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Note 10 - Related Party Transactions
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]
10.
Related Party TRANSACTIONS
 
The Company has received a series of non-interest-bearing advances from Mr. Wong Kwok Fong, a director of the Company, and Mr. Michael DePasquale, the Company’s Chief Executive Officer, to pay current liabilities. The balance of the advances as at
March 31, 2020
was
$66,466
and
$0,
respectively, and as of
December 31, 2019
was
$74,737
and
$114,000,
respectively. The balances owed are due on demand.
 
Sales Incentive Agreement with TTI
 
On
March 25, 2020,
the Company entered into a sales incentive agreement Technology Transfer Institute (“TTI”). One of the Company’s board members is the Chief Executive Officer of TTI.  Terms of the agreement include the following:
 
 
1.
The term of the agreement is
one
year unless notice to terminate (as defined) is given.  The agreement will be automatically extended for additional
one
-year terms unless terminated.
 
2.
For each
$5,000,000
in revenue (up to a maximum of
$20,000,000
) TTI generates during the
first
year that generates net income of at least
20%
(as defined), the Company will pay TTI a sales incentive fee of
$500,000
payable by the issuance of
500,000
shares of common stock.
 
3.
In the event that TTI generates revenue in excess of
$20,000,000
during the
first
year, the Company will issue TTI a
five
-year warrant to purchase
100,000
shares of Common Stock at an exercise price of
$1.50
per share for each
$1,000,000
of revenue in excess of
$20,000,000
(up to a maximum of
$25,000,000
).
 
In
no
event will the Company be obligated to issue more than
2,000,000
shares of common stock or warrants to purchase more than
500,000
shares of common stock pursuant to this agreement. 
 
There have been
no
revenue generated or sales incentive fees paid during the
three
months ended
March 31, 2020.