TEXAS
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75-1974352
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(State or other jurisdiction of incorporation or organization)
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(IRS Employer Identification No.)
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4134 Business Park Drive, Amarillo, Texas 79110
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(Address of principal executive offices) (Zip Code)
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(806) 376-1741
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(Issuer's telephone number, including area code)
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Large accelerated filer [ ]
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Accelerated filer [ ]
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Non-accelerated filer [ ] (do not check if smaller reporting company)
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Smaller reporting company [√]
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PAGE NO.
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PART I:
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FINANCIAL INFORMATION
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ITEM 1.
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Financial Statements
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Balance Sheets– March 31, 2016 and December 31, 2015 (unaudited)
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3
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Statements of Operations – Three Months Ended March 31, 2016 and 2015 (unaudited)
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4
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Condensed Statements of Cash Flows – Three Months Ended March 31, 2016 and 2015 (unaudited)
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5
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Notes to Financial Statements (unaudited)
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6
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ITEM 2.
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Management's Discussion and Analysis of Financial Condition and Results of Operations
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9
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ITEM 3.
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Quantitative and Qualitative Disclosures About Market Risk.
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13
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ITEM 4.
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Controls and Procedures
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16
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PART II:
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OTHER INFORMATION
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ITEM 1.
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Legal Proceedings
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17
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ITEM 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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17
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ITEM 3.
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Defaults Upon Senior Securities
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18
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ITEM 4.
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Mine Safety Disclosures
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18
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ITEM 5.
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Other Information
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18
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ITEM 6.
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Exhibits……………………………………………………………
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18
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Signatures
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19
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ITEM 1. | Financial Statements |
March 31,
2016
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December 31,
2015
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|||||||
Assets
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||||||||
Current assets:
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||||||||
Cash and cash equivalents
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$
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264,184
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$
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21,138
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||||
Prepaid expense and other current assets
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1,977
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18,154
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||||||
Total current assets
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266,161
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39,292
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||||||
Patents, net
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76,962
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72,105
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||||||
Property and equipment, net
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5,468
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5,798
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||||||
Total assets
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$
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348,591
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$
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117,195
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||||
Liabilities and Stockholders' Deficit
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||||||||
Current liabilities:
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||||||||
Accounts payable and accrued expenses
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$
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86,252
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$
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58,550
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||||
Accrued interest - related parties
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2,041
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1,706
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||||||
Accounts payable - related parties
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75,000
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144,426
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||||||
Notes payable – related parties
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384,555
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384,555
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||||||
Convertible note payable – related party
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144,426
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-
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||||||
Total current liabilities
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692,274
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589,237
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||||||
Total liabilities
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692,274
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589,237
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||||||
Commitments and contingencies
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||||||||
Stockholders' deficit
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||||||||
Preferred stock, $0.01 par value:
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||||||||
Authorized shares - 10,000,000
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||||||||
Issued and outstanding shares – 0 at March 31, 2016 and December 31, 2015
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-
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-
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||||||
Common stock, $0.01 par value:
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||||||||
Authorized shares - 100,000,000
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||||||||
Issued and outstanding shares – 20,144,810 at March 31, 2016 and December 31, 2015
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201,448
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201,448
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||||||
Additional paid-in capital
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173,128
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(76,872
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)
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Accumulated deficit
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(718,259
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)
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(596,618
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)
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Total stockholders' deficit
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(343,683
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)
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(472,042
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)
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Total liabilities and stockholders' deficit
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$
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348,591
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$
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117,195
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Three Months Ended March 31
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||||||||
2016
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2015
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|||||||
Revenues:
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||||||||
Sales – Herbs
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$
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4,400
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$
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-
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||||
Total revenues
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4,400
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-
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||||||
Cost of revenues:
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||||||||
Product sales
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5,100
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-
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||||||
Total cost of revenues
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5,100
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-
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Gross margin
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(700
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)
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-
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|||||
Operating expenses:
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Research and development expenses
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-
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-
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Selling, general and administrative expenses
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120,579
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111,818
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||||||
Total operating expenses
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120,579
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111,818
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Operating loss
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(121,279
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)
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(111,818
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)
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Other income (expense):
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||||||||
Interest expense
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(362
