In the Company completed the sale to Cardinal Health LLC (“Cardinal Health ) of its assets used in developing, manufacturing and commercializing Lymphoseek in North America. See Note Following the sale to Cardinal Health the Company is primarily focused on commercializing its tilmanocept products in markets outside the U.S. and on developing additional products based on our Manocept™ platform.

 

Our consolidated financial statements include the accounts of Navidea and our wholly-owned subsidiaries, Navidea Biopharmaceuticals Limited and Cardiosonix Ltd, as well as those of our majority-owned subsidiary, Macrophage Therapeutics, Inc. (“MT”). All significant inter-company accounts were eliminated in consolidation. Cardiosonix was legally dissolved in

 

Our consolidated balance sheets and statements of operations have been reclassified, as required, for all periods presented to reflect the Business as a discontinued operation. Cash flows associated with the operation of the Business have been combined with operating, investing and financing cash flows, as appropriate, in our consolidated statements of cash flows. See Note

 

Certain prior period amounts also have been reclassified to conform to the current year’s presentation, including the adoption of Accounting Standards Update (“ASU”) - and cash flows related to loss on extinguishment of debt.

 

 

 

 

 

 

 

In the FASB issued ASU - . ASU - requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and restricted cash or equivalents. Therefore, restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU - is effective for public business entities for fiscal years beginning after and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts ASU - in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. We adopted ASU - effective The adoption of ASU - resulted in reclassification of million of restricted cash in the consolidated statement of cash flows for the -month period ended

 

In the FASB issued ASU - . ASU - amends Accounting Standards Codification (“ASC”) Topic to provide guidance on accounting for the tax effects of the Tax Cuts and Jobs Act (the “Tax Act”) pursuant to Staff Accounting Bulletin ASU - addresses situations where the accounting under ASC Topic is incomplete for certain income tax effects of the Tax Act upon issuance of the entity’s financial statements for the reporting period in which the Tax Act was enacted. The adoption of ASU - in did have a material effect on our consolidated financial statements.

 

 

In the FASB issued ASU - . ASU - expands the scope of Topic to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost. ASU - specifies that Topic applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards, and that Topic does apply to share-based payments used to effectively provide () financing to the issuer or () awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic . ASU - is effective for public business entities for fiscal years beginning after including interim periods within that fiscal year. The adoption of ASU - is expected to have a significant impact on our consolidated financial statements.

 

In the FASB issued ASU - . ASU - updates a variety of topics in order to clarify, correct errors, or make minor improvements to the Codification, making it easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. Certain amendments in ASU - are effective upon issuance, others are effective for annual periods beginning after for public business entities, and some have been made to recently issued guidance and will be subject to the effective dates within the relevant guidance. The adoption of ASU - is expected to have a significant impact on our consolidated financial statements.

 

Also in the FASB issued ASU - , and ASU - . ASU - updates Topic in order to clarify narrow aspects of the guidance issued in ASU - . ASU - provides entities with an additional (and optional) transition method to adopt the new leases standard. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new leases standard will continue to be in accordance with current GAAP (Topic ). An entity that elects this transition method must prove the required Topic disclosures for all periods that continue to be in accordance with Topic The amendments in ASU - and ASU - are effective when ASU - is effective, for fiscal years beginning after We do expect the adoption of ASU - and ASU - to have a significant impact on our consolidated financial statements.

 

In the FASB issued ASU - . ASU - modifies the disclosure requirements on fair value measurements in Topic Fair Value Measurement, including the consideration of costs and benefits. ASU - removes the requirements to disclose () the amount of and reasons for transfers between Level and Level of the fair value hierarchy, () the policy for timing of transfers between levels, () the valuation processes for Level fair value measurements, and () for nonpublic entities, the changes in unrealized gains and losses for the period included in earnings for recurring Level fair value measurements held at the end of the reporting period. ASU - also modifies certain disclosure requirements as follows: () in lieu of a rollforward for Level fair value measurements, a nonpublic entity is required to disclose transfers into and out of Level and purchase and issuances of Level assets and liabilities, () for investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly, and () the amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. Finally, ASU - adds the requirements to disclose () the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level fair value measurements held at the end of the reporting period, and () the range and weighted average of significant unobservable inputs used to develop Level fair value measurements. The amendments in ASU - are effective for fiscal years, and interim periods within those fiscal years, beginning after We do expect the adoption of ASU - to have any impact on our consolidated financial statements, however it have an impact on our fair value disclosures.