10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

[√] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

                                                For the quarterly period ended March 31, 2019

 or

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from____to____      Commission File No. 0-20791

AMARILLO BIOSCIENCES, INC.

(Exact name of registrant as specified in its charter)

TEXAS	75-1974352
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)
4134 Business Park Drive, Amarillo, Texas 79110 (806) 376-1741
(Address and telephone number, including area code, of registrant's principal executive offices)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements  for the past 90 days. [√]Yes   [ ]No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  [√]Yes   [ ]No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ]	Accelerated filer [ ]
Non-accelerated filer   [ ]	Smaller reporting company [√]
	Emerging growth company [  ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. D

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) [ ] Yes   [√] No

39,664,199 shares of common stock, par value $0.01 per share, outstanding as of May 17, 2019

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AMARILLO BIOSCIENCES, INC.

INDEX

		PAGE NO.
PART I:	FINANCIAL INFORMATION
ITEM 1.	Financial Statements
	Consolidated Balance Sheets– March 31, 2019 and December 31, 2018 (unaudited)	3
	Consolidated Statements of Operations – Three Months Ended March 31, 2019 and 2018 (unaudited)	4
	Condensed Consolidated Statements of Cash Flows – Three Months Ended March 31, 2019 and 2018 (unaudited)	5
	Notes to Consolidated Financial Statements (unaudited)	6
ITEM 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	8
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	12
ITEM 4.	Controls and Procedures	12
PART II:	OTHER INFORMATION
ITEM 1.	Legal Proceedings	13
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	13
ITEM 3.	Defaults Upon Senior Securities	13
ITEM 4.	Mine Safety Disclosures	13
ITEM 5.	Other Information	13
ITEM 6.	Exhibits……………………………………………………………	14
Signatures		14

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PART I - FINANCIAL INFORMATION

ITEM 1. Financial Statements

Amarillo Biosciences, Inc.

Consolidated Balance Sheets

(Unaudited)

	March 31, 2019			December 31, 2018
Assets
Current assets:
Cash and cash equivalents	$	1,046,314		$	1,276,654
Inventory		8,962			-
Prepaid expense and other current assets		16,002			26,580
Total current assets		1,071,278			1,303,234
Patents, net		143,546			146,456
Property and equipment, net		11,016			14,010
Total assets	$	1,225,840		$	1,463,700
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses	$	141,674		$	115,313
Advances from investors		56,225			104,952
Convertible notes payable – related party		475,856			513,356
Total current liabilities		673,755			733,621
Total liabilities		673,755			733,621
Stockholders' equity
Preferred stock, $0.01 par value:
Authorized shares - 10,000,000,
Issued and outstanding shares – 0 at March 31, 2019 and December 31, 2018		-			-
Common stock, $0.01 par value:
Authorized shares - 100,000,000,
Issued and outstanding shares –39,568,524 and 39,117,524 at March 31, 2019 and December 31, 2018, respectively		395,685			391,175
Additional paid-in capital		3,736,123			3,527,238
Accumulated deficit		(3,579,723	)		(3,188,334	)
Total stockholders’ equity		552,085			730,079
Total liabilities and stockholders’ equity	$	1,225,840		$	1,463,700

See accompanying notes to financial statements.

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Amarillo Biosciences, Inc.

Consolidated Statements of Operations

(Unaudited)

	Three Months Ended March 31,
	2019			2018
Revenues	$	4,076		$	56,590
Cost of revenues		(2,718	)		(43,339	)
Gross margin		1,358			13,251
Operating expenses:
Research and development expenses		2,386			-
Selling, general and administrative expenses		389,476			199,309
Total operating expenses		391,862			199,309
Operating loss		(390,504	)		(186,058	)
Other income (expense):
Interest expense		(885	)		(1,380	)
Net loss		(391,389	)		(187,438	)
Less:  Net Income attributable to non-controlling interests		-			4,992
Net loss attributable to common shareholders	$	(391,389	)	$	(192,430	)
Basic and diluted net loss per average share available to common shareholders	$	(0.01	)	$	(0.01	)
Weighted average common shares outstanding – basic and diluted		39,262,668			33,243,580

See accompanying notes to financial statements.

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Amarillo Biosciences, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Three months ended March 31,
	2019			2018
Net cash used in operating activities	$	(216,202	)	$	(76,524	)
Cash flows from investing activities
Investment in equipment		(1,638	)		-
Investment in patents		-			(1,687	)
Net cash used in investing activities		(1,638	)		(1,687	)
Cash flows from financing activities
Payments on convertible notes		(37,500	)		(195,000	)
Proceeds from private placement offering		25,000			-
Net cash used in financing activities		(12,500	)		(195,000	)
Net change in cash		(230,340	)		(273,211	)
Cash and cash equivalents at beginning of period		1,276,654			1,980,015
Cash and cash equivalents at end of period	$	1,046,314		$	1,706,804
Supplemental Cash Flow Information
Cash paid for interest	$	69		$	3,819
Cash paid for income taxes	$	-		$	-
Non-Cash Transactions
Stock issued for accrued liabilities	$	82,750		$	496,736

See accompanying notes to financial statements.

