Note 6 - Related Party Transactions

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

6.	Related Party Transactions. On May 23, 2016, Amarillo Biosciences, Inc. (“ABI”), the Principal, entered into an Agency and Service Agreement with ACTS Global Healthcare, Inc. (“ACTS Global”), a Taiwan Corporation, the Agent. To date, ABI has advanced to ACTS Global “Principal Funds” in the amount of NTD $3,000,681 ($91,968 USD), to be utilized and /or expended by ACTS Global solely as instructed by ABI. Additional advances may be made by ABI to ACTS Global. ACTS Global was also engaged by ABI to perform such other business services as may be requested by ABI in the agreed geographic area of Taiwan and the People’s Republic of China. That Agency Agreement is still in force. For their services, ACTS Global, is be paid by ABI, one percent (1%) of the Principal’s services expended by the Agent at the Principal’s direction. Any other services rendered by the Agent will be paid for by the Principal based on comparable and/or reasonable values of the service rendered. As of March 31, 2017, ACTS Global has a balance of $37,835 to be utilized for the benefit of the Company, which is included on the Company’s Balance Sheet in Advance to related party.
	In April 2016, the Company received proceeds of $187,500 from an investor related to Amarillo Biosciences (Hong Kong) Ltd. in exchange for the potential issuance of 1,000,000 shares of common stock (Private Placement 2016 - 2). As of March 31, 2017, the shares have not been issued and the amount received is included in Advances from related party. As of the filing date, the stock subscription has not been executed.
	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 15th and 31st 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. As of the filing date, the shares have not been issued. As of March 31, 2017, the Company has recognized $21,250 as stock compensation, which is included on the Company’s Balance Sheet in Accounts Payable and Accrued Expenses.