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)
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(271
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)
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Net loss
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(121,641
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)
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(112,089
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)
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Preferred stock dividend
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-
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-
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||||||
Net loss applicable to common shareholders
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$
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(121,641
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)
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$
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(112,089
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)
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Basic and diluted net loss per average share available to common shareholders
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$
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(0.01
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)
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$
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(0.01
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)
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Weighted average common shares outstanding – basic and diluted
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20,144,810
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20,144,810
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Three months ended March 31,
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||||||||
2016
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2015
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Net cash provided by (used in) operating activities:
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$
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1,663
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$
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(73,011
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)
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Cash flows from investing activities:
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||||||||
Investment in equipment
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-
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(6,140
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)
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Investment in patents
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(8,617
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)
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(58
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)
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Net cash used in investing activities
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(8,617
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)
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(6,198
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)
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Cash flows from financing activities:
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||||||||
Proceeds from private placement offering
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250,000
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-
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Net cash provided by financing activities
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250,000
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-
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Net change in cash
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243,046
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(79,209
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)
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Cash and cash equivalents at beginning of period
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21,138
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318,556
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Cash and cash equivalents at end of period
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$
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264,184
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$
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239,347
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Supplemental disclosure of cash flow information:
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||||||||
Cash paid for interest
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$
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-
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$
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-
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Cash paid for income taxes
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$
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-
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$
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-
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Noncash transactions:
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||||||||
Conversion of accounts payable – related party to convertible note payable – related party
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$
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144,426
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$
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-
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1.
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Organization and Business. Amarillo Biosciences, Inc. (the "Company" or "Amarillo" or "ABI"), a Texas corporation formed in 1984, is engaged in developing biologics for the treatment of human and animal diseases. The Company's current focus is research aimed at the treatment of human disease indications, particularly influenza, hepatitis C, thrombocytopenia, and other indications using natural human interferon alpha that is administered in a proprietary low dose oral form. In addition to the above core technology ABI is exploring the possibility of instituting new revenue streams along with the core technology thus expanding the Company's current focus into a diversified business portfolio.
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2.
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Basis of presentation. The accompanying financial statements, which should be read in conjunction with the financial statements and footnotes included in the Company's Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission, are unaudited, but have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2016.
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3.
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Financial Condition. These financial statements have been prepared in accordance with United States generally accepted accounting principles, 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.
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4.
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Common Stock. The shareholders have authorized 100,000,000 shares of voting common shares for issuance. On March 31, 2016, a total of 21,013,057 shares of common stock were either outstanding (20,144,810) or reserved for issuance upon exercise of options (8,568) or conversion of convertible debt to stock (859,679). No common stock was issued in the three months ending March 31, 2016.
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5.
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Common Stock Options and Warrants. As of March 31, 2016 there were no shares reserved as unexercised warrants and 8,568 shares reserved as unexercised options. No options or warrants expired in the first three months of 2016.
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Options
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Price Range
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Outstanding December 31, 2015
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8,568
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$
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0.95
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Granted
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-
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-
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Cancelled/Expired
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-
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-
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||||||
Exercised
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-
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-
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||||||
Outstanding March 31, 2016
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8,568
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0.95
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||||||
Exercisable March 31, 2016
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8,568
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$
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0.95
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Warrants
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Price Range
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|||||||
Outstanding December 31, 2015
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-
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$
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-
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Granted
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-
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-
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Cancelled/Expired
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-
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-
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Exercised
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-
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-
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||||||
Outstanding March 31, 2016
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-
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-
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||||||
Exercisable March 31, 2016
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-
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$
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-
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6.
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Notes Payable – Related Party.
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March 31, 2016
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December 31, 2015
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|||||||
Note payable – related party
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$
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234,555
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$
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234,555
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Note payable – related party
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150,000
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150,000
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384,555
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384,555
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Less: current portion
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(384,555
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)
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(384,555
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)
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Notes payable – related party, long term
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$
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-
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$
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-
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7.
