Note 8 - Subsequent Events

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

8.

Subsequent Events

On July 29, 2020, the Company renewed its Directors and Officers Liability Insurance Policy for the period July 29, 2020 through July 29, 2021. The Company tendered payment for extended coverage from June 1, 2020 through June 29, 2020, for the U.S. and Taiwan Branch Office policies and a down-payment for the financing of the premium balance for the renewal period. The Company entered into a finance agreement with BankDirect Capital Finance for the renewal amount of $67,687 less the down-payment of $27,675. The remaining balance of $40,012 is to be carried at a six percent ( 6% ) annual percentage rate for eight monthly payments of $5,115 principal and interest. The total finance charge paid will be $905 over the course of the agreement. On July 28, 2020, Dr. Stephen T. Chen, Chairman, CEO, President, and CFO, executed and submitted a Private Place Memorandum for the purchase of 520,833 Common voting shares at $0.192 per share through the Company's 2020 - 1 Private Placement Stock Offering. The total amount of the investment is $100,000 of which $50,000 has been submitted by Dr. Chen. The balance of the cash is expected to be received by August 31, 2020, at which time the shares will be issued.