Note 9 - Subsequent Events

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

9.

     

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

July 13, 2020,

the Company, entered into a Manufacturing and Supply Amending Agreement

#2

with CBR with an effective date of

July 13, 2020 (

the “Amendment”). The Amendment, among other things, revised the amount of certain products to be purchased, pricing of those products and removal of the safety stock requirement. In addition, the Amendment updated the financial requirement to exclude convertible debt from the definition of short-term debt under events or conditions that constitute a default. The Amendment states that the Company's cash balance and short-term investments net of non-convertible debt and borrowed funds that are payable within

one

 year must be greater than

$1,000,000

 at any month end.

On

August 11, 2020,

the Company entered into a Supply Agreement with BioHit Healthcare (Hefei) Co., Ltd. with an effective date of

August 11, 2020 (

the “BioHit Agreement”).  The BioHit Agreement authorizes the Company to market, under the ThermoGenesis brand, BioHit's SARS-CoV-

2

IgM/IgG Antibody Test Kit, which has already received Emergency Use Authorization from the U.S. Food and Drug Administration.  The term of the agreement is

one

year. 

On

August 12, 2020,

the Company's JV, ImmuneCyte agreed to allow the Company to return its existing inventory of testing kits and refund all mark-up on sales to the Company.  Additionally, ImmuneCyte and the Company agreed to work together to attempt to secure a refund from the original manufacturer for the remaining amount the Company paid for kits.  If a refund is obtained, it will be recognized when received.