Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Going Concern Policy [Policy Text Block]

Going Concern

These financial statements have been prepared in accordance with United States generally accepted accounting principles (U.S. GAAP), on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has

not

yet achieved operating income, and its operations are funded primarily from debt and equity financings. However, losses are anticipated in the ongoing development of its business and there can be

no

assurance that the Company will be able to achieve or maintain profitability.

The continuing operations of the Company and the recoverability of the carrying value of assets is dependent upon the ability of the Company to obtain necessary financing to fund its working capital requirements, and upon future profitable operations. The accompanying financial statements do

not

include any adjustments relative to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty.

There can be

no

assurance that capital will be available as necessary to meet the Company’s working capital requirements or, if the capital is available, that it will be on terms acceptable to the Company. The issuances of additional equity securities by the Company

may

result in dilution in the equity interests of its current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase the Company’s liabilities and future cash commitments. If the Company is unable to obtain financing in the amounts and on terms deemed acceptable, the business and future success

may

be adversely affected and the Company

may

cease operations. These factors raise substantial doubt regarding our ability to continue as a going concern.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments

Under the Financial Account Standards Board Accounting Standards Codification (“FASB ASC”), we are permitted to elect to measure financial instruments and certain other items at fair value, with the change in fair value recorded in earnings. We elected

not

to measure any eligible items using the fair value option. Consistent with Fair Value Measurement Topic of the FASB ASC, we implemented guidelines relating to the disclosure of our methodology for periodic measurement of our assets and liabilities recorded at fair market value.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A

three

-tier fair value hierarchy prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level

1

measurements) and the lowest priority to unobservable inputs (level

3

measurements). These tiers include:

● Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;

● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one more significant inputs or significant value drivers are unobservable.

Our Level

1

assets and liabilities primarily include our cash and cash equivalents. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. The carrying amounts of accounts receivable, prepaid expense, accounts payable, accrued liabilities, advances from investors, and notes payable approximate fair value due to the immediate or short-term maturities of these financial instruments.

Share-based Payment Arrangement [Policy Text Block]

Stock-Based Compensation

Stock-based compensation expense is recorded in accordance with FASB ASC Topic

718,

Compensation – Stock Compensation

, for stock and stock options awarded in return for services rendered. The expense is measured at the grant-date fair value of the award and recognized as compensation expense on a straight-line basis over the service period, which is the vesting period. The Company estimates forfeitures that it expects will occur and records expense based upon the number of awards expected to vest.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

The Company classifies investments as cash equivalents if the original maturity of an investment is

three

months or less.

Revenue from Contract with Customer [Policy Text Block]

Revenue Recognition

In

May 2014,

the FASB issued ASU

2014

-

09,

Revenue from Contracts with Customers, and issued subsequent amendments to the initial guidance in

August 2015,

March 2016,

April 2016,

May 2016,

and

December 2016

within ASU

2015

-

14,

ASU

2016

-

08,

ASU

2016

-

10,

ASU

2016

-

12

and ASU

2016

-

20,

respectively. The core principle of this new revenue recognition guidance is that a company will recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new guidance defines a

five

-step process to achieve this core principle. The new guidance also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new guidance provides for

two

transition methods, a full retrospective approach and a modified retrospective approach.

On

January 1, 2018,

the Company adopted ASC Topic

606

using the modified retrospective method with

no

impact to the opening retained earnings and determined there were

no

changes required to its reported revenues as a result of the adoption.  An analysis of contracts with customers under the new revenue recognition standard was consistent with the Company's current revenue recognition model, whereby revenue is recognized primarily on the date products are shipped to the customer.  The Company has enhanced its disclosures of revenue to comply with the new guidance.

Results for reporting periods beginning after

January 1, 2018

are presented under ASC Topic

606,

while prior period amounts were

not

adjusted and continue to be reported in accordance with ASC Topic

605,

"Revenue Recognition."

The Company's primary source of revenue is the sale of products within

three

business units: the Medical, Pharmaceutical, and Consumer Product Divisions.

The Medical division periodically provides medical equipment to metabolism treatment centers in Taiwan and Hong Kong.  Additionally, this division provides TissueAid

TM

wound closure products to hospitals, clinics, and doctors' offices.  The Consumer Product division provides nutraceuticals and food supplements in Asian markets. Revenues are recognized for both these revenue streams when an agreement is in place, the price is fixed, title for product passes to the customer or services have been provided and collectability is reasonably assured, which is generally upon delivery to the customer. Revenues are recorded net of sales taxes.

The Pharmaceutical Division is currently seeking to leverage the Company's intellectual property and core technology, low-dose oral interferon, to expand treatment of the aforementioned neoplastic, viral, and fibrotic diseases as well as other potential indications.

Revenue recognized during the year ended

December 31, 2019

and

2018

was generated by the Consumer Product division

Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]

Allowance for Doubtful Accounts

The Company establishes an allowance for doubtful accounts to ensure trade and notes receivable are

not

overstated due to non-collectability. The Company’s allowance is based on a variety of factors, including age of the receivable, significant

one

-time events, historical experience, and other risk considerations. The Company had

no

material accounts receivable and

no

allowance at

December 31, 2019

or

2018.

