Note 8 - Subsequent Events	3 Months Ended
Mar. 31, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	8 . S UBSEQUENT EVENTS The Company has evaluated events subsequent to the balance sheet date for inclusion in the accompanying consolidated financial statements through the date of issuance and determined that no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosures in the notes thereto other than as disclosed below. On April 21, 2020, the Company entered into a promissory note and received a loan (collectively, the “PPP Loan”) from Comerica Bank (“Comerica”) under the Paycheck Protection Program (“PPP”), which was established under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) administered by the U.S. Small Business Administration. The Company received net proceeds of $646,000 from the PPP Loan. The term of the PPP Loan is two years with an interest rate of 1.00% per annum, which shall be deferred for the first six months of the term of the loan. Pursuant to the terms of the CARES Act, the proceeds of the PPP Loan may be used for payroll costs, mortgage interest, rent or utility costs. The promissory note of the PPP Loan contains customary events of default relating to, among other things, payment defaults, breach of representations and warranties, or provisions of the promissory note. The occurrence of an event of default may result in a claim for the immediate repayment of the amount outstanding under the PPP Loan. On April 28, 2020, the Company borrowed an additional $2,418,000 under the Credit Agreement (see Note 3, Related Party Transactions). As a result of such borrowing and after giving effect to the borrowing, the outstanding principal balance under the Note was $10,000,000 and accrued but unpaid interest was $580,000 as of April 28, 2020. The principal purpose of the borrowing was to provide working capital to fund the Company’s purchase of SARS-CoV- 2 (COVID- 19 ) IgM/IgG Antibody Fast Detection Kits from ImmuneCyte (see Note 3, Related Party Transactions). Between April 7, 2020 – May 12, 2020, the Company received exercise notices for 263,216 warrants that were issued at $6 per share as part of the financing transaction the Company completed in May 2018. Approximately $1,600,000 in cash was received for the exercises. As of May 12, 2020, 626,821 of the warrants issued at $6 per share in the May 2018 transaction remain outstanding. In April 2020, the remaining $188,000 of the convertible note issued in January 2019 was converted for 104,445 shares. Additionally, 224,445 pre-funded warrants that were issued in a financing transaction in April 2019 were exercised. As of the date of this filing, no pre-funded warrants remain outstanding from the April 2019 financing.

UBSEQUENT EVENTS

The Company has evaluated events subsequent to the balance sheet date for inclusion in the accompanying consolidated financial statements through the date of issuance and determined that

subsequent events have occurred that would require recognition in the consolidated financial statements or disclosures in the notes thereto other than as disclosed below.

April 21, 2020,

the Company entered into a promissory note and received a loan (collectively, the “PPP Loan”) from Comerica Bank (“Comerica”) under the Paycheck Protection Program (“PPP”), which was established under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) administered by the U.S. Small Business Administration. The Company received net proceeds of

$646,000

from the PPP Loan. The term of the PPP Loan is

two

years with an interest rate of

1.00%

per annum, which shall be deferred for the

first

six

months of the term of the loan. Pursuant to the terms of the CARES Act, the proceeds of the PPP Loan

may

be used for payroll costs, mortgage interest, rent or utility costs. The promissory note of the PPP Loan contains customary events of default relating to, among other things, payment defaults, breach of representations and warranties, or provisions of the promissory note. The occurrence of an event of default

may

result in a claim for the immediate repayment of the amount outstanding under the PPP Loan.

April 28, 2020,

the Company borrowed an additional

$2,418,000

under the Credit Agreement (see Note

Related Party Transactions). As a result of such borrowing and after giving effect to the borrowing, the outstanding principal balance under the Note was

$10,000,000

and accrued but unpaid interest was

$580,000

as of

April 28, 2020.

The principal purpose of the borrowing was to provide working capital to fund the Company’s purchase of SARS-CoV-

(COVID-

) IgM/IgG Antibody Fast Detection Kits from ImmuneCyte (see Note

Related Party Transactions).

Between

April 7, 2020 –

May 12, 2020,

the Company received exercise notices for

263,216

warrants that were issued at

per share as part of the financing transaction the Company completed in

May 2018.

Approximately

$1,600,000

in cash was received for the exercises. As of

May 12, 2020,

626,821

of the warrants issued at

per share in the

May 2018

transaction remain outstanding.

April 2020,

the remaining

$188,000

of the convertible note issued in

January 2019

was converted for

104,445

shares. Additionally,

224,445

pre-funded warrants that were issued in a financing transaction in

April 2019

were exercised. As of the date of this filing,

pre-funded warrants remain outstanding from the

April 2019

financing.