Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2023 | |
Document Information Line Items | |
Entity Registrant Name | ABVC BIOPHARMA, INC. |
Document Type | S-1/A |
Amendment Flag | true |
Amendment Description | ABVC BioPharma, Inc. is filing this Amendment No. 4 (this “Amendment No. 4”) to the Registration Statement on Form F-1 (Registration No. 333-271416), originally filed on April 24, 2023 and amended on May 10, 2023, June 1, 2023 and June 7, 2023 (as amended, the “Registration Statement”), to include the financial information for the quarter ended March 31, 2023.No additional securities are being registered under this Pre-Effective Amendment No. 4. All applicable registration fees were previously paid. |
Entity Central Index Key | 0001173313 |
Entity Filer Category | Non-accelerated Filer |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Incorporation, State or Country Code | NV |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | |||
Cash and cash equivalents | $ 1,134,959 | $ 85,265 | $ 5,828,548 |
Restricted cash and cash equivalents | 656,919 | 1,306,463 | 736,667 |
Accounts receivable, net | 124,133 | 98,325 | 280,692 |
Accounts receivable – related parties, net | 618,196 | 757,343 | 145,399 |
Due from related party – current | 519,984 | 513,819 | |
Inventories, net | 25,975 | ||
Short-term Investment | 78,014 | 75,797 | 108,147 |
Prepaid expense and other current assets | 347,852 | 150,235 | 528,354 |
Total Current Assets | 3,480,057 | 2,987,247 | 7,653,782 |
Property and equipment, net | 571,578 | 573,978 | 525,881 |
Operating lease right-of-use assets | 1,098,760 | 1,161,141 | 1,471,899 |
Long-term investments | 849,843 | 842,070 | 932,755 |
Deferred tax assets | 118,191 | 117,110 | 981,912 |
Prepaid expenses – noncurrent | 136,382 | 135,135 | 119,309 |
Security deposits | 63,095 | 58,838 | 41,157 |
Prepayment for long-term investments | 3,171,098 | 2,838,578 | 1,153,155 |
Due from related parties – noncurrent | 1,245,933 | 1,141,378 | 818,183 |
Total Assets | 10,734,937 | 9,855,475 | 13,698,033 |
LIABILITIES AND EQUITY | |||
Short-term bank loans | 902,000 | 1,893,750 | 1,640,000 |
Accrued expenses and other current liabilities | 2,763,271 | 2,909,587 | 1,300,803 |
Advance from customers | 10,985 | 10,985 | 10,985 |
Operating lease liabilities – current portion | 387,333 | 369,314 | 347,100 |
Due to related parties | 1,011,347 | 635,893 | 393,424 |
Total Current Liabilities | 5,074,936 | 5,819,529 | 3,692,312 |
Tenant security deposit | 7,480 | 7,980 | 10,580 |
Operating lease liability – noncurrent portion | 711,427 | 791,827 | 1,124,799 |
Convertible notes payable – third parties | 3,206,587 | ||
Total Liabilities | 9,000,430 | 6,619,336 | 4,827,691 |
COMMITMENTS AND CONTINGENCIES | |||
Equity | |||
Preferred stock, $0.001 par value, 20,000,000 authorized, nil shares issued and outstanding | |||
Common stock value | 33,081 | 32,857 | 28,926 |
Additional paid-in capital | 68,048,004 | 67,907,479 | 58,113,667 |
Stock subscription receivable | (1,128,700) | (1,354,440) | (2,257,400) |
Accumulated deficit | (56,728,134) | (54,904,439) | (38,481,200) |
Accumulated other comprehensive income | 546,237 | 517,128 | 539,660 |
Treasury stock | (9,100,000) | (9,100,000) | (9,100,000) |
Total Stockholders’ Equity | 1,670,488 | 3,098,585 | 8,843,653 |
Noncontrolling interest | 64,019 | 137,554 | 26,689 |
Total Equity | 1,734,507 | 3,236,139 | 8,870,342 |
Total Liabilities and Equity | $ 10,734,937 | $ 9,855,475 | $ 13,698,033 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | |||
Preferred stock, shares outstanding | |||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, shares issued | 33,080,740 | 32,857,329 | 28,926,322 |
Common stock, shares outstanding | 33,080,740 | 32,857,329 | 28,926,322 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||||
Revenues | $ 128,272 | $ 25,660 | $ 969,783 | $ 355,797 |
Cost of revenues | 60,236 | 1,896 | 286,415 | 5,086 |
Gross profit | 68,036 | 23,764 | 683,368 | 350,711 |
Operating expenses | ||||
Selling, general and administrative expenses | 1,272,752 | 1,191,078 | 6,067,545 | 5,746,119 |
Research and development expenses | 334,979 | 359,404 | 2,693,457 | 1,003,805 |
Stock-based compensation | 366,489 | 4,692,003 | 7,036,778 | 5,306,755 |
Total operating expenses | 1,974,220 | 6,242,485 | 15,797,780 | 12,056,679 |
Loss from operations | (1,906,184) | (6,218,721) | (15,114,412) | (11,705,968) |
Other income (expense) | ||||
Interest income | 52,711 | 40,175 | 187,817 | 43,196 |
Interest expense | (56,663) | (18,213) | (293,968) | (227,210) |
Operating sublease income | 22,100 | 24,124 | 107,150 | 134,576 |
Operating sublease income – related parties | 4,800 | |||
Impairment loss | (110,125) | |||
Investment loss | (7,446) | |||
Gain/Loss on foreign exchange changes | (12,261) | 7,563 | (259,463) | 426,316 |
Gain/Loss on investment in equity securities | (269,844) | |||
Other (expense) income | 3,067 | (9,410) | (24,149) | 22,409 |
Government grant income | 360,898 | |||
Total other income | 8,954 | 44,239 | (400,184) | 495,141 |
Loss before provision income tax | (1,897,230) | (6,174,482) | (15,514,596) | (11,210,827) |
Provision for income tax | (86,867) | 797,778 | 825,024 | |
Net loss | (1,897,230) | (6,087,615) | (16,312,374) | (12,035,851) |
Net loss attributable to noncontrolling interests | (73,535) | (92,175) | 110,865 | 802,962 |
Net loss attributed to ABVC and subsidiaries | (1,823,695) | (5,995,440) | (16,423,239) | (12,838,813) |
Foreign currency translation adjustment | 29,109 | (113,339) | (22,532) | (25,200) |
Comprehensive loss | $ (1,794,586) | $ (6,108,779) | $ (16,445,771) | $ (12,864,013) |
Net loss per share: | ||||
Basic and diluted (in Dollars per share) | $ (0.06) | $ (0.2) | $ (0.52) | $ (0.51) |
Weighted average shares used in computing net loss per share of common stock: | ||||
Basic and diluted (in Shares) | 33,075,775 | 29,683,402 | 31,664,660 | 25,053,522 |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||||
Diluted | $ (0.06) | $ (0.20) | $ (0.52) | $ (0.51) |
Diluted | 33,075,775 | 29,683,402 | 31,664,660 | 25,053,522 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | ||||
Net loss | $ (1,897,230) | $ (6,087,615) | $ (16,312,374) | $ (12,035,851) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation | 6,493 | 5,411 | 23,799 | 11,993 |
Stock-based compensation for non-employees | 366,489 | 4,692,003 | 7,036,778 | 5,306,755 |
Loss on investment in equity securities | 269,844 | |||
Inventory allowance for valuation losses | 25,975 | |||
Provision for doubtful accounts, net of recovery | 184,589 | |||
Government grant income | (360,898) | |||
Other non-cash income and expenses | (1,521) | 9,503 | 32,350 | |
Impairment of prepaid expenses | 110,125 | |||
Deferred tax | (86,867) | 864,802 | 824,199 | |
Changes in operating assets and liabilities: | ||||
Decrease (increase) in accounts receivable | 113,339 | (505) | (614,166) | (120,980) |
Decrease (increase) in prepaid expenses and deposits | (203,621) | (113,292) | 238,092 | (357,276) |
Decrease (increase) in due from related parties | (110,720) | (1,434,353) | (837,014) | (595,037) |
Increase (decrease) in inventory | 2,537 | (25,830) | ||
Increase (decrease) in accounts payable | (23,044) | |||
Increase (decrease) in accrued expenses and other current liabilities | (146,316) | (38,378) | 1,608,784 | (173,151) |
Increase (decrease) in advanced from customers | (1,085) | |||
Increase (decrease) in tenant security deposit received | (2,600) | |||
Increase (decrease) in due to related parties | 375,454 | 57,299 | 242,469 | (317,358) |
Net cash used in operating activities | (1,497,633) | (2,994,257) | (7,398,391) | (7,597,719) |
Cash flows from investing activities | ||||
Purchase of investments | (107,547) | |||
Purchase of equipment | (93,220) | (119,692) | (17,503) | |
Prepayment for equity investment | (1,601,992) | (680,916) | ||
Net cash used in investing activities | (93,220) | (1,721,684) | (805,966) | |
Cash flows from financing activities | ||||
Proceeds from convertible notes payable – third parties | 3,206,587 | |||
Issuance of common stock | 3,663,925 | 11,119,452 | ||
Payment for offering costs | (850,429) | |||
Repayment of convertible notes | (306,836) | |||
Repayment of short-term loan | (100,000) | |||
Repayment of notes payable | (107,400) | |||
Proceeds from long-term loan | 236,498 | |||
Repayment of short-term loans | (1,000,000) | 350,000 | ||
Proceeds from short term borrowings from third parties | 4,265 | |||
Net cash provided by (used in) financing activities | 2,206,587 | 4,013,925 | 9,995,550 | |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (308,804) | (45,150) | (67,337) | (28,021) |
Net decrease in cash and cash equivalents and restricted cash | 400,150 | (3,132,627) | (5,173,487) | 1,563,844 |
Cash and cash equivalents and restricted cash | ||||
Beginning | 1,391,728 | 6,565,215 | 6,565,215 | 5,001,371 |
Ending | 1,791,878 | 3,432,588 | 1,391,728 | 6,565,215 |
Supplemental disclosure of cash flows | ||||
Interest expense paid | 56,663 | 43,842 | 285,465 | 333,873 |
Income taxes paid | 1,600 | |||
Non-cash financing and investing activities | ||||
Common shares issued for debt conversion | $ 2,693,548 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders’ Equity (Deficit) (Unaudited) - USD ($) | Common Stock | Stock Subscription Receivable | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Treasury Stock | Non controlling Interest | Total |
Balance at Dec. 31, 2020 | $ 24,420 | $ (3,160,360) | $ 40,751,807 | $ (25,642,387) | $ 564,860 | $ (9,100,000) | $ (776,273) | $ 2,662,067 |
Balance (in Shares) at Dec. 31, 2020 | 24,420,526 | (275,347) | ||||||
Issuance of common shares for cash | $ 3,028 | 10,265,995 | 10,269,023 | |||||
Issuance of common shares for cash (in Shares) | 3,027,750 | |||||||
Issuance of common shares for consulting service | $ 367 | 1,728,223 | 1,728,590 | |||||
Issuance of common shares for consulting service (in Shares) | 366,934 | |||||||
Issuance of common shares for debt conversion | $ 1,111 | 2,692,437 | 2,693,548 | |||||
Issuance of common shares for debt conversion (in Shares) | 1,111,112 | |||||||
Stock based compensation for services | 902,960 | 902,960 | ||||||
Stock based compensation for options granted | 2,675,205 | 2,675,205 | ||||||
Net loss for the period | (12,838,813) | 802,962 | (12,035,851) | |||||
Cumulative transaction adjustments | (25,200) | (25,200) | ||||||
Balance at Dec. 31, 2021 | $ 28,926 | (2,257,400) | 58,113,667 | (38,481,200) | 539,660 | $ (9,100,000) | 26,689 | 8,870,342 |
Balance (in Shares) at Dec. 31, 2021 | 28,926,322 | (275,347) | ||||||
Issuance of common shares for consulting service | $ 1,381 | 4,464,882 | 4,466,263 | |||||
Issuance of common shares for consulting service (in Shares) | 1,381,007 | |||||||
Stock based compensation | 225,740 | 225,740 | ||||||
Net loss for the period | (5,995,440) | (92,175) | (6,087,615) | |||||
Cumulative transaction adjustments | (113,339) | (113,339) | ||||||
Balance at Mar. 31, 2022 | $ 30,307 | (2,031,660) | 62,578,549 | (44,476,640) | 426,321 | $ (9,100,000) | (65,486) | 7,361,391 |
Balance (in Shares) at Mar. 31, 2022 | 30,307,329 | (275,347) | ||||||
Balance at Dec. 31, 2021 | $ 28,926 | (2,257,400) | 58,113,667 | (38,481,200) | 539,660 | $ (9,100,000) | 26,689 | 8,870,342 |
Balance (in Shares) at Dec. 31, 2021 | 28,926,322 | (275,347) | ||||||
Issuance of common shares for cash | $ 2,000 | 3,661,925 | 3,663,925 | |||||
Issuance of common shares for cash (in Shares) | 2,000,000 | |||||||
Issuance of common shares for consulting service | $ 1,931 | 4,889,957 | 4,891,888 | |||||
Issuance of common shares for consulting service (in Shares) | 1,931,007 | |||||||
Stock based compensation for services | 902,960 | 902,960 | ||||||
Stock based compensation for options granted | 1,241,930 | 1,241,930 | ||||||
Net loss for the period | (16,423,239) | 110,865 | (16,312,374) | |||||
Cumulative transaction adjustments | (22,532) | (22,532) | ||||||
Balance at Dec. 31, 2022 | $ 32,857 | (1,354,440) | 67,907,479 | (54,904,439) | 517,128 | $ (9,100,000) | 137,554 | 3,236,139 |
Balance (in Shares) at Dec. 31, 2022 | 32,857,329 | (275,347) | ||||||
Issuance of common shares for consulting service | $ 224 | 140,525 | 140,749 | |||||
Issuance of common shares for consulting service (in Shares) | 223,411 | |||||||
Stock based compensation | 225,740 | 225,740 | ||||||
Net loss for the period | (1,823,695) | (73,535) | (1,897,230) | |||||
Cumulative transaction adjustments | 29,109 | 29,109 | ||||||
Balance at Mar. 31, 2023 | $ 33,081 | $ (1,128,700) | $ 68,048,004 | $ (56,728,134) | $ 546,237 | $ (9,100,000) | $ 64,019 | $ 1,734,507 |
Balance (in Shares) at Mar. 31, 2023 | 33,080,740 | (275,347) |
Organization and Description of
Organization and Description of Business | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Organization and Description of Business [Abstract] | ||
ORGANIZATION AND DESCRIPTION OF BUSINESS | 1. ORGANIZATION AND DESCRIPTION OF BUSINESS ABVC BioPharma, Inc. (the “Company”), formerly known as American BriVision (Holding) Corporation, a Nevada corporation, through the Company’s operating entity, American BriVision Corporation (“BriVision”), which was incorporated in July 2015 in the State of Delaware, engages in biotechnology to fulfill unmet medical needs and focuses on the development of new drugs and medical devices derived from plants. BriVision develops its pipeline by carefully tracking new medical discoveries or medical device technologies in research institutions in the Asia-Pacific region. Pre-clinical, disease animal model and Phase I safety studies are examined closely by the Company to identify drugs that BriVision believes demonstrate efficacy and safety. Once a drug appears to be a good candidate for development and ultimately commercialization, BriVision licenses the drug or medical device from the original researchers and begins to introduce the drugs clinical plan to highly respected principal investigators in the United States, Australia and Taiwan to conduct a Phase II clinical trial. At present, clinical trials for the Company’s drugs and medical devices are being conducted at such world-famous institutions as Memorial Sloan Kettering Cancer Center (“MSKCC”) and MD Anderson Cancer Center. BriVision had no predecessor operations prior to its formation on July 21, 2015. Name Change The Company’s shareholders approved an amendment to the Company’s Articles of Incorporation to change the Company’s corporate name from American BriVision (Holding) Corporation to ABVC BioPharma, Inc. and approved and adopted the Certificate of Amendment to affect same at the 2020 annual meeting of shareholders (the “Annual Meeting”). The name change amendment to the Company’s Articles of Incorporation was filed with Nevada’s Secretary of State and became effective on March 8, 2021 and FINRA processed our request to change our name on April 30, 2021, which became effective as of May 3, 2021. The Company’s stock symbol remains ABVC. Reverse Merger On February 8, 2016, a Share Exchange Agreement (the “Share Exchange Agreement”) was entered into by and among the Company, BriVision, and Euro-Asia Investment & Finance Corp. Limited, a company incorporated under the laws of Hong Kong Special Administrative Region of the People’s Republic of China (“Euro-Asia”), being the owners of record of 164,387,376 (52,336,000 pre-stock split) shares of Common Stock of the Company, and the owners of record of all of the issued share capital of BriVision (the “BriVision Stock”). Pursuant to the Share Exchange Agreement, upon surrender by the BriVision Shareholders and the cancellation by BriVision of the certificates evidencing the BriVision Stock as registered in the name of each BriVision Shareholder, and pursuant to the registration of the Company in the register of members maintained by BriVision as the new holder