$7,320

of uncollectible accounts receivables were written off in

2018.

Inventory, Policy [Policy Text Block]

Inventory

Inventories are stated at the lower of cost or market. Cost is determined on a

first

-in,

first

-out basis. The Company continually assesses the appropriateness of inventory valuations giving consideration to slow-moving, non-saleable, out-of-date or close-dated inventory.

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

Property and equipment are stated on the basis of historical cost less accumulated depreciation. Depreciation is provided using the straight-line method over the

two

to

seven

year estimated useful lives of the assets.

Intangible Assets, Finite-Lived, Policy [Policy Text Block]

Patents and Patent Expenditures

ABI holds patent license agreements and maintains patents that are owned by the Company. All patent license agreements remain in effect over the life of the underlying patents. Accordingly, the patent license fee is being amortized over the estimated life of the patent using the straight-line method. Patent fees and legal fees associated with the issuance of new owned patents are capitalized and amortized over the estimated

15

to

20

year life of the patent. The Company continually evaluates the amortization period and carrying basis of patents to determine whether subsequent events and circumstances warrant a revised estimated useful life or impairment in value.

No

patent costs were written off for the year ended

December 31, 2019.

For the year ended

December 31, 2018,

the Company wrote off patent costs with a net book value of approximately

$16,000

related to patents that have been dropped.

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Long-lived Assets

Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount.

No

impairment losses have been recorded since inception.

Income Tax, Policy [Policy Text Block]

Income Taxes

The asset and liability approach is used to account for income taxes by recognizing deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. The Company records a valuation allowance to reduce the deferred tax assets to the amount that is more likely than

not

to be realized.

Research and Development Expense, Policy [Policy Text Block]

Research and Development

Research and development costs are expensed as incurred. During the years ended

December 31, 2019,

and

December 31, 2018,

the Company incurred

$52,510

and

$32,591,

respectively, in expenses towards research activities associated with the development of its proprietary pulsatile infusion treatment. Other than corporate administrative and professional accounting fees related to maintaining public listing requirements, a significant portion, if

not

all, of the Company’s Selling, General & Administrative expenses were also allocated towards the research and development of ABI’s proprietary pulsatile insulin treatment.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Earnings Per Share, Policy [Policy Text Block]

Basic and Diluted Net

Income (

Loss

)

Per Share

As of

December 31, 2019,

potentially dilutive shares of

3,099,867

are

not

included in the calculation of fully diluted net loss per share as the effect with a net loss would be antidilutive.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentration of Credit Risk

Financial instruments that potentially subject the Company to significant concentration of credit risk consist principally of cash. The Company has cash balances in a single U.S. financial institution which, from time to time, could exceed the federally insured limit of

$250,000.

The Company maintains multiple accounts in its Taiwan Branch office which help to mitigate risk. As of

December 31, 2019,

cash held in Taiwan accounts amounted to

$69,634.No

loss has been incurred related to the aforementioned concentration of cash.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

In

February 2016,

the FASB issued Accounting Standards Update

No.

2016

-

02

(ASU

2016

-

02

), Leases (Topic

842

). ASU

2016

-

02

requires a lessee to record a right-of-use asset and a corresponding lease liability, initially measured at the present value of the lease payments, on the balance sheet for all leases with terms longer than

12

months, as well as the disclosure of key information about leasing arrangements. ASU

2016

-

02

requires recognition in the statement of operations of a single lease cost, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. ASU

2016

-

02

requires classification of all cash payments within operating activities in the statement of cash flows. Disclosures are required to provide the amount, timing and uncertainty of cash flows arising from leases. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. ASU

2016

-

02

is effective for fiscal years beginning after

December 15, 2018,

including interim periods within those fiscal years. Early application is permitted. The Company adopted ASU

2016

-

02

effective

January 1, 2019.

There was

no

impact on the Company’s financial statement presentation or disclosures.

In

June 2018,

the FASB issued Accounting Standards Update

2018

-

07,

Compensation – Stock Compensation (Topic

718

): Improvements to Nonemployee Share-Based Payment Accounting (“ASU

2018

-

07”

). ASU

2018

-

07

expands the scope of Topic

718

to include share-based payment transactions for acquiring goods and services from nonemployees. ASU

2018

-

07

also clarifies that Topic

718

does

not

apply to share-based payments used to effectively provide (

1

) financing to the issuer or (

2

) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Revenue from Contracts with Customers (Topic

606

). ASU

2018

-

07

is effective for fiscal years beginning after

December 15, 2018,

including interim periods within those fiscal years. Early adoption is permitted. The Company adopted the provisions of ASU

2018

-

07

in the quarter beginning

January 1, 2019.

The adoption of ASU

2018

-

07

is

not

expected to have any impact on the Company’s financial statement presentation or disclosures.

Other recent accounting pronouncements issued by the FASB, its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did

not

or are

not

believed by management to have a material impact on the Company’s present or future financial statements.