Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 12, 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) | 40,916,351 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Balance Sheets (Current Period
Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 172,802 | $ 409,039 |
Accounts receivable | 751 | |
Inventory | 3,675 | 4,131 |
Prepaid expense and other current assets | 14,583 | 32,125 |
Total current assets | 191,811 | 445,295 |
Patents, net | 141,257 | 146,263 |
Property and equipment, net | 3,904 | 5,068 |
Total assets | 336,972 | 596,626 |
Liabilities and Stockholders' Equity (Deficit) | ||
Accounts payable and accrued expenses | 292,241 | 208,727 |
Advances from investors | 10,000 | 100,000 |
Convertible notes payable – related party | 578,664 | 444,581 |
Total current liabilities | 880,905 | 753,308 |
Total liabilities | 880,905 | 753,308 |
Stockholders' equity (deficit) | ||
Authorized shares - 10,000,000, Issued and outstanding shares – 0 at June 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 June 30, 2020 and December 31, 2019, respectively | 409,164 | 405,164 |
Additional paid-in capital | 4,495,380 | 4,207,786 |
Accumulated deficit | (5,448,477) | (4,769,632) |
Total stockholders’ equity (deficit) | (543,933) | (156,682) |
Total liabilities and stockholders’ equity (deficit) | $ 336,972 | $ 596,626 |
Balance Sheets (Current Perio_2
Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 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 (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues | $ 484 | $ 606 | $ 15,684 | $ 4,682 |
Cost of revenues | (292) | (563) | (11,098) | (3,281) |
Gross margin | 192 | 43 | 4,586 | 1,401 |
Operating expenses: | ||||
Research and development expenses | 389 | 50,124 | 389 | 52,510 |
Selling, general and administrative expenses | 300,472 | 404,958 | 680,740 | 794,493 |
Total operating expenses | (300,861) | (455,082) | (681,129) | (847,003) |
Operating income (loss) | (300,669) | (455,039) | (676,543) | (845,602) |
Other income (expense) | ||||
Interest income (expense), net | (1,297) | 1,522 | (2,302) | 637 |
Net income (loss) | $ (301,966) | $ (453,517) | $ (678,845) | $ (844,965) |
Basic and diluted net loss per average share available to common shareholders (in dollars per share) | $ (0.02) | $ (0.01) | $ (0.02) | $ (0.02) |
Weighted average common shares outstanding – basic and diluted (in shares) | 40,516,351 | 39,624,247 | 40,516,351 | 39,444,456 |
Statements of Stockholders' Equ
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] | 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 | $ 40,170 | $ 11,598 | $ 12,000 | $ 191,505 | $ 55,585 | $ 57,500 | |||||||||
Warrant expense | 18,992 | 18,992 | |||||||||||||
Option expense | 192,298 | 192,298 | |||||||||||||
Net loss | (844,965) | (844,965) | |||||||||||||
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 Jun. 30, 2019 | 39,664,199 | ||||||||||||||
Balance at Jun. 30, 2019 | $ 396,642 | 3,876,311 | (4,033,299) | (239,654) | |||||||||||
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 | 181,376 | 181,376 | |||||||||||||
Net loss | (678,845) | (678,845) | |||||||||||||
Balance (in shares) at Jun. 30, 2020 | 40,916,351 | ||||||||||||||
Balance at Jun. 30, 2020 | $ 409,164 | $ 4,495,380 | $ (5,448,477) | $ (543,933) |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Net cash used in operating activities | $ (244,967) | $ (539,076) |
Cash flows from investing activities | ||
Investment in patents | (1,270) | (1,637) |
Net cash used in investing activities | (1,270) | (1,637) |
Cash flows from financing activities | ||
Payments on convertible notes | (37,500) | |
Advances from shareholder | 10,000 | |
Proceeds from private placement offering | 25,000 | |
Net cash used in financing activities | 10,000 | (12,500) |
Net change in cash | (236,237) | (553,213) |
Cash and cash equivalents at beginning of period | 409,039 | 1,276,654 |
Cash and cash equivalents at end of period | 172,802 | 723,441 |
Supplemental Cash Flow Information | ||
Cash paid for interest | 203 | |
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 |
Note 1 - Organization and Busin
Note 1 - Organization and Business | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization and Business. 1984. |
Note 2
Note 2 | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 2. ABI primarily operates through three 1 2 |
