[√] |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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[ ] |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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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
(806) 376-1741
|
||
(Address and telephone number, including area code, of registrant's principal executive offices)
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Large accelerated filer [ ]
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Accelerated filer [ ]
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Non-accelerated filer [√ ]
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Smaller reporting company [√]
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Emerging growth company [ ]
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PAGE NO.
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||
PART I:
|
FINANCIAL INFORMATION
|
|
ITEM 1.
|
Financial Statements
|
|
|
Balance Sheets– September 30, 2020 and December 31, 2019 (unaudited)
|
3
|
Statements of Operations – Three and Nine Months Ended September 30, 2020 and 2019 (unaudited)
|
4
|
|
|
Statements of Stockholders’ Equity (Deficit) – Nine Months Ended September 30, 2020 and 2019 (unaudited)
|
5
|
Condensed Statements of Cash Flows – Nine Months Ended September 30, 2020 and 2019 (unaudited)
|
6
|
|
Notes to Financial Statements (unaudited)
|
7
|
|
ITEM 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
10
|
ITEM 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
16
|
ITEM 4.
|
Controls and Procedures
|
16
|
PART II:
|
OTHER INFORMATION
|
|
ITEM 1.
|
Legal Proceedings
|
18
|
ITEM 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
18
|
ITEM 3.
|
Defaults Upon Senior Securities
|
18
|
ITEM 4.
|
Mine Safety Disclosures
|
18
|
ITEM 5.
|
Other Information
|
18
|
ITEM 6.
|
Exhibits
|
18
|
Signatures
|
19
|
ITEM 1. |
Financial Statements
|
September 30,
2020
|
December 31,
2019
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
83,767
|
$
|
409,039
|
||||
Accounts receivable
|
751
|
-
|
||||||
Inventory
|
3,452
|
4,131
|
||||||
Prepaid expense and other current assets
|
69,960
|
32,125
|
||||||
Total current assets
|
157,930
|
445,295
|
||||||
Patents, net
|
139,774
|
146,263
|
||||||
Property and equipment, net
|
3,576
|
5,068
|
||||||
Total assets
|
$
|
301,280
|
$
|
596,626
|
||||
Liabilities and Stockholders' Equity (Deficit)
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$
|
359,996
|
$
|
208,727
|
||||
Advances from investors
|
85,000
|
100,000
|
||||||
Convertible notes payable – related party
|
632,814
|
444,581
|
||||||
Total current liabilities
|
1,077,810
|
753,308
|
||||||
Total liabilities
|
1,077,810
|
753,308
|
||||||
Stockholders' equity (deficit)
|
||||||||
Preferred stock, $0.01 par value:
|
||||||||
Authorized shares - 10,000,000,
|
||||||||
Issued and outstanding shares – 0 at September 30, 2020 and December 31, 2019
|
-
|
-
|
||||||
Common stock, $0.01 par value:
|
||||||||
Authorized shares - 100,000,000,
|
||||||||
Issued and outstanding shares –40,916,351 and 40,516,351 at September 30, 2020 and December 31, 2019, respectively
|
409,164
|
405,164
|
||||||
Additional paid-in capital
|
4,586,068
|
4,207,786
|
||||||
Accumulated deficit
|
(5,771,762
|
)
|
(4,769,632
|
)
|
||||
Total stockholders’ equity (deficit)
|
(776,530
|
)
|
(156,682
|
)
|
||||
Total liabilities and stockholders’ equity (deficit)
|
$
|
301,280
|
$
|
596,626
|
Three months ended September 30
|
Nine months ended September 30
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Revenues
|
$
|
192
|
$
|
4,786
|
$
|
15,876
|
$
|
9,468
|
||||||||
Cost of revenues
|
(123
|
)
|
(3,368
|
)
|
(11,221
|
)
|
(6,649
|
)
|
||||||||
Gross margin
|
69
|
1,418
|
4,655
|
2,819
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development expenses
|
-
|
-
|
389
|
52,510
|
||||||||||||
Selling, general and administrative expenses
|
321,153
|
366,824
|
1,001,893
|
1,161,317
|
||||||||||||
Total operating expenses
|
(321,153
|
)
|
(366,824
|
)
|
(1,002,282
|
)
|
(1,213,827
|
)
|
||||||||
Operating income (loss)
|
(321,084
|
)
|
(365,406
|
)
|
(997,627
|
)
|
(1,211,008
|
)
|
||||||||
Other income (expense)
|
||||||||||||||||
Interest income (expense), net
|
(2,201
|
)
|
(809
|
)
|
(4,503
|
)
|
(172
|
)
|
||||||||
Net income (loss)
|
(323,285
|
)
|
(366,215
|
)
|
(1,002,130
|
)
|
(1,211,180
|
)
|
||||||||
Basic and diluted net loss per average share available to common shareholders
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
$
|
(0.02
|
)
|
$
|
(0.03
|
)
|
||||
Weighted average common shares outstanding – basic and diluted
|
40,516,351
|
40,156,334
|
40,620,055
|
39,684,743
|
Amarillo Biosciences, Inc.