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Amarillo Biosciences, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

1. Organization and Business. Amarillo Biosciences, Inc. (the "Company" or "ABI"), is a diversified healthcare company engaged in the discovery and development of novel biopharmaceuticals, technologically innovative medical treatments, and specialty consumer products. ABI is a Texas corporation which was formed in 1984. ABI primarily operates through three divisions:  Pharmaceutical, Medical and Consumer.  The Pharmaceutical division leverages our data library by applying the Company's experience in the use of low-dose oral interferon (IFN) for the treatment of neoplastic, viral, and fibrotic diseases. ABI seeks to engage in patent licensing and commercialization opportunities with global partners. The Medical division is focused on developing technology to treat metabolism related diseases such as Type 1 and Type 2 diabetes in Asia, in addition to licensed distribution of surgical wound care products.  The Consumer division includes a range of nutraceutical and food supplement products that utilize a liposomal delivery system.  ABI currently has offices in the United States and Taiwan.  ABI operates in Taiwan under the name AMARILLO BIOSCIENCES, INC. TAIWAN BRANCH (美商康華全球生技股份有限公司 台灣分公司).

2. Basis of presentation. The accompanying consolidated financial statements, which should be read in conjunction with the audited financial statements and footnotes included in the Company's Form 10-K for the year ended December 31, 2018, as filed with the Securities and Exchange Commission on April 16, 2019, 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, 2019 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2019.

3. 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 sustained operating income, and its operations are funded primarily from related-party convertible 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

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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.

4. Common Stock.  The shareholders have authorized 100,000,000 shares of voting common shares for issuance.  On March 31, 2019, a total of 47,989,122 shares of common stock were either issued (39,568,524), reserved for conversion of convertible debt to stock (2,627,305), issuance to two Company officers as compensation (75,462), one Company employee (4,043), held for future issue to prepaid private placement investments (300,000), held for future compensation issue to a consultant (16,171), held for future exercise of nonqualified options (3,995,000), qualified stock options (950,000), and warrants (452,617). The 300,000 share reservation was generated by the receipt of $56,225 for investment in Private Placement Offering 2016-2 in November 2017.  The investment is listed as “Pending” since the Executed Private Placement Memorandum and Subscription documents have not yet been received.

In February 2019, the Company issued 200,000 shares of common stock at $0.25 per share to a private placement investor through the 2016-3 Private Placement Offering.  Also in February 2019, the Company issued 24,000 shares of common stock as payment for the fourth quarter 2018 stock compensation grant for a consultant.  On March 26, 2019, the Company issued 115,000 shares of common stock at $.25 per share representing aggregate payment of a finder’s fee in the amount of $28,750.  Effective March 31, 2019, the Company issued 100,000 shares to Dr. Stephen T. Chen, Chairman, CEO, President, and CFO, and 12,000 shares to Bernard Cohen, Vice President; both distributions were compensation.

We have not paid any dividends to our common stock shareholders to date, and have no plans to do so in the immediate future.

5. Convertible Notes Payable – Related Party. As of December 31, 2018, the amount of convertible debt of the Company’s balance sheet was $513,356.  This amount consisted of the following convertible promissory notes payable to Dr. Stephen T. Chen, Chairman, CEO, and President, as shown in the table below.

	March 31, 2019		December 31, 2018
Convertible Note payable – related party	$	144,426	$	144,426
Convertible Note payable – related party		262,500		262,500
Convertible Note payable – related party		68,930		106,430
Convertible Notes payable – related party	$	475,856	$	513,356

On January 30, 2019, Dr. Chen demanded a partial repayment in the amount of $37,500.  The repayment reduced the outstanding balance of a convertible promissory note from $106,430 to $68,930.  The total balance of the aggregate convertible promissory notes as of March 31, 2019, is $475,856.

Other Related Party Transactions.Other than the aforementioned common stock and convertible notes activity, there were no related party transactions that occurred during the period from January 1, 2019 to March 31, 2019.

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6. Subsequent Events

Through the date of this filing, the Company issued 95,675 shares of common stock to management and consultants for previously accrued compensation and fees.

On April 24, 2019, Edward L. Morris gave notice of his retirement and resignation, effective April 30, 2019, from all positions with the Company, including director, general counsel, and corporate secretary.

On April 25, 2019, the Company’s only outstanding Private Placement offer for the sale and issuance of unregistered securities expired.