Note 3 - Basis of Presentation
Note 3 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 3. Basis of presentation. 10 December 31, 2019, March 30, 2020, not three six June 30, 2020, not may December 31, 2020. |
Note 4 - Financial Condition
Note 4 - Financial Condition | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Financial Condition [Text Block] | 4. Financial Condition. not no 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 There can be no may may may |
Note 5 - Common Stock
Note 5 - Common Stock | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 5. Common Stock. 100,000,000 June 30, 2020, 49,662,450 40,916,351 3,529,417 two 453,726 one 6,309 99,647 4,657,000 We have not no |
Note 6 - 1. Convertible Notes P
Note 6 - 1. Convertible Notes Payable - Related Party | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6. 1.Convertible December 31, 2019, $452,040. June 30, 2020, $595,571. i2China, Note #. Conversion Rate Interest Rate June 30, 2020 December 31, 2019 Note 1 - Chen $ 0.1680 0.75 % $ 117,861 $ 117,433 Note 2 - Chen $ 0.1875 0.65 % $ 267,134 $ 266,281 Note 3.19 - Chen $ 0.2500 1.85 % $ 39,986 $ 39,620 Note 4.19 - Chen $ 0.2500 1.61 % $ 12,550 $ 12,453 Note 5.19 – i2China $ 0.2500 1.85 % $ 16,401 $ 16,253 Note 6.20 - Chen $ 0.2500 1.85 % $ 109,051 $ - Note 7.20 - Chen $ 0.2500 1.60 % $ 8,421 $ - Note 8.20 – i2China $ 0.2500 1.85 % $ 24,167 $ - Total Convertible Notes (including accrued Interest) – Related Party $ 595,571 $ 452,040 Dr. Stephen T. Chen, Chairman, CEO, President, and CFO, and i2China On January 1, 2020, #6.20 $216,600, 2020. January 1, 2021, 1 1.85%. $216,600 1 ABI may $9,025 15th may $0.25 144 1933. may On January 1, 2020, #7.20 $30,000, January 1, 2021, 1 1.85%. $30,000 may may $0.25 144 1933. may On January 1, 2020, #8.20 i2China $48,000, 2020. January 1, 2021, 1 1.85%. $48,000 may $4,000 may $0.25 The notes are unsecured and are due on demand. All shares issued on conversion are to be restricted subject to Rule 144 1933. may |
Note 7 - Other Related Party Tr
Note 7 - Other Related Party Transactions | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 7. Other Related Party Transactions. no January 1, 2020 June 30, 2020. |
Note 8 - Subsequent Events
Note 8 - Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 8. Subsequent Events On July 29, 2020, July 29, 2020 July 29, 2021. June 1, 2020 June 29, 2020, $67,687 $27,675. $40,012 six 6% eight $5,115 $905 On July 28, 2020, 520,833 $0.192 2020 1 $100,000 $50,000 August 31, 2020, |
Note 6 - 1. Convertible Notes_2
Note 6 - 1. Convertible Notes Payable - Related Party (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Convertible Debt [Table Text Block] | Note #. Conversion Rate Interest Rate June 30, 2020 December 31, 2019 Note 1 - Chen $ 0.1680 0.75 % $ 117,861 $ 117,433 Note 2 - Chen $ 0.1875 0.65 % $ 267,134 $ 266,281 Note 3.19 - Chen $ 0.2500 1.85 % $ 39,986 $ 39,620 Note 4.19 - Chen $ 0.2500 1.61 % $ 12,550 $ 12,453 Note 5.19 – i2China $ 0.2500 1.85 % $ 16,401 $ 16,253 Note 6.20 - Chen $ 0.2500 1.85 % $ 109,051 $ - Note 7.20 - Chen $ 0.2500 1.60 % $ 8,421 $ - Note 8.20 – i2China $ 0.2500 1.85 % $ 24,167 $ - Total Convertible Notes (including accrued Interest) – Related Party $ 595,571 $ 452,040 |
Note 2 (Details Textual)
Note 2 (Details Textual) | 6 Months Ended |
Jun. 30, 2020 | |
Number of Operating Segments | 3 |
Note 5 - Common Stock (Details
Note 5 - Common Stock (Details Textual) - shares | Jun. 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) | 49,662,450 | |
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 | |
Officer [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 453,726 | |
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) | 99,647 | |
Convertible Debt Securities [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 3,529,417 |
Note 6 - 1. Convertible Notes_3
Note 6 - 1. Convertible Notes Payable - Related Party (Details Textual) - USD ($) | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Notes Payable, Convertible, Related Parties, Classified Current | $ 578,664 | $ 444,581 | |
Convertible Notes Payable, Total | 595,571 | 452,040 | |
Convertible Note Payable Number 8.20 [Member] | i2China Mgt LLC [Member] | |||
Convertible Notes Payable, Total | $ 48,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.85% | ||
