid any amounts owed to CWRU and we continue to seek
additional time to raise sufficient capital in order to pay amounts due to CWRU. While CWRU has previously provided us additional
time to pay amounts due under the License Agreement beyond the initial August 31, 2021 due date, there can be no guarantees that
CWRU will grant us any additional extension of time to pay amounts due under the License Agreement. If we fail to comply with our
obligations under the License Agreement, including the payment of all amounts due under the License Agreement, we may lose the
rights to develop and potentially commercialize our technology, and CWRU may have the right to terminate the License Agreement or
restrict our rights, in which event we would not be able to develop or market products covered by the License Agreement, which are
the products upon which our business depends. As of September 30, 2023 and December 31, 2022, we have accrued $396,244 and
$364,507,
respectively, in accrued patent fees under the License Agreement.
The License Agreement will remain in effect until
the later of (i) twenty (20) years from the date of the License Agreement, (ii) on the expiration date of the last-to-expire patent under
the License Agreement or (iii) at the expiry of all Market Exclusivity Periods for a licensed product.
License Agreements with University of California
San Diego (“UC San Diego”)
During July 2021, we licensed the exclusive rights
from UC San Diego to develop and commercialize technology that involves the loading of immuno-stimulatory molecules into plant virus protein
nanoparticles, including the ability to load these molecules into MIE-101, our lead product candidate. These plant virus protein nanoparticles
can be loaded with other TLR agonists to further tailor specific immune response parameters. Under the licensing agreement, we are obligated
to pay (i) a nominal upfront license access fee, (ii) all patent costs incurred prior to the effective date of the license agreement,
(iii) annual license maintenance fees beginning on the second anniversary date of the agreement, (iv) aggregate future milestone payments
based on potential clinical development and regulatory milestones of up to $165,000 through Phase III development plus additional milestones
upon regulatory approval in the U.S. and other countries, (v) potential sales milestones upon achieving certain sales levels, and (vi)
a low single digit royalty on net sales and/or a percentage of sublicense income.
During September 2021, we licensed the exclusive
rights to develop and commercialize several novel vaccine candidates, including SARS-CoV-2 and other infectious disease applications from
UC San Diego. Under the licensing agreement, we are obligated to pay (i) a nominal upfront license access fee, (ii) all patent costs incurred
prior to the effective date of the license agreement, (iii) annual license maintenance fees beginning on the second anniversary date of
the agreement, (iv) aggregate future milestone payments based on potential clinical development and regulatory milestones of up to $1,250,000
through Phase III development plus additional milestones upon regulatory approval in the U.S. and other countries, and (v) a low single
digit royalty on net sales and/or a percentage of sublicense income. On July 12, 2023, we provided notice to UC San Diego to terminate
the September 2021 license agreement based on our evaluation of our licensed technology portfolio and our focus on advancing our lead
oncology candidate, MIE-101.
For the three and nine months ended September
30, 2023, we expensed $6,000 and $6,200, respectively, in intellectual property costs associated with the aforementioned license agreements
with UC San Diego, and for the three and nine months ended September 30, 2022, we expensed $400 and $23,325, respectively, which amounts
are included in general and administrative expense in the accompanying unaudited condensed consolidated statement of operations. As of
September 30, 2023 and December 31, 2022, we have accrued $23,900 and $17,700, respectively, in accrued patent fees under the license
agreements with UC San Diego.
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v3.23.3
Convertible Notes
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Convertible Notes |
7. Convertible
Notes
On May 7, 2021, we entered into a convertible
note purchase agreement (“May Note Agreement”) with five (5) accredited investors, including three (3) members of our Board
of Directors (“Board”) that participated on the same terms as other accredited investors. Pursuant to the Note Agreement,
we received $525,003 in proceeds in addition to $49,997 in accrued payable to founder that was invested in convertible notes, and the
Company issued unsecured convertible promissory notes (“May Convertible Notes”) in the aggregate principal amount of $575,000.
On February 18, 2022, we entered into additional
convertible note purchase agreements (“February Note Agreement”) with sixteen (16) accredited investors, including five (5)
members of our Board that participated on the same terms as other accredited investors. Pursuant to the February Note Agreement, we received
$341,632 in proceeds and issued unsecured convertible promissory notes (“February Convertible Notes”) in the aggregate principal
amount of $341,632. The February Convertible Notes were issued as part of a convertible note offering authorized by the Company’s
Board (the “Convertible Notes Offering”) for raising up to $5 million from the issuance of convertible notes.