of the BriVision Stock and the issuance of the certificates evidencing the aforementioned registration of the BriVision Stock in the name of the Company, the Company issued 166,273,921 (52,936,583 pre-stock split) shares (the “Acquisition Stock”) (subject to adjustment for fractionalized shares as set forth below) of the Company’s Common Stock to the BriVision Shareholders (or their designees), and 163,159,952 (51,945,225 pre-stock split) shares of the Company’s Common Stock owned by Euro-Asia were cancelled and retired to treasury. The Acquisition Stock collectively represented 79.70% of the issued and outstanding Common Stock of the Company immediately after the Closing, in exchange for the BriVision Stock, representing 100% of the issued share capital of BriVision in a reverse merger (the “Merger”). Pursuant to the Merger, all of the issued and outstanding common shares of BriVision were converted, at an exchange ratio of 0.2536-for-1, into an aggregate of 166,273,921 (52,936,583 pre-stock split) common shares of the Company and BriVision had become a wholly owned subsidiary of the Company. The holders of Company’s Common Stock as of immediately prior to the Merger held an aggregate of 205,519,223 (65,431,144 pre-stock split) shares of Company’s Common Stock. Because of the exchange of the BriVision Stock for the Acquisition Stock (the “Share Exchange”), BriVision had become a wholly owned subsidiary (the “Subsidiary”) of the Company and there was a change of control of the Company following the closing. There were no warrants, options or other equity instruments issued in connection with the share exchange agreement. Upon the consummation of the Share Exchange, BriVision became a wholly owned subsidiary of the Company. Following the Share Exchange, the Company has abandoned prior business plan and is now pursuing BriVision’s historically proposed businesses, which focus on the development of new drugs and innovative medical devices to fulfill unmet medical needs. The business model of the Company is to integrate research achievements from world-famous institutions, conduct clinical trials of translational medicine for Proof of Concept (“POC”), out-license to international pharmaceutical companies, and explore global markets. Accounting Treatment of the Reverse Merger For financial reporting purposes, the Share Exchange represents a “reverse merger” rather than a business combination and BriVision is deemed the accounting acquirer in the transaction. The Share Exchange is being accounted for as a reverse-merger and recapitalization. BriVision is the acquirer for financial reporting purposes and the Company is the acquired company. Consequently, the assets and liabilities and the operations reflected in the historical financial statements prior to the Share Exchange will be those of BriVision and recorded at the historical cost basis of BriVision. In addition, the consolidated financial statements after completion of the Share Exchange will include the assets and liabilities of the Company and BriVision, and the historical operations of BriVision and operations of the Combined Company from the closing date of the Share Exchange. Merger On February 8, 2019, the Company, BioLite Holding, Inc. (“BioLite”), BioKey, Inc. (“BioKey”), BioLite Acquisition Corp., a direct wholly-owned subsidiary of Parent (“Merger Sub 1”), and BioKey Acquisition Corp., a direct wholly-owned subsidiary of Parent (“Merger Sub 2”) (collectively referred to as the “Parties”) completed the business combination pursuant to the Agreement and Plan of Merger (the “Merger Agreement”) dated as of January 31, 2018 where ABVC acquired BioLite and BioKey via issuing additional Common Stock of ABVC to the shareholders of BioLite and BioKey. Pursuant to the terms of the Merger Agreement, BioLite and BioKey became two wholly-owned subsidiaries of the Company on February 8, 2019. ABVC issued an aggregate of 104,558,777 shares (prior to the reverse stock split in 2019) to the shareholders of both BioLite and BioKey under a registration statement on Form S-4 (file number 333-226285), which became effective by operation of law on or about February 5, 2019. BioLite Holding, Inc. (the “BioLite Holding”) was incorporated under the laws of the State of Nevada on July 27, 2016. BioLite BVI, Inc. (the “BioLite BVI”), a wholly owned subsidiary of BioLite Holding, was incorporated in the British Virgin Islands on September 13, 2016. BioLite Holding and BioLite BVI are holding companies and have not carried out substantive business operations of their own. BioLite, Inc., (the “BioLite Taiwan”) was incorporated on February 13, 2006 under the laws of Taiwan. BioLite is in the business of developing and commercialization of new botanical drugs with application in central nervous system, autoimmunity, inflammation, hematology, and oncology. In addition, BioLite Taiwan distributes dietary supplements made from extracts of Chinese herbs and Maitake mushroom. In January 2017, BioLite Holding, BioLite BVI, BioLite Taiwan, and certain shareholders of BioLite Taiwan entered into a share purchase / exchange agreement (the “BioLite Share Purchase / Exchange Agreement”). Pursuant to the BioLite Share Purchase / Exchange Agreement, the shareholder participants to the BioLite Share Purchase / Exchange Agreement have sold their equity in BioLite Taiwan and were using the proceeds from such sales to purchase shares of Common Stock of BioLite Holding at the same price per share, resulting in their owning the same number of shares of Common Stock as they owned in the BioLite Taiwan. Upon closing of the Share Purchase/ Exchange Agreement in August 2017, BioLite Holding ultimately owns via BioLite BVI approximately 73% of BioLite Taiwan. The other shareholders who did not enter this Share Purchase/ Exchange Agreement retain their equity ownership in BioLite Taiwan. BioKey, Inc. was incorporated on August 9, 2000 in the State of California. BioKey provides a wide range of services, including, API characterization, pre-formulation studies, formulation development, analytical method development, stability studies, IND/NDA/ANDA/510K submissions, and manufacturing clinical trial materials (Phase I through phase III) and commercial manufacturing. It also licenses out its technologies and initiates joint research and development processes with other biotechnology, pharmaceutical, and nutraceutical companies. Accounting Treatment of the Merger The Company adopted ASC 805, “Business Combination” to record the merger transactions of BioKey. Since the Company and BioLite Holding are the entities under Dr. Tsung-Shann Jiang’s common control, the transaction is accounted for as a restructuring transaction. All the assets and liabilities of BioLite Holding, BioLite BVI, and BioLite Taiwan were transferred to the Company at their respective carrying amounts on the closing date of the Merger. The Company has recast prior period financial statements to reflect the conveyance of BioLite Holding’s common shares as if the restructuring transaction had occurred as of the earliest date of the financial statements. All material intercompany accounts, transactions, and profits have been eliminated in consolidation. The nature of and effects on earnings per share (EPS) of nonrecurring intra-entity transactions involving long-term assets and liabilities is not required to be eliminated and EPS amounts have been recast to include the earnings (or losses) of the transferred net assets. Going Concern The accompanying unaudited financial statements have been prepared in conformity with U.S. GAAP which contemplates continuation of the Company on a going concern basis. The going concern basis assumes that assets are realized, and liabilities are settled in the ordinary course of business at amounts disclosed in the unaudited financial statements. The Company’s ability to continue as a going concern depends upon its ability to market and sell its products to generate positive operating cash flows. For the three months ended March 31, 2023, the Company reported net loss of $1,897,230. As of March 31, 2023, the Company’s working capital deficit was $1,594,879. In addition, the Company had net cash outflows of $1,497,633 from operating activities for the three months ended March 31, 2023. These conditions give rise to substantial doubt as to whether the Company will be able to continue as a going concern. Management’s plan is to continue improve operations to generate positive cash flows and raise additional capital through private of public offerings. If the Company is not able to generate positive operating cash flows, and raise additional capital, there is the risk that the Company may not be able to meet its short-term obligations. | 1. ORGANIZATION AND DESCRIPTION OF BUSINESS ABVC BioPharma, Inc. (the “Company”), formerly known as American BriVision (Holding) Corporation, a Nevada corporation, through the Company’s operating entity, American BriVision Corporation (“BriVision”), which was incorporated in July 2015 in the State of Delaware, engages in biotechnology to fulfill unmet medical needs and focuses on the development of new drugs and medical devices derived from plants. BriVision develops its pipeline by carefully tracking new medical discoveries or medical device technologies in research institutions in the Asia-Pacific region. Pre-clinical, disease animal model and Phase I safety studies are examined closely by the Company to identify drugs that BriVision believes demonstrate efficacy and safety. Once a drug appears to be a good candidate for development and ultimately commercialization, BriVision licenses the drug or medical device from the original researchers and begins to introduce the drugs clinical plan to highly respected principal investigators in the United States, Australia and Taiwan to conduct a Phase II clinical trial. At present, clinical trials for the Company’s drugs and medical devices are being conducted at such world-famous institutions as Memorial Sloan Kettering Cancer Center (“MSKCC”) and MD Anderson Cancer Center. BriVision had no predecessor operations prior to its formation on July 21, 2015. Name Change The Company’s shareholders approved an amendment to the Company’s Articles of Incorporation to change the Company’s corporate name from American BriVision (Holding) Corporation to ABVC BioPharma, Inc. and approved and adopted the Certificate of Amendment to affect same at the 2020 annual meeting of shareholders (the “Annual Meeting”). The name change amendment to the Company’s Articles of Incorporation was filed with Nevada’s Secretary of State and became effective on March 8, 2021 and FINRA processed our request to change our name on April 30, 2021, which became effective as of May 3, 2021. The Company’s stock symbol remains ABVC. Reverse Merger On February 8, 2016, a Share Exchange Agreement (the “Share Exchange Agreement”) was entered into by and among the Company, BriVision, and Euro-Asia Investment & Finance Corp. Limited, a company incorporated under the laws of Hong Kong Special Administrative Region of the People’s Republic of China (“Euro-Asia”), being the owners of record of 164,387,376 (52,336,000 pre-stock split) shares of Common Stock of the Company, and the owners of record of all of the issued share capital of BriVision (the “BriVision Stock”). Pursuant to the Share Exchange Agreement, upon surrender by the BriVision Shareholders and the cancellation by BriVision of the certificates evidencing the BriVision Stock as registered in the name of each BriVision Shareholder, and pursuant to the registration of the Company in the register of members maintained by BriVision as the new holder of the BriVision Stock and the issuance of the certificates evidencing the aforementioned registration of the BriVision Stock in the name of the Company, the Company issued 166,273,921 (52,936,583 pre-stock split) shares (the “Acquisition Stock”) (subject to adjustment for fractionalized shares as set forth below) of the Company’s Common Stock to the BriVision Shareholders (or their designees), and 163,159,952 (51,945,225 pre-stock split) shares of the Company’s Common Stock owned by Euro-Asia were cancelled and retired to treasury. The Acquisition Stock collectively represented 79.70% of the issued and outstanding Common Stock of the Company immediately after the Closing, in exchange for the BriVision Stock, representing 100% of the issued share capital of BriVision in a reverse merger (the “Merger”). Pursuant to the Merger, all of the issued and outstanding common shares of BriVision were converted, at an exchange ratio of 0.2536-for-1, into an aggregate of 166,273,921 (52,936,583 pre-stock split) common shares of the Company and BriVision had become a wholly owned subsidiary of the Company. The holders of Company’s Common Stock as of immediately prior to the Merger held an aggregate of 205,519,223 (65,431,144 pre-stock split) shares of Company’s Common Stock. Because of the exchange of the BriVision Stock for the Acquisition Stock (the “Share Exchange”), BriVision had become a wholly owned subsidiary (the “Subsidiary”) of the Company and there was a change of control of the Company following the closing. There were no warrants, options or other equity instruments issued in connection with the share exchange agreement. Upon the consummation of the Share Exchange, BriVision became a wholly owned subsidiary of the Company. Following the Share Exchange, the Company has abandoned prior business plan and is now pursuing BriVision’s historically proposed businesses, which focus on the development of new drugs and innovative medical devices to fulfill unmet medical needs. The business model of the Company is to integrate research achievements from world-famous institutions, conduct clinical trials of translational medicine for Proof of Concept (“POC”), out-license to international pharmaceutical companies, and explore global markets. Accounting Treatment of the Reverse Merger For financial reporting purposes, the Share Exchange represents a “reverse merger” rather than a business combination and BriVision is deemed the accounting acquirer in the transaction. The Share Exchange is being accounted for as a reverse-merger and recapitalization. BriVision is the acquirer for financial reporting purposes and the Company is the acquired company. Consequently, the assets and liabilities and the operations reflected in the historical financial statements prior to the Share Exchange will be those of BriVision and recorded at the historical cost basis of BriVision. In addition, the consolidated financial statements after completion of the Share Exchange will include the assets and liabilities of the Company and BriVision, and the historical operations of BriVision and operations of the Combined Company from the closing date of the Share Exchange. Merger On February 8, 2019, the Company, BioLite Holding, Inc. (“BioLite”), BioKey, Inc. (“BioKey”), BioLite Acquisition Corp., a direct wholly-owned subsidiary of Parent (“Merger Sub 1”), and BioKey Acquisition Corp., a direct wholly-owned subsidiary of Parent (“Merger Sub 2”) (collectively referred to as the “Parties”) completed the business combination pursuant to the Agreement and Plan of Merger (the “Merger Agreement”) dated as of January 31, 2018 where ABVC acquired BioLite and BioKey via issuing additional Common Stock of ABVC to the shareholders of BioLite and BioKey. Pursuant to the terms of the Merger Agreement, BioLite and BioKey became two wholly-owned subsidiaries of the Company on February 8, 2019. ABVC issued an aggregate of 104,558,777 shares (prior to the reverse stock split in 2019) to the shareholders of both BioLite and BioKey under a registration statement on Form S-4 (file number 333-226285), which became effective by operation of law on or about February 5, 2019. BioLite Holding, Inc. (the “BioLite Holding”) was incorporated