ITEM 2.Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with our financial statements and the notes thereto which appear elsewhere in this report.  The results shown herein are not necessarily indicative of the results to be expected in any future periods.

Forward-Looking Statements: Certain statements made throughout this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance, achievements, costs or expenses and may contain words such as "believe," "anticipate," "expect," "estimate," "project," "budget," or words or phrases of similar meaning. Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from those projected in the forward-looking statements. Such risks and uncertainties are detailed from time to time in reports filed by the Company with the Securities and Exchange Commission, including Forms 8-K, 10-Q and 10-K and include among others the following: promulgation and implementation of regulations by the U.S. Food and Drug Administration ("FDA"); promulgation and implementation of regulations by foreign governmental instrumentalities with functions similar to those of the FDA; costs of research and development and trials, including without limitation, costs of clinical supplies, packaging and inserts, patient recruitment, trial monitoring, trial evaluation and publication; and possible difficulties in enrolling a sufficient number of qualified patients for certain clinical trials.  The Company is also dependent upon a broad range of general economic and financial risks, such as possible increases in the costs of employing and/or retaining qualified personnel and consultants and possible inflation which might affect the Company's ability to remain within its budget forecasts. The principal uncertainties to which the Company is presently subject are its inability to ensure that the results of trials performed by the Company will be sufficiently favorable to ensure eventual regulatory approval for commercial sales, its inability to accurately budget at this time the possible costs associated with hiring and retaining of additional personnel, uncertainties regarding the terms and timing of one or more commercial partner agreements and its ability to continue as a going concern.

The risks cited here are not exhaustive. Other sections of this report may include additional factors which could adversely impact the Company's business and future operations. Moreover, the Company is engaged in a very competitive and rapidly changing industry.

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New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the Company's business, or the extent to which any factor or combination of factors may cause actual results to differ materially from those projected in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual future events.

Overview. ABI is engaged in developing biologics for the treatment of human and animal diseases. Our 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 lozenge.

ABI currently owns or licenses six issued patents, five in the U.S., and one in Taiwan, of which five patents are related to the low-dose oral delivery of interferon and one patent is associated with a dietary supplement, Maxisal®.  In our history, we have completed more than 100 pre-clinical (animal) and human studies on the safety and efficacy of low-dose orally administered interferon, including two phase 3 clinical trials.

Injectable interferon is FDA-approved to treat some neoplastic, viral and autoimmune diseases.  Many patients experience moderate to severe side-effects, causing them to discontinue injectable interferon therapy. Our core technology is a natural human interferon-alpha that is delivered into the oral cavity as a lozenge in low (nanogram) doses. The lozenge dissolves in the mouth where interferon binds to surface (mucosal) cells in the mouth and throat, resulting in activation of hundreds of genes in the peripheral blood that stimulate the immune system.  Human studies have shown that oral interferon is safe and effective against viral and neoplastic diseases. Oral interferon is given in concentrations 10,000 times less than that usually given by injection. The Company’s low-dose formulation results in almost no side effects, in contrast to high dose injectable interferon, which causes adverse effects in at least 50% of recipients.

Governmental or FDA approval is required for low-dose oral interferon.  Our progress toward approval is discussed under each specific indication, below.  We believe that our technology is sound and can be commercialized.

The Company’s long-time human interferon producer is no longer manufacturing interferon.  Plans for further clinical trials and commercialization of a low-dose interferon product have been placed on hold until a new cGMP source of interferon is found.  ABI is actively seeking a new manufacturing partner and exploring options with pharmaceutical companies that have a supply of natural human interferon made in a similar manner, but from a different cell line as our previous product.

Procuring a new source of interferon will require some studies demonstrating comparability and further clinical trials will have to be performed.  Although these studies may prove costly and time consuming, the Company will be able to use optimized protocols from its thirty years of experience in conducting trials with natural human interferon.  Rather than having to start from greenfield stage, the Company will be able to leverage its history, past results, and data library to target the most appropriate disease states with the best dosage regimens and minimize the time wasted by trial-and-error searching prevalent in pharmaceutical research.

While the pharmaceutical industry is creating and marketing new and effective anti-viral medications, ABI believes that there is still sufficient time to develop and commercialize low-dose interferon as a

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safer anti-viral treatment for Influenza, Hepatitis, and other conditions caused by viruses such as genital warts and canker sores. Interferon also has powerful cytotoxic effects which in combination with its immune stimulating activities could play a role in the rapidly expanding field of cancer immunotherapy.  Other demonstrated effects of interferon offer opportunities to commercialize low-dose interferon for the treatment of Thrombocytopenia and chronic cough in lung diseases such as COPD and Idiopathic Pulmonary Fibrosis (IPF).  The Company has the opportunity to capitalize on its relationship channels in the Asian markets to explore sources of raw materials, capital, production facilities, and to target a significant and growing sales market.