|
||||||||||||||||||||||||||||
Statements of Stockholders’ Equity (Deficit)
|
||||||||||||||||||||||||||||
For the nine months ended September 30, 2020 and 2019
(Unaudited)
|
||||||||||||||||||||||||||||
Preferred Stock
|
Common Stock
|
Additional Paid in Capital
|
Accumulated Deficit
|
Total Stockholders’ Equity (Deficit)
|
||||||||||||||||||||||||
Shares
|
Par Value
|
Shares
|
Par Value
|
|||||||||||||||||||||||||
Balance December 31, 2019
|
-
|
$
|
-
|
40,516, 351
|
$
|
405,164
|
$
|
4,207,786
|
$
|
(4,769,632
|
)
|
$
|
(156,682
|
)
|
||||||||||||||
Issuance of stock for compensation
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Issuance of stock for cash
|
400,000
|
4,000
|
96,000
|
100,000
|
||||||||||||||||||||||||
Issuance of stock for debt
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||
Warrant expense
|
10,218
|
10,218
|
||||||||||||||||||||||||||
Option expense
|
272,064
|
272,064
|
||||||||||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
-
|
(1,002,130
|
)
|
(1,002,130
|
)
|
|||||||||||||||||||
Balance September 30, 2020
|
-
|
$
|
-
|
40,916,351
|
$
|
409,164
|
$
|
4,586,068
|
$
|
(5,771,762
|
)
|
$
|
(776,530
|
)
|
||||||||||||||
|
||||||||||||||||||||||||||||
Balance December 31, 2018
|
-
|
$
|
-
|
39,117,524
|
$
|
391,175
|
$
|
3,527,238
|
$
|
(3,188,334
|
)
|
$
|
730,079
|
|||||||||||||||
Compensation – i2China (Q4 2018 accrual)
|
-
|
-
|
40,170
|
401.70
|
11,598
|
-
|
12,000
|
|||||||||||||||||||||
Compensation – Cohen and Chen (Q4 2018 accrual)
|
-
|
-
|
191,505
|
1,915.05
|
55,585
|
-
|
57,500
|
|||||||||||||||||||||
Subscription Issuance – Hen Vai Wu
|
-
|
-
|
200,000
|
2,000
|
48,000
|
-
|
50,000
|
|||||||||||||||||||||
Finder’s fee issuance – Hen Vai Wu
|
115,000
|
1,150
|
22,600
|
23,750
|
||||||||||||||||||||||||
Warrant expense
|
-
|
-
|
-
|
-
|
28,488
|
-
|
28,488
|
|||||||||||||||||||||
Option expense
|
-
|
-
|
-
|
-
|
288,447
|
-
|
288,447
|
|||||||||||||||||||||
Conversion
|
-
|
-
|
552,152
|
5,522
|
94,478
|
-
|
100,000
|
|||||||||||||||||||||
Subscription issuance – Assyrea Ltd.
