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EXCEL - IDEA: XBRL DOCUMENT - AMARILLO BIOSCIENCES INCFinancial_Report.xls
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EX-32.1 - FORM 10-K/A EXHIBIT 32-1 - AMARILLO BIOSCIENCES INCform10kaexhibit32-1_123111.htm
EX-31.1B - FORM 10-K/A EXHIBIT 31-1B - AMARILLO BIOSCIENCES INCform10kaexhibit31-1b_123111.htm
EX-31.1A - FORM 10-K/A EXHIBIT 31-1A - AMARILLO BIOSCIENCES INCform10kaexhibit31-1a_123111.htm
10-K/A - FORM 10-K/A 12-31-2011 - AMARILLO BIOSCIENCES INCform10k-a_12312011.htm
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Note 11 - Related Party Transactions
12 Months Ended
Dec. 31, 2011
Notes To Financial Statements  
Related Party Transactions Disclosure [Text Block]
11. Related Party Transactions

The Company has relied significantly on HBL, a large shareholder of the Company, for a substantial portion of its capital requirements. In addition, HBL has purchased substantial amounts of the Company’s common stock from time to time.

HBL and the Company are parties to various license and manufacturing and supply agreements pursuant to which the Company licenses certain technology to or from HBL. HBL supplies formulations of its interferon alpha and other products to the Company at contractual prices. The Company pays HBL a 12% royalty on the first $100 million of interferon alpha net sales and a 10% royalty on additional net sales.

Additionally, the Company is obligated to pay HBL a percentage of sublicense fee income the Company receives.  We owed $78,360 of accrued sublicense fees to HBL on December 31, 2011.

HBL is obligated to pay the Company an 8% royalty on sales of oral interferon in Japan.  The Company recorded $0 in 2011 and $0 of royalties in 2010 from HBL animal health sales of oral interferon.

During 2011, The Company engaged the law firm of Underwood, Wilson, Berry, Stein and Johnson P.C. of which Mr. Edward Morris was a shareholder through March 15, 2011.  Mr. Morris also was, and continues to be, the Secretary of the Company.  During the twelve months ended December 31, 2011 the Company incurred approximately $29,714 of legal fees to said law firm. For the second and third quarters of 2011, Mr. Morris has had no connection with the above referenced law firm.  Mr. Morris remains the Secretary of the Company.

All future transactions and loans between the Company and its officers, directors and 5% shareholders will be on terms no less favorable to the Company than could be obtained from independent third parties. There can be no assurance, however, that future transactions or arrangements between the Company and its affiliates will be advantageous, that conflicts of interest will not arise with respect thereto or that if conflicts do arise, that they will be resolved in favor of the Company.