The May and February Convertible Notes (collectively,
the “Convertible Notes”) have no stated maturity date; bear interest at a simple rate equal to eight percent (8.0%) per annum
until converted; and automatically convert into the same equity securities issued for cash in the Qualified Financing (as described below),
or at the option of the holder, into the same equity securities issued for cash in a Smaller Financing (as described below). Interest
on the Convertible Notes is accreted and added to the unpaid principal balance prior to conversion of the Convertible Notes. During the
three and nine months ended September 30, 2023, the Company recorded non-cash interest expense on the Convertible Notes in the amount
of $18,484 and $54,849, respectively. During the three and nine months ended September 30, 2022, the Company recorded non-cash interest
expense on the Convertible Notes in the amount of $18,484 and $51,254, respectively.
The Convertible Notes will convert into the same
equity securities offered in the Qualified Financing or Smaller Financing (“Conversion Shares”), as described below, at a
conversion price equal to the lower of (i) the product equal to 80% times the lowest per unit purchase price of the equity securities
issued for cash in the Qualified Financing or Smaller Financing, or (ii) $2.377 for the May Convertible Notes (“May Conversion Price”)
or $1.00 for the February Convertible Notes (“February Conversion Price”). Pursuant to the February Note Agreement, for each
holder of the May Convertible Notes that purchased a February Convertible Note in the amount of (a) $50,000 or (b) an amount equivalent
to the principal amount of their May Convertible Note, the conversion price of the May Convertible Notes was adjusted to the February
Conversion Price. As of September 30, 2023, the principal amount of Convertible Notes that may be converted at the February Conversion
Price was $866,632. In addition, the conversion price may be reduced or increased proportionately as a result of stock splits, stock dividends,
recapitalizations, reorganizations, and similar transactions. Upon any conversion of the Convertible Notes in connection with a Qualified
Financing or a Smaller Financing, as applicable, the Convertible Notes shall convert immediately prior to the closing thereof, such that
the investors paying cash in such Qualified Financing or Smaller Financing, as applicable, are not diluted by the conversion of the Convertible
Notes.
Pursuant to the Convertible Notes, a Qualified
Financing represents a single transaction or series of transactions whereby the Company receives aggregate gross proceeds of at least
$5 million from the sale of equity securities following the issuance date (excluding proceeds from the issuance of any future convertible
notes). A Smaller Financing represents any sale of equity securities whereby the aggregate gross proceeds are less than $5 million (excluding
proceeds from the issuance of any future convertible notes).
In addition, in the event of a corporate transaction
covering the sale of all or substantially all of the Company’s assets, or merger or consolidation with or into another entity, or
change in ownership of at least 50% in voting securities of the Company, the holder of the Convertible Note may elect that either: (a)
the Company pay the holder of such Convertible Note an amount equal to the sum of (i) all accrued and unpaid interest due on such Convertible
Note and (ii) one and one-half (1.5) times the outstanding principal balance of such Convertible Note; or (b) such Convertible Note will
convert into that number of conversion shares equal to the quotient obtained by dividing (i) the outstanding principal balance and unpaid
accrued interest of such Convertible Note on the date of conversion by (ii) the May or February Conversion Price, as applicable.
Pursuant to ASC Topic 835-30, “Imputation
of Interest”, the Convertible Notes were initially recorded at their amortized cost of $916,632 and are being accreted to their
redemption value of $1,145,790 over the estimated conversion period ending December 31, 2023 using the effective interest method. During
the three and nine months ended September 30, 2023, the Company recorded $2,907 and $14,380, respectively, in accretion to redemption
value on the Convertible Notes. During the three and nine months ended September 30, 2022, the Company recorded $17,673 and $64,171, respectively,
in accretion to redemption value on the Convertible Notes.
