Tue, May 14, 5:56 PM (206 days ago)
Mosaic ImmunoEngineering, Inc.'s Form 10-Q for the quarter ended March 31, 2024, reveals significant financial challenges. The company reported cash and cash equivalents of $65,039, a significant decrease from $156,178 at the end of 2023. Current liabilities rose to $4,896,370, primarily due to accrued compensation and consulting fees. Operating expenses for the quarter totaled $268,766, leading to a net loss of $288,492. The company has not generated any revenue and faces substantial uncertainty regarding its ability to continue as a going concern without additional capital. Key developments include a binding term sheet with Oncotelic Therapeutics, Inc. to acquire certain cancer therapy technologies in exchange for $15 million in common stock, with potential additional milestone payments. This transaction, subject to shareholder approval and other conditions, could result in significant dilution for existing shareholders. The company also secured a $70,000 convertible note from Oncotelic to cover short-term operational costs. Mosaic's ability to continue operations hinges on raising substantial additional funding, facing risks of further dilution, and potential operational cessation if funding is not secured.