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Note 10 - Related Party
6 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]
10.
Related Party.
On
February 9, 2018,
Dr. Chen received
1,000,000
shares of ABI common stock as repayment for advancing
$187,500
to ABI 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
March 27, 2018,
effective as of
January 1, 2018,
the Board of Directors approved a resolution whereby Dr. Chen's annual compensation was changed to
$240,000
cash per annum and
$100,000
per annum payable in the Company's unregistered, voting common stock. The Board also approved the change in compensation to Bernard Cohen to
$70,000
cash per annum and
$12,000
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. During the period ended
June 30, 2018,
the Company has issued an aggregate of
86,698
shares of common stock valued at
$21,250
as payment for the
fourth
quarter
2017
accrual. As of
June 30, 2018,
the Company has accrued
$56,000
in Accounts Payable and Accrued Expenses representing
first
and
second
quarters of
2018
shares that have
not
been issued.
 
On
April 1, 2018,
Dr. Stephen T. Chen, ABI Chairman, CEO, and President, a related party, 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. ABI made the conversion, reduced the debt accordingly, and issued the shares as requested by Dr. Chen.