$CPMV
Mosaic ImmunoEngineering Inc.

2023 Q2 Form 10-Q Financial Statement

#000168316823003253 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 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 $229.9K $281.9K $401.4K
YoY Change -60.44% -29.77% -28.11%
% of Gross Profit
Research & Development $122.6K $177.9K $327.7K
YoY Change -59.48% -45.71% 33.11%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $352.5K $459.8K $729.0K
YoY Change -60.11% -36.93% -9.37%
Operating Profit -$352.5K -$459.8K -$729.0K
YoY Change -60.11% -36.93%
Interest Expense $16.12K -$13.87K -$34.45K
YoY Change -137.06% -59.74% -344600.0%
% of Operating Profit
Other Income/Expense, Net $356.0K $63.13K -$34.45K
YoY Change -918.28% -283.26%
Pretax Income $19.61K -$396.6K -$763.5K
YoY Change -102.11% -48.05% -5.09%
Income Tax $0.00 $2.400K $0.00
% Of Pretax Income 0.0%
Net Earnings $19.61K -$399.0K -$763.5K
YoY Change -102.11% -47.73% -5.37%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 -$0.06 -$0.11
Diluted Earnings Per Share $0.00 -$0.06 -$105.5K
COMMON SHARES
Basic Shares Outstanding 7.242M shares 7.242M shares 7.235M shares
Diluted Shares Outstanding 8.569M shares 7.236M shares 7.235M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $363.0K $125.8K $378.1K
YoY Change 76.21% -66.73% 80.03%
Cash & Equivalents $363.0K $125.8K $378.1K
Short-Term Investments
Other Short-Term Assets $6.390K $22.69K $25.54K
YoY Change -62.76% -11.16% -18.79%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $369.4K $148.5K $403.6K
YoY Change 65.52% -63.21% 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 $369.4K $148.5K $403.6K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $369.4K $148.5K $403.6K
YoY Change 65.52% -63.21% 50.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $131.1K $127.9K $133.4K
YoY Change 5.8% -4.11% -5.02%
Accrued Expenses $588.6K $601.7K $2.301M
YoY Change -50.6% -73.85% 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 $4.346M $4.172M $2.715M
YoY Change 30.83% 53.64% 122.08%
LONG-TERM LIABILITIES
Long-Term Debt $1.276M $1.255M $1.112M
YoY Change 10.39% 12.89%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.276M $1.255M $1.112M
YoY Change 10.39% 12.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.346M $4.172M $2.715M
Total Long-Term Liabilities $1.276M $1.255M $1.112M
Total Liabilities $5.623M $5.427M $3.827M
YoY Change 25.55% 41.8% 213.01%
SHAREHOLDERS EQUITY
Retained Earnings -$7.288M -$7.307M
YoY Change 17.16%
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 -$5.253M -$5.278M -$3.423M
YoY Change
Total Liabilities & Shareholders Equity $369.4K $148.5K $403.6K
YoY Change 65.52% -63.21% 50.86%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $19.61K -$399.0K -$763.5K
YoY Change -102.11% -47.73% -5.37%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$118.8K -$171.9K -$189.7K
YoY Change -30.95% -9.41% 11.35%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $356.0K $77.00K $0.00
YoY Change -100.0%
Cash From Investing Activities $356.0K $77.00K $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 $0.00 341.6K
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -118.8K -$171.9K -189.7K
Cash From Investing Activities 356.0K $77.00K 0.000
Cash From Financing Activities 0.000 $0.00 341.6K
Net Change In Cash 237.2K -$94.87K 151.9K
YoY Change -237.85% -162.45% -206.42%
FREE CASH FLOW
Cash From Operating Activities -$118.8K -$171.9K -$189.7K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80D_eus-gaap--NatureOfOperations_z6KTbItLsUEj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>1.        <span id="xdx_825_ziDj3mtRp854">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 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.</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 inactive wholly owned subsidiaries: Mosaic ImmunoEngineering Development Company, a corporation organized under Delaware law on March 30, 2020 and Patriot Data Solutions Group, Inc.</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>Going Concern 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 March 31, 2023, the Company had cash and cash equivalents of $<span id="xdx_907_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0p0_c20230331_znJcaMy6hkE7" title="Cash and cash equivalents">125,777</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>
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
125777 usd
CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_84B_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zhdiDmXBc0qd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span id="xdx_867_zJiGy7ypHzt6">Reclassifications</span></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">Certain reclassifications have been made to amounts in the prior period to conform to the current period presentation. All reclassifications have been applied consistently to the periods presented. Such reclassifications have no effect on net loss as previously reported.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
CY2023Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
125777 usd
CY2023Q1 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
33900 usd
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
220645 usd
CY2022Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
46700 usd
CY2023Q1 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
33900 usd
CY2022Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
46700 usd
CY2022Q4 cpmv Accrued Consulting Fees
AccruedConsultingFees
238000 usd
CY2023Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Contingent Liability
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContingentLiability
177244 usd
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Contingent Liability
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContingentLiability
177244 usd
CY2023Q1 cpmv Accrued Patent Expenses
AccruedPatentExpenses
410407 usd
CY2022Q4 cpmv Accrued Patent Expenses
AccruedPatentExpenses
382207 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
14058 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
25357 usd
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
601709 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
584808 usd
CY2023Q1 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
916632 usd
CY2023Q1 cpmv Convertible Notes Redemption Value
ConvertibleNotesRedemptionValue
1145790 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
5408 usd
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
139005 usd
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
0 usd
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
0 usd
CY2023Q1 cpmv Accrued Consulting Fees
AccruedConsultingFees
264625 usd

Files In Submission

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cpmv-20230331_lab.xml Edgar Link unprocessable
cpmv-20230331_cal.xml Edgar Link unprocessable
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0001683168-23-003253.txt Edgar Link pending
0001683168-23-003253-xbrl.zip Edgar Link pending
cpmv-20230331.xsd Edgar Link pending
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mosaic_ex3101.htm Edgar Link pending
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mosaic_i10q-033123_htm.xml Edgar Link completed
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