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Convertible Note Payable – Related Party. On July 31, 2015, two investors paid a total of $225,000 for their subscribed investment to the Yang Group for an investment in 1,200,000 shares of ABI common stock. The investors agreed to pay a premium of $0.07 per share over the original cost of the stock, which was $0.12 per share. The Company allocated $144,426 as an Accounts payable – related party to Dr. Chen for his previous advances to the Company through The Yang Group. The remaining $80,574 was recognized as "additional paid in capital" (APIC) during the year ended December 31, 2015.
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Shares Subscribed
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Purchase Price
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Purchase Premium
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Total
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|||||||||||
200,000
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$
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24,071
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$
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13,429
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$
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37,500
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||||||||
1,000,000
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120,355
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67,145
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187,500
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1,200,000
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$
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144,426
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$
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80,574
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225,000
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Less: Due to Dr. Stephen Chen
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(144,426
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)
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Additional paid in capital
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$
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80,574
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8.
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Related Party Transactions. Dr. Stephen T. Chen, Chairman, CEO and President, of the Company advanced $75,000 to the Company on a periodic basis between January 18, 2016 and March 18, 2016 to be used for general operations. The $75,000 was classified on the Balance Sheet as Accounts payable – related parties and has been paid back to Dr. Chen subsequent to March 31, 2016.
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9.
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Corporate Governance and Stock - A Special Shareholders Meeting was held July 10, 2015, at which time the Company's Certificate of Formation and Bylaws were materially modified, in a manner affecting the Company's voting common stock (the only class of the Company's securities of which shares are currently issued and outstanding); and also affecting the
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a.
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Stockholder supermajority vote requirements were changed from 2/3 of the issued and outstanding shares entitled to vote on a matter, to 51% of the issued and outstanding shares entitled to vote on such matter, with such change additionally applying to each voting class or series where a class or series of shares is entitled to vote separately on a matter. This change would apply to all existing or future supermajority vote requirements under Texas law, including without limitation, votes on Fundamental Business Transactions, and/or Fundamental Actions, as such are defined in the Texas Business Organizations Code.
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b.
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Requirements for action by written consent of Stockholders in lieu of a meeting were changed, to permit actions to be taken by the written consent of Stockholders having at least the minimum number of votes that would be necessary to take the action that is the subject of the consent at a meeting, in which each holder entitled to vote on the action is present and votes, in lieu of requiring that the written consent be unanimous, as at present.
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c.
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The requirement for notice to directors of Special Directors Meetings was changed from 24 hours to 4 hours.
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10.
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Subsequent Event. On April 25, 2016, the Company sold 2,316,667 shares of common stock for total proceeds of $434,375 in connection with the Private Placement Common Stock Security Offering. These shares have not yet been issued.
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· |
announcements of technological innovation or improved or new diagnostic products by others;
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· | general market conditions; |
· | changes in government regulation or patent decisions; |
· | changes in insurance reimbursement practices or policies for diagnostic products. |
· | net tangible assets in excess of $2,000,000, if such issuer has been in continuous operation for three years; |
· | net tangible assets in excess of $5,000,000, if such issuer has been in continuous operation for less than three years; or |
· | average revenue of at least $6,000,000, for the last three years. |
ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
A.
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Convertible Promissory Notes:
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B.
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Voting Common Stock:
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Date of Sale
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Purchaser
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Shares Purchased
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Consideration
|
3-18-16
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Dr. Stephen T. Chen
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533,333
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$100,000
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3-21-16
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Dr. Stephen T. Chen
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800,000
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$150,000
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4-25-16
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Henvai Wu, M.D.
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300,000
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$56,250
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4-25-16
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Sun-Hoo Foo, M.D.
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150,000
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$28,125
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4-25-16
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Dr. Stephen T. Chen
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66,667
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$12,500
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4-25-16
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Wui Yuan
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800,000
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$150,000
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4-25-16
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Oswald Chan
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1,000,000
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$187,500
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ITEM 3. | Defaults Upon Senior Securities. |
ITEM 4. | Mine Safety Disclosures. |
ITEM.5. | Other Information. |
ITEM 6. | Exhibits. |
AMARILLO BIOSCIENCES, INC.