In addition to its core technology, ABI is currently working to expand the Company’s current focus into a diversified healthcare business portfolio in order to generate new revenue streams. An integral part of the ABI Operating Plan is to create multiple revenue streams through the implementation of programs (including but not limited to in-licensing) of medical and healthcare products and processes. The Medical Division and Consumer Products Division will facilitate the enhancement of those revenue streams. These programs will be the catalyst which allows ABI to enter markets in Taiwan, Hong Kong, China, and other Asian countries for the distribution of these new medical and healthcare products.

Diabetes is a global epidemic with an estimated cost topping $2.5 trillion world-wide. Taiwan, gateway to China and representative of the upward trend in diabetes prevalence and cost throughout Asia, saw a 70% increase in total diabetes cases between 2000-2009 with a 35% increase in standardized prevalence rate.  Diabetic complications such as retinopathy which is a leading cause of blindness, peripheral neuropathies which contribute to delayed wound healing and amputations, and nephropathy which can necessitate dialysis and kidney transplant, are catastrophic both to quality of life and cost of care.

Currently, type 2 diabetes is treated as a chronic progressive disease with increases in both number and dose of drugs seen across a patient’s lifetime. Generally one or more oral hypoglycemic drugs are used for months or years until a combination of short and long-acting insulin is required to keep the patient’s blood glucose within normal limits. Unfortunately, once a patient’s pancreas is exhausted and they are finally forced to go on insulin, they require insulin for the rest of their lives. And even more unfortunate is that even with fairly well-controlled blood glucose levels, diabetics will face one or more undesirable complications with poor outcomes from cardiovascular, eye, nerve, or kidney disease secondary to their diabetes. This unsuccessful model of diabetes care is not satisfactory.

Amarillo Biosciences, Inc. has been developing pulsatile insulin therapy in Taiwan that consists of delivering insulin intravenously by pump in pulses, as opposed to the typical subcutaneous route of administration, in order to more closely imitate how the pancreas secretes insulin in healthy non-diabetics. The Company’s Medical Division is currently investigating medical equipment options for pulsatile insulin infusion and plans to be able to offer innovative and comprehensive diabetes treatment that provide solutions to all stages of diabetes from pre-diabetes through late-stage diabetes with advanced complications targeting Taiwan first, with plans to open clinics in China within 3 years.

Within the Medical division, ABI is also a licensed distributor of TissueAid™ biodegradable wound closure products in Taiwan.  ABI became the official distributor of TissueAid™ for the Taiwan market in the fourth quarter of 2017.  The TissueAid™ product is developed by the first and only medical material research company for wound care, GJ Biotech Co Ltd. This distributorship provides momentum to enter the next level for ABI.

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The Consumer Product Division is presently working on multiple endeavors. First, this division now offers a unique proprietary liposomal delivery system for nutraceuticals and food supplements including Vitamin C, Glutathione, CoQ10, Curcumin/Resveratrol, DHA, and a Multi-Vitamin. The Company also has a dietary supplement product, Maxisal® that is useful in the symptomatic relief of dry mouth.

ABI maintains a representative branch office in Taiwan – Amarillo Biosciences, Inc. (Taiwan Branch) (美商康華全球生技股份有限公司 台灣分公司) (“ABI Taiwan”) to increase the Company's presence in Taiwan and serve as an operational hub to access growing Asian markets.

Results of Operations for Quarters Ended March 31, 2019 and 2018:

Revenues.  ABI reported revenue for the quarter ended March 31, 2019, of $4,076 from sales of the newly developed and marketed liposomal nutraceuticals.  Revenue for the same period in 2018 was $56,590 also from the sales of the nutraceutical program.  The cost of sales for the first quarter of 2019 was $2,718 as compared to $43,339 for cost of sales in 2018.  The cost of goods sold in 2019 was 67% of sales making gross profit on sales for 2019 33%.  The 2018 cost of sales and gross profit was 77% and 23%, respectively.

Research and Development Expenses.  The R&D activity in 2019 was $2,386 as compared to 2018 when there were no direct R&D expenses.

Selling, General and Administrative Expenses.  Selling, general and administrative expenses were $190,167 (95%) higher in 2019 than 2018 largely due to salary increases (Dr. Chen and Mr. Cohen); additional accounting and consulting services; option expense for the 2018 Employees Stock Option Plan and the 2018 Officers, Directors, Employees and Consultants Nonqualified Stock Option Plan; and other executive consulting services (i2china).

