Note 5 - Convertible Notes Payable - Related Party

9 Months Ended

Sep. 30, 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 on 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, CFO, and President, as shown in the table below.

	September 30, 2019		December 31, 2018
Convertible Note payable – related party	$	114,026	$	144,426
Convertible Note payable – related party		262,500		262,500
Convertible Note payable – related party		-		106,430
Convertible Notes payable – related party	$	376,526	$	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.

On

July 1, 2019,

Dr. Chen notified the Company of his intent to convert the remaining principal balance and accrued interest,

$69,600,

of the promissory note dated

June 30, 2016,

to ABI Common Voting Shares at a conversion price of

$.1875.

On

July 10, 2019,

371,200

ABI shares were issued in full and final satisfaction of the aforementioned promissory note referred to as Note

#3.

On

July 1, 2019,

Dr. Chen also notified ABI of his intent to convert

$30,400

into Company shares at a price of

$.168

per share. The conversion was applied to the principal and accrued interest on the promissory note dated

January 11, 2016,

reducing the balance of the note from

$144,426

to

$114,026.

On

July 10, 2019,

180,952

ABI shares were issued. As of

September 30, 2019,

the outstanding balance of convertible promissory notes was

$376,526.

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

September 30, 2019.