Note 16 - Grant Funding

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Grant Funding [Text Block]

( 16 ) Grant Funding

In

June 2016,

the Company entered into a grant agreement with Maryland Technology Development Corporation (TEDCO). TEDCO was created by the Maryland State Legislature in

1998

to facilitate the transfer and commercialization of technology from Maryland's research universities and federal labs into the marketplace. TEDCO administers the Maryland Stem Cell Research Fund to promote State funded stem cell research and cures through financial assistance to public and private entities operating within the State. Under the agreement, TEDCO has agreed to provide the Company an amount

not

to exceed

$750,000

to be used solely to finance the costs to conduct the research project entitled “Heart Failure Trial” over a period of

three

years. This agreement has been extended for another year to

June 2021.

As of

December 31, 2020,

the Company has received approximately

$750,000

under the grant which is accounted for as a reduction to research and development expenses as the related qualifying costs are incurred. Approximately

$135,000

of the qualifying costs had been incurred as of

December 31, 2020.

The remaining

$615,000

was recorded as grant liability on the consolidated balance sheet at

December 31, 2020.

The amount is recorded as a liability as the amounts are refundable, should a default by the Company, as defined in the agreement, occur prior to incurring the qualifying costs.