|
-
|
-
|
||||||||||||||||||||||||||
Net loss for the period ended September 30, 2019
|
-
|
-
|
-
|
-
|
-
|
(1,211,180
|
)
|
(1,211,180
|
)
|
|||||||||||||||||||
Balance September 30, 2019
|
-
|
$
|
-
|
40,216,351
|
$
|
402,164
|
$
|
4,076,434
|
$
|
(4,399,514
|
)
|
$
|
79,084
|
|||||||||||||||
|
||||||||||||||||||||||||||||
Nine months ended September 30,
|
||||||||
2020
|
2019
|
|||||||
Net cash used in operating activities
|
$
|
(244,967
|
)
|
$
|
(539,076
|
)
|
||
Cash flows from investing activities
|
||||||||
Investment in equipment
|
-
|
(1,638
|
)
|
|||||
Investment in patents
|
(1,891
|
)
|
(405
|
)
|
||||
Net cash used in investing activities
|
(1,891
|
)
|
(2,043
|
)
|
||||
Cash flows from financing activities
|
||||||||
Payments on convertible notes
|
-
|
(37,500
|
)
|
|||||
Advances from shareholder
|
35,000
|
-
|
||||||
Proceeds from private placement offering
|
50,000
|
25,000
|
||||||
Net cash used in financing activities
|
85,000
|
(12,500
|
)
|
|||||
Net change in cash
|
(325,272
|
)
|
(793,882
|
)
|
||||
Cash and cash equivalents at beginning of period
|
409,039
|
1,276,654
|
||||||
Cash and cash equivalents at end of period
|
$
|
83,767
|
$
|
482,772
|
||||
Supplemental Cash Flow Information
|
||||||||
Cash paid for interest
|
$
|
4,895
|
$
|
727
|
||||
Cash paid for income taxes
|
$
|
-
|
$
|
-
|
||||
Non-Cash Transactions
|
||||||||
Stock issued for accrued liabilities
|
$
|
-
|
$
|
93,250
|
||||
Stock issued for advances from investors
|
$
|
100,000
|
$
|
25,000
|
||||
Stock issued for advances from investors
|
$
|
-
|
$
|
100,000
|
||||
1.
|
Organization and Business. Amarillo Biosciences, Inc. (the "Company" or "ABI"), is a diversified healthcare company engaged in the discovery and development of
pharmaceutical and biotech products. ABI is a Texas corporation which was formed in 1984.
|
2.
|
ABI primarily operates through three divisions: Pharmaceutical, Medical and Consumer. The Pharmaceutical division leverages our extensive library of clinical research by applying the Company's experience in
the use of low-dose non-injectable 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. The Consumer division includes a range of nutraceutical and food supplement products that utilize a unique 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).
|
3.
|
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, 2019, as filed with the Securities and Exchange Commission on March 30, 2020, 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 and nine months ended September 30, 2020, are not
necessarily indicative of the results that may be expected for the full year ending December 31, 2020.
|
4.
|
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.
|
5.
|
Common Stock. The shareholders have authorized 100,000,000 shares of voting common shares for issuance. On September 30, 2020, a total of 50,073,805 shares of common
stock were either issued (40,916,351), reserved for conversion of convertible debt to stock (3,529,417), issuance to two Company officers as compensation (582,670), one Company employee (6,309), held for future compensation issue to a
consultant (127,278), held for payment of stock for legal services (54,780), held for payment of stock for R&D services (200,000), and held for future exercise of nonqualified options (4,657,000).
|
6.
|
Convertible Notes Payable – Related Party. As of December 31, 2019, the amount of convertible debt principal, on the Company’s balance sheet was $444,581. The total
balance of the principal for convertible promissory notes as of September 30, 2020, is $632,814. This amount consisted of the following convertible promissory notes payable to Dr. Stephen T. Chen, Chairman, CEO, President, and CFO, and
i2China, a consultant, as shown in the table below.
|
Note #.
|
Conversion Rate
|
Interest Rate
|
September 30, 2020
|
December 31, 2019
|
||||||||||||
Note 1 - Chen
|
$
|
0.1680
|
0.75
|
%
|
$
|
114,026
|
$
|
114,026
|
||||||||
Note 2 - Chen
|
$
|
0.1875
|
0.65
|
%
|
$
|
262,500
|
$
|
262,500
|
||||||||
Note 3.19 - Chen
|
$
|
0.2500
|
1.85
|
%
|
$
|
39,620
|
$
|
39,620
|
||||||||
Note 4.19 - Chen
|
$
|
0.2500
|
1.61
|
%
|
$
|
12,436
|
$
|
12,453
|
||||||||
Note 5.19 – i2China
|
$
|
0.2500
|
1.85
|
%
|
$
|
16,000
|
$
|
16,000
|
||||||||
Note 6.20 - Chen
|
$
|
0.2500
|
1.85
|
%
|
$
|
162,450
|
$
|
-
|
||||||||
Note 7.20 - Chen
|
$
|
0.2500
|
1.60
|
%
|
$
|
1,782
|
$
|
-
|
||||||||
Note 8.20 – i2China
|
$
|
0.2500
|
1.85
|
%
|
$
|
24,000
|
$
|
-
|
||||||||
Total Convertible Notes – Related Party
|
$
|
632,814
|
$
|
444,581
|
7.