under the laws of the State of Nevada on July 27, 2016. BioLite BVI, Inc. (the “BioLite BVI”), a wholly owned subsidiary of BioLite Holding, was incorporated in the British Virgin Islands on September 13, 2016. BioLite Holding and BioLite BVI are holding companies and have not carried out substantive business operations of their own. BioLite, Inc., (the “BioLite Taiwan”) was incorporated on February 13, 2006 under the laws of Taiwan. BioLite is in the business of developing and commercialization of new botanical drugs with application in central nervous system, autoimmunity, inflammation, hematology, and oncology. In addition, BioLite Taiwan distributes dietary supplements made from extracts of Chinese herbs and Maitake mushroom. In January 2017, BioLite Holding, BioLite BVI, BioLite Taiwan, and certain shareholders of BioLite Taiwan entered into a share purchase / exchange agreement (the “BioLite Share Purchase / Exchange Agreement”). Pursuant to the BioLite Share Purchase / Exchange Agreement, the shareholder participants to the BioLite Share Purchase / Exchange Agreement have sold their equity in BioLite Taiwan and were using the proceeds from such sales to purchase shares of Common Stock of BioLite Holding at the same price per share, resulting in their owning the same number of shares of Common Stock as they owned in the BioLite Taiwan. Upon closing of the Share Purchase/ Exchange Agreement in August 2017, BioLite Holding ultimately owns via BioLite BVI approximately 73% of BioLite Taiwan. The other shareholders who did not enter this Share Purchase/ Exchange Agreement retain their equity ownership in BioLite Taiwan. BioKey, Inc. was incorporated on August 9, 2000 in the State of California. BioKey provides a wide range of services, including, API characterization, pre-formulation studies, formulation development, analytical method development, stability studies, IND/NDA/ANDA/510K submissions, and manufacturing clinical trial materials (Phase I through phase III) and commercial manufacturing. It also licenses out its technologies and initiates joint research and development processes with other biotechnology, pharmaceutical, and nutraceutical companies. Accounting Treatment of the Merger The Company adopted ASC 805, “Business Combination” to record the merger transactions of BioKey. Since the Company and BioLite Holding are the entities under Dr. Tsung-Shann Jiang’s common control, the transaction is accounted for as a restructuring transaction. All the assets and liabilities of BioLite Holding, BioLite BVI, and BioLite Taiwan were transferred to the Company at their respective carrying amounts on the closing date of the Merger. The Company has recast prior period financial statements to reflect the conveyance of BioLite Holding’s common shares as if the restructuring transaction had occurred as of the earliest date of the financial statements. All material intercompany accounts, transactions, and profits have been eliminated in consolidation. The nature of and effects on earnings per share (EPS) of nonrecurring intra-entity transactions involving long-term assets and liabilities is not required to be eliminated and EPS amounts have been recast to include the earnings (or losses) of the transferred net assets. Going Concern The accompanying financial statements have been prepared in conformity with U.S. GAAP which contemplates continuation of the Company on a going concern basis. The going concern basis assumes that assets are realized, and liabilities are settled in the ordinary course of business at amounts disclosed in the financial statements. The Company’s ability to continue as a going concern depends upon its ability to market and sell its products to generate positive operating cash flows. For the year ended December 31, 2022, the Company reported net loss of $16,312,374. As of December 31, 2022, the Company’s working capital deficit was $2,832,282. In addition, the Company had net cash outflows of $7,398,391 from operating activities for the year ended December 31, 2022. These conditions give rise to substantial doubt as to whether the Company will be able to continue as a going concern. Management’s plan is to continue improve operations to generate positive cash flows and raise additional capital through private and public offerings. If the Company is not able to generate positive operating cash flows, and raise additional capital, there is the risk that the Company may not be able to meet its short-term obligations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited interim consolidated financial statements do not include all the information and footnotes required by the U.S. GAAP for complete financial statements. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with the U.S. GAAP have been condensed or omitted consistent with Article 10 of Regulation S-X. In the opinion of the Company’s management, the unaudited interim consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, in normal recurring nature, as necessary for the fair statement of the Company’s financial position as of March 31, 2023, and results of operations and cash flows for the three months ended March 31, 2023 and 2022. The unaudited interim consolidated balance sheet as of December 31, 2022 has been derived from the audited financial statements at that date but does not include all the information and footnotes required by the U.S. GAAP. Interim results of operations are not necessarily indicative of the results expected for the full fiscal year or for any future period. These financial statements should be read in conjunction with the audited consolidated financial statements as of and for the years ended December 31, 2022 and 2021, and related notes included in the Company’s audited consolidated financial statements. The accompanying unaudited consolidated financial statements have been prepared in accordance with the generally accepted accounting principles in the United States of America (the “U.S. GAAP”). All significant intercompany transactions and account balances have been eliminated. This basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred. The Company’s unaudited financial statements are expressed in U.S. dollars. Reclassifications of Prior Year Presentation Certain prior year unaudited consolidated balance sheet and unaudited consolidated cash flow statement amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. Fiscal Year The Company changed its fiscal year from the period beginning on October 1st and ending on September 30th to the period beginning on January 1st and ending on December 31st, beginning January 1, 2018. All references herein to a fiscal year prior to December 31, 2017 refer to the twelve months ended September 30th of such year. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amount of revenues and expenses during the reporting periods. Actual results could differ materially from those results. Forward Stock Split On March 21, 2016, the Board of Directors of the Company approved an amendment to Articles of Incorporation to effect a forward split at a ratio of 1 to 3.141 and increase the number of our authorized shares of Common Stock, par value $0.001 per share, to 360,000,000, which was effective on April 8, 2016. Stock Reverse Split On March 12, 2019, the Board of Directors of the Company by unanimous written consent in lieu of a meeting approved to i) effect a stock reverse split at the ratio of 1-for-18 (the “Reverse Split”) of both the authorized common stock of the Company (the “Common Stock”) and the issued and outstanding Common Stock and ii) to amend the articles of incorporation of the Company to reflect the Reverse Split. The Board approved and authorized the Reverse Split without obtaining approval of the Company’s shareholders pursuant to Section 78.207 of Nevada Revised Statutes. On May 3, 2019, the Company filed a certificate of amendment to the Company’s articles of incorporation (the “Amendment”) to effect the Reverse Split with the Secretary of State of Nevada. The Financial Industry Regulatory Authority (“FINRA”) informed the Company that the Reverse Split was effective on May 8, 2019. All shares and related financial information in this Form 10-Q reflect this 1-for-18 reverse stock split. Fair Value Measurements FASB ASC 820, “Fair Value Measurements” defines fair value for certain financial and nonfinancial assets and liabilities that are recorded at fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. It requires that an entity measure its financial instruments to base fair value on exit price, maximize the use of observable units and minimize the use of unobservable inputs to determine the exit price. It establishes a hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy increases the consistency and comparability of fair value measurements and related disclosures by maximizing the use of observable inputs and minimizing the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the assets or liabilities based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy prioritizes the inputs into three broad levels based on the reliability of the inputs as follows: ● Level 1 Inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Valuation of these instruments does not require a high degree of judgment as the valuations are based on quoted prices in active markets that are readily and regularly available. ● Level 2 Inputs other than quoted prices in active markets that are either directly or indirectly observable as of the measurement date, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 Valuations based on inputs that are unobservable and not corroborated by market data. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability. The carrying values of certain assets and liabilities of the Company, such as cash and cash equivalents, restricted cash, accounts receivable, due from related parties, prepaid expenses and other current assets, accounts payable, accrued liabilities, convertible notes payable, and due to related parties approximate fair value due to their relatively short maturities. The carrying value of the Company’s short-term bank loan, convertible notes payable, and accrued interest approximates their fair value as the terms of the borrowing are consistent with current market rates and the duration to maturity is short. The carrying value of the Company’s long-term bank loan approximates fair value because the interest rates approximate market rates that the Company could obtain for debt with similar terms and maturities. Cash and Cash Equivalents The Company considers highly liquid investments with maturities of three months or less, when purchased, to be cash equivalents. As of March 31, 2023 and December 31, 2022, the Company’s cash and cash equivalents amounted $1,134,959 and $85,265, respectively. Some of the Company’s cash deposits are held in financial institutions located in Taiwan where there is currently regulation mandated on obligatory insurance of bank accounts. The Company believes this financial institution is of high credit quality. Restricted Cash Equivalents Restricted cash equivalents primarily consist of cash held in a reserve bank account in Taiwan. As of March 31, 2023 and December 31, 2022, the Company’s restricted cash equivalents amounted $656,919 and $1,306,463, respectively. Concentration of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and temporary cash investments in high quality credit institutions, but these investments may be in excess of Taiwan Central Deposit Insurance Corporation and the U.S. Federal Deposit Insurance Corporation’s insurance limits. The Company does not enter into financial instruments for hedging, trading or speculative purposes. The Company perform ongoing credit evaluation of our customers and requires no collateral. An allowance for doubtful accounts is provided based on a review of the collectability of accounts receivable. The Company determine the amount of allowance for doubtful accounts by examining its historical collection experience and current trends in the credit quality of its customers as well as its internal credit policies. Actual credit losses may differ from our estimates. Concentration of clients As of March 31, 2023, the most major client, who specializes in developing and commercializing of dietary supplements and therapeutics in dietary supplement industry, accounted for 83.28% of the Company’s total account receivables; the second major client accounted for 10.75% of the Company’s total account receivables. As of December 31, 2022, the most major client, who specializes in developing and commercializing of dietary supplements and therapeutics in dietary supplement industry, accounted for 71.89% of the Company’s total account receivable; the second major client with its Chairman also having a position as one of the Board of Directors of BioKey, accounted for 16.62% of the Company’s total account receivable. For the three months ended March 31, 2023, one major client, manufacturing drugs, dietary supplements, and medical products, accounted for 84.78% of the Company’s total revenues. For the three months ended March 31, 2022, two major clients, which develops novel treatment for ocular Graft-versus-Host Disease, as well as providing biotechnical researches, accounted for 42.51% and 35.27% of the Company’s total revenues, respectively. Concentration of vendors For the three months ended March 31, 2023, one vendor in dietary supplement industry, who provides dietary supplement and manufacturing consultation, accounted for 100% of the Company’s total purchases. For the three months ended March 31, 2022, two vendors, in research, chemical and monitoring and testing industry, who provides life science product and service solution, manufacture and distribute fine chemicals and laboratory products, as well as technology research and development institution in Taiwan, accounted for 82.9% and 15.5% of the Company’s total purchases, respectively. Revenue Recognition During the fiscal year 2018, the Company adopted Accounting Standards Codification (“ASC”), Topic 606 (ASC 606), Revenue from Contracts with Customers, using the modified retrospective method to all contracts that were not completed as of January 1, 2018, and applying the new revenue standard as an adjustment to the opening balance of accumulated deficit at the beginning of 2018 for the cumulative effect. The results for the Company’s reporting periods beginning on and after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. Based on the Company’s review of existing collaborative agreements as of January 1, 2018, the Company concluded that the adoption of the new guidance did not have a significant change on the Company’s revenue during all periods presented. Pursuant to ASC 606, the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines is within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration the Company is entitled to in exchange for the goods or services the Company transfers to the customers. At inception of the contract, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract, determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The following are examples of when the Company recognizes revenue based on the types of payments the Company receives. Collaborative Revenues — As part of the accounting for these arrangements, the Company applies judgment to determine whether the performance obligations are distinct, and develop assumptions in determining the stand-alone selling price for each distinct performance obligation identified in the collaboration agreements. To determine the stand-alone selling price, the Company relies on assumptions which may include forecasted revenues, development timelines, reimbursement rates for R&D personnel costs, discount rates and probabilities of technical and regulatory success. The Company had multiple deliverables under the