Note 6 - Common Stock

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

6. Common Stock. The shareholders have authorized 100,000,000 shares of voting common shares for issuance. On June 30, 2018, a total of 40,237,547 shares of common stock were either issued ( 34,674,261 ), reserved for conversion of convertible debt to stock ( 2,827,305 ), issuance to two Company officers as compensation ( 144,330 ), or held for future issue to prepaid private placement investments ( 2,139,034 ).

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.

On

October 26, 2017,

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

2016

-

2

offer, sale, and issuance of unregistered securities, such offering to be completed within

six

(

6

) months of the approval date of the amendment resolution. The Private Placement

2016

-

2

was amended to offer up to

15,000,000

shares of the Company’s common stock (in addition to any common stock issuable to satisfy conversion rights under the Convertible Promissory Notes offered in the Company’s Private Placement

2016

-

1

) at a price of

$.1875

per share for an aggregate offering amount of

$2,812,500.

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, Stephen T. Chen, Ph.D. purchasing

200,000

common shares at

$.1875

per share for total proceeds of

$37,500.

During the

first

quarter of

2018,

7,579,059

shares of common stock were issued to investors from the

2016

-

2

offering at

$.1875

per share pursuant to a private placement subscription executed on

September 13, 2017.

The payments were received between

September 18, 2017

and

December 18, 2017.

Also in the

first

quarter of

2018,

1,901,941

shares of common stock were issued to investors from the

2016

-

3

offering at

$.25

per share pursuant to a private placement subscription executed and received on

April 25, 2018.

Although the subscription was

not

executed until

April 25, 2018,

total funds of

$721,033

for

2,884,132

shares, were received in full by

December 26, 2017.

Since payment of the subscription was complete, the Company issued

1,901,941

shares of the stock early in the

first

quarter of

2018.

The balance of the subscribers’ names were subsequently received on

July 27, 2018.

On

April 25, 2018

the

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.

On

January 9, 2018,

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

76,499

shares of common stock and

10,199

shares of common stock, respectively, as payment of the

fourth

quarter,

2017,

stock compensation award totaling

$21,250.

The stock was issued at a price of

$.2451

per share pursuant to the Board of Directors resolution of

December 20, 2016.

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

December 31, 2017.

On

February 9, 2018,

Dr. Chen received

1,000,000

shares of ABI common stock as repayment for advancing

$187,500

between

March 18, 2016,

and

April 7, 2016,

as operating funds for ABI. The stock was issued at a price of

$.1875

per share.

On

April 1, 2018,

Dr. Chen converted

$178,125

of convertible notes payable for

950,000

common shares. The stock was issued at a price of

$.1875

per share as stated in the Note.