Note 6 - Related Party Transactions

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

6

. Related Party Transactions

As discussed in Note

4,

as of

December 31, 2019

and

2018,

the Company has convertible notes payable of

$428,581

and

$513,356,

respectively due to Dr. Stephen T. Chen, CEO and President of ABI. The notes are unsecured and are due on demand. Interest expense related to these notes for

2019

and

2018

was

$4,094

and

$4,024.

On

July 12, 2018,

Dr. Stephen T. Chen, Chairman, CEO, and President of ABI and CEO of ACTS Global, received

125,852

ABI Restricted Common voting shares as remuneration for his ownership, stockholder interest in ACTS Global pursuant to the purchase of ACTS Global assets by ABI.  Dr. Chen is a related party by virtue of his position as shareholder and CEO of both ACTS Global and ABI.