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v3.23.3
Stockholders’ Equity (Deficit) and Share-Based Compensation
|
9 Months Ended |
Sep. 30, 2023 |
Stockholders Equity Deficit And Share-based Compensation |
|
Stockholders’ Equity (Deficit) and Share-Based Compensation |
8. Stockholders’
Equity (Deficit) and Share-Based Compensation
Stockholders’ Equity (Deficit)
The Company’s authorized capital consists
of 100,000,000 shares of common stock, par value $0.00001 per share, and 5,000,000 shares of preferred stock, par value $0.00001 per share
(“Preferred Stock”). We have designated and issued 630,000 shares of Series A Convertible Voting Preferred Stock (“Series
A Preferred”) and 70,000 shares of Series B Convertible Voting Preferred Stock (“Series B Preferred”). As of September
30, 2023 and December 31, 2022, there are no shares of Series A Preferred outstanding and 70,000 shares of Series B outstanding.
Series B Preferred
On August 21, 2020, the Company issued 70,000
shares of Series B Preferred (classified as permanent equity), in exchange for 70,000 shares of Class B Common Stock in connection with
the reverse merger in August 2020. Each share of Series B Preferred has a par value of $0.00001 per share, no dividend rate, a stated
value of $6.50 per share, and each share of Series B Preferred initially converts into 11.46837 shares of common stock of the Company
(“Series B Conversion Number”). In addition, the Series B Preferred possesses full voting rights, on an as-converted basis,
as the common stock of the Company, as defined in the Series B Certificate of Designation. Furthermore, the Series B Preferred does not
have any mandatory conversion rights and only converts upon written notice from the holder.
The Series B Preferred also includes certain anti-dilution
rights (“anti-dilution issuance rights”), whereby the holder of Series B Preferred will continue to maintain ownership equal
to 10% of the fully diluted shares of common stock outstanding, including for such purposes all other convertible securities outstanding
and reserved for issuance except equity awards issued and outstanding and reserved for issuance under a board approved equity compensation
plan reserving for issuance no more than ten percent (10%) of the outstanding common stock of the Company then outstanding, until the
Capital Threshold is met. The anti-dilution issuance rights meet the definition of a derivative instrument under FASB’s ASC Topic
815 (see Note 3). As of June 2023, the $1 million dollar Capital Threshold was achieved and therefore, there is no remaining derivative
liability (see Note 6).
In the event of any Liquidation Event, the Holders
of Series B Preferred shall be entitled to receive, prior and in preference to any distribution of any of the assets or surplus funds
of the Company to the holders of common stock, an amount per share in cash equal to the greater of (x) the stated value of $6.50 for each
share of Series B Preferred then held by the holder or (y) the amount payable per share of common stock which such holder of Series B
Preferred would have received if such Holder had converted to common stock immediately prior to the Liquidation Event.
Share-Based Compensation
2020 Omnibus Incentive Plan
On October 21, 2020, we adopted our 2020 Omnibus
Incentive Plan (the “2020 Plan”) and on October 22, 2020, the 2020 Plan was approved by our stockholders. The 2020 Plan was
adopted to promote our long-term success and the creation of stockholder value by motivating participants, through equity incentive awards,
to achieve long-term success in our business. The 2020 Plan permits the discretionary award of stock options, restricted stock, RSUs,
and other equity awards to selected participants. On October 21, 2021, the first anniversary date from the adoption date of the 2020 Plan,
the number of shares of common stock reserved for issuance under the 2020 Plan increased to 20% of the fully diluted shares of common
stock outstanding, including shares of common stock reserved for issuance under convertible securities. As of September 30, 2023, we have
reserved 1,661,966 shares of common stock for issuance under the 2020 Plan, of which 541,957 were subject to outstanding RSUs and 1,105,965
shares were available for future grants of share-based awards.
