Note 7 - Related Party Transactions

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

NOTE 

7

– RELATED PARTY TRANSACTIONS

The Audit Committee has the responsibility to review and approve all transactions to which a related party and the Company

may

be a party prior to their implementation, to assess whether such transactions meet applicable legal requirements.

One of the Company’s directors, Richard L. Gabriel, is the Chief Operating Officer and serves as a director of GLG Pharma (“GLG”). Another Company director, Tim Krochuk, is on the supervisory board for GLG. In

September

20,

2016,

the Company entered into a partnership and exclusive reseller agreement with GLG. Under the terms of the agreement, GLG would develop rapid diagnostic tests that utilize fluid and tissue collected by the STREAMWAY System during procedures. The Company agreed to issue an aggregate of

400,000

shares of common stock to GLG in

four

separate tranches of

100,000

shares of common stock in each tranche. The shares reserved in each tranche would be released after the achievement of certain development milestones designated in the agreement. In addition, the Company would pay a royalty to GLG on the sale of individual tests. Also, on

November

1,

2016,

the Company announced that it agreed to grant GLG exclusive rights to market and distribute the STREAMWAY System in the U.K. On

November

2,

2016,

the Company announced that it agreed to grant GLG the same rights in Poland and certain other countries in Central Europe. In

April

2017,

the partnership and exclusive reseller agreement and the distribution agreements between the Company and GLG were terminated.