Convertible Notes Payable, Monthly Advance Payment, Maximum | $ 4,000 | ||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 0.25 | ||
Stephen Chen and I2 China [Member] | |||
Notes Payable, Convertible, Related Parties, Classified Current | 595,571 | 452,040 | |
Stephen Chen [Member] | Convertible Note Payable Number 6.20 [Member] | |||
Convertible Notes Payable, Total | $ 109,051 | $ 216,600 | |
Debt Instrument, Interest Rate, Stated Percentage | 1.85% | 1.85% | |
Convertible Notes Payable, Monthly Advance Payment, Maximum | $ 9,025 | ||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 0.25 | $ 0.25 | |
Stephen Chen [Member] | Convertible Note Payable Number 7.20 [Member] | |||
Convertible Notes Payable, Total | $ 8,421 | $ 30,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 1.60% | 1.85% | |
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 0.25 | $ 0.25 | |
Stephen Chen [Member] | Convertible Note Payable Number 8.20 [Member] | |||
Convertible Notes Payable, Total | $ 24,167 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.85% | ||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 0.25 |
Note 6 - 1. Convertible Notes_4
Note 6 - 1. Convertible Notes Payable - Related Party - Convertible Notes Payable, Outstanding (Details) - USD ($) | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Convertible note payable | $ 595,571 | $ 452,040 | |
Convertible Note Payable Number One [Member] | Stephen Chen [Member] | |||
Conversion rate (in dollars per share) | $ 0.168 | ||
Interest rate | 0.75% | ||
Convertible note payable | $ 117,861 | 117,433 | |
Convertible Note Payable Number Two [Member] | Stephen Chen [Member] | |||
Conversion rate (in dollars per share) | $ 0.1875 | ||
Interest rate | 0.65% | ||
Convertible note payable | $ 267,134 | 266,281 | |
Convertible Note Payable Number 3.19 [Member] | Stephen Chen [Member] | |||
Conversion rate (in dollars per share) | $ 0.25 | ||
Interest rate | 1.85% | ||
Convertible note payable | $ 39,986 | 39,620 | |
Convertible Note Payable Number 4.19 [Member] | Stephen Chen [Member] | |||
Conversion rate (in dollars per share) | $ 0.25 | ||
Interest rate | 1.61% | ||
Convertible note payable | $ 12,550 | 12,453 | |
Convertible Note Payable Number 5.19 [Member] | i2China Mgt LLC [Member] | |||
Conversion rate (in dollars per share) | $ 0.25 | ||
Interest rate | 1.85% | ||
Convertible note payable | $ 16,401 | 16,253 | |
Convertible Note Payable Number 6.20 [Member] | Stephen Chen [Member] | |||
Conversion rate (in dollars per share) | $ 0.25 | $ 0.25 | |
Interest rate | 1.85% | 1.85% | |
Convertible note payable | $ 109,051 | $ 216,600 | |
Convertible Note Payable Number 7.20 [Member] | Stephen Chen [Member] | |||
Conversion rate (in dollars per share) | $ 0.25 | $ 0.25 | |
Interest rate | 1.60% | 1.85% | |
Convertible note payable | $ 8,421 | $ 30,000 | |
Convertible Note Payable Number 8.20 [Member] | i2China Mgt LLC [Member] | |||
Conversion rate (in dollars per share) | $ 0.25 | ||
Interest rate | 1.85% | ||
Convertible note payable | $ 48,000 | ||
Convertible Note Payable Number 8.20 [Member] | Stephen Chen [Member] | |||
Conversion rate (in dollars per share) | $ 0.25 | ||
Interest rate | 1.85% | ||
Convertible note payable | $ 24,167 |
Note 8 - Subsequent Events (Det
Note 8 - Subsequent Events (Details Textual) - USD ($) | Jul. 29, 2020 | Jul. 28, 2020 | Jun. 30, 2020 |
Stock Issued During Period, Value, New Issues | $ 100,000 | ||
Subsequent Event [Member] | The 2020-1 Private Placement Stock Offering [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 520,833 | ||
Shares Issued, Price Per Share (in dollars per share) | $ 0.192 | ||
Stock Issued During Period, Value, New Issues | $ 100,000 | ||
Subsequent Event [Member] | The 2020-1 Private Placement Stock Offering [Member] | Stephen Chen [Member] | |||
Stock Issued During Period, Value, New Issues | $ 50,000 | ||
Finance Agreement with BankDirect Capital Finance [Member] | Subsequent Event [Member] | |||
Debt Instrument, Face Amount | $ 67,687 | ||
Debt Instrument, Down Payment | 27,675 | ||
Short-term Debt, Total | $ 40,012 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||
Debt Instrument, Term (Month) | 240 days | ||
Debt Instrument, Periodic Payment, Total | $ 5,115 | ||
Debt Issuance Costs, Net, Total | $ 905 |