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Date: May 16, 2016
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By: /s/ Stephen T. Chen
Stephen T. Chen, Chairman of the Board,
and Chief Executive Officer
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Date: May 16, 2016
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By: /s/ Bernard Cohen
Bernard Cohen, Vice President,
Chief Financial Officer
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Date: May 16, 2016
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/s/ Stephen T. Chen
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Name: Stephen T. Chen
Title: Chairman and Chief Executive Officer
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Date: May 16, 2016
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/s/ Stephen T. Chen
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Name: Bernard Cohen
Title: Vice President, Chief Financial Officer
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AMARILLO BIOSCIENCES, INC.
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Date: May 16, 2016
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By: /s/ Stephen T. Chen
Stephen T. Chen, Chairman of the Board,
and Chief Executive Officer
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Date: May 16, 2016
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By: /s/ Bernard Cohen
Bernard Cohen, Vice President,
Chief Financial Officer
|
Document And Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
May. 01, 2016 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | AMARILLO BIOSCIENCES INC | |
Trading Symbol | amar | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 20,144,810 | |
Amendment Flag | false | |
Entity Central Index Key | 0001014763 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 |
Balance Sheets (Unaudited) (Parentheticals) - $ / shares |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Preferred Stock, Par Value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Outstanding Shares | 20,144,810 | 20,144,810 |
Common Stock, Par Value (in Dollars per share) | $ 0.01 | $ 0.01 |
Statements of Operations (Unaudited) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Revenues: | ||
Sales – Herbs | $ 4,400 | $ 0 |
Total revenues | 4,400 | 0 |
Cost of revenues: | ||
Product sales | 5,100 | 0 |
Total cost of revenues | 5,100 | 0 |
Gross margin | (700) | 0 |
Operating expenses: | ||
Research and development expenses | 0 | 0 |
Selling, general and administrative expenses | 120,579 | 111,818 |
Total operating expenses | 120,579 | 111,818 |
Operating loss | (121,279) | (111,818) |
Other income (expense): | ||
Interest expense | (362) | (271) |
Net loss | (121,641) | (112,089) |
Net loss applicable to common shareholders | $ (121,641) | $ (112,089) |
Basic and diluted net loss per average share available to common shareholders (in Dollars per share) | $ (0.01) | $ (0.01) |
Weighted average common shares outstanding – basic and diluted (in Shares) | 20,144,810 | 20,144,810 |
Statements of Cash Flows (Unaudited) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Net cash provided by (used in) operating activities: | $ 1,663 | $ (73,011) |
Cash flows from investing activities: | ||
Investment in equipment | 0 | (6,140) |
Investment in patents | (8,617) | (58) |
Net cash used in investing activities | (8,617) | (6,198) |
Cash flows from financing activities: | ||
Proceeds from private placement offering | 250,000 | 0 |
Net cash provided by financing activities | 250,000 | 0 |
Net change in cash | 243,046 | (79,209) |
Cash and cash equivalents at beginning of period | 21,138 | 318,556 |
Cash and cash equivalents at end of period | 264,184 | 239,347 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | 0 | 0 |
Noncash transactions: | ||
Conversion of accounts payable – related party to convertible note payable – related party | $ 144,426 | $ 0 |
Note 1 - Organization and Business |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 | |||
Disclosure Text Block [Abstract] | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] |
|
Note 2 - Basis of Presentation |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 | |||
Disclosure Text Block [Abstract] | |||
Basis of Accounting [Text Block] |
|
Note 3 - Financial Condition |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 | |||
Financial Condition [Abstract] | |||
Financial Condition [Text Block] |
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. |
Note 4 - Common Stock |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 | |||
Stockholders' Equity Note [Abstract] | |||