The cost of all share-based awards will be recognized
in the consolidated financial statements based on the fair value of the awards. The fair value of stock option awards will be determined
using the Black-Scholes valuation model on the date of grant. The fair value of restricted stock awards and RSUs will be equal to the
closing market price of our common stock on the date of grant. The Company will generally recognize share-based compensation expense over
the period of vesting or period that services will be provided for all time-based awards. Share-based compensation expense for the three
and nine months ended September 30, 2023 and 2022 was comprised of the following:
Schedule of share-based compensation | |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30,
2023 | | |
September 30,
2022 | | |
September 30,
2023 | | |
September 30,
2022 | |
Research and development | |
$ | 5,529 | | |
$ | 15,579 | | |
$ | 16,406 | | |
$ | 117,123 | |
General and administrative | |
| – | | |
| 36,013 | | |
| – | | |
| 171,471 | |
Total | |
$ | 5,529 | | |
$ | 51,592 | | |
$ | 16,406 | | |
$ | 288,594 | |
The following summarizes our transaction activity
related to RSUs for the nine months ended September 30, 2023:
| |
Shares | | |
Weighted Average Grant Date Fair Value | |
Nonvested and outstanding at January 1, 2023 | |
| 541,957 | | |
$ | 3.01 | |
Granted | |
| – | | |
| – | |
Vested | |
| – | | |
| – | |
Forfeited | |
| – | | |
| – | |
Nonvested and outstanding at September 30, 2023 | |
| 541,957 | | |
$ | 3.01 | |
As of September 30, 2023, the total estimated
unrecognized compensation cost related to non-vested RSUs was approximately $10,000. This cost is expected to be recognized over the remaining
weighted average vesting period of 0.47 years. As of September 30, 2023, 14,044 RSUs have vested under the 2020 Plan since its adoption.
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v3.23.3
Basic and Diluted Income (Loss) Per Common Share
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Basic and Diluted Income (Loss) Per Common Share |
9. Basic and Diluted Income (Loss) Per Common Share
Basic income (loss) per common share is computed
by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the
period. Diluted earnings per common share is computed by dividing our net income (loss) available to common stockholders by the sum of
the weighted average number of common shares outstanding during the period, plus the potential dilutive effects of unvested RSUs and shares
of common stock expected to be issued under our Convertible Notes and Series B Preferred during the period.
The potential dilutive effect of unvested RSUs
outstanding during the period are calculated in accordance with the treasury stock method, but are excluded if their effect is anti-dilutive.
The potential dilutive effect of our Convertible Notes and Series B Preferred outstanding during the period is calculated using the if-converted
method assuming the conversion of Convertible Notes and Series B Preferred as of the earliest period reported or at the date of issuance,
if later, but are excluded if their effect is anti-dilutive.
For the three and nine months ended September
30, 2023 and 2022, weighted average diluted shares outstanding exclude the dilutive effect of unvested RSUs and shares of common stock
expected to be issued under our Convertible Notes and Series B Preferred as the effect of their inclusion would have been anti-dilutive
during periods of net loss.
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v3.23.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
10. Commitments and Contingencies
Legal Matters
While the Company is not involved in any litigation
as of September 30, 2023, the Company may be involved in various lawsuits and claims arising in the ordinary course of business, including
actions with respect to intellectual property, employment, and contractual matters. Any litigation could have a material adverse effect
on the Company’s business, financial condition, results of operations, and/or cash flows in the period in which the unfavorable
outcome occurs or becomes probable, and potentially in future periods.
Indemnification
We have made certain guarantees and indemnities,
under which we may be required to make payments to a guaranteed or indemnified party. We indemnify our directors, officers, employees,
and agents to the maximum extent permitted under the laws of the State of Delaware. The duration of the guarantees and indemnities varies,
and in many cases is indefinite. These guarantees and indemnities do not provide for any limitation of the maximum potential future payments
we could be obligated to make. Historically, we have not been obligated to make any payments for these obligations and no liabilities
have been recorded for these guarantees and indemnities in the accompanying unaudited condensed consolidated balance sheets.
Escrow Shares
On August 31, 2009, we gave notice to the former
shareholders of Crossflo and Union Bank of California (the “Escrow Agent”) under Section 2.5 of the Agreement and Plan of
Merger between us and Crossflo (the “Agreement”), outlining damages incurred by us in conjunction with the acquisition of
Crossflo, and seeking the return of 5,690 shares of our common stock held by the Escrow Agent. Subsequently, former shareholders of Crossflo,
representing a majority of the escrowed shares responded in protest to our claim, delaying the release of the escrowed shares until a
formal resolution is reached. In the event we fail to prevail in our claim against the escrowed shares, we may be obligated to deposit
into escrow approximately $256,000 of cash consideration due to the decline in our average stock price over the one-year escrow period
calculated in accordance with the agreement. We have evaluated the potential for loss regarding our claim and believe that it is probable
that the resolution of this issue will not result in a material obligation to the Company, although there is no assurance of this. Accordingly,
we have not recorded any liability for this matter.