|
Other Related Party Transactions. Other than the aforementioned convertible notes activity, there were no related party transactions that occurred during the period
from January 1, 2020 to September 30, 2020.
|
8.
|
Subsequent Events. On October 14, 2020, subsequent to the balance sheet date, the Company issued 100,000 shares of its Common voting stock to UHO Wellness Corporation
as compensatory shares for services provided pursuant to a Medical Device Development Agreement entered into on February 13, 2020. The shares are restricted pursuant Rule 144 in that they cannot be sold or otherwise traded for a minimum
period of six months from the date of issue.2
|
ITEM 2. |
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
ITEM 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
ITEM 4. |
Controls and Procedures
|
ITEM 1. |
Legal Proceedings
|
ITEM 2. |
Unregistered Sales of Equity Securities and Use of Proceeds.
|
ITEM 3. |
Defaults Upon Senior Securities
|
ITEM 4. |
Mine Safety Disclosures
|
ITEM.5. |
Other Information
|
ITEM 6. |
Exhibits
|
3(i)†
|
Restated Certificate of Formation of the Company, dated and filed July 27, 2015.
|
|
3(ii)††
|
Bylaws of the Company, as amended July 10, 2015.
|
|
4.1*
|
Specimen Common Stock Certificate.
|
|
4.2*
|
Form of Underwriter's Warrant.
|
|
10.1(11)
|
2008 Stock Incentive Plan dated May 20, 2008.
|
|
10.2*
|
License Agreement dated as of March 22, 1988 between the Company and The Texas A&M University System.
|
|
10.30***
|
Amendment No. 1 dated September 28, 1998 to License Agreement of March 22, 1988 between The Texas A&M University System and the Company.
|
|
10.72***
|
2018 Employee Stock Option Plan
|
|
10.73***
|
2018 Officer, Directors, Employees and Consultants Nonqualified Stock Option Plan
|
|
10.74***
|
Stock Option Agreement – Nonqualified Stock Option
|
|
10.75***
|
Stock Option Agreement – Employee Plan
|
|
31.1
|
Certification of Chief Executive Officer (Principal Executive Officer) required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section
302 of the Sarbanes-Oxley Act of 2002
|
32.1
|
Certification Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
101.INS
|
XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the XBRL document.
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase
|
AMARILLO BIOSCIENCES, INC.
|
|
Date: November 13, 2020
|
By: /s/ Stephen Chen
Stephen Chen, Chairman of the Board,
Chief Executive Officer and Chief Financial Officer
|
Date: November 13, 2020
|
|
/s/ Stephen T. Chen
|
|
|
Stephen T. Chen, Chairman of the Board,
Chief Executive Officer and Chief Financial Officer
|
AMARILLO BIOSCIENCES, INC.
