Note 15 - Subsequent Events

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Subsequent Events [Text Block]

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5

.  

Subsequent 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

February 13, 2020,

the Company received a conversion notice from Boyalife to convert a total of

$3,000,000

of the outstanding balance of the Second Amended and Restated Convertible Promissory Note (the “Note”) issued by the Company to Boyalife on

April 16, 2018.

The amount converted represents the unpaid accrued interest as of

December 31, 2019

of

$1,869,000

and

$1,131,000

of the outstanding principal balance. The conversion resulted in the issuance of

1,666,670

shares of the Company’s common stock at a conversion price of

$1.80

per share. Immediately after the conversion, the new outstanding principal balance of the Note was

$7,582,000.

On

March 17, 2020,

the Company’s wholly owned subsidiary ThermoGenesis Corp. entered into a Manufacturing and Supply Amending Agreement

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with CBR with an effective date of

March 16, 2020 (

the “Amendment”).  The Amendment amends the Manufacturing and Supply Agreement entered into on

May 15, 2017

by the Company and CBR (the “Original Agreement”).  The Amendment, among other things, amends the Original Agreement by lowering the default threshold under which CBR

may,

upon a default by the Company, purchase licensed products directly from the Company’s manufacturers and suppliers from

$2,000,000

to

$1,000,000

for a cash balance coupled with short-term investments net of debt or borrowed funds that are payable within

one

year at any month end unless the Company cures such default within

thirty

(

30

) days of the end of such month.