In we entered into an agreement with Platinum-Montaur to provide us with a credit facility of up to million (the “Platinum Loan Agreement”). In the Company issued shares of our Common Stock to Dr. Goldberg, of which approximately shares valued at million were applied as final payment of the Platinum debt, including principal and accrued interest of million and loss on extinguishment of debt of million. During the year ended of interest was compounded and added to the balance of the Platinum debt. See Notes and

 

 

In Navidea and MT, as guarantor, executed a Term Loan Agreement (the “CRG Loan Agreement”) with CRG in its capacity as a lender and as control agent for other affiliated lenders party to the CRG Loan Agreement (collectively, the “Lenders”) in which the Lenders agreed to make a term loan to the Company in the aggregate principal amount of million (the “CRG Term Loan”). Closing and funding of the CRG Term Loan occurred on the “Effective Date”). The principal balance of the CRG Term Loan bore interest from the Effective Date at a per annum rate of interest equal to The Company initially had the option of paying (i) of the per annum interest in cash and (ii) of the per annum interest as compounded interest which is added to the aggregate principal amount of the CRG Term Loan. During and a total of million of interest was compounded and added to the balance of the CRG Term Loan. In addition, the Company began paying the cash portion of the interest in arrears on Principal was due in equal quarterly installments during the final years of the term. All unpaid principal, and accrued and unpaid interest, was due and payable in full on Pursuant to a notice of default letter sent to Navidea by CRG in the Company stopped compounding interest in the quarter of and began recording accrued interest.

 

The CRG Term Loan was collateralized by a security interest in substantially all of the Company's assets. In addition, the CRG Loan Agreement required that the Company adhere to certain affirmative and negative covenants, including financial reporting requirements and a prohibition against the incurrence of indebtedness, or creation of additional liens, other than as specifically permitted by the terms of the CRG Loan Agreement. The Lenders could accelerate the payment terms of the CRG Loan Agreement upon the occurrence of certain events of default set forth therein. An event of default would entitle CRG to accelerate the maturity of the CRG Term Loan, increase the interest rate from to the default rate of per annum, and invoke other remedies available to it under the loan agreement and the related security agreement.

 

During the course of CRG alleged multiple claims of default on the CRG Loan Agreement, and filed suit in the District Court of Harris County, Texas (the “Texas Court”) on On CRG exercised control over of the Company’s primary bank accounts and took possession of million that was on deposit, applying million of the cash to various fees, including collection fees, a prepayment premium and an end-of-term fee. The remaining was applied to the principal balance of the debt. Multiple motions, actions and hearings followed over the remainder of and into

 

On the Company entered into a Global Settlement Agreement with MT, CRG, and Cardinal Health In accordance with a Global Settlement Agreement, on the Company repaid million of its indebtedness and other obligations outstanding under the CRG Term Loan.

 

Following a trial in the Texas Court ruled that the Company’s total obligation to CRG was in excess of million, limited to million under the Global Settlement Agreement. The Texas Court acknowledged only the million payment made in concluding that the Company owed CRG another million, however the Texas Court did expressly take the Company’s payment of million into account and awarded, as part of the million, amounts that had already been paid as part of the million. In CRG drew approximately million on a letter of credit that was established pursuant to the Global Settlement Agreement. This was in addition to the million and the million that Navidea had previously paid to CRG. See Notes and

 

 

In we prepaid of insurance premiums through the issuance of a note payable to IPFS Corporation (“IPFS”) with an interest rate of The note was payable in monthly installments of with the final payment made in In we prepaid of insurance premiums through the issuance of a note payable to IPFS with an interest rate of The note was payable in monthly installments of with the final payment made in

 

Interest expense related to the IPFS notes payable totaled and during the years ended and respectively. The balance of the IPFS note was approximately as of and was included in notes payable, current in the consolidated balance sheets.

 

 

In we prepaid of insurance premiums through the issuance of a note payable to First Insurance Funding (“FIF”) with an interest rate of The note is payable in monthly installments of with the final payment due in

 

Interest expense related to the FIF note payable totaled during the year ended The balance of the FIF note was approximately as of and was included in notes payable, current in the consolidated balance sheets.

 

 

During the years ended and we recorded interest expense of and respectively, related to our notes payable. Of those amounts, and was compounded and added to the balance of the Platinum debt during the year ended

 

Annual principal maturities of our notes payable are in