Operating Loss.  The Company's operating loss was $390,504 which was $204,446 (110%) higher for 2019 than 2018 mostly due to the SG&A expense increase constituted by salary increases (Dr. Chen and Mr. Cohen); additional accounting and consulting services; option expense for the 2018 Employees Stock Option Plan and the 2018 Officers, Directors, Employees and Consultants Nonqualified Stock Option Plan; and other executive consulting services (i2china).

Interest Expense.  During the three months ended March 31, 2019, interest expense was $885, compared to $1,380 for the three months ended March 31, 2018. The interest expense recognized in the three months ended March 31, 2019 is mostly due to accrued interest for convertible debt notes.

Net Loss. Net loss attributable to common shareholders was $391,389 which was $198,959 (103%) more during 2019 than 2018. This increase was mainly due to augmented selling, general and administrative expenses in 2019.

Liquidity and Capital Resources

At March 31, 2019, the Company had available cash of $1,046,314 whereas we had a cash position of $1,276,654 as of December 31, 2018. The Company had working capital of $397,523 at the end of March 2019. As of December 31, 2018, the working capital was $569,613.  The monthly burn rate in 2019 was between $65,000 and $75,000. ABI continues to develop and establish new revenue streams

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to become, and maintain the position of, a profitable going concern. Two major areas of focus are to (1) leverage ABI’s core technology, low-dose oral interferon, and (2) develop business lines to extend the Company’s reach into biotech, bio-pharmaceutical, health care products and life sciences businesses. ABI aggressively seeks to monetize its existing and any newly developed intellectual property. ABI estimates its short-term project development financing needs to be between $3,000,000 and $5,000,000 depending upon project negotiated terms and structuring yet to be determined.

There can be no assurance that we will be successful in our efforts to make the Company profitable.  If those efforts are not successful, we will be forced to cease operations.

ITEM 3.Quantitative and Qualitative Disclosures About Market Risk.

As a “smaller reporting company,” we are not required to provide the information under this Item 3.

ITEM 4.Controls and Procedures

Disclosure Controls and Procedures

At the end of the period covered by the Annual Report on Form 10-K for the fiscal year ended  December 31, 2018, and this Form 10-Q Quarterly Report for the quarter ending March 31, 2019, an evaluation was carried out under the supervision of and with the participation of our management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the design and operations of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act). Based on that evaluation, the CEO and the CFO have concluded that as of the end of the period covered by the Annual Report and Quarterly Report, our disclosure controls and procedures were not effective in ensuring that: (i) information required to be disclosed by us in reports that we file or submit to the SEC under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms and (ii) material information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow for accurate and timely decisions regarding required disclosure.

Changes to Internal Controls and Procedures over Financial Reporting

In an effort to augment internal financial controls and reporting, the Company recently engaged a turnkey managerial accounting services provider to begin the oversight and internal management of Company accounting processes and financial reporting.

Management’s Remediation Plans

Our management is responsible for establishing and maintaining adequate internal control over financial reporting to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (“GAAP”). Management has assessed the effectiveness of internal control over financial reporting based on the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control-Integrated Framework. A material weakness, as defined by SEC rules, is a control deficiency, or combination of control deficiencies, such that there is a reasonable possibility that a material misstatement of the annual or interim

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financial statements will not be prevented or detected on a timely basis. The material weaknesses in internal control over financial reporting that were identified are:

a) We did not maintain sufficient personnel with an appropriate level of technical accounting knowledge, experience, and training in the application of GAAP commensurate with our complexity and our financial accounting and reporting requirements. We have limited experience in the areas of financial reporting and disclosure controls and procedures. Also, we do not have an independent audit committee. As a result, there is a lack of monitoring of the financial reporting process and there is a reasonable possibility that material misstatements of the financial statements, including disclosures, will not be prevented or detected on a timely basis; and

b) Due to our small size, we do not have a proper segregation of duties in certain areas of our financial reporting process. The areas where we have a lack of segregation of duties include cash receipts and disbursements, approval of purchases and approval of accounts payable invoices for payment. This control deficiency, which is pervasive in nature, results in a reasonable possibility that material misstatements of the financial statements will not be prevented or detected on a timely basis.

The Company intends to and has begun to increase its personnel resources and technical accounting expertise within the accounting function. Management believes that hiring additional knowledgeable personnel with technical accounting expertise will remedy the following material weakness: insufficient personnel with an appropriate level of technical accounting knowledge, experience, and training in the application of GAAP commensurate with our complexity and our financial accounting and reporting requirements.

PART II - OTHER INFORMATION

ITEM 1.Legal Proceedings.

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. As of the date of this report, we were not aware of any such legal proceedings or claims against us.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds.

From January 1, 2019 through the date this report was filed, 200,000 shares were issued for proceeds of $50,000.

Use of the proceeds from the offering included research and development projects, selling, general, and administration expenses, capital expenditures, compensation expenses, and repayment of convertible debt to Dr. Chen.

