Quarterly report pursuant to Section 13 or 15(d)

Note 11 - Equity

Note 11 - Equity

3 Months Ended

Mar. 31, 2020

Stockholders' Equity Note Disclosure [Text Block]

Equity

December 2019,

the Company executed a Stock Purchase Agreement with the investors named therein. Pursuant to the Stock Purchase Agreement, the investors agreed to purchase approximately

2.1

million shares of the Company’s Common Stock in a private placement for aggregate gross proceeds to the Company of approximately

$1.9

million. Of this amount, approximately

$1.1

million was received during

2019,

resulting in approximately

$812,000

of stock subscriptions receivable as of

December 31, 2019.

The remaining

$812,000

of proceeds were received and the related Common Stock was issued in

January 2020.

In accordance with current accounting guidance, the

$812,000

of stock subscriptions receivable was included in accounts and other receivables in the consolidated balance sheet at

December 31, 2019.

February 2020,

the Company executed agreements with

two

existing investors to purchase approximately

4.0

million shares of the Company’s Common Stock for aggregate gross proceeds to Navidea of approximately

$3.4

million. Of this amount, approximately

$850,000

was received during the

first

quarter of

2020.

An additional

$1.7

million was received and the related Common Stock was issued during the

second

quarter of

2020

through the date of filing this Quarterly Report on Form

-Q. As a result, the Company recorded approximately

$1.7

million of stock subscriptions receivable as of

March 31, 2020.

The remaining

$913,000

of proceeds have

not

been received as of the date of filing this Quarterly Report on Form

-Q. In accordance with current accounting guidance, the

$1.7

million of stock subscriptions receivable was included in accounts and other receivables, and the

$913,000

of stock subscriptions receivable was included in common stock subscriptions receivable in the consolidated balance sheet at

March 31, 2020.

Navidea intends to use the net proceeds from these transactions to fund its research and development programs, including continued advancement of its

two

Phase

and Phase

clinical trials of

Tc99m

tilmanocept in patients with rheumatoid arthritis, and for general working capital purposes and other operating expenses. See Note

During the

three

-month period ended

March 31, 2020,

we issued

53,315

shares of our common stock valued at

$65,000

to our employees as partial payment in lieu of cash for their

2019

bonuses.