collaborative agreements, including deliverables relating to grants of technology licenses, regulatory and clinical development, and marketing activities. Estimation of the performance periods of the Company’s deliverables requires the use of management’s judgment. Significant factors considered in management’s evaluation of the estimated performance periods include, but are not limited to, the Company’s experience in conducting clinical development, regulatory and manufacturing activities. The Company reviews the estimated duration of its performance periods under its collaborative agreements on an annually basis, and makes any appropriate adjustments on a prospective basis. Future changes in estimates of the performance period under its collaborative agreements could impact the timing of future revenue recognition. (i) Non-refundable upfront payments If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in an arrangement, the Company recognizes revenue from the related non-refundable upfront payments based on the relative standalone selling price prescribed to the license compared to the total selling price of the arrangement. The revenue is recognized when the license is transferred to the collaboration partners and the collaboration partners are able to use and benefit from the license. To date, the receipt of non-refundable upfront fees was solely for the compensation of past research efforts and contributions made by the Company before the collaborative agreements entered into and it does not relate to any future obligations and commitments made between the Company and the collaboration partners in the collaborative agreements. (ii) Milestone payments The Company is eligible to receive milestone payments under the collaborative agreement with collaboration partners based on achievement of specified development, regulatory and commercial events. Management evaluated the nature of the events triggering these contingent payments, and concluded that these events fall into two categories: (a) events which involve the performance of the Company’s obligations under the collaborative agreement with collaboration partners, and (b) events which do not involve the performance of the Company’s obligations under the collaborative agreement with collaboration partners. The former category of milestone payments consists of those triggered by development and regulatory activities in the territories specified in the collaborative agreements. Management concluded that each of these payments constitute substantive milestone payments. This conclusion was based primarily on the facts that (i) each triggering event represents a specific outcome that can be achieved only through successful performance by the Company of one or more of its deliverables, (ii) achievement of each triggering event was subject to inherent risk and uncertainty and would result in additional payments becoming due to the Company, (iii) each of the milestone payments is non-refundable, (iv) substantial effort is required to complete each milestone, (v) the amount of each milestone payment is reasonable in relation to the value created in achieving the milestone, (vi) a substantial amount of time is expected to pass between the upfront payment and the potential milestone payments, and (vii) the milestone payments relate solely to past performance. Based on the foregoing, the Company recognizes any revenue from these milestone payments in the period in which the underlying triggering event occurs. (iii) Multiple Element Arrangements The Company evaluates multiple element arrangements to determine (1) the deliverables included in the arrangement and (2) whether the individual deliverables represent separate units of accounting or whether they must be accounted for as a combined unit of accounting. This evaluation involves subjective determinations and requires management to make judgments about the individual deliverables and whether such deliverables are separate from other aspects of the contractual relationship. Deliverables are considered separate units of accounting provided that: (i) the delivered item(s) has value to the customer on a standalone basis and (ii) if the arrangement includes a general right of return relative to the delivered item(s), delivery or performance of the undelivered item(s) is considered probable and substantially within its control. In assessing whether an item under a collaboration has standalone value, the Company considers factors such as the research, manufacturing, and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. The Company also considers whether its collaboration partners can use the other deliverable(s) for their intended purpose without the receipt of the remaining element(s), whether the value of the deliverable is dependent on the undelivered item(s), and whether there are other vendors that can provide the undelivered element(s). The Company recognizes arrangement consideration allocated to each unit of accounting when all of the revenue recognition criteria in ASC 606 are satisfied for that particular unit of accounting. In the event that a deliverable does not represent a separate unit of accounting, the Company recognizes revenue from the combined unit of accounting over the Company’s contractual or estimated performance period for the undelivered elements, which is typically the term of the Company’s research and development obligations. If there is no discernible pattern of performance or objectively measurable performance measures do not exist, then the Company recognizes revenue under the arrangement on a straight-line basis over the period the Company is expected to complete its performance obligations. Conversely, if the pattern of performance in which the service is provided to the customer can be determined and objectively measurable performance measures exist, then the Company recognizes revenue under the arrangement using the proportional performance method. Revenue recognized is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined using the straight-line method or proportional performance method, as applicable, as of the period ending date. At the inception of an arrangement that includes milestone payments, the Company evaluates whether each milestone is substantive and at risk to both parties on the basis of the contingent nature of the milestone. This evaluation includes an assessment of whether: (1) the consideration is commensurate with either the Company’s performance to achieve the milestone or the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from its performance to achieve the milestone, (2) the consideration relates solely to past performance and (3) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone and the level of effort and investment required to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether a milestone satisfies all of the criteria required to conclude that a milestone is substantive. Milestones that are not considered substantive are recognized as earned if there are no remaining performance obligations or over the remaining period of performance, assuming all other revenue recognition criteria are met. (iv) Royalties and Profit Sharing Payments Under the collaborative agreement with the collaboration partners, the Company is entitled to receive royalties on sales of products, which is at certain percentage of the net sales. The Company recognizes revenue from these events based on the revenue recognition criteria set forth in ASC 606. Based on those criteria, the Company considers these payments to be contingent revenues, and recognizes them as revenue in the period in which the applicable contingency is resolved. Revenues Derived from Research and Development Activities Services — Revenues related to research and development and regulatory activities are recognized when the related services or activities are performed, in accordance with the contract terms. The Company typically has only one performance obligation at the inception of a contract, which is to perform research and development services. The Company may also provide its customers with an option to request that the Company provides additional goods or services in the future, such as active pharmaceutical ingredient, API, or IND/NDA/ANDA/510K submissions. The Company evaluates whether these options are material rights at the inception of the contract. If the Company determines an option is a material right, the Company will consider the option a separate performance obligation. If the Company is entitled to reimbursement from its customers for specified research and development expenses, the Company accounts for the related services that it provides as separate performance obligations if it determines that these services represent a material right. The Company also determines whether the reimbursement of research and development expenses should be accounted for as revenues or an offset to research and development expenses in accordance with provisions of gross or net revenue presentation. The Company recognizes the corresponding revenues or records the corresponding offset to research and development expenses as it satisfies the related performance obligations. The Company then determines the transaction price by reviewing the amount of consideration the Company is eligible to earn under the contracts, including any variable consideration. Under the outstanding contracts, consideration typically includes fixed consideration and variable consideration in the form of potential milestone payments. At the start of an agreement, the Company’s transaction price usually consists of the payments made to or by the Company based on the number of full-time equivalent researchers assigned to the project and the related research and development expenses incurred. The Company does not typically include any payments that the Company may receive in the future in its initial transaction price because the payments are not probable. The Company would reassess the total transaction price at each reporting period to determine if the Company should include additional payments in the transaction price. The Company receives payments from its customers based on billing schedules established in each contract. Upfront payments and fees may be recorded as advance from customers upon receipt or when due, and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts are recorded as accounts receivable when the right of the Company to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customers and the transfer of the promised goods or services to the customers will be one year or less. Property and Equipment Property and equipment is carried at cost net of accumulated depreciation. Repairs and maintenance are expensed as incurred. Expenditures that improve the functionality of the related asset or extend the useful life are capitalized. When property and equipment is retired or otherwise disposed of, the related gain or loss is included in operating income. Leasehold improvements are depreciated on the straight-line method over the shorter of the remaining lease term or estimated useful life of the asset. Depreciation is calculated on the straight-line method, including property and equipment under capital leases, generally based on the following useful lives: Estimated Life Buildings and leasehold improvements 5 ~ 50 Machinery and equipment 5 ~ 10 Office equipment 3 ~ 6 Impairment of Long-Lived Assets The Company has adopted Accounting Standards Codification subtopic 360-10, Property, Plant and Equipment (“ASC 360-10”). ASC 360-10 requires that long-lived assets and certain identifiable intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company evaluates its long-lived assets for impairment annually or more often if events and circumstances warrant. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a forecasted inability to achieve break-even operating results over an extended period. Should impairment in value be indicated, the carrying value of intangible assets will be adjusted, based on estimates of future discounted cash flows resulting from the use and ultimate disposition of the asset. ASC 360-10 also requires assets to be disposed of be reported at the lower of the carrying amount or the fair value less costs to sell. Long-term Equity Investment The Company acquires the equity investments to promote business and strategic objectives. The Company accounts for non-marketable equity and other equity investments for which the Company does not have control over the investees as: ● Equity method investments when the Company has the ability to exercise significant influence, but not control, over the investee. Its proportionate share of the income or loss is recognized monthly and is recorded in gains (losses) on equity investments. ● Non-marketable cost method investments when the equity method does not apply. Significant judgment is required to identify whether an impairment exists in the valuation of the Company’s non-marketable equity investments, and therefore the Company considers this a critical accounting estimate. Its yearly analysis considers both qualitative and quantitative factors that may have a significant impact on the investee’s fair value. Qualitative analysis of its investments involves understanding the financial performance and near-term prospects of the investee, changes in general market conditions in the investee’s industry or geographic area, and the management and governance structure of the investee. Quantitative assessments of the fair value of its investments are developed using the market and income approaches. The market approach includes the use of comparable financial metrics of private and public companies and recent financing rounds. The income approach includes the use of a discounted cash flow model, which requires significant estimates regarding the investees’ revenue, costs, and discount rates. The Company’s assessment of these factors in determining whether an impairment exists could change in the future due to new developments or changes in applied assumptions. Other-Than-Temporary Impairment The Company’s long-term equity investments are subject to a periodic impairment review. Impairments affect earnings as follows: ● Marketable equity securities include the consideration of general market conditions, the duration and extent to which the fair value is below cost, and our ability and intent to hold the investment for a sufficient period of time to allow for recovery of value in the foreseeable future. The Company also considers specific adverse conditions related to the financial health of, and the business outlook for, the investee, which may include industry and sector performance, changes in technology, operational and financing cash flow factors, and changes in the investee’s credit rating. The Company records other-than-temporary impairments on marketable equity securities and marketable equity method investments in gains (losses) on equity investments. ● Non-marketable equity investments based on the Company’s assessment of the severity and duration of the impairment, and qualitative and quantitative analysis of the operating performance of the investee; adverse changes in market conditions and the regulatory or economic environment; changes in operating structure or management of the investee; additional funding requirements; and the investee’s ability to remain in business. A series of operating losses of an investee or other factors may indicate that a decrease in value of the investment has occurred that is other than temporary and that shall be recognized even though the decrease in value is in excess of what would otherwise be recognized by application of the equity method. A loss in value of an investment that is other than a temporary decline shall be recognized. