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Note 8 - Preferred Stock
12 Months Ended
Dec. 31, 2015
Disclosure Text Block Supplement [Abstract]  
Preferred Stock [Text Block]

8. Preferred Stock


The Company has authorized 10,000,000 shares of preferred stock shares for issuance.  


On the Effective Date of the Plan of Reorganization, 3,262 shares of Preferred Equity were converted to 171,684 shares of Common Equity. No Preferred Equity was outstanding as of December 31, 2015 and none is outstanding as of the Balance Sheet date of this report.


As of the filing date of the Chapter 11 Petition, October 31, 2013, Mr. Paul Tibbits, a stockholder and director, was owed $65,909 for accrued unpaid dividends and accrued interest on the unpaid dividends. The debt was discharged when ABI paid $3,471 and $484 in unpaid dividends and interest on unpaid dividends, respectively, in full and final settlement of the Class Four – General Unsecured Debt. Pursuant to the Rules of Bankruptcy, insomuch as the amounts owed to Mr. Tibbits were under-secured (there was no collateral securing this debt), no interest on unpaid dividends accrued from the filing date through the Effective Date of the Plan, November 20, 2014. Dividends, however, continued to accrue through November 20, 2014 as permitted by the U.S. Bankruptcy Code and Rules of Bankruptcy. At December 31, 2015, $34,279 of unpaid dividends have been accrued.