ITEM 3. Defaults Upon Senior Securities.

None

ITEM 4. Mine Safety Disclosures.

Not applicable

ITEM.5. Other Information.

None

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ITEM 6. Exhibits.

None

SIGNATURES

Pursuant to the requirements of Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	AMARILLO BIOSCIENCES, INC.
Date:   May 17, 2019	By:      /s/ Stephen T. Chen Stephen T. Chen, Chairman of the Board, and Chief Executive Officer
Date:   May 17, 2019	By:/s/ Stephen T. Chen Stephen T. Chen, Chief Financial Officer

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EX-31.1A

EXHIBIT 31.1a

FORM OF CERTIFICATION

PURSUANT TO RULE 13a-14 AND 15d-14

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

CERTIFICATION

I, Stephen T. Chen, certify that:

1.I have reviewed this report on Form 10-Q of Amarillo Biosciences, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the periods covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this  report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  May 17, 2019	/s/ Stephen T. Chen
	Name:  Stephen T. Chen Title:    Chairman and Chief Executive Officer

EX-31.1B

    EXHIBIT 31.1b

FORM OF CERTIFICATION

PURSUANT TO RULE 13a-14 AND 15d-14

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

CERTIFICATION

I, Stephen T. Chen, certify that

1.I have reviewed this report on Form 10-Q of Amarillo Biosciences, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the periods covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  May 17, 2019	/s/ Stephen T. Chen
	Name:  Stephen T. Chen Title:    Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Amarillo Biosciences, Inc. on Form 10-Q for the period ended March 31, 2019 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of his knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

	AMARILLO BIOSCIENCES, INC.
Date:   May 17, 2019	By:      /s/ Stephen T. Chen            Stephen T. Chen, Chairman of the Board, and Chief Executive Officer
Date:   May 17, 2019	By:      /s/ Stephen T. Chen            Stephen T. Chen, Chief Financial Officer

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Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 17, 2019
Document Information [Line Items]
Entity Registrant Name	AMARILLO BIOSCIENCES INC
Entity Central Index Key	0001014763
Trading Symbol	amar
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		39,664,199
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false

XML

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 1,046,314	$ 1,276,654
Inventory	8,962
Prepaid expense and other current assets	16,002	26,580
Total current assets	1,071,278	1,303,234
Patents, net	143,546	146,456
Property and equipment, net	11,016	14,010
Total assets	1,225,840	1,463,700
Liabilities and Stockholders' Equity
Accounts payable and accrued expenses	141,674	115,313
Advances from investors	56,225	104,952
Convertible notes payable – related party	475,856	513,356
Total current liabilities	673,755	733,621
Total liabilities	673,755	733,621
Stockholders' equity
Preferred stock, $0.01 par value: Authorized shares - 10,000,000, Issued and outstanding shares – 0 at March 31, 2019 and December 31, 2018
Common stock, $0.01 par value: Authorized shares - 100,000,000, Issued and outstanding shares –39,568,524 and 39,117,524 at March 31, 2019 and December 31, 2018, respectively	395,685	391,175
Additional paid-in capital	3,736,123	3,527,238
Accumulated deficit	(3,579,723)	(3,188,334)
Total stockholders’ equity	552,085	730,079
Total liabilities and stockholders’ equity	$ 1,225,840	$ 1,463,700

XML

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares (in shares)	10,000,000	10,000,000
Preferred stock issued shares (in shares)	0	0
Preferred stock, outstanding shares (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares (in shares)	100,000,000	100,000,000
Common stock, issued shares (in shares)	39,568,524	39,117,524
Common stock, outstanding shares (in shares)	39,568,524	39,117,524

XML

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues	$ 4,076	$ 56,590
Cost of revenues	(2,718)	(43,339)
Gross margin	1,358	13,251
Operating expenses:
Research and development expenses	2,386
Selling, general and administrative expenses	389,476	199,309
Total operating expenses	391,862	199,309
Operating loss	(390,504)	(186,058)
Other income (expense):
Interest expense	(885)	(1,380)
Net loss	(391,389)	(187,438)
Less: Net Income attributable to non-controlling interests		4,992
Net loss attributable to common shareholders	$ (391,389)	$ (192,430)
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)	39,262,668	33,243,580

XML

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net cash used in operating activities	$ (216,202)	$ (76,524)
Cash flows from investing activities
Investment in equipment	(1,638)
Investment in patents		(1,687)
Net cash used in investing activities	(1,638)	(1,687)
Cash flows from financing activities
Payments on convertible notes	(37,500)	(195,000)
Proceeds from private placement offering	25,000
Net cash used in financing activities	(12,500)	(195,000)
Net change in cash	(230,340)	(273,211)
Cash and cash equivalents at beginning of period	1,276,654	1,980,015
Cash and cash equivalents at end of period	1,046,314	1,706,804
Supplemental Cash Flow Information
Cash paid for interest	69	3,819
Cash paid for income taxes
Non-Cash Transactions
Stock issued for accrued liabilities	$ 82,750	$ 496,736

