Note 12 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

1

2

. Commitments and Contingencies

Lease commitment

Our executive and administrative offices are located at

4134

Business Park Drive, Amarillo, Texas in a

1,800

square-foot facility rented by the Company. The lease expires on 

June

30,

2017

and our monthly rent is

$1,070

per month. During the years ended

December

31,

2016

and

2015,

the Company incurred

$12,715

and

$13,585

in rent expense, respectively.

The Company shares office space with ACTS Global Healthcare, Inc. in Taipei, Taiwan. The lease expires on

October

31,

2018

and our monthly rent is NTD

$70,000

per month. During the years ended

December

31,

2016

and

2015,

the Company incurred

$41,889

and

$0

in rent expense, respectively.

Litigation

The Company is not a party to any litigation and is not aware of any pending litigation or unasserted claims or assessments as of

December

31,

2016.

Officer

Compensation

On

December

20,

2016,

effective

January

1,

2017,

the Board of Directors approved a resolution whereby Dr. Chen’s annual compensation was changed to

$90,000

cash per annum and

$75,000

per annum payable in the Company’s unregistered, voting common stock. The Board also approved the change in compensation to Bernard Cohen to

$65,000

cash per annum and

$10,000

per annum payable in the Company’s unregistered, voting common stock. The cash compensation is to be paid on the normal payroll cycle of

15

th

and

31

st

of each month and stock compensation to be paid quarterly. Shares are to be priced at the average of all trading day closing quotes on the OTC-BB for the month preceding date of issuance, with such shares to be issued on the

first

business day after the close of each calendar quarter or as soon thereafter as practicable. The

first

such issuance to occur on

April

3,

2017.