Quarterly report pursuant to Section 13 or 15(d)

Note 2 - Liquidity

Note 2 - Liquidity
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Substantial Doubt about Going Concern [Text Block]
As disclosed in the Company’s Annual Report on Form
-K and other filings, the Company is engaged in ongoing litigation with Capital Royalty Partners II L.P. (“CRG”) and is currently pursuing recovery of
million and other damages. See Note
The Company was also engaged in litigation with Platinum-Montaur Life Sciences LLC (“Platinum-Montaur”), an affiliate of Platinum Management (NY) LLC, Platinum Partners Value Arbitrage Fund L.P. (“PPVA”), Platinum Partners Capital Opportunity Fund (“PPCO”), Platinum Partners Liquid Opportunity Master Fund L.P., Platinum Liquid Opportunity Management (NY) LLC, and Montsant Partners LLC (collectively, “Platinum”), in which Platinum-Montaur was seeking damages of approximately
million plus interest. In
October 2018,
the court granted judgment for Navidea and dismissed all claims in the case, however, in
November 2018,
Platinum-Montaur filed a notice of appeal. It is
known at this time whether the court will hold oral argument on the appeal or when the court will render its decision. See Notes
In addition, the Company is engaged in litigation with our former President and Chief Executive Officer, Dr. Michael Goldberg. During the
quarter of
Navidea and MT filed complaints against Dr. Goldberg in New York and Delaware courts, and Dr. Goldberg filed a complaint against Navidea and MT in New York. See Notes
March 22, 2019,
the Company entered into a Stock Purchase Agreement with John K. Scott, Jr. (the “Investor”), pursuant to which the Company will issue to the Investor in a private placement (the “Private Placement”) up to
million in shares (the “Securities”) of the Company’s common stock, par value
per share (the “Common Stock”). The Company plans to use the proceeds from the Private Placement for general working capital purposes, including, without limitation, research and development, and other operating expenses. See Note
The Company is currently engaged in litigation with CRG, Platinum and Dr. Goldberg. In addition, the Company has experienced recurring net losses and has used significant cash to fund its operations. The Company has considerable discretion over the extent of development project expenditures and has the ability to curtail the related cash flows as needed. The recent Private Placement provides for up to
million of additional working capital. The Company also has funds remaining under outstanding grant awards, and continues working to establish new sources of funding, including collaborations, potential equity investments, and additional grant funding that can augment the balance sheet. However, based on our current working capital and our projected cash burn, and without definitive agreements in place for additional funding, management believes that there is substantial doubt about the Company’s ability to continue as a going concern for at least
months following the filing of this Quarterly Report on Form