XML

Note 1 - Organization and Business

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1. Organization and Business. Amarillo Biosciences, Inc. (the "Company" or "ABI"), is a diversified healthcare company engaged in the discovery and development of novel biopharmaceuticals, technologically innovative medical treatments, and specialty consumer products. ABI is a Texas corporation which was formed in 1984. ABI primarily operates through three divisions:  Pharmaceutical, Medical and Consumer.  The Pharmaceutical division leverages our data library by applying the Company's experience in the use of low-dose oral interferon (IFN) for the treatment of neoplastic, viral, and fibrotic diseases. ABI seeks to engage in patent licensing and commercialization opportunities with global partners. The Medical division is focused on developing technology to treat metabolism related diseases such as Type 1 and Type 2 diabetes in Asia, in addition to licensed distribution of surgical wound care products.  The Consumer division includes a range of nutraceutical and food supplement products that utilize a liposomal delivery system.  ABI currently has offices in the United States and Taiwan.  ABI operates in Taiwan under the name AMARILLO BIOSCIENCES, INC. TAIWAN BRANCH (美商康華全球生技股份有限公司 台灣分公司).

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Note 2 - Basis of Presentation

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Basis of Accounting [Text Block]

2. Basis of presentation. The accompanying consolidated financial statements, which should be read in conjunction with the audited financial statements and footnotes included in the Company's Form 10 -K for the year ended December 31, 2018, as filed with the Securities and Exchange Commission on April 16, 2019, 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, 2019 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2019.

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Note 3 - Financial Condition

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Financial Condition [Text Block]

3. 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 sustained operating income, and its operations are funded primarily from related-party convertible 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.

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Note 4 - Common Stock

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

4. Common Stock. The shareholders have authorized 100,000,000 shares of voting common shares for issuance. On March 31, 2019, a total of 47,989,122 shares of common stock were either issued ( 39,568,524 ), reserved for conversion of convertible debt to stock ( 2,627,305 ), issuance to two Company officers as compensation ( 75,462 ), one Company employee ( 4,043 ), held for future issue to prepaid private placement investments ( 300,000 ), held for future compensation issue to a consultant ( 16,171 ), held for future exercise of nonqualified options ( 3,995,000 ), qualified stock options ( 950,000 ), and warrants ( 452,617 ). The 300,000 share reservation was generated by the receipt of $56,225 for investment in Private Placement Offering 2016 - 2 in November 2017. The investment is listed as “Pending” since the Executed Private Placement Memorandum and Subscription documents have not yet been received.

In

February 2019,

the Company issued

200,000

shares of common stock at

$0.25

per share to a private placement investor through the

2016

-

3

Private Placement Offering. Also in

February 2019,

the Company issued

24,000

shares of common stock as payment for the

fourth

quarter

2018

stock compensation grant for a consultant. On

March 26, 2019,

the Company issued

115,000

shares of common stock at

$.25

per share representing aggregate payment of a finder’s fee in the amount of

$28,750.

Effective

March 31, 2019,

the Company issued

100,000

shares to Dr. Stephen T. Chen, Chairman, CEO, President, and CFO, and

12,000

shares to Bernard Cohen, Vice President; both distributions were compensation.

We have

not

paid any dividends to our common stock shareholders to date, and have

no

plans to do so in the immediate future.

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Note 5 - Convertible Notes Payable - Related Party

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Debt Disclosure [Text Block]

5. Convertible Notes Payable – Related Party. As of December 31, 2018, the amount of convertible debt of the Company’s balance sheet was $513,356. This amount consisted of the following convertible promissory notes payable to Dr. Stephen T. Chen, Chairman, CEO, and President, as shown in the table below.

	March 31, 2019		December 31, 2018
Convertible Note payable – related party	$	144,426	$	144,426
Convertible Note payable – related party		262,500		262,500
Convertible Note payable – related party		68,930		106,430
Convertible Notes payable – related party	$	475,856	$	513,356

On

January 30, 2019,

Dr. Chen demanded a partial repayment in the amount of

$37,500.

The repayment reduced the outstanding balance of a convertible promissory note from

$106,430

to

$68,930.

The total balance of the aggregate convertible promissory notes as of

March 31, 2019,

is

$475,856.

Other

Related Party Transactions.

Other than the aforementioned common stock and convertible notes activity, there were

no

related party transactions that occurred during the period from

January 1, 2019

to

March 31, 2019.