|
|
Date: November 13, 2020
|
By: /s/ Stephen T. Chen
Stephen T. Chen, Chairman of the Board,
and Chief Executive Officer
|
Document And Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Nov. 13, 2020 |
|
Document Information [Line Items] | ||
Entity Registrant Name | AMARILLO BIOSCIENCES INC | |
Entity Central Index Key | 0001014763 | |
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 Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 41,016,351 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 40,916,351 | 40,516,351 |
Common stock, shares outstanding (in shares) | 40,916,351 | 40,516,351 |
Statements of Operations (Unaudited) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Revenues | $ 192 | $ 4,786 | $ 15,876 | $ 9,468 |
Cost of revenues | (123) | (3,368) | (11,221) | (6,649) |
Gross margin | 69 | 1,418 | 4,655 | 2,819 |
Operating expenses: | ||||
Research and development expenses | 389 | 52,510 | ||
Selling, general and administrative expenses | 321,153 | 366,824 | 1,001,893 | 1,161,317 |
Total operating expenses | (321,153) | (366,824) | (1,002,282) | (1,213,827) |
Operating income (loss) | (321,084) | (365,406) | (997,627) | (1,211,008) |
Other income (expense) | ||||
Interest income (expense), net | (2,201) | (809) | (4,503) | (172) |
Net income (loss) | $ (323,285) | $ (366,215) | $ (1,002,130) | $ (1,211,180) |
Basic and diluted net loss per average share available to common shareholders (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.03) |
Weighted average common shares outstanding – basic and diluted (in shares) | 40,516,351 | 40,156,334 | 40,620,055 | 39,684,743 |
Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) |
i2China Mgt LLC [Member]
Preferred Stock [Member]
|
i2China Mgt LLC [Member]
Common Stock [Member]
|
i2China Mgt LLC [Member]
Additional Paid-in Capital [Member]
|
i2China Mgt LLC [Member]
Retained Earnings [Member]
|
i2China Mgt LLC [Member] |
Dr. Stephen T. Chen, and Bernard Cohen [Member]
Preferred Stock [Member]
|
Dr. Stephen T. Chen, and Bernard Cohen [Member]
Common Stock [Member]
|
Dr. Stephen T. Chen, and Bernard Cohen [Member]
Additional Paid-in Capital [Member]
|
Dr. Stephen T. Chen, and Bernard Cohen [Member]
Retained Earnings [Member]
|
Dr. Stephen T. Chen, and Bernard Cohen [Member] |
Assyrea Ltd [Member]
Assyrea Ltd [Member]
Preferred Stock [Member]
|
Assyrea Ltd [Member]
Assyrea Ltd [Member]
Common Stock [Member]
|
Assyrea Ltd [Member]
Assyrea Ltd [Member]
Additional Paid-in Capital [Member]
|
Assyrea Ltd [Member]
Assyrea Ltd [Member]
Retained Earnings [Member]
|
Assyrea Ltd [Member]
Assyrea Ltd [Member]
|
Hen Vai Wu [Member]
Hen Vai Wu [Member]
Preferred Stock [Member]
|
Hen Vai Wu [Member]
Hen Vai Wu [Member]
Common Stock [Member]
|
Hen Vai Wu [Member]
Hen Vai Wu [Member]
Additional Paid-in Capital [Member]
|
Hen Vai Wu [Member]
Hen Vai Wu [Member]
Retained Earnings [Member]
|
Hen Vai Wu [Member]
Hen Vai Wu [Member]
|
Hen Vai Wu [Member]
Preferred Stock [Member]
|
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance (in shares) at Dec. 31, 2018 | 39,117,524 | |||||||||||||||||||||||||
Balance at Dec. 31, 2018 | $ 391,175 | $ 3,527,238 | $ (3,188,334) | $ 730,079 | ||||||||||||||||||||||
Issuance of stock for compensation (in shares) | 40,170 | 191,505 | ||||||||||||||||||||||||
Issuance of stock for compensation | $ 401.70 | $ 11,598 | $ 12,000 | $ 1,915.05 | $ 55,585 | $ 57,500 | ||||||||||||||||||||
Issuance of stock for debt (in shares) | 552,152 | |||||||||||||||||||||||||
Issuance of stock for debt | $ 5,522 | 94,478 | 100,000 | |||||||||||||||||||||||
Warrant expense | 28,488 | 28,488 | ||||||||||||||||||||||||
Option expense | 288,447 | 288,447 | ||||||||||||||||||||||||
Net loss | (1,211,180) | (1,211,180) | ||||||||||||||||||||||||
Subscription Issuance – Hen Vai Wu (in shares) | 200,000 | |||||||||||||||||||||||||
Subscription Issuance – Hen Vai Wu | $ 2,000 | $ 48,000 | $ 50,000 | |||||||||||||||||||||||
Finder’s fee issuance – Hen Vai Wu (in shares) | 115,000 | |||||||||||||||||||||||||
Finder’s fee issuance – Hen Vai Wu | $ 1,150 | 22,600 | 23,750 | |||||||||||||||||||||||
Balance (in shares) at Sep. 30, 2019 | 40,216,351 | |||||||||||||||||||||||||
Balance at Sep. 30, 2019 | $ 402,164 | 4,076,434 | (4,399,514) | 79,084 | ||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2019 | 40,516,351 | |||||||||||||||||||||||||
Balance at Dec. 31, 2019 | $ 405,164 | 4,207,786 | (4,769,632) | (156,682) | ||||||||||||||||||||||
Issuance of stock for compensation (in shares) | ||||||||||||||||||||||||||