Operating Lease
We have no lease obligations as of September 30,
2023 and there was no rent expense for the three and nine months ended September 30, 2023 and 2022. Employees work from home offices at
no cost to the Company.
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v3.23.3
Related Parties
|
9 Months Ended |
Sep. 30, 2023 |
Related Party Transactions [Abstract] |
|
Related Parties |
11. Related
Parties
During April 2021, we entered into consulting
agreements (retroactive to September 1, 2020) with Nicole Steinmetz, Ph.D., former acting Chief Scientific Officer and former member of
the Board of Directors, Jonathan Pokorski, Ph.D. (Dr. Steinmetz’s spouse), and Steve Fiering, Ph.D., each a co-founder of the company
acquired in the reverse merger and greater than 5% shareholder of the Company (“Related Parties”), for their scientific contributions
towards advancing the technology platforms. On May 2, 2023, Dr. Steinmetz resigned from the Board of Directors and her role as acting
Chief Scientific Officer.
During the three months ended September 30, 2023,
we did not incur any related party consulting expenses for Dr. Steinmetz or Dr. Pokorski. During the three months ended September 30,
2023, we incurred related party consulting expenses for Dr. Fiering in the aggregate amount of $7,500, included in research and development
expenses in the accompanying unaudited condensed 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 three
and nine months ended September 30, 2023 and 2022 pertaining to the 20% Deferral as the terms are unknown and are based on a future performance
trigger. As of September 30, 2023 and December 31, 2022, we have accrued $286,375 and $238,000, respectively, in accrued consulting fees
provided by the Related Parties, which amounts are included in accrued consulting in the accompanying unaudited condensed 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, the five (5) members of
our Board invested $155,000 in aggregate (see Note 7).
|
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v3.23.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
12. Subsequent
Events
We have evaluated subsequent events after the
consolidated balance sheet date and through the filing date of this Quarterly Report, and based on our evaluation, management has determined
that no subsequent events have occurred that would require recognition in the accompanying unaudited condensed consolidated financial
statements or disclosure in the notes thereto other than as disclosed herein and in the accompanying notes.
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v3.23.3
Basis of Presentation and Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation
The accompanying unaudited condensed consolidated
financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly
reports on Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted in the
United States of America. The accompanying unaudited condensed consolidated financial statements should therefore be read in conjunction
with the consolidated financial statements and notes thereto for the fiscal year ended December 31, 2022 included in the Company’s
Annual Report on Form 10-K. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly
owned subsidiaries. The accompanying unaudited condensed consolidated financial statements have been prepared assuming the Company will
continue as a going concern. In the opinion of management, the interim condensed consolidated financial statements reflect all adjustments
of a normal recurring nature necessary for a fair presentation of the results for the interim period presented.
|
Significant Accounting Policies |
Significant Accounting Policies
There have been no material changes to the Company’s
significant accounting policies during the three and nine months ended September 30, 2023, as compared to the significant accounting policies
disclosed in Note 2 – Summary of Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for
the year ended December 31, 2022.
|
Recently Adopted Accounting Standards |
Recently Adopted Accounting Standards
There have been no new accounting pronouncements
adopted by the Company or new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) during
the three and nine months ended September 30, 2023, as compared to the recent accounting pronouncements described in Note 2 of the Company’s
Annual Report on Form 10-K for the year ended December 31, 2022, that the Company believes are of significance or potential significance
to the Company.