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Note 6 - Subsequent Events

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Subsequent Events [Text Block]

6. Subsequent Events

Through the date of this filing, the Company issued

95,675

shares of common stock to management and consultants for previously accrued compensation and fees.

On

April 24, 2019,

Edward L. Morris gave notice of his retirement and resignation, effective

April 30, 2019,

from all positions with the Company, including director, general counsel, and corporate secretary.

On

April 25, 2019,

the Company’s only outstanding Private Placement offer for the sale and issuance of unregistered securities expired.

XML

Note 5 - Convertible Notes Payable - Related Party (Tables)

3 Months Ended

Mar. 31, 2019

Notes Tables

Schedule of Related Party Transactions [Table Text Block]

	March 31, 2019		December 31, 2018
Convertible Note payable – related party	$	144,426	$	144,426
Convertible Note payable – related party		262,500		262,500
Convertible Note payable – related party		68,930		106,430
Convertible Notes payable – related party	$	475,856	$	513,356

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Note 1 - Organization and Business (Details Textual)	3 Months Ended
	Mar. 31, 2019
Number of Operating Segments	3

XML

Note 4 - Common Stock (Details Textual) - USD ($)			1 Months Ended		3 Months Ended
	Mar. 31, 2019	Mar. 26, 2019	Feb. 28, 2019	Nov. 30, 2017	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Common Stock, Shares Authorized	100,000,000				100,000,000		100,000,000
Common Stock, Shares Outstanding and Reserved	47,989,122				47,989,122
Common Stock, Shares, Issued, Total	39,568,524				39,568,524		39,117,524
Common Stock, Shares Subscribed but Unissued	2,627,305				2,627,305
Proceeds from Issuance of Private Placement					$ 25,000
Dividends, Total					$ 0
Finders [Member]
Shares Issued, Price Per Share		$ 0.25
Stock Issued During Period, Shares, Issued for Services		115,000
Stock Issued During Period, Value, Issued for Services		$ 28,750
Warrant [Member]
Common Stock, Capital Shares Reserved for Future Issuance	452,617				452,617
Nonqualified Options [Member]
Common Stock, Capital Shares Reserved for Future Issuance	3,995,000				3,995,000
Qualified Options [Member]
Common Stock, Capital Shares Reserved for Future Issuance	950,000				950,000
Private Placement [Member]
Common Stock, Capital Shares Reserved for Future Issuance	300,000				300,000
Private Placement 2016-2 [Member]
Proceeds from Issuance of Private Placement				$ 56,225
Private Placement 2016-3 [Member]
Stock Issued During Period, Shares, New Issues			200,000
Shares Issued, Price Per Share			$ 0.25
Officer [Member]
Common Stock, Capital Shares Reserved for Future Issuance	75,462				75,462
Issued To Employees [Member]
Common Stock, Capital Shares Reserved for Future Issuance	4,043				4,043
Issued To Consultants [Member]
Common Stock, Capital Shares Reserved for Future Issuance	16,171				16,171
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total			24,000
Chief Executive Officer [Member]
Deferred Compensation Arrangement with Individual, Shares Issued	100,000
Vice President [Member]
Deferred Compensation Arrangement with Individual, Shares Issued	12,000

XML

Note 5 - Convertible Notes Payable - Related Party (Details Textual) - USD ($)	Jan. 30, 2019	Mar. 31, 2019	Jan. 29, 2019	Dec. 31, 2018
Notes Payable, Convertible, Related Parties, Classified Current		$ 475,856		$ 513,356
Chief Executive Officer [Member]
Notes Payable, Convertible, Related Parties, Classified Current		475,856		513,356
Repayments of Related Party Debt	$ 37,500
Chief Executive Officer [Member] | Third Issuance [Member]
Notes Payable, Convertible, Related Parties, Classified Current	$ 68,930	$ 68,930	$ 106,430	$ 106,430

XML

Note 5 - Convertible Notes Payable - Related Party - Related Party Transactions, Convertible Notes Payable (Details) - USD ($)	Mar. 31, 2019	Jan. 30, 2019	Jan. 29, 2019	Dec. 31, 2018
Convertible Note payable – related party	$ 475,856			$ 513,356
Chief Executive Officer [Member]
Convertible Note payable – related party	475,856			513,356
Chief Executive Officer [Member] | First Issuance [Member]
Convertible Note payable – related party	144,426			144,426
Chief Executive Officer [Member] | Second Issuance [Member]
Convertible Note payable – related party	262,500			262,500
Chief Executive Officer [Member] | Third Issuance [Member]
Convertible Note payable – related party	$ 68,930	$ 68,930	$ 106,430	$ 106,430

XML

Note 6 - Subsequent Events (Details Textual)	Apr. 17, 2019 shares
Subsequent Event [Member]
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture	95,675