Quarterly report pursuant to Section 13 or 15(d)

Note 8 - Investment in Macrophage Therapeutics, Inc.

Note 8 - Investment in Macrophage Therapeutics, Inc.
6 Months Ended
Jun. 30, 2017
Notes to Financial Statements  
Investments in and Advances to Affiliates, Schedule of Investments [Text Block]
Investment in Macrophage Therapeutics, Inc.
March 2015,
Platinum and Dr. Goldberg (collectively, the “MT Investors”) invested
respectively, in MT in exchange for shares of MT’s Series A Convertible Preferred Stock (“MT Preferred Stock”) and warrants to purchase common shares of MT (“MT Common Stock”). The MT Preferred Stock and warrants are convertible into, and exercisable for, MT Common Stock.
December 2015
May 2016,
Platinum made additional investments in MT totaling
MT was
obligated to provide anything in return, although it was considered likely that the MT Board of Directors would ultimately authorize some form of compensation to Platinum. During the year ended
December 31, 2016,
the Company recorded the entire additional
investment as a current liability pending determination of the form of compensation.
MT’s Board of Directors authorized modification of the original MT Preferred Stock to a convertible preferred stock with a
paid-in-kind (“PIK”) coupon retroactive to the time the initial investments were made. The conversion price of the MT Preferred Stock will remain at the
million initial market cap but a full ratchet was added to enable the adjustment of conversion price, warrant number and exercise price based on the valuation of the
institutional investment round. In addition, the MT Board of Directors authorized issuance of additional MT Preferred Stock with the same terms to Platinum as compensation for the additional
of investments made in
December 2015
May 2016.
Based on the decision to issue equity for the additional
of investments made by Platinum, the liability was reclassified to additional paid-in-capital in
January 2017.
As of the date of filing of this Form 
-Q, final documents related to the above transactions authorized by the MT Board have
been completed.