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. The Company records other-than-temporary impairments for non-marketable cost method investments and equity method investments in gains (losses) on equity investments. Other-than-temporary impairment of equity investments were $0 for the three months ended March 31, 2023 and 2022, respectively. Goodwill The Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate the carrying value may not be recoverable. In testing goodwill for impairment, the Company may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment indicates that goodwill impairment is more likely than not, the Company performs a two-step impairment test. The Company tests goodwill for impairment under the two-step impairment test by first comparing the book value of net assets to the fair value of the reporting units. If the fair value is determined to be less than the book value or qualitative factors indicate that it is more likely | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with the generally accepted accounting principles in the United States of America (the “U.S. GAAP”). All significant intercompany transactions and account balances have been eliminated. This basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred. The Company’s financial statements are expressed in U.S. dollars. Fiscal Year The Company changed its fiscal year from the period beginning on October 1st and ending on September 30th to the period beginning on January 1st and ending on December 31st, beginning January 1, 2018. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amount of revenues and expenses during the reporting periods. Actual results could differ materially from those results. Inventory Inventory consists of raw materials, work-in-process, finished goods, and merchandise. Inventories are stated at the lower of cost or market and valued on a moving weighted average cost basis. Market is determined based on net realizable value. The Company periodically reviews the age and turnover of its inventory to determine whether any inventory has become obsolete or has declined in value, and incurs a charge to operations for known and anticipated inventory obsolescence. Forward Stock Split On March 21, 2016, the Board of Directors of the Company approved an amendment to Articles of Incorporation to effect a forward split at a ratio of 1 to 3.141 and increase the number of our authorized shares of Common Stock, par value $0.001 per share, to 360,000,000, which was effective on April 8, 2016. Stock Reverse Split On March 12, 2019, the Board of Directors of the Company by unanimous written consent in lieu of a meeting approved to i) effect a stock reverse split at the ratio of 1-for-18 (the “Reverse Split”) of both the authorized common stock of the Company (the “Common Stock”) and the issued and outstanding Common Stock and ii) to amend the articles of incorporation of the Company to reflect the Reverse Split. The Board approved and authorized the Reverse Split without obtaining approval of the Company’s shareholders pursuant to Section 78.207 of Nevada Revised Statutes. On May 3, 2019, the Company filed a certificate of amendment to the Company’s articles of incorporation (the “Amendment”) to effect the Reverse Split with the Secretary of State of Nevada. The Financial Industry Regulatory Authority (“FINRA”) informed the Company that the Reverse Split was effective on May 8, 2019. All shares and related financial information in this Form 10-K reflect this 1-for-18 reverse stock split. Fair Value Measurements FASB ASC 820, “Fair Value Measurements” defines fair value for certain financial and nonfinancial assets and liabilities that are recorded at fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. It requires that an entity measure its financial instruments to base fair value on exit price, maximize the use of observable units and minimize the use of unobservable inputs to determine the exit price. It establishes a hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy increases the consistency and comparability of fair value measurements and related disclosures by maximizing the use of observable inputs and minimizing the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the assets or liabilities based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy prioritizes the inputs into three broad levels based on the reliability of the inputs as follows: ● Level 1 - Inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Valuation of these instruments does not require a high degree of judgment as the valuations are based on quoted prices in active markets that are readily and regularly available. ● Level 2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable as of the measurement date, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 - Valuations based on inputs that are unobservable and not corroborated by market data. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability. The carrying values of certain assets and liabilities of the Company, such as cash and cash equivalents, restricted cash, accounts receivable, due from related parties, inventory, prepaid expenses and other current assets, accounts payable, accrued liabilities, and due to related parties approximate fair value due to their relatively short maturities. The carrying value of the Company’s short-term bank loan, convertible notes payable, and accrued interest approximates their fair value as the terms of the borrowing are consistent with current market rates and the duration to maturity is short. The carrying value of the Company’s long-term bank loan approximates fair value because the interest rates approximate market rates that the Company could obtain for debt with similar terms and maturities. Cash and Cash Equivalents The Company considers highly liquid investments with maturities of three months or less, when purchased, to be cash equivalents. As of December 31, 2022 and 2021, the Company’s cash and cash equivalents amounted $85,265 and $5,828,548, respectively. Some of the Company’s cash deposits are held in financial institutions located in Taiwan where there is currently regulation mandated on obligatory insurance of bank accounts. The Company believes this financial institution is of high credit quality. Restricted Cash Equivalents Restricted cash equivalents primarily consist of cash held in a reserve bank account in Taiwan. As of December 31, 2022 and 2021, the Company’s restricted cash equivalents amounted $1,306,463 and $736,667, respectively. Concentration of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and temporary cash investments in high quality credit institutions, but these investments may be in excess of Taiwan Central Deposit Insurance Corporation and the U.S. Federal Deposit Insurance Corporation’s insurance limits. The Company does not enter into financial instruments for hedging, trading or speculative purposes. We perform ongoing credit evaluation of our customers and requires no collateral. An allowance for doubtful accounts is provided based on a review of the collectability of accounts receivable. We determine the amount of allowance for doubtful accounts by examining its historical collection experience and current trends in the credit quality of its customers as well as its internal credit policies. Actual credit losses may differ from our estimates. Concentration of clients As of December 31, 2022, the most major clients, specializes in developing and commercializing of dietary supplements and therapeutics in dietary supplement industry, accounted for 71.89% of the Company’s total account receivable; the second major client with its Chairman being the Board of Director of Biokey, accounted for 16.62% of the Company’s total account receivable. As of December 31, 2021, the major clients in biotechnology research accounted for 37.48% of the Company’s total account receivable; the second major client accounted for 33.38% if the Company’s total account receivable. For the year ended December 31, 2022, one major client, Rgene Corporation, a related party under common control by controlling beneficiary shareholder of YuanGene Corporation and the Company, which works in development and commercialization of new drugs in Taiwan, accounted for 93.22% of the Company's total revenues. For the year ended December 31, 2021, one major client, GLIA, LLC, accounted for 46.24% of the Company’s total revenue. Revenue Recognition During the fiscal year 2018, the Company adopted Accounting Standards Codification (“ASC”), Topic 606 (ASC 606), Revenue from Contracts with Customers, using the modified retrospective method to all contracts that were not completed as of January 1, 2018, and applying the new revenue standard as an adjustment to the opening balance of accumulated deficit at the beginning of 2018 for the cumulative effect. The results for the Company’s reporting periods beginning on and after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. Based on the Company’s review of existing collaborative agreements as of January 1, 2018, the Company concluded that the adoption of the new guidance did not have a significant change on the Company’s revenue during all periods presented. Pursuant to ASC 606, the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines is within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration the Company is entitled to in exchange for the goods or services the Company transfers to the customers. At inception of the contract, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract, determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The following are examples of when the Company recognizes revenue based on the types of payments the Company receives. Collaborative Revenues — As part of the accounting for these arrangements, the Company applies judgment to determine whether the performance obligations are distinct, and develop assumptions in determining the stand-alone selling price for each distinct performance obligation identified in the collaboration agreements. To determine the stand-alone selling price, the Company relies on assumptions which may include forecasted revenues, development timelines, reimbursement rates for R&D personnel costs, discount rates and probabilities of technical and regulatory success. The Company had multiple deliverables under the collaborative agreements, including deliverables relating to grants of technology licenses, regulatory and clinical development, and marketing activities. Estimation of the performance periods of the Company’s deliverables requires the use of management’s judgment. Significant factors considered in management’s evaluation of the estimated performance periods include, but are not limited to, the Company’s experience in conducting clinical development, regulatory and manufacturing activities. The Company reviews the estimated duration of its performance periods under its collaborative agreements on an annually basis, and makes any appropriate adjustments on a prospective basis. Future changes in estimates of the performance period under its collaborative agreements could impact the timing of future revenue recognition. (i) Non-refundable upfront payments If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in an arrangement, the Company recognizes revenue from the related non-refundable upfront payments based on the relative standalone selling price prescribed to the license compared to the total selling price of the arrangement. The revenue is recognized when the license is transferred to the collaboration partners and the collaboration partners are able to use and benefit from the license. To date, the receipt of non-refundable upfront fees was solely for the compensation of past research efforts and contributions made by the Company before the collaborative agreements entered into and it does not relate to any future obligations and commitments made between the Company and the collaboration partners in the collaborative agreements. (ii) Milestone payments The Company is eligible to receive milestone payments under the collaborative agreement with collaboration partners based on achievement of specified development, regulatory and commercial events. Management evaluated the nature of the events triggering these contingent payments, and concluded that these events fall into two categories: (a) events which involve the performance of the Company’s obligations under the collaborative agreement with collaboration partners, and (b) events which do not involve the performance of the Company’s obligations under the collaborative agreement with collaboration partners. The former category of milestone payments consists of those triggered by development and regulatory activities in the territories specified in the collaborative agreements. Management concluded that each of these payments constitute substantive milestone payments. This conclusion was based primarily on the facts that (i) each triggering event represents a specific outcome that can be achieved only through successful performance by the Company of one or more of its deliverables, (ii) achievement of each triggering event was subject to inherent risk and uncertainty and would result in additional payments becoming due to the Company, (iii) each of the milestone payments is non-refundable, (iv) substantial effort is required to complete each milestone, (v) the amount of each milestone payment is reasonable in relation to the value created in achieving the milestone, (vi) a substantial amount of time is expected to pass between the upfront payment and the potential milestone payments, and (vii) the milestone payments relate solely to past performance. Based on the foregoing, the Company recognizes any revenue from these milestone payments in the period in which the underlying triggering event occurs. (iii) Multiple Element Arrangements The Company evaluates multiple element arrangements to determine (1) the deliverables included in the arrangement and (2) whether the individual deliverables represent separate units of accounting or whether they must be accounted for as a combined unit of accounting. This evaluation involves subjective determinations and requires management to make judgments about the individual deliverables and whether such deliverables are separate from other aspects of the contractual relationship. Deliverables are considered separate units of accounting provided that: (i) the delivered item(s) has value to the customer on a standalone basis and (ii) if the arrangement includes a general right of return relative to the delivered item(s), delivery or performance of the undelivered item(s) is considered probable and substantially within its control. In assessing whether an item under a collaboration has standalone value, the Company considers factors such as the research, manufacturing, and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. The Company also considers whether its collaboration partners can use the other deliverable(s) for their intended purpose without the receipt of the remaining element(s), whether the value of the deliverable is dependent on the undelivered item(s), and whether there are other vendors that can provide the undelivered element(s). The Company recognizes arrangement consideration allocated to each unit of accounting when all of the revenue recognition criteria in ASC 606 are satisfied for that particular unit of accounting. In the event that a deliverable does not represent a separate unit of accounting, the Company recognizes revenue from the combined unit of accounting over the Company’s contractual or estimated performance period for the undelivered elements, which is typically the term of the Company’s research and development obligations. If there is no discernible pattern of performance or objectively measurable performance measures do not exist, then the Company recognizes revenue under the arrangement on a straight-line basis over the period the