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Note 7 - Convertible Note Payable - Related Party

3 Months Ended

Mar. 31, 2016

Convertible Note Payable – Related Party. On July 31, 2015, two investors paid a total of $225,000 for their subscribed investment to the Yang Group for an investment in 1,200,000 shares of ABI common stock. The investors agreed to pay a premium of $0.07 per share over the original cost of the stock, which was $0.12 per share. The Company allocated $144,426 as an Accounts payable – related party to Dr. Chen for his previous advances to the Company through The Yang Group. The remaining $80,574 was recognized as “additional paid in capital” (APIC) during the year ended December 31, 2015.

Shares Subscribed	Purchase Price		Purchase Premium		Total
200,000	$	24,071	$	13,429	$	37,500
1,000,000		120,355		67,145		187,500
1,200,000	$	144,426	$	80,574		225,000
Less: Due to Dr. Stephen Chen						(144,426	)
Additional paid in capital					$	80,574

Subsequently, an offering of $1,000,000 of Convertible Notes was made with a conversion rate of $0.168 per share. The SEC Form D was filed on April 7, 2016, and the first sale was a Convertible Promissory Note for the face amount of $144,426 to Dr. Stephen Chen, who as consideration to the Company, forwent immediate collection of the $144,126 mentioned in the preceding paragraphs.