Stockholders' Equity Note Disclosure [Text Block] |
During the period ended March 31, 2016, the Company has received $250,000 for the purchase of 1,333,333 shares of common stock from Dr. Stephen T. Chen in connection with a $937,500 Private Placement Common Stock Security Offering. The offering contemplates the sale of a maximum of 5,000,000 shares at a cost of $0.1875 per share. The required SEC Form D was filed on May 6, 2016. As of March 31, 2016, these shares have not been issued. |
Note 5 - Common Stock and Warrants |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Option And Warrants [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Option And Warrants [Text Block] |
A summary of the Company’s stock option activity and related information for the period ended March 31, 2016 is as follows:
A summary of the Company’s stock warrant activity and related information for the period ended March 31, 2016:
|
Note 6 - Notes Payable - Related Party |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Text Block] |
On November 20, 2014, the Class Three Secured Claim of Yang was deemed allowed in the amount of $150,000, secured by the same assets that secured Yang’s prepetition secured claim (See Texas Financing Statement No. 13-0029795076). This claim bears interest at the Applicable Federal Rate, will be fully amortized and paid as follows: four (4) consecutive equal annual installments of combined principal and interest, beginning September 1, 2015, and continuing on the same date of each succeeding year until September 1, 2018, when the obligation is due and payable in full. The first payment was due on September 1, 2015, in the amount of $37,811 (principal and interest). To date, the payment has not been made and there has been no demand for the payment. ABI is discussing the exchange of some or all of this debt, principal and interest, for ABI Common stock, with the holders. As of March 31, 2016, the outstanding balance is $150,000. Subsequent to consummation of the Plan, The Yang Group provided $234,555 for post-reorganization financing. This is unsecured and draws interest at the short term Applicable Federal Rate. There has been no demand and the parties are contemplating the exchange of some or all of this debt for ABI Common stock. As of March 31, 2016, the outstanding balance is $234,555. |
Note 7 - Convertible Note Payable - Related Party |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt [Text Block] |
Subsequently, an offering of $1,000,000 of Convertible Notes was made with a conversion rate of $0.168 per share. The SEC Form D was filed on April 7, 2016, and the first sale was a Convertible Promissory Note for the face amount of $144,426 to Dr. Stephen Chen, who as consideration to the Company, forwent immediate collection of the $144,126 mentioned in the preceding paragraphs. |
Note 8 - Related Party Transactions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 | |||
Related Party Transactions [Abstract] | |||
Related Party Transactions Disclosure [Text Block] |
|
Note 9 - Corporate Governance and Stock |
3 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | ||||||||||||
Corporate Governance And Stock [Abstract] | ||||||||||||
Corporate Governance And Stock [Text Block] |
Additionally, at the Special Shareholder Meeting of July 10, 2015, the following Board of Directors was elected: Stephen T. Chen, Paul Tibbits, Yasushi Chikagami, Dan Fisher, and Nick Moren. There is expected to be no continuing arrangement or understanding among the members or former members of The Yang Group and their associates with respect to the election of directors, or other matters, although the unallocated shares to be retained by The Yang Group will continue to be voted by Stephen T. Chen, Chairman, CEO and President of the Company, until such time as they are distributed. |
Note 10 - Subsequent Event |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 | |||
Subsequent Events [Abstract] | |||
Subsequent Events [Text Block] |
|
Note 5 - Common Stock and Warrants (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Option [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 5 - Common Stock and Warrants (Tables) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 5 - Common Stock and Warrants (Tables) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] |
|
Note 6 - Notes Payable - Related Party (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions [Table Text Block] |
|
Note 7 - Convertible Note Payable - Related Party (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt [Table Text Block] |
|