Company is expected to complete its performance obligations. Conversely, if the pattern of performance in which the service is provided to the customer can be determined and objectively measurable performance measures exist, then the Company recognizes revenue under the arrangement using the proportional performance method. Revenue recognized is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined using the straight-line method or proportional performance method, as applicable, as of the period ending date. At the inception of an arrangement that includes milestone payments, the Company evaluates whether each milestone is substantive and at risk to both parties on the basis of the contingent nature of the milestone. This evaluation includes an assessment of whether: (1) the consideration is commensurate with either the Company’s performance to achieve the milestone or the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from its performance to achieve the milestone, (2) the consideration relates solely to past performance and (3) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone and the level of effort and investment required to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether a milestone satisfies all of the criteria required to conclude that a milestone is substantive. Milestones that are not considered substantive are recognized as earned if there are no remaining performance obligations or over the remaining period of performance, assuming all other revenue recognition criteria are met. (iv) Royalties and Profit Sharing Payments Under the collaborative agreement with the collaboration partners, the Company is entitled to receive royalties on sales of products, which is at certain percentage of the net sales. The Company recognizes revenue from these events based on the revenue recognition criteria set forth in ASC 606. Based on those criteria, the Company considers these payments to be contingent revenues, and recognizes them as revenue in the period in which the applicable contingency is resolved. Revenues Derived from Research and Development Activities Services — Revenues related to research and development and regulatory activities are recognized when the related services or activities are performed, in accordance with the contract terms. The Company typically has only one performance obligation at the inception of a contract, which is to perform research and development services. The Company may also provide its customers with an option to request that the Company provides additional goods or services in the future, such as active pharmaceutical ingredient, API, or IND/NDA/ANDA/510K submissions. The Company evaluates whether these options are material rights at the inception of the contract. If the Company determines an option is a material right, the Company will consider the option a separate performance obligation. If the Company is entitled to reimbursement from its customers for specified research and development expenses, the Company accounts for the related services that it provides as separate performance obligations if it determines that these services represent a material right. The Company also determines whether the reimbursement of research and development expenses should be accounted for as revenues or an offset to research and development expenses in accordance with provisions of gross or net revenue presentation. The Company recognizes the corresponding revenues or records the corresponding offset to research and development expenses as it satisfies the related performance obligations. The Company then determines the transaction price by reviewing the amount of consideration the Company is eligible to earn under the contracts, including any variable consideration. Under the outstanding contracts, consideration typically includes fixed consideration and variable consideration in the form of potential milestone payments. At the start of an agreement, the Company’s transaction price usually consists of the payments made to or by the Company based on the number of full-time equivalent researchers assigned to the project and the related research and development expenses incurred. The Company does not typically include any payments that the Company may receive in the future in its initial transaction price because the payments are not probable. The Company would reassess the total transaction price at each reporting period to determine if the Company should include additional payments in the transaction price. The Company receives payments from its customers based on billing schedules established in each contract. Upfront payments and fees may be recorded as advance from customers upon receipt or when due, and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts are recorded as accounts receivable when the right of the Company to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customers and the transfer of the promised goods or services to the customers will be one year or less. Property and Equipment Property and equipment is carried at cost net of accumulated depreciation. Repairs and maintenance are expensed as incurred. Expenditures that improve the functionality of the related asset or extend the useful life are capitalized. When property and equipment is retired or otherwise disposed of, the related gain or loss is included in operating income. Leasehold improvements are depreciated on the straight-line method over the shorter of the remaining lease term or estimated useful life of the asset. Depreciation is calculated on the straight-line method, including property and equipment under capital leases, generally based on the following useful lives: Estimated Buildings and leasehold improvements 5 ~ 50 Machinery and equipment 5 ~ 10 Office equipment 3 ~ 6 Impairment of Long-Lived Assets The Company has adopted Accounting Standards Codification subtopic 360-10, Property, Plant and Equipment (“ASC 360-10”). ASC 360-10 requires that long-lived assets and certain identifiable intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company evaluates its long-lived assets for impairment annually or more often if events and circumstances warrant. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a forecasted inability to achieve break-even operating results over an extended period. Should impairment in value be indicated, the carrying value of intangible assets will be adjusted, based on estimates of future discounted cash flows resulting from the use and ultimate disposition of the asset. ASC 360-10 also requires assets to be disposed of be reported at the lower of the carrying amount or the fair value less costs to sell. Long-term Equity Investment The Company acquires the equity investments to promote business and strategic objectives. The Company accounts for non-marketable equity and other equity investments for which the Company does not have control over the investees as: ● Equity method investments when the Company has the ability to exercise significant influence, but not control, over the investee. Its proportionate share of the income or loss is recognized monthly and is recorded in gains (losses) on equity investments. ● Non-marketable cost method investments when the equity method does not apply. Significant judgment is required to identify whether an impairment exists in the valuation of the Company’s non-marketable equity investments, and therefore the Company considers this a critical accounting estimate. Its yearly analysis considers both qualitative and quantitative factors that may have a significant impact on the investee’s fair value. Qualitative analysis of its investments involves understanding the financial performance and near-term prospects of the investee, changes in general market conditions in the investee’s industry or geographic area, and the management and governance structure of the investee. Quantitative assessments of the fair value of its investments are developed using the market and income approaches. The market approach includes the use of comparable financial metrics of private and public companies and recent financing rounds. The income approach includes the use of a discounted cash flow model, which requires significant estimates regarding the investees’ revenue, costs, and discount rates. The Company’s assessment of these factors in determining whether an impairment exists could change in the future due to new developments or changes in applied assumptions. Other-Than-Temporary Impairment The Company’s long-term equity investments are subject to a periodic impairment review. Impairments affect earnings as follows: ● Marketable equity securities include the consideration of general market conditions, the duration and extent to which the fair value is below cost, and our ability and intent to hold the investment for a sufficient period of time to allow for recovery of value in the foreseeable future. The Company also considers specific adverse conditions related to the financial health of, and the business outlook for, the investee, which may include industry and sector performance, changes in technology, operational and financing cash flow factors, and changes in the investee’s credit rating. The Company records other-than-temporary impairments on marketable equity securities and marketable equity method investments in gains (losses) on equity investments. ● Non-marketable equity investments based on the Company’s assessment of the severity and duration of the impairment, and qualitative and quantitative analysis of the operating performance of the investee; adverse changes in market conditions and the regulatory or economic environment; changes in operating structure or management of the investee; additional funding requirements; and the investee’s ability to remain in business. A series of operating losses of an investee or other factors may indicate that a decrease in value of the investment has occurred that is other than temporary and that shall be recognized even though the decrease in value is in excess of what would otherwise be recognized by application of the equity method. A loss in value of an investment that is other than a temporary decline shall be recognized. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. The Company records other-than-temporary impairments for non-marketable cost method investments and equity method investments in gains (losses) on equity investments. Other-than-temporary impairments of equity investments were $0 and $0 for the year ended December 31, 2022 and 2021, respectively. Goodwill The Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate the carrying value may not be recoverable. In testing goodwill for impairment, the Company may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment indicates that goodwill impairment is more likely than not, the Company performs a two-step impairment test. The Company tests goodwill for impairment under the two-step impairment test by first comparing the book value of net assets to the fair value of the reporting units. If the fair value is determined to be less than the book value or qualitative factors indicate that it is more likely than not that goodwill is impaired, a second step is performed to compute the amount of impairment as the difference between the estimated fair value of goodwill and the carrying value. The Company estimates the fair value of the reporting units using discounted cash flows. Forecasts of future cash flows are based on our best estimate of future net sales and operating expenses, based primarily on expected category expansion, pricing, market segment share, and general economic conditions. The Company completed the required testing of goodwill for impairment as of December 31, 2022, and determined that goodwill was impaired because of the current financial condition of the Company and the Company’s inability to generate future operating income without substantial sales volume increases, which are highly uncertain. Furthermore, the Company anticipates future cash flows indicate that the recoverability of goodwill is not reasonably assured. Research and Development Expenses The Company accounts for the cost of using licensing rights in research and development cost according to ASC Topic 730-10-25-1. This guidance provides that absent alternative future uses the acquisition of product rights to be used in research and development activities must be charged to research and development expenses when incurred. The Company accounts for R&D costs in accordance with Accounting Standards Codification (“ASC”) 730, Research and Development (“ASC 730”). Research and development expenses are charged to expense as incurred unless there is an alternative future use in other research and development projects or otherwise. Research and development expenses are comprised of costs incurred in performing research and development activities, including personnel-related costs, facilities-related overhead, and outside contracted services including clinical trial costs, manufacturing and process development costs for both clinical and preclinical materials, research costs, and other consulting services. Non-refundable advance payment for goods and services that will be used in future research and development activities are expensed when the activity h |
Collaborative Agreements
Collaborative Agreements | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Collaborative Agreements Disclosure [Abstract] | ||
COLLABORATIVE AGREEMENTS | 3. COLLABORATIVE AGREEMENTS Collaborative agreements with BHK, a related part y (i) On February 24, 2015, BioLite Taiwan and BioHopeKing Corporation (the “BHK”) entered into a co-development agreement, (the “BHK Co-Development Agreement”), pursuant to which it is collaborative with BHK to develop and commercialize BLI-1401-2 (Botanical Drug) Triple Negative Breast Cancer (TNBC) Combination Therapy (BLI-1401-2 Products) in Asian countries excluding Japan for all related intellectual property rights, and has developed it for medicinal use in collaboration with outside researchers. The development costs shall be shared 50/50 between BHK and the Company. The BHK Co-Development Agreement will remain in effect for fifteen years from the date of first commercial sale of the Product in in Asia excluding Japan. On July 27, 2016, BioLite Taiwan and BHK agreed to amend the payment terms of the milestone payment in an aggregate amount of $10 million based on the following schedule: ● Upon the signing of the BHK Co-Development Agreement: $1 million, or 10% of total payment ● Upon the first Investigational New Drug (IND) submission and BioLite Taiwan will deliver all data to BHK according to FDA Reviewing requirement: $1 million, or 10% of total payment ● At the completion of first phase II clinical trial: $1 million, or 10% of total payment ● At the initiation of phase III of clinical trial research: $3 million, or 30% of total payment ● Upon the New Drug Application (NDA) submission: $4 million, or 40% of total payment In December 2015, BHK has paid a non-refundable upfront cash payment of $1 million, or 10% of $10,000,000, upon the signing of BHK Co-Development Agreement. The Company concluded that the deliverables are considered separate units of accounting as the delivered items have value to the customer on a standalone basis and recognized this cash receipt as collaboration revenue when all research, technical, and development data was delivered to BHK in 2015. The receipt is for the compensation of past research efforts and contributions made by BioLite Taiwan before this collaborative agreement was signed and it does not relate to any future commitments made by BioLite Taiwan and BHK in this collaborative agreement. In August 2016, the Company has received the second milestone payment of NT$31,649,000, approximately equivalent to $1 million, and recognized collaboration revenue for the year