$CPMV
Mosaic ImmunoEngineering Inc.

2022 Q4 Form 10-Q Financial Statement

#000168316822007181 Filed on November 01, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $290.5K $306.1K $521.1K
YoY Change -32.7% -41.26% 1741.45%
% of Gross Profit
Research & Development $207.0K $211.1K $439.9K
YoY Change -47.36% -52.02% 426.8%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $497.6K $517.2K $961.1K
YoY Change -39.69% -46.18% 759.55%
Operating Profit -$517.2K -$961.1K
YoY Change -46.18%
Interest Expense -$36.55K $363.6K -$86.89K
YoY Change 44.41% -518.4% 2029.66%
% of Operating Profit
Other Income/Expense, Net $0.00 $363.6K -$86.89K
YoY Change -518.43%
Pretax Income -$534.1K -$153.7K -$1.048M
YoY Change -37.18% -85.34% 804.33%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$534.1K -$153.7K -$1.048M
YoY Change -37.18% -85.34% 804.33%
Net Earnings / Revenue
Basic Earnings Per Share -$0.02 -$0.15
Diluted Earnings Per Share -$0.07 -$0.02 -$145.1K
COMMON SHARES
Basic Shares Outstanding 7.241M shares 7.241M shares 7.222M shares
Diluted Shares Outstanding 7.235M shares 7.222M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $220.7K $384.1K $393.1K
YoY Change -2.43% -2.28% -2.21%
Cash & Equivalents $220.6K $384.1K $393.1K
Short-Term Investments
Other Short-Term Assets $40.63K $48.79K $52.54K
YoY Change -6.27% -7.14% -72.12%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $261.3K $432.9K $445.7K
YoY Change -3.05% -2.86% -27.71%
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 $261.3K $432.9K $445.7K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $261.3K $432.9K $445.7K
YoY Change -3.05% -2.86% -27.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $133.5K $121.3K $114.3K
YoY Change 17.58% 6.11% 41.55%
Accrued Expenses $584.8K $575.9K $1.542M
YoY Change -19.25% -62.64% 694.01%
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 $3.918M $3.598M $1.938M
YoY Change 67.9% 85.69% 440.59%
LONG-TERM LIABILITIES
Long-Term Debt $1.228M $1.192M $709.8K
YoY Change 67.09% 67.96%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.228M $1.192M $709.8K
YoY Change 67.09% 67.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.918M $3.598M $1.938M
Total Long-Term Liabilities $1.228M $1.192M $709.8K
Total Liabilities $5.146M $4.790M $2.647M
YoY Change 67.7% 80.94% 638.63%
SHAREHOLDERS EQUITY
Retained Earnings -$6.908M -$6.374M
YoY Change 52.59%
Common Stock $72.00 $72.00
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.885M -$4.357M -$2.202M
YoY Change
Total Liabilities & Shareholders Equity $261.3K $432.9K $445.7K
YoY Change -3.05% -2.86% -27.71%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$534.1K -$153.7K -$1.048M
YoY Change -37.18% -85.34% 804.33%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$163.5K -$164.9K -$189.2K
YoY Change -2.09% -12.86% 242.98%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $343.0K $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $343.0K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -163.5K -164.9K -189.2K
Cash From Investing Activities 0.000 343.0K 0.000
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -163.5K 178.1K -189.2K
YoY Change -2.09% -194.16% -134.39%
FREE CASH FLOW
Cash From Operating Activities -$163.5K -$164.9K -$189.2K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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393121 usd
cpmv Conversion Of Series Convertible Voting Preferred Stock To Common Stock
ConversionOfSeriesConvertibleVotingPreferredStockToCommonStock
0 usd
cpmv Conversion Of Series Convertible Voting Preferred Stock To Common Stock
ConversionOfSeriesConvertibleVotingPreferredStockToCommonStock
64 usd
cpmv Conversion Of Accrued Payable To Founder To Convertible Note
ConversionOfAccruedPayableToFounderToConvertibleNote
0 usd
cpmv Conversion Of Accrued Payable To Founder To Convertible Note
ConversionOfAccruedPayableToFounderToConvertibleNote
49997 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2400 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2400 usd
us-gaap Interest Paid Net
InterestPaidNet
0 usd
us-gaap Interest Paid Net
InterestPaidNet
0 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80D_eus-gaap--NatureOfOperations_zRaQK5gkTNLb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>1.        <span id="xdx_82A_zEQqYq7GneB5">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 September 30, 2022, the Company had cash and cash equivalents of $<span id="xdx_900_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0p0_c20220930_zRfjmYEt5aU" title="Cash and cash equivalents">384,137</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"><span style="font-size: 10pt">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, broad-based inflation, and various economic indicators that the United States economy may be entering a </span>recession <span style="font-size: 10pt">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. 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.</span></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-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/>
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
384137 usd
CY2022Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
384137 usd
CY2022Q3 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
46300 usd
CY2021Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
226142 usd
CY2021Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
104300 usd
CY2022Q3 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
46300 usd
CY2021Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
104300 usd
CY2022Q3 us-gaap Share Price
SharePrice
0.92
CY2021Q4 us-gaap Share Price
SharePrice
1.02
cpmv Estimated Additional Shares Of Common Stock
EstimatedAdditionalSharesOfCommonStock
91916 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
1.10 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
0.0392 pure
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0006 pure
CY2022Q3 cpmv Redemption Of Shares
RedemptionOfShares
70000 shares
us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
17500 shares
us-gaap Payments For Repurchase Of Convertible Preferred Stock
PaymentsForRepurchaseOfConvertiblePreferredStock
7000 usd
CY2022Q3 us-gaap Investment Interest Rate
InvestmentInterestRate
0.08 pure
CY2021Q1 cpmv Proceeds From Dissolution Of Affiliate
ProceedsFromDissolutionOfAffiliate
27637 usd
CY2022Q3 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
CY2022Q3 cpmv Accrued Patent Expenses
AccruedPatentExpenses
361596 usd
CY2021Q4 cpmv Accrued Patent Expenses
AccruedPatentExpenses
41585 usd
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
37080 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
31143 usd
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
575920 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
249972 usd
cpmv Proceeds From Redemption Of Preferred Stock Of Holocom
ProceedsFromRedemptionOfPreferredStockOfHolocom
343000 usd
CY2022Q3 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
916632 usd
CY2022Q3 cpmv Convertible Notes Redemption Value
ConvertibleNotesRedemptionValue
1145790 usd
CY2022Q3 us-gaap Share Based Compensation
ShareBasedCompensation
51592 usd
CY2021Q3 us-gaap Share Based Compensation
ShareBasedCompensation
359985 usd
us-gaap Share Based Compensation
ShareBasedCompensation
288594 usd
us-gaap Share Based Compensation
ShareBasedCompensation
1055007 usd
CY2022Q3 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
212500 usd
CY2021Q4 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
137500 usd

Files In Submission

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0001683168-22-007181-index-headers.html Edgar Link pending
0001683168-22-007181-index.html Edgar Link pending
0001683168-22-007181.txt Edgar Link pending
0001683168-22-007181-xbrl.zip Edgar Link pending
cpmv-20220930.xsd Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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mosaic_ex3101.htm Edgar Link pending
mosaic_ex3102.htm Edgar Link pending
mosaic_ex3201.htm Edgar Link pending
mosaic_ex3202.htm Edgar Link pending
mosaic_i10q-093022.htm Edgar Link pending
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mosaic_i10q-093022_htm.xml Edgar Link completed