Re: Step on up...
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Mosaic ImmunoEngineering is a nanotechnology-based immunotherapy company developing therapeutics and vaccines to positively impact the lives of patients and their families.
Message: Re: Step on up...
Gloria Felcyn, Director
Gloria Felcyn was first appointed a Director in 2002 and is the Chair of the Audit Committee of the Board of Directors. Ms. Felcyn is a Certified Public Accountant and has been the principal in her own public accounting firm in Saratoga, California, since 1982. Prior to establishing her own firm, she was employed by Main Hurdman & Cranston 1969 through 1970 and at Price Waterhouse & Co, in the San Francisco and New York offices from 1970 through 1976. Subsequent to that, Ms. felcyn worked in the field of offshore tax planning with a major real estate syndication company. Ms. Felcyn received a B.S. degree in Business Economics from Trinity University in 1968 and is a member of the American Institute of CPA's.
Our short-term investments consist of auction rate securities and are reported at cost, which approximate fair market value.
At February 29, 2008 we had short-term investments in auction rate securities of approximately $15.6 million. Auction rate securities generally have long-stated maturities of 20 to 40 years. These securities have certain economic characteristics of short-term investments due to a rate-setting mechanism and the ability to liquidate them through a Dutch auction process that occurs on pre-determined intervals of less than 90 days. Due to the frequent resetting of interest rates, the carrying value of auction rate securities approximates fair value.
During the quarter ended February 29, 2008, investment banks were reporting an inability to successfully obtain subscribers for high credit quality auction rate securities. As of February 29, 2008 we held such auction rate securities with a par value totaling $10.4 million that failed in February 2008 to sell at auction. The unsuccessful auctions have resulted in the interest rate on these securities resetting at a premium interest rate every 35 days or less. In the event we need to access funds invested in these auction rate securities we would not be able to liquidate these securities until: a future auction of these securities is successful, they are refinanced and redeemed by the issuers, or a buyer is found outside of the auction process. The investments consist of student loan auction rate preferred instruments issued by various state agencies pursuant to the Federal Family Educational Loan Program (FFELP). These investments are of high credit quality and the AAA credit ratings of the investments have been reaffirmed since February 2008. These instruments are collateralized in excess of the underlying obligations, are insured by the various state educational agencies, and are guaranteed by the Department of Education as an insurer of last resort. We have the intent and the ability to hold these investments until the anticipated recovery period which we believe will be less than twelve months.
Gloria Felcyn has served as a Director of the Company since October, 2002 and is the Chairman of the Audit Committee of the Board of Directors. Since 1982, Ms. Felcyn has been the principal in her own certified public accounting firm, during which time she represented Helmut Falk Sr. and nanoTronics, along with other major individual and corporate clients in Silicon Valley. Following Mr. Falk's death, Ms. Felcyn represented his estate and family trust as Executrix and Trustee of the Falk Estate and The Falk Trust. Prior to establishing her firm, Ms. Felcyn worked for the national accounting firm of Hurdman and Cranston from 1969 through 1970 and Price Waterhouse & Co. in San Francisco and New York City from 1970 through 1976, during which period, she represented major Fortune 500 companies. Subsequent to that, Ms. Felcyn worked in the field of International Tax Planning with a major Real Estate Syndication Company in Los Angeles until 1982 when she decided to start her own practice in Northern California. A major portion of Ms. Felcyn's current practice is "Forensic Accounting", which involves valuation of business entities and investigation of assets. Ms. Felcyn has published tax articles for "The Tax Advisor" and co-authored a book published in 1982, "International Tax Planning". Ms. Felcyn has a degree in Business Economics from Trinity University and is a member of the American Institute of CPA's.
| 2003 Stock Option Plan (right to buy) | $.102 | 2/16/2005 | A | 100000 | 2/16/2005 | 2/16/2010 | Common $.00001 par value | 100000 | $0 | 100000 | D |
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| 2003 Stock Option Plan (right to buy) | $.102 | 9/14/2007 | M | 100000 | 2/16/2005 | 2/16/2010 |
Next Up?...all remaining BOD members?
Go PTSC Onwards and Upwards!
Cheers~
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