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v3.23.3
Fair Value of Financial Instruments (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Schedule of financial assets and liabilities |
Schedule of financial assets and liabilities | |
| | |
|
|
|
|
|
|
|
|
|
| |
| |
| | |
Fair Value Measurements at September 30, 2023 Using | |
| |
Fair Value at September 30,
2023 | | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Unobservable Inputs (Level 3) | |
Assets: | |
| | |
| | |
| | |
| |
Cash and cash equivalents | |
$ | 252,898 | | |
$ | 252,898 | | |
$ | – | | |
$ | – | |
Total assets | |
$ | 252,898 | | |
$ | 252,898 | | |
$ | – | | |
$ | – | |
| |
| | |
Fair Value Measurements at December
31, 2022 Using | |
| |
Fair Value at December 31, 2022 | | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant Unobservable Inputs (Level 3) | |
Assets: | |
| | |
| | |
| | |
| |
Cash and cash equivalents | |
$ | 220,645 | | |
$ | 220,645 | | |
$ | – | | |
$ | – | |
Total assets | |
$ | 220,645 | | |
$ | 220,645 | | |
$ | – | | |
$ | – | |
| |
| | | |
| | | |
| | | |
| | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Anti-dilution issuance rights derivative liability | |
$ | 46,700 | | |
$ | – | | |
$ | – | | |
$ | 46,700 | |
Total liabilities | |
$ | 46,700 | | |
$ | – | | |
$ | – | | |
$ | 46,700 | |
Anti-Dilution Issuance Rights Derivative Liability
Pursuant to the Series B Preferred Certificate
of Designation, the Series B Preferred includes certain anti-dilution issuance rights, whereby the holder will continue to maintain equity
ownership equal to 10% of the fully diluted shares of common stock outstanding, calculated on an as converted basis, including all other
convertible securities outstanding and reserved for issuance (and excluding stock options issued and outstanding and reserved for issuance
under a Board approved employee stock option plan reserving for issuance no more than ten percent (10%) of the outstanding common stock
of the Company) until we raise the Capital Threshold under the License Agreement (see Note 6). As of June 2023, we received life-to-date
aggregate proceeds in excess of the Capital Threshold and therefore, we recorded no derivative liability as of September 30, 2023. As
of December 31, 2022, the remaining Capital Threshold was $283,000.
To determine the estimated fair value of the anti-dilution
issuance rights liability, the Company used a Monte Carlo simulation methodology, which models the future movement of stock prices based
on several key variables. At December 31, 2022, the estimated fair value of the anti-dilution issuance rights was $46,700. We initially
recorded the fair value as a derivative liability with a corresponding charge to research and development expense and we marked-to-market
at each reporting period, with changes in fair value recognized in other income (expense) in the consolidated statements of operations
at each period-end while this derivative instrument was outstanding.
The primary inputs used in valuing the anti-dilution
issuance rights liability at December 31, 2022 were as follows:
|
Schedule of assumptions used |
Schedule of assumptions used |
|
|
Fair value of common stock (per share) |
|
$ |
0.99 |
Estimated additional shares of common stock |
|
|
71,511 |
Expected volatility |
|
|
130% |
Expected term (years) |
|
|
0.25 |
Risk-free interest rate |
|
|
4.42% |
|
X |
- DefinitionTabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.
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v3.23.3
Investment in Affiliated Companies (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Investments in and Advances to Affiliates [Abstract] |
|
Schedule of series A preferred stock to be redeemed over a period |
Schedule of series A preferred stock to be redeemed over a period |
|
|
|
|
Period |
|
Shares of Series A
Preferred Stock to be
Redeemed each Month |
|
Monthly Redemption
Proceeds to the Company |
Months 1-12 |
|
35,000 |
|
$14,000 |
Months 13-24 |
|
43,750 |
|
$17,500 |
Months 25-30 |
|
52,500 |
|
$21,000 |
|
Schedule of exchange for aggregate net proceeds received |
Schedule of exchange for aggregate net proceeds received | |
| | |
| |
| |
Six Months
Ended
June 30,
2023 | | |
Year
Ended
December 31,
2022 | |
Proceeds received | |
$ | 433,000 | | |
$ | 343,000 | |
Shares of Series A Preferred Stock redeemed | |
| 1,242,500 | | |
| 857,500 | |
|
X |
- DefinitionTabular disclosure of summarized financial information for nonconsolidated subsidiary of investment company. Excludes information consolidated by reporting entity.
