$CPMV
Mosaic ImmunoEngineering Inc.

2022 Q3 Form 10-Q Financial Statement

#000168316822005321 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $306.1K $581.0K $401.4K
YoY Change -41.26% 8.82% -28.11%
% of Gross Profit
Research & Development $211.1K $302.7K $327.7K
YoY Change -52.02% -19.66% 33.11%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $517.2K $883.7K $729.0K
YoY Change -46.18% -2.96% -9.37%
Operating Profit -$517.2K -$883.7K -$729.0K
YoY Change -46.18%
Interest Expense $363.6K -$43.50K -$34.45K
YoY Change -518.4% -36.7% -344600.0%
% of Operating Profit
Other Income/Expense, Net $363.6K -$43.51K -$34.45K
YoY Change -518.43% -36.69%
Pretax Income -$153.7K -$927.2K -$763.5K
YoY Change -85.34% -5.33% -5.09%
Income Tax $0.00 $2.400K $0.00
% Of Pretax Income
Net Earnings -$153.7K -$929.6K -$763.5K
YoY Change -85.34% -5.08% -5.37%
Net Earnings / Revenue
Basic Earnings Per Share -$0.02 -$0.13 -$0.11
Diluted Earnings Per Share -$0.02 -$0.13 -$105.5K
COMMON SHARES
Basic Shares Outstanding 7.241M shares 7.235M shares 7.235M shares
Diluted Shares Outstanding 7.235M shares 7.235M shares 7.235M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $384.1K $206.0K $378.1K
YoY Change -2.28% -64.62% 80.03%
Cash & Equivalents $384.1K $206.0K $378.1K
Short-Term Investments
Other Short-Term Assets $48.79K $17.16K $25.54K
YoY Change -7.14% -14.33% -18.79%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $432.9K $223.2K $403.6K
YoY Change -2.86% -62.95% 50.86%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $432.9K $223.2K $403.6K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $432.9K $223.2K $403.6K
YoY Change -2.86% -62.95% 50.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $121.3K $123.9K $133.4K
YoY Change 6.11% 79.24% -5.02%
Accrued Expenses $575.9K $1.191M $2.301M
YoY Change -62.64% 4.28% 180.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.598M $3.322M $2.715M
YoY Change 85.69% 122.49% 122.08%
LONG-TERM LIABILITIES
Long-Term Debt $1.192M $1.156M $1.112M
YoY Change 67.96% 85.58%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.192M $1.156M $1.112M
YoY Change 67.96% 85.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.598M $3.322M $2.715M
Total Long-Term Liabilities $1.192M $1.156M $1.112M
Total Liabilities $4.790M $4.478M $3.827M
YoY Change 80.94% 111.63% 213.01%
SHAREHOLDERS EQUITY
Retained Earnings -$6.374M -$6.220M
YoY Change
Common Stock $72.00 $72.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.357M -$4.255M -$3.423M
YoY Change
Total Liabilities & Shareholders Equity $432.9K $223.2K $403.6K
YoY Change -2.86% -62.95% 50.86%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$153.7K -$929.6K -$763.5K
YoY Change -85.34% -5.08% -5.37%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$164.9K -$172.1K -$189.7K
YoY Change -12.86% 12.69% 11.35%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $343.0K $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $343.0K $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 341.6K
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -164.9K -172.1K -189.7K
Cash From Investing Activities 343.0K 0.000 0.000
Cash From Financing Activities 0.000 0.000 341.6K
Net Change In Cash 178.1K -172.1K 151.9K
YoY Change -194.16% -146.21% -206.42%
FREE CASH FLOW
Cash From Operating Activities -$164.9K -$172.1K -$189.7K
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_808_eus-gaap--NatureOfOperations_z1vwmNfj0P8h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>1.        <span id="xdx_82C_zPqA8n3U47Re">Organization and Business</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Organization</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mosaic ImmunoEngineering, Inc. (the “Company,” “combined 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 developing and eventually commercializing our proprietary immunomodulator platform technology. Our lead immunomodulator 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 protein characteristics 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 in 2023, provided we are able to raise sufficient funding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has two wholly owned subsidiaries: Mosaic ImmunoEngineering Development Company (formerly referred to as Private Mosaic in connection with the reverse merger), a corporation organized under Delaware law on March 30, 2020 (date of inception) and Patriot Data Solutions Group, Inc., an inactive subsidiary of PTSC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity and Management’s Plans</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. At June 30, 2022, the Company had cash and cash equivalents of $<span id="xdx_903_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0p0_c20220630_z3BeMtsmYjFh" title="Cash and cash equivalents">205,994</span> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. In addition, the continuation of disruptions caused by COVID-19 may cause investors to slow down or delay their decision to deploy capital based on volatile market conditions 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. The inability to obtain additional capital will delay our ability to conduct our business operations. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
205994 usd
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0006 pure
CY2022Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
205994 usd
CY2022Q2 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
103000 usd
CY2021Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
226142 usd
CY2021Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
104300 usd
CY2022Q2 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
103000 usd
CY2021Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
104300 usd
CY2022Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Contingent Liability
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContingentLiability
177244 usd
CY2021Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Contingent Liability
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContingentLiability
177244 usd
CY2022Q2 us-gaap Share Price
SharePrice
1.80
CY2021Q4 us-gaap Share Price
SharePrice
1.02
cpmv Estimated Additional Shares Of Common Stock
EstimatedAdditionalSharesOfCommonStock
111486 shares
CY2021 cpmv Estimated Additional Shares Of Common Stock
EstimatedAdditionalSharesOfCommonStock
134229 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.15 pure
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.05 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y6M
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y3M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0251 pure
CY2021Q2 us-gaap Share Based Compensation
ShareBasedCompensation
420779 usd
us-gaap Share Based Compensation
ShareBasedCompensation
237002 usd
us-gaap Share Based Compensation
ShareBasedCompensation
695022 usd
CY2022Q2 cpmv Accrued Consulting
AccruedConsulting
667738 usd
CY2021Q4 cpmv Accrued Consulting
AccruedConsulting
474275 usd
CY2022Q2 cpmv Accrued Patent Expenses
AccruedPatentExpenses
344697 usd
CY2021Q4 cpmv Accrued Patent Expenses
AccruedPatentExpenses
41585 usd
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1725 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
31143 usd
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1191404 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
724247 usd
CY2022Q2 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
916632 usd
CY2022Q2 cpmv Convertible Notes Redemption Value
ConvertibleNotesRedemptionValue
1145790 usd
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
97997 usd
CY2022Q2 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
187000 usd
CY2021Q4 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
137500 usd

Files In Submission

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0001683168-22-005321.txt Edgar Link pending
0001683168-22-005321-xbrl.zip Edgar Link pending
cpmv-20220630.xsd Edgar Link pending
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