Note 5 - Common Stock and Warrants (Details) - Stock Option Activity |
3 Months Ended |
---|---|
Mar. 31, 2016
$ / shares
shares
| |
Stock Option Activity [Abstract] | |
Outstanding December 31, 2015 | shares | 8,568 |
Outstanding December 31, 2015 | $ / shares | $ 0.95 |
Granted | shares | 0 |
Granted | $ / shares | $ 0 |
Cancelled/Expired | shares | 0 |
Cancelled/Expired | $ / shares | $ 0 |
Exercised | shares | 0 |
Exercised | $ / shares | $ 0 |
Outstanding March 31, 2016 | shares | 8,568 |
Outstanding March 31, 2016 | $ / shares | $ 0.95 |
Exercisable March 31, 2016 | shares | 8,568 |
Exercisable March 31, 2016 | $ / shares | $ 0.95 |
Note 5 - Common Stock and Warrants (Details) - Stock Warrant Activity |
3 Months Ended |
---|---|
Mar. 31, 2016
$ / shares
shares
| |
Note 5 - Common Stock and Warrants (Details) - Stock Warrant Activity [Line Items] | |
Outstanding December 31, 2015 | shares | 0 |
Granted | shares | 0 |
Cancelled/Expired | shares | 0 |
Exercised | shares | 0 |
Outstanding March 31, 2016 | shares | 0 |
Exercisable March 31, 2016 | shares | 0 |
Weighted Average [Member] | |
Note 5 - Common Stock and Warrants (Details) - Stock Warrant Activity [Line Items] | |
Outstanding December 31, 2015 | $ / shares | $ 0 |
Granted | $ / shares | 0 |
Cancelled/Expired | $ / shares | 0 |
Exercised | $ / shares | 0 |
Outstanding March 31, 2016 | $ / shares | 0 |
Exercisable March 31, 2016 | $ / shares | $ 0 |
Note 6 - Notes Payable - Related Party (Details) |
2 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 01, 2015
USD ($)
|
Nov. 21, 2014
USD ($)
|
Nov. 20, 2014
USD ($)
|
Mar. 18, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
Note 6 - Notes Payable - Related Party (Details) [Line Items] | ||||||
Notes Payable, Related Parties | $ 384,555 | $ 384,555 | ||||
Proceeds from Related Party Debt | $ 75,000 | |||||
Chief Executive Officer [Member] | ||||||
Note 6 - Notes Payable - Related Party (Details) [Line Items] | ||||||
Number of Installments | 4 | |||||
Debt Instrument, Periodic Payment | $ 37,811 | |||||
Proceeds from Related Party Debt | $ 234,555 | |||||
Chief Executive Officer [Member] | Secured Debt [Member] | ||||||
Note 6 - Notes Payable - Related Party (Details) [Line Items] | ||||||
Notes Payable, Related Parties | $ 150,000 | 150,000 | 150,000 | |||
Chief Executive Officer [Member] | Unsecured Debt [Member] | ||||||
Note 6 - Notes Payable - Related Party (Details) [Line Items] | ||||||
Notes Payable, Related Parties | $ 234,555 | $ 234,555 |
Note 6 - Notes Payable - Related Party (Details) - Related Party Transactions - USD ($) |
Mar. 31, 2016 |
Dec. 31, 2015 |
Nov. 20, 2014 |
---|---|---|---|
Related Party Transaction [Line Items] | |||
Note payable – related party | $ 384,555 | $ 384,555 | |
Less: current portion | (384,555) | (384,555) | |
Notes payable – related party, long term | 0 | 0 | |
Chief Executive Officer [Member] | Unsecured Debt [Member] | |||
Related Party Transaction [Line Items] | |||
Note payable – related party | 234,555 | 234,555 | |
Chief Executive Officer [Member] | Secured Debt [Member] | |||
Related Party Transaction [Line Items] | |||
Note payable – related party | $ 150,000 | $ 150,000 | $ 150,000 |
Note 8 - Related Party Transactions (Details) - USD ($) |
2 Months Ended | |
---|---|---|
Apr. 01, 2016 |
Mar. 18, 2016 |
|
Note 8 - Related Party Transactions (Details) [Line Items] | ||
Proceeds from Related Party Debt | $ 75,000 | |
Subsequent Event [Member] | ||
Note 8 - Related Party Transactions (Details) [Line Items] | ||
Repayments of Related Party Debt | $ 75,000 |
Note 9 - Corporate Governance and Stock (Details) - shares |
3 Months Ended | |||
---|---|---|---|---|
Jul. 10, 2015 |
Jun. 30, 2015 |
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Corporate Governance And Stock [Abstract] | ||||
Preferred Stock, Shares Outstanding | 0 | 0 | ||
Preferred Stock, Shares Issued | 0 | 0 | ||
Supermajority Voting Rights Percentage of Issued and Outstanding Shares | 51.00% | |||
Requirement for Notice to Directors of Special Directors Meeting Time Period | 4 hours | 24 hours |
Note 10 - Subsequent Event (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Apr. 25, 2016 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Note 10 - Subsequent Event (Details) [Line Items] | |||
Proceeds from Issuance of Private Placement | $ 250,000 | $ 0 | |
Subsequent Event [Member] | |||
Note 10 - Subsequent Event (Details) [Line Items] | |||
Shares Authorized During Period, Private Placement | 2,316,667 | ||
Proceeds from Issuance of Private Placement | $ 434,375 |
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