Note 10 - Subsequent Events

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Subsequent Events [Text Block]

10. Subsequent Events

On

April 25, 2018,

a Conference Telephone Meeting of the ABI Board of Directors was held. The meeting was presided over by Dr. Stephen T. Chen, Chairman, CEO, and President. A quorum was present for the meeting and the actions as shown below were approved by the Board of Directors.

Mr. Ed Morris, Corporate Secretary and General Counsel, was elected to serve as a Director of the Company until such time as his successor shall be duly elected and qualified.

The previously approved

2016

-

3

Private Placement of the Company’s voting common stock was amended increasing the maximum shares in the offering to

30

million and the maximum proceeds to

$7.5

million. The offering is to be completed within

one

(

1

) year of the Board action.

It was approved that the compensation packages previously approved on

March 27, 2018,

for Executive Officers Dr. Stephen T. Chen and Bernard Cohen, be submitted at the next shareholders meeting for a non-binding advisory vote.

It was approved to amend the Company’s Bylaws to allow up to

two

Board vacancies, which have been created by virtue of an expansion of the size of the Board, to be filled by the Board of Directors.

It was approved that the size of the Board of Directors be expanded to

nine

(

9

) Directors from the current fixed number of seven.