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v3.23.3
Accrued Expenses and Other Current Liabilities (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
Schedule of accrued expenses |
Schedule of accrued expenses | |
| | |
| |
| |
September 30, 2023 | | |
December 31, 2022 | |
Crossflo acquisition liability | |
$ | 177,244 | | |
$ | 177,244 | |
Accrued patent expenses | |
| 420,144 | | |
| 382,207 | |
Other accrued expenses | |
| 51,837 | | |
| 25,357 | |
Total accrued expenses and other current liabilities | |
$ | 649,225 | | |
$ | 584,808 | |
|
X |
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v3.23.3
Stockholders’ Equity (Deficit) and Share-Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Stockholders Equity Deficit And Share-based Compensation |
|
Schedule of share-based compensation |
Schedule of share-based compensation | |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30,
2023 | | |
September 30,
2022 | | |
September 30,
2023 | | |
September 30,
2022 | |
Research and development | |
$ | 5,529 | | |
$ | 15,579 | | |
$ | 16,406 | | |
$ | 117,123 | |
General and administrative | |
| – | | |
| 36,013 | | |
| – | | |
| 171,471 | |
Total | |
$ | 5,529 | | |
$ | 51,592 | | |
$ | 16,406 | | |
$ | 288,594 | |
|
Stockholders' Equity and Share-Based Compensation (Details - RSU activity) |
| |
Shares | | |
Weighted Average Grant Date Fair Value | |
Nonvested and outstanding at January 1, 2023 | |
| 541,957 | | |
$ | 3.01 | |
Granted | |
| – | | |
| – | |
Vested | |
| – | | |
| – | |
Forfeited | |
| – | | |
| – | |
Nonvested and outstanding at September 30, 2023 | |
| 541,957 | | |
$ | 3.01 | |
|
X |
- References
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- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
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v3.23.3
xdx: Disclosure - Fair Value of Financial Instruments (Details - Fair Value) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Fair value of assets |
$ 252,898
|
$ 220,645
|
Fair value of liabilities |
|
46,700
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Fair value of assets |
252,898
|
220,645
|
Fair value of liabilities |
|
0
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Fair value of assets |
0
|
0
|
Fair value of liabilities |
|
0
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Fair value of assets |
0
|
0
|
Fair value of liabilities |
|
46,700
|
Cash [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Fair value of assets |
252,898
|
220,645
|
Cash [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Fair value of assets |
252,898
|
220,645
|
Cash [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Fair value of assets |
|
0
|
Cash [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Fair value of assets |
$ 0
|
0
|
Antidilution Issuance Rights Liability [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Fair value of liabilities |
|
46,700
|
Antidilution Issuance Rights Liability [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Fair value of liabilities |
|
0
|
Antidilution Issuance Rights Liability [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Fair value of liabilities |
|
0
|
Antidilution Issuance Rights Liability [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Fair value of liabilities |
|
$ 46,700
|
X |
- DefinitionFair value portion of probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
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v3.23.3
Fair Value of Financial Instruments (Details - Assumption) - Antidilution Issuance Rights Liability [Member]
|
12 Months Ended |
Dec. 31, 2022 |
Measurement Input, Share Price [Member] |
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
Derivatives, Determination of Fair Value |
0.99
|
Additional Shares Of Common Stock [Member] |
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
Derivatives, Determination of Fair Value |
71,511
|
Measurement Input, Price Volatility [Member] |
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
Derivatives, Determination of Fair Value |
130%
|
Measurement Input, Expected Term [Member] |
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
Derivatives, Determination of Fair Value |
0.25
|
Measurement Input, Risk Free Interest Rate [Member] |
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
Derivatives, Determination of Fair Value |
4.42%
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v3.23.3
Investment in Affiliated Companies (Details - Redemption Schedule) - Holocom Series A Preferred Stock [Member]
|
Sep. 30, 2023
USD ($)
shares
|
Months 1 To 12 [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Investment shares to be redeemed, shares | shares |
35,000
|
Investment shares to be redeemed, value | $ |
$ 14,000
|
Months 13 To 24 [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Investment shares to be redeemed, shares | shares |
43,750
|
Investment shares to be redeemed, value | $ |
$ 17,500
|
Months 25 To 30 [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Investment shares to be redeemed, shares | shares |
