Note 4 - Common Stock

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

4. Common Stock. The shareholders have authorized 100,000,000 shares of voting common shares for issuance. On September 30, 2017, a total of 28,731,754 shares of common stock were either issued ( 23,078,668 ), reserved for conversion of convertible debt to stock ( 4,817,305 ), issuance to two Company officers as compensation, or held for future issue to a prepaid private placement investment ( 757,904 ).

On

March 10, 2016,

the Board of Directors approved

the Company to enter into private placements for the sale of up to

5,000,000

shares of the Company’s common stock (Private Placement

2016

-

2

) at a price of

$.1875

per share (aggregate offering amount of

$937,500

).

On

September 30, 2016,

the Board of Directors approved the Company to amend the previously authorized Private Placement

2016

-

2

offer, sale, and issuance

of unregistered securities. The Private Placement

2016

-

2

was amended to offer up to

10,000,000

shares of the Company’s common stock at a price of

$.1875

per share for an aggregate offering amount of

$1,875,000.

The offering is to be completed within

one

(

1

) year of the date of approval.

During the

first

quarter of

2017,

the Company sold

270,000

shares of common stock at

$.1875

per share for proceeds of

$50,625.

No

stock was sold during the

second

quarter of

2017.

During

third

quarter of

2017,

the Company sold

500,000

shares of common stock at

$.1875

per share for aggregate proceeds of

$93,750.

One of the investors was ABI Chairman, CEO, and President Dr. Stephen T. Chen purchasing

200,000

common shares at

$.1875

per share for total proceeds of

$37,500.

On

January 3, 2017,

Stephen T. Chen, CEO, and Bernard Cohen, CFO/VP, received

145,405

shares of common stock and

19,387

shares of common stock, respectively, as payment of a

2016

stock bonus totaling

$42,500.

The stock was issued at a price of

$.2579

per share pursuant to the Board of Directors resolution of

December 20, 2016.

The shares are recognized as stock compensation expense for the period ended

December 31, 2016.

On

April

3,

2017,

Stephen T. Chen, CEO, and Bernard Cohen, CFO/VP, received

76,095

shares of common stock and

10,146

shares of common stock, respectively, as payment of a

Q1

2017

stock bonus totaling

$21,250.

The stock was issued at a price of

$.2464

per share. The shares are recognized as stock compensation expense for the quarter ended

March 31, 2017.

On

July 7, 2017,

Stephen T. Chen, CEO, and Bernard Cohen, CFO/VP, received

74,552

shares of common stock and

9,940

shares of common stock, respectively, as payment of a

Q2

2017

stock bonus totaling

$21,250.

The stock was issued at a price of

$.2515

per share. The shares are recognized as stock compensation expense for the

quarter ended

June 30, 2017.

On

August 1, 2017,

57,000

common shares were issued at of

$.1875

per share representing payment of aggregate finders

’ fees in the amount of

$10,671.

In

September 2017,

the Company entered into a subscription agreement to

sell approximately

$1.4M

in shares at

$0.1875

per share (

7,579,059

shares). The Company accepted a

10%

deposit of

$142,107

which is recorded on the balance sheet as Stock Subscription Deposit. As of the filing date

no

shares have been issue.

On

October 26, 2017,

the Board of Directors unanimously approved a Consent Resolution authorizing the Company to amend the Private Placement

2016

-

2

offering to be extended through

April 26, 2018

and to offer an additional

5,000,000

shares at a price of

$.1875

per share. This amendment increased the aggregate offering amount to

$2,812,500.

On

October 31, 2017,

the Company filed the requisite Form D disclosing the amendment.