Note 12 - Subsequent Events

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

Note

12.

Subsequent Events.

Management has evaluated subsequent events through the date of the filing of this Annual Report and management noted the following for disclosure.

Paycheck Protection Program SBA Loans

Our subsidiaries BLEST and Clyra Medical received advances of

$93,000

and

$43,000,

respectively from the Small Business Administration Paycheck Protection Program. The loans mature in

two

years and incur interest at

1%.

All or a portion of the loans

may

be forgiven if the companies comply with the terms of forgiveness as set forth by the Small Business Administration.

Investments Received

On

May 1, 2020,

Biolargo commenced a private offering of units, each unit consisting of (i) common stock, (ii) a

four

-month stock purchase warrant, and (iii) a

five

-year stock purchase warrant. Unit prices are set from time-to-time based on market conditions. The number of shares of common stock issued, and the number of shares available for purchase under each warrant, are based on the quotient of the unit price and investment amount (e.g., a

$100,000

investment and unit price of

$0.25

is equal to

400,000

shares). The

four

-month warrant exercise price is equal to

120%

of the unit price, and the

five

-year warrant is equal to

150%

of the unit price. As of the date of this report, we have received an aggregate

$142,000

of investments from

two

investors at unit prices equal to

$0.15,

issued

946,667shares

of our common stock, and issued warrants to purchase an aggregate

1,893,334

shares.

Sales to Lincoln Park

From

April 1, 2020,

through

May 12, 2020,

we sold

500,000

shares of our common stock to Lincoln Park and received

$73,000

in gross proceeds.

Capital Secured by Clyra Medical

From

April 1, 2020,

through

May 12, 2020,

Clyra Medical has sold

2,545

shares of its common stock and received

$775,000

in gross proceeds from

seven

investors pursuant to its private securities offering.