Issuance of stock for compensation | ||||||||||||||||||||||||||
Issuance of stock for cash (in shares) | 400,000 | |||||||||||||||||||||||||
Issuance of stock for cash | $ 4,000 | 96,000 | 100,000 | |||||||||||||||||||||||
Issuance of stock for debt (in shares) | ||||||||||||||||||||||||||
Issuance of stock for debt | ||||||||||||||||||||||||||
Warrant expense | 10,218 | 10,218 | ||||||||||||||||||||||||
Option expense | 272,064 | 272,064 | ||||||||||||||||||||||||
Net loss | (1,002,130) | (1,002,130) | ||||||||||||||||||||||||
Balance (in shares) at Sep. 30, 2020 | 40,916,351 | |||||||||||||||||||||||||
Balance at Sep. 30, 2020 | $ 409,164 | $ 4,586,068 | $ (5,771,762) | $ (776,530) |
Condensed Statements of Cash Flows (Unaudited) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Net cash used in operating activities | $ (408,381) | $ (779,339) |
Cash flows from investing activities | ||
Investment in Equipment | (1,638) | |
Investment in patents | (1,891) | (405) |
Net cash used in investing activities | (1,891) | (2,043) |
Cash flows from financing activities | ||
Payments on convertible notes | (37,500) | |
Advances from shareholder | 35,000 | |
Proceeds from private placement offering | 50,000 | 25,000 |
Net cash used in financing activities | 85,000 | (12,500) |
Net change in cash | (325,272) | (793,882) |
Cash and cash equivalents at beginning of period | 409,039 | 1,276,654 |
Cash and cash equivalents at end of period | 83,767 | 482,772 |
Supplemental Cash Flow Information | ||
Cash paid for interest | 4,895 | 727 |
Cash paid for income taxes | ||
Non-Cash Transactions | ||
Stock issued for accrued liabilities | 93,250 | |
Stock issued for advances from investors | 100,000 | 25,000 |
Conversion of debt to common stock | $ 100,000 |
Note 1 - Organization and Business |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2020 | |||
Notes to Financial Statements | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] |
|
Note 2 |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2020 | |||
Notes to Financial Statements | |||
Segment Reporting Disclosure [Text Block] |
|
Note 3 - Basis of Presentation |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2020 | |||
Notes to Financial Statements | |||
Basis of Accounting [Text Block] |
|
Note 4 - Financial Condition |
9 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||
Notes to Financial Statements | |||||||
Financial Condition [Text Block] |
|
Note 5 - Common Stock |
9 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2020 | |||||
Notes to Financial Statements | |||||
Stockholders' Equity Note Disclosure [Text Block] |
|
Note 6 - Convertible Notes Payable - Related Party |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Text Block] |
1
|
Note 7 - Other Related Party Transactions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2020 | |||
Notes to Financial Statements | |||
Related Party Transactions Disclosure [Text Block] |
|
Note 8 - Subsequent Events |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2020 | |||
Notes to Financial Statements | |||
Subsequent Events [Text Block] |
2 October 1, 2020. |
Note 6 - Convertible Notes Payable - Related Party (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt [Table Text Block] |
|
Note 2 (Details Textual) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Number of Operating Segments | 3 |
Note 5 - Common Stock (Details Textual) - shares |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Common Stock, Shares Authorized (in shares) | 100,000,000 | 100,000,000 |
Common Stock, Shares Outstanding and Reserved (in shares) | 50,073,805 | |
Common Stock, Shares, Issued, Total (in shares) | 40,916,351 | 40,516,351 |
Options [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 4,657,000 | |
Legal Fees [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 54,780 | |
Research and Development [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 200,000 | |
Officer [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 582,670 | |
Employees [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 6,309 | |
Consultants [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 127,278 | |
Convertible Debt Securities [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 3,529,417 |
Note 8 - Subsequent Events (Details Textual) |
Oct. 14, 2020
shares
|
---|---|
Subsequent Event [Member] | UHO Wellness Corporation [Member] | |
Stock Issued During Period, Shares, Issued for Services (in shares) | 100,000 |
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