Note 7 - Convertible Notes Payable - Related Party

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Debt Disclosure [Text Block]

7. Convertible Notes Payable – Related Party. As of December 31, 2017, the amount of convertible debt of the Company’s balance sheet was $886,481. This amount consisted of five convertible promissory notes payable to Dr. Stephen T. Chen, Chairman, CEO, and President, as shown in the table below. On January 8, 2018, Dr. Chen demanded repayment in full of the $25,000 convertible promissory note. He was paid the principal of the note, $25,000, and accrued interest in the amount of $83.

On

March 8, 2018,

Dr. Chen demanded repayment in full of the

$70,000

convertible promissory note. He was paid the principal of the note,

$70,000,

and accrued interest in the amount of

$425.

On

March 9, 2018,

Dr. Chen demanded a partial repayment of the convertible promissory note for

$384,555.

He demanded payment in the amount of

$100,000

and was paid that amount of principal of the note,

$100,000,

and accrued interest in the amount of

$3,259.61.

On

April 1, 2018,

Dr. Chen executed and presented a Promissory Note Conversion Notice exercising his option to convert

$178,125

principal amount of the Note bearing a balance of

$284,555

into ABI Common Stock shares in accordance with the terms of the Note.  On

April 2, 2018,

and

April 6, 2018,

550,000

shares and

400,000

shares, respectively, were issued pursuant to Dr. Chen’s instructions.  The shares were issued at

$.1875

per share, the Conversion Price stated in the Note.  After the conversion, the new balance of the Note was

$106,430.

	June 30, 2018		December 31, 2017
Convertible Note payable – related party	$	144,426	$	144,426
Convertible Note payable – related party		262,500		262,500
Convertible Note payable – related party		106,430		384,555
Convertible Note payable – related party		-		70,000
Convertible Note payable – related party		-		25,000
Convertible Notes payable – related party	$	513,356	$	886,481