ended December 31, 2016. As of the date of this report, the Company has not completed the first phase II clinical trial. In addition to the milestone payments, BioLite Taiwan is entitled to receive royalty on 12% of BHK’s net sales related to BLI-1401-2 Products. As of March 31, 2023 and December 31, 2022, the Company has not earned the royalty under the BHK Co-Development Agreement. (ii) On December 9, 2015, BioLite Taiwan entered into another two collaborative agreements (the “BHK Collaborative Agreements”), pursuant to which it is collaborative with BHK to co-develop and commercialize BLI-1005 for “Targeting Major Depressive Disorder” (BLI-1005 Products) and BLI-1006 for “Targeting Inflammatory Bowel Disease” (BLI-1006 Products) in Asia excluding Japan for all related intellectual property rights, and has developed it for medicinal use in collaboration with outside researchers. The development costs shall be shared 50/50 between BHK and the Company. The BHK Co-Development Agreement will remain in effect for fifteen years from the date of first commercial sale of the Product in in Asia excluding Japan. In 2015, the Company recognized the cash receipt in a total of NT$50 million, approximately equivalent to $1.64 million, as collaboration revenue when all research, technical, and development data was delivered to BHK. The Company concluded that the deliverables are considered separate units of accounting as the delivered items have value to the customer on a standalone basis and recognized this payment as collaboration revenue when all research, technical, data and development data was delivered to BHK. The cash receipt is for the compensation of past research efforts and contributions made by BioLite Taiwan before this BHK Collaborative Agreements was signed and it does not relate to any future commitments made by BioLite Taiwan and BHK in this BHK Collaborative Agreements. In addition to the total of NT$50 million, approximately equivalent to $1.64 million, BioLite Taiwan is entitled to receive 50% of the future net licensing income or net sales profit. As of March 31, 2023 and December 31, 2022, the Company has not earned the royalty under the BHK Collaborative Agreements. Co-Development agreement with Rgene Corporation, a related party On May 26, 2017, BriVision entered into a co-development agreement (the “Co-Dev Agreement”) with Rgene Corporation (the “Rgene”), a related party under common control by controlling beneficiary shareholder of YuanGene Corporation and the Company (See Note 8). Pursuant to Co-Dev Agreement, BriVision and Rgene agreed to co-develop and commercialize ABV-1507 HER2/neu Positive Breast Cancer Combination Therapy, ABV-1511 Pancreatic Cancer Combination Therapy and ABV-1527 Ovary Cancer Combination Therapy. Under the terms of the Co-Dev Agreement, Rgene is required to pay the Company $3,000,000 in cash or stock of Rgene with equivalent value by August 15, 2017. The payment is for the compensation of BriVision’s past research efforts and contributions made by BriVision before the Co-Dev Agreement was signed and it does not relate to any future commitments made by BriVision and Rgene in this Co-Dev Agreement. In addition to $3,000,000, the Company is entitled to receive 50% of the future net licensing income or net sales profit earned by Rgene, if any, and any development costs shall be equally shared by both BriVision and Rgene. On June 1, 2017, the Company has delivered all research, technical, data and development data to Rgene. Since both Rgene and the Company are related parties and under common control by a controlling beneficiary shareholder of YuanGene Corporation and the Company, the Company has recorded the full amount of $3,000,000 in connection with the Co-Dev Agreement as additional paid-in capital during the year ended December 31, 2017. During the year ended December 31, 2017, the Company has received $450,000 in cash. On December 24, 2018, the Company received the remaining balance of $2,550,000 in the form of newly issued shares of Rgene’s Common Stock, at the price of NT$50 (approximately equivalent to $1.64 per share), for an aggregate number of 1,530,000 shares, which accounted for equity method long-term investment as of December 31, 2018. During the year ended December 31, 2018, the Company has recognized investment loss of $549. On December 31, 2018, the Company determined to fully write off this investment based on the Company’s assessment of the severity and duration of the impairment, and qualitative and quantitative analysis of the operating performance of the investee, adverse changes in market conditions and the regulatory or economic environment, changes in operating structure of Rgene, additional funding requirements, and Rgene’s ability to remain in business. All projects that have been initiated will be managed and supported by the Company and Rgene. The Company and Rgene signed an amendment to the Co-Dev Agreement on November 10, 2020, pursuant to which both parties agreed to delete AB-1507 HER2/neu Positive Breast Cancer Combination Therapy and AB 1527 Ovary Cancer Combination Therapy and add ABV-1519 EGFR Positive Non-Small Cell Lung Cancer Combination Therapy and ABV-1526 Large Intestine / Colon / Rectal Cancer Combination Therapy to the products to be co-developed and commercialized. Other provisions of the Co-Dev Agreement remain in full force and effect. On June 10, 2022, the Company expanded its co-development partnership with Rgene. On that date, BioKey, ABVC has entered into a Clinical Development Service Agreement with Rgene to guide three Rgene drug products, RGC-1501 for the treatment of Non-Small Cell Lung Cancer (NSCLC), RGC-1502 for the treatment of pancreatic cancer and RGC 1503 for the treatment of colorectal cancer patients, through completion of Phase II clinical studies under the U.S. FDA IND regulatory requirements. Under the terms of the new Services Agreement, BioKey is eligible to receive payments totaling $3.0 million over a 3-year period with each payment amount to be determined by certain regulatory milestones obtained during the agreement period. The Service Agreement shall remain in effect until the expiration date of the last patent and automatically renew for 5 more years unless terminated earlier by either party with six months written notice. Either party may terminate the Service Agreement for cause by providing 30 days written notice. Collaborative agreement with BioFirst Corporation, a related party On July 24, 2017, BriVision entered into a collaborative agreement (the “BioFirst Collaborative Agreement”) with BioFirst Corporation (“BioFirst”), pursuant to which BioFirst granted the Company the global licensing right for medical use of the product (the “Product”): BFC-1401 Vitreous Substitute for Vitrectomy. BioFirst is a related party to the Company because a controlling beneficiary shareholder of YuanGene Corporation and the Company is one of the directors and Common Stock shareholders of BioFirst (See Note 8). Pursuant to the BioFirst Collaborative Agreement, the Company will co-develop and commercialize the Product with BioFirst and pay BioFirst in a total amount of $3,000,000 in cash or stock of the Company before September 30, 2018. The amount of $3,000,000 is in connection with the compensation for BioFirst’s past research efforts and contributions made by BioFirst before the BioFirst Collaborative Agreement was signed and it does not relate to any future commitments made by BioFirst and BriVision in this BioFirst Collaborative Agreement. In addition, the Company is entitled to receive 50% of the future net licensing income or net sales profit, if any, and any development cost shall be equally shared by both BriVision and BioFirst. On September 25, 2017, BioFirst has delivered all research, technical, data and development data to BriVision. The Company determined to fully expense the entire amount of $3,000,000 since currently the related licensing rights do not have alternative future uses. According to ASC 730-10-25-1, absent alternative future uses the acquisition of product rights to be used in research and development activities must be charged to research and development expenses immediately. Hence, the entire amount of $3,000,000 is fully expensed as research and development expense during the year ended December 31, 2017. On June 30, 2019, BriVision entered into a Stock Purchase Agreement (the “Purchase Agreement”) with BioFirst Corporation. Pursuant to the Purchase Agreement, the Company issued 428,571 shares of the Company’s common stock to BioFirst in consideration for $3,000,000 owed by the Company to BioFirst (the “Total Payment”) in connection with a certain collaborative agreement between the Company and BioFirst dated July 24, 2017 (the “Collaborative Agreement”). Pursuant to the Collaborative Agreement, BioFirst granted the Company the global licensing right to co-develop BFC-1401 or ABV-1701 Vitreous Substitute for Vitrectomy for medical purposes in consideration for the Total Payment. On August 5, 2019, BriVision entered into a second Stock Purchase Agreement (“Purchase Agreement 2”) with BioFirst Corporation. Pursuant to Purchase Agreement 2, the Company issued 414,702 shares of the Company’s common stock to BioFirst in consideration for $2,902,911 owed by the Company to BioFirst in connection with a loan provided to BriVision from BioFirst. On November 4, 2020, the Company executed an amendment to the BioFirst Agreement with BioFirst to add ABV-2001 Intraocular Irrigation Solution and ABV-2002 Corneal Storage Solution to the agreement. ABV-2002 is utilized during a corneal transplant procedure to replace a damaged or diseased cornea while ABV-2001 has broader utilization during a variety of ocular procedures. Initially the Company will focus on ABV-2002, a solution utilized to store a donor cornea prior to either penetrating keratoplasty (full thickness cornea transplant) or endothelial keratoplasty (back layer cornea transplant). ABV-2002 is a solution comprised of a specific poly amino acid that protects ocular tissue from damage caused by external osmolarity exposure during pre-surgery storage. The specific polymer in ABV-2002 can adjust osmolarity to maintain a range of 330 to 390 mOsM thereby permitting hydration within the corneal stroma during the storage period. Stromal hydration results in (a) maintaining acceptable corneal transparency and (b) prevents donor cornea swelling. ABV-2002 also contains an abundant phenolic phytochemical found in plant cell walls that provides antioxidant antibacterial properties and neuroprotection. Early testing by BioFirst indicates that ABV-2002 may be more effective for protecting the cornea and retina during long-term storage than other storage media available today and can be manufactured at lower cost. Further clinical development was put on hold due to the lack of funding. In addition, BioFirst was incorporated on November 7, 2006, focusing on the R&D, manufacturing, and sales of innovative patented pharmaceutical products. The technology of BioFirst comes from the global exclusive licensing agreements BioFirst maintains with domestic R & D institutions. Currently, BioFirst’s main research and development product is the vitreous substitute (Vitargus®), licensed by the National Health Research Institutes. Vitargus is the world’s first bio-degradable vitreous substitute and offers a number of advantages over current vitreous substitutes by minimizing medical complications and reducing the need for additional surgeries. Vitargus has started the construction of a GMP factory in Hsinchu Biomedical Science Park, Taiwan, with the aim at building a production base to supply the global market, and promote the construction of bio-degradable vitreous substitute manufacturing centers in Taiwan. Completion of this factory would allow ABVC to manufacture Vitargus with world-class technology in a GMP certified pharmaceutical factory. BioFirst is targeting to complete the construction in 2024. | 3. COLLABORATIVE AGREEMENTS Collaborative agreements with BHK, a related party (i) On February 24, 2015, BioLite Taiwan and BioHopeKing Corporation (the “BHK”) entered into a co-development agreement, (the “BHK Co-Development Agreement”), pursuant to which it is collaborative with BHK to develop and commercialize BLI-1401-2 (Botanical Drug) Triple Negative Breast Cancer (TNBC) Combination Therapy (BLI-1401-2 Products) in Asian countries excluding Japan for all related intellectual property rights, and has developed it for medicinal use in collaboration with outside researchers. The development costs shall be shared 50/50 between BHK and the Company. The BHK Co-Development Agreement will remain in effect for fifteen years from the date of first commercial sale of the Product in in Asia excluding Japan. On July 27, 2016, BioLite Taiwan and BHK agreed to amend the payment terms of the milestone payment in an aggregate amount of $10 million based on the following schedule: ● Upon the signing of the BHK Co-Development Agreement: $1 million, or 10% of total payment ● Upon the first Investigational New Drug (IND) submission and BioLite Taiwan will deliver all data to BHK according to FDA Reviewing requirement: $1 million, or 10% of total payment ● At the completion of first phase II clinical trial: $1 million, or 10% of total payment ● At the initiation of phase III of clinical trial research: $3 million, or 30% of total payment ● Upon the New Drug Application (NDA) submission: $4 million, or 40% of total payment In December 2015, BHK has paid a non-refundable upfront cash payment of $1 million, or 10% of $10,000,000, upon the signing of BHK Co-Development Agreement. The Company concluded that the deliverables are considered separate units of accounting as the delivered items have value to the customer on a standalone basis and recognized this cash receipt as collaboration revenue when all research, technical, and development data was delivered to BHK in 2015. The receipt is for the compensation of past research efforts and contributions made by BioLite Taiwan before this collaborative agreement was signed and it does not relate to any future commitments made by BioLite Taiwan and BHK in this collaborative agreement. In August 2016, the Company has received the second milestone payment of NT$31,649,000, approximately equivalent to $1 million, and recognized collaboration revenue for the year ended December 31, 2016. As of the date of this report, the Company has not completed the first phase II clinical trial. In addition to the milestone payments, BioLite Taiwan is entitled to receive royalty on 12% of BHK’s net sales related to BLI-1401-2 Products. As of December 31, 2022 and December 31, 2021, the Company has not earned the royalty under the BHK Co-Development Agreement. (ii) On December 9, 2015, BioLite Taiwan entered into another two collaborative agreements (the “BHK Collaborative Agreements”), pursuant to which it is collaborative with BHK to co-develop and commercialize BLI-1005 for “Targeting Major Depressive Disorder” (BLI-1005 Products) and BLI-1006 for “Targeting Inflammatory Bowel Disease” (BLI-1006 Products) in Asia excluding Japan for all related intellectual property rights, and has developed it for medicinal use in collaboration with outside researchers. The development costs shall be shared 50/50 between BHK and the Company. The BHK Co-Development Agreement will remain in effect for fifteen years from the date of first commercial sale of the Product in in Asia excluding Japan. In 2015, the Company recognized the cash receipt in a total of NT$50 million, approximately equivalent to $1.6 million, as collaboration revenue when all research, technical, and development data was delivered to BHK. The Company concluded that the deliverables are considered separate units of accounting as the delivered items have value to the customer on a standalone