52,500
|
Investment shares to be redeemed, value | $ |
$ 21,000
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|
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
Jul. 06, 2022 |
Dec. 31, 2022 |
Feb. 28, 2007 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Investments |
|
|
$ 370,000
|
|
|
Investment shares owned |
|
|
2,100,000
|
|
|
Ownership interest in Holocom |
|
|
46.00%
|
|
|
Proceeds from Sale of Long-Term Investments |
$ 336,000
|
$ 7,000
|
|
$ 77,000
|
$ 776,000
|
Investment owned, shares redeemed |
840,000
|
17,500
|
|
|
2,100,000
|
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v3.23.3
Accrued Expenses and Other Current Liabilities (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Payables and Accruals [Abstract] |
|
|
Crossflo acquisition liability |
$ 177,244
|
$ 177,244
|
Accrued patent expenses |
420,144
|
382,207
|
Other accrued expenses |
51,837
|
25,357
|
Total accrued expenses and other current liabilities |
$ 649,225
|
$ 584,808
|
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v3.23.3
License Agreements (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Derivative liability |
$ 0
|
|
$ 0
|
|
$ 0
|
$ 46,700
|
General and administrative expense |
226,944
|
$ 306,124
|
738,690
|
$ 1,288,533
|
|
|
U C San Diego [Member] |
|
|
|
|
|
|
Regulatory milestones |
|
|
165,000
|
|
|
|
General and administrative expense |
6,000
|
400
|
6,200
|
23,325
|
|
|
License Option Agreement [Member] | C W R U [Member] |
|
|
|
|
|
|
Accrued patent fees |
396,244
|
|
396,244
|
|
|
364,507
|
License Agreements [Member] | U C San Diego [Member] |
|
|
|
|
|
|
Accrued patent fees |
23,900
|
|
23,900
|
|
|
$ 17,700
|
General and Administrative Expense [Member] | License Option Agreement [Member] |
|
|
|
|
|
|
Patent legal fees |
5,559
|
$ 17,549
|
31,737
|
$ 299,361
|
|
|
[custom:AccruedPatentCosts-0] |
$ 303,000
|
|
$ 303,000
|
|
|
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v3.23.3
Convertible Notes (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
9 Months Ended |
Feb. 18, 2022 |
May 07, 2021 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Debt Instrument [Line Items] |
|
|
|
|
|
|
Proceeds from Convertible Debt |
|
|
|
|
$ 0
|
$ 341,632
|
Non-cash interest expense on Convertible Notes |
|
|
$ 18,484
|
$ 18,484
|
54,849
|
51,254
|
Redemption value |
|
|
1,145,790
|
|
1,145,790
|
|
Accretion to Redemption Value |
|
|
2,907
|
17,673
|
$ 14,380
|
64,171
|
May Note Agreement [Member] |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Proceeds from Convertible Debt |
|
$ 525,003
|
|
|
|
|
Accrued payable |
|
49,997
|
|
|
|
|
Principal amount |
|
$ 575,000
|
|
|
|
|
February Note Agreement [Member] |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Proceeds from issuance of unsecured debt |
$ 341,632
|
|
|
|
|
|
Convertible Notes Payable |
$ 341,632
|
|
|
|
|
|
Convertible Notes [Member] |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Interest |
|
|
|
|
8.00%
|
|
Non-cash interest expense on Convertible Notes |
|
|
18,484
|
18,484
|
$ 54,849
|
51,254
|
Convertible Notes Payable [Member] |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Accretion to Redemption Value |
|
|
$ 2,907
|
$ 17,673
|
$ 14,380
|
$ 64,171
|
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v3.23.3
Stockholders Equity (Deficit) and Share-Based Compensation (Details - Share-Based Compensation expense) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Total |
$ 5,529
|
$ 51,592
|
$ 16,406
|
$ 288,594
|
Research and Development Expense [Member] |
|
|
|
|
Total |
5,529
|
15,579
|
16,406
|
117,123
|
General and Administrative Expense [Member] |
|
|
|
|
Total |
$ 0
|
$ 36,013
|
$ 0
|
$ 171,471
|
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- DefinitionAmount of noncash expense for share-based payment arrangement.
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v3.23.3
Stockholders’ Equity (Deficit) and Share-Based Compensation (Details Narrative) - USD ($)
|
9 Months Ended |
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Restricted Stock Units (RSUs) [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount |
$ 10,000
|
|
Remaining weighted average vesting period |
5 months 19 days
|
|
RSU's vested |
0
|
|
2020 Plan [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Stock for reserved for Issuance |
1,661,966
|
|
2020 Plan [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Stock for reserved for Issuance |
541,957
|
|
RSU's vested |
14,044
|
|
2020 Plan [Member] | Share Based Awards [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Stock for reserved for Issuance |
1,105,965
|
|
Series A Preferred Stock [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Preferred stock, shares outstanding |
0
|
0
|
Series B Preferred Stock [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Preferred stock, shares outstanding |
70,000
|
70,000
|
X |
- DefinitionNumber of common shares reserved for future issuance related to deferred compensation arrangements with individuals.
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