basis and recognized this payment as collaboration revenue when all research, technical, data and development data was delivered to BHK. The cash receipt is for the compensation of past research efforts and contributions made by BioLite Taiwan before this BHK Collaborative Agreements was signed and it does not relate to any future commitments made by BioLite Taiwan and BHK in this BHK Collaborative Agreements. In addition to the total of NT$50 million, approximately equivalent to $1.60 million, BioLite Taiwan is entitled to receive 50% of the future net licensing income or net sales profit. As of December 31, 2022 and 2021, the Company has not earned the royalty under the BHK Collaborative Agreements. Co-Development agreement with Rgene Corporation, a related party On May 26, 2017, BriVision entered into a co-development agreement (the “Co-Dev Agreement”) with Rgene Corporation (the “Rgene”), a related party under common control by controlling beneficiary shareholder of YuanGene Corporation and the Company (See Note 12). Pursuant to Co-Dev Agreement, BriVision and Rgene agreed to co-develop and commercialize ABV-1507 HER2/neu Positive Breast Cancer Combination Therapy, ABV-1511 Pancreatic Cancer Combination Therapy and ABV-1527 Ovary Cancer Combination Therapy. Under the terms of the Co-Dev Agreement, Rgene is required to pay the Company $3,000,000 in cash or stock of Rgene with equivalent value by August 15, 2017. The payment is for the compensation of BriVision’s past research efforts and contributions made by BriVision before the Co-Dev Agreement was signed and it does not relate to any future commitments made by BriVision and Rgene in this Co-Dev Agreement. In addition to $3,000,000, the Company is entitled to receive 50% of the future net licensing income or net sales profit earned by Rgene, if any, and any development costs shall be equally shared by both BriVision and Rgene. On June 1, 2017, the Company has delivered all research, technical, data and development data to Rgene. Since both Rgene and the Company are related parties and under common control by a controlling beneficiary shareholder of YuanGene Corporation and the Company, the Company has recorded the full amount of $3,000,000 in connection with the Co-Dev Agreement as additional paid-in capital during the year ended December 31, 2017. During the year ended December 31, 2017, the Company has received $450,000 in cash. On December 24, 2018, the Company received the remaining balance of $2,550,000 in the form of newly issued shares of Rgene’s Common Stock, at the price of NT$50 (approximately equivalent to $1.60 per share), for an aggregate number of 1,530,000 shares, which accounted for equity method long-term investment as of December 31, 2018. During the year ended December 31, 2018, the Company has recognized investment loss of $549. On December 31, 2018, the Company determined to fully write off this investment based on the Company’s assessment of the severity and duration of the impairment, and qualitative and quantitative analysis of the operating performance of the investee, adverse changes in market conditions and the regulatory or economic environment, changes in operating structure of Rgene, additional funding requirements, and Rgene’s ability to remain in business. All projects that have been initiated will be managed and supported by the Company and Rgene. The Company and Rgene signed an amendment to the Co-Dev Agreement on November 10, 2020, pursuant to which both parties agreed to delete AB-1507 HER2/neu Positive Breast Cancer Combination Therapy and AB 1527 Ovary Cancer Combination Therapy and add ABV-1519 EGFR Positive Non-Small Cell Lung Cancer Combination Therapy and ABV-1526 Large Intestine / Colon / Rectal Cancer Combination Therapy to the products to be co-developed and commercialized. Other provisions of the Co-Dev Agreement remain in full force and effect. Collaborative agreement with BioFirst Corporation, a related party On July 24, 2017, BriVision entered into a collaborative agreement (the “BioFirst Collaborative Agreement”) with BioFirst Corporation (“BioFirst”), pursuant to which BioFirst granted the Company the global licensing right for medical use of the product (the “Product”): BFC-1401 Vitreous Substitute for Vitrectomy. BioFirst is a related party to the Company because a controlling beneficiary shareholder of YuanGene Corporation and the Company is one of the directors and Common Stock shareholders of BioFirst (See Note 12). Pursuant to the BioFirst Collaborative Agreement, the Company will co-develop and commercialize the Product with BioFirst and pay BioFirst in a total amount of $3,000,000 in cash or stock of the Company before September 30, 2018. The amount of $3,000,000 is in connection with the compensation for BioFirst’s past research efforts and contributions made by BioFirst before the BioFirst Collaborative Agreement was signed and it does not relate to any future commitments made by BioFirst and BriVision in this BioFirst Collaborative Agreement. In addition, the Company is entitled to receive 50% of the future net licensing income or net sales profit, if any, and any development cost shall be equally shared by both BriVision and BioFirst. On September 25, 2017, BioFirst has delivered all research, technical, data and development data to BriVision. The Company determined to fully expense the entire amount of $3,000,000 since currently the related licensing rights do not have alternative future uses. According to ASC 730-10-25-1, absent alternative future uses the acquisition of product rights to be used in research and development activities must be charged to research and development expenses immediately. Hence, the entire amount of $3,000,000 is fully expensed as research and development expense during the year ended December 31, 2017. On June 30, 2019, BriVision entered into a Stock Purchase Agreement (the “Purchase Agreement”) with BioFirst. Pursuant to the Purchase Agreement, the Company issued 428,571 shares of the Company’s common stock to BioFirst in consideration for $3,000,000 owed by the Company to BioFirst (the “Total Payment”) in connection with a certain collaborative agreement between the Company and BioFirst dated July 24, 2017 (the “Collaborative Agreement”). Pursuant to the Collaborative Agreement, BioFirst granted the Company the global licensing right to co-develop BFC-1401 or ABV-1701 Vitreous Substitute for Vitrectomy for medical purposes in consideration for the Total Payment. On August 5, 2019, BriVision entered into a second Stock Purchase Agreement (“Purchase Agreement 2”) with BioFirst. Pursuant to Purchase Agreement 2, the Company issued 414,702 shares of the Company’s common stock to BioFirst in consideration for $2,902,911 owed by the Company to BioFirst in connection with a loan provided to BriVision from BioFirst. On November 4, 2020, the Company executed an amendment to the BioFirst Agreement with BioFirst to add ABV-2001 Intraocular Irrigation Solution and ABV-2002 Corneal Storage Solution to the agreement. ABV-2002 is utilized during a corneal transplant procedure to replace a damaged or diseased cornea while ABV-2001 has broader utilization during a variety of ocular procedures. Initially the Company will focus on ABV-2002, a solution utilized to store a donor cornea prior to either penetrating keratoplasty (full thickness cornea transplant) or endothelial keratoplasty (back layer cornea transplant). ABV-2002 is a solution comprised of a specific poly amino acid that protects ocular tissue from damage caused by external osmolarity exposure during pre-surgery storage. The specific polymer in ABV-2002 can adjust osmolarity to maintain a range of 330 to 390 mOsM thereby permitting hydration within the corneal stroma during the storage period. Stromal hydration results in (a) maintaining acceptable corneal transparency and (b) prevents donor cornea swelling. ABV-2002 also contains an abundant phenolic phytochemical found in plant cell walls that provides antioxidant antibacterial properties and neuroprotection. Early testing by BioFirst indicates that ABV-2002 may be more effective for protecting the cornea and retina during long-term storage than other storage media available today and can be manufactured at lower cost. Further ABV-2002 product development was put on hold due the lack of funding. In addition, BioFirst was incorporated on November 7, 2006, focusing on the R&D, manufacturing, and sales of innovative patented pharmaceutical products. The technology of BioFirst comes from the global exclusive licensing from domestic R & D institutions. Currently, the main research and development product is the vitreous substitute (Vitargus®) Licensed by the National Health Research Institutes. Vitargus is the world’s first bio-degradable vitreous substitute and offers a number of advantages over current vitreous substitutes by minimizing medical complications and reducing the need for additional surgeries. Vitargus has started the construction of a GMP factory in Hsinchu Biomedical Science Park, Taiwan, with the aim at building a production base to supply the global market and promote the construction of bio-degradable vitreous substitute manufacturing center in Taiwan, allowing ABVC to achieve the world-class technology of manufacturing Vitargus and GMP certified pharmaceutical factory. BioFirst is targeting to complete the construction in 2024. |
Property and Equipment
Property and Equipment | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
PROPERTY AND EQUIPMENT | 4. PROPERTY AND EQUIPMENT Property and equipment as of March 31, 2023 and December 31, 2022 are summarized as follows: March 31, December 31, (Unaudited) Land $ 364,527 $ 361,193 Buildings and leasehold improvements 2,227,803 2,226,687 Machinery and equipment 1,117,813 1,116,789 Office equipment 175,314 173,766 3,885,457 3,878,435 Less: accumulated depreciation (3,313,879 ) (3,304,457 ) Property and equipment, net $ 571,578 $ 573,978 Depreciation expenses were $6,493 and $5,411 for three months ended March 31, 2023 and 2022, respectively. | 5. PROPERTY AND EQUIPMENT Property and equipment as of December 31, 2022 and 2021 are summarized as follows: December 31, December 31, Land $ 361,193 $ 400,091 Buildings and leasehold improvements 2,226,687 2,235,061 Machinery and equipment 1,116,789 1,013,376 Office equipment 173,766 191,824 3,878,435 3,840,352 Less: accumulated depreciation (3,304,457 ) (3,314,471 ) Property and equipment, net $ 573,978 $ 525,881 Depreciation expense were $23,799 and $11,993 for the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, Land with book value amounted to approximately $361,193 and $400,091, respectively, were pledged for obtaining bank loan (see Notes 8 Bank loans). |
Long-Term Investments
Long-Term Investments | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Long Term Investment Abstract | ||
LONG-TERM INVESTMENTS | 5. LONG-TERM INVESTMENTS (1) The ownership percentages of each investee are listed as follows: Ownership percentage March 31, December 31, Accounting Name of related party 2023 2022 treatments Braingenesis Biotechnology Co., Ltd. 0.22 % 0.22 % Cost Method Genepharm Biotech Corporation 0.92 % 0.92 % Cost Method BioHopeKing Corporation 8.03 % 8.03 % Cost Method BioFirst Corporation 21.77 % 21.77 % Equity Method Rgene Corporation 28.85 % 28.85 % Equity Method (2) The extent the investee relies on the company for its business are summarized as follows: Name of related party The extent the investee relies on the Company for its business Braingenesis Biotechnology Co., Ltd. No specific business relationship Genepharm Biotech Corporation No specific business relationship BioHopeKing Corporation Collaborating with the Company to develop and commercialize drugs BioFirst Corporation Loaned from investee and provides research and development support service Rgene Corporation Collaborating with the Company to develop and commercialize drugs (3) Long-term investment mainly consists of the following: March 31, December 31, (Unaudited) Non-marketable Cost Method Investments, net Braingenesis Biotechnology Co., Ltd. $ 7,235 $ 7,169 Genepharm Biotech Corporation 22,089 21,887 BioHopeKing Corporation 820,519 813,014 Sub total 849,843 842,070 Equity Method Investments, net BioFirst Corporation - - Rgene Corporation - - Total $ 849,843 $ 842,070 (a) BioFirst Corporation (the “BioFirst”): The Company holds an equity interest in BioFirst Corporation, accounting for its equity interest using the equity method to accounts for its equity investment as prescribed in ASC 323, Investments—Equity Method and Joint Ventures (“ASC 323”). Equity method adjustments include the Company’s proportionate share of investee’s income or loss and other adjustments required by the equity method. As of March 31, 2023 and December 31, 2022, the Company owns 21.77% and 21.77% common stock shares of BioFirst, respectively. The Company made prepayment for equity investment in BioFirst to purchase additional 317,000 shares to be issued by BioFirst in the aggregate amount of $623,856 and $618,150, recorded as prepayment for long-term investments as of March 31, 2023 and December 31, 2022, respectively. Summarized financial information for the Company’s equity method investee, BioFirst, is as follows: Balance Sheet March 31, December 31, (Unaudited) Current Assets $ 1,958,500 $ 1,543,152 Non-current Assets 801,410 739,472 Current Liabilities 1,675,194 2,663,051 Non-current Liabilities 357,150 103,447 Stockholders’ Equity (Deficit) 727,566 (483,874 ) Statement of Operations Three months Ended 2023 2022 (Unaudited) Net sales $ - $ 8,808 Gross profit - 6,133 Net loss (406,233 ) (498,940 ) Share of losses from investments accounted for using the equity method - (b) Rgene Corporation (the “Rgene”) Both Rgene and the Company are under common control by Dr. Tsung-Shann Jiang, the CEO and Chairman of the BioLite Inc. Since Dr. Tsung-Shann Jiang is able to exercise significant influence, but not control, over the Rgene, the Company determined to use the equity method to account for its equity investment as prescribed in ASC 323, Investments—Equity Method and Joint Ventures (“ASC 323”). Equity method adjustments include the Company’s proportionate share of investee’s income or loss and other adjustments required by the equity method. As of March 31, 2023 and December 31, 2022, the Company owns 28.85% and 28.85% Common Stock shares of Rgene, respectively. On March 31, 2023, Dr. Tsung-Shann Jiang has been elected to become the Chairman of Rgene. Summarized financial information for the Company’s equity method investee, Rgene, is as follows: Balance Sheets March 31, December 31, (Unaudited) Current Assets $ 54,987 $ 68,302 Noncurrent Assets 288,160 303,893 Current Liabilities 2,491,974 2,478,868 Noncurrent Liabilities 2,048 2,441 Shareholders’ Deficit (2,150,875 ) (2,109,114 ) Statement of Operations Three months Ended 2023 2022 (Unaudited) Net sales $ - $ - Gross Profit - - Net loss (81,842 ) (149,480 ) Share of loss from investments accounted for using the equity method - - (4) Disposition of long-term investment During the three months ended March 31, 2023 and 2022, there is no disposition of long-term investment. (5) Losses on Equity Investments The components of losses on equity investments for each period were as follows: Three months Ended 2023 2022 (Unaudited) Share of equity method investee losses $ - $ - | 6. LONG-TERM INVESTMENTS (1) The ownership percentages of each investee are listed as follows: Ownership percentage December 31, December 31, Accounting Name of related party 2022 2021 treatments Braingenesis Biotechnology Co., Ltd. 0.22 % 0.22 % Cost Method Genepharm Biotech Corporation 0.92 % 0.92 % Cost Method BioHopeKing Corporation 8.03 % 8.03 % Cost Method BioFirst Corporation 21.77 % 21.77 % Equity Method Rgene Corporation 28.85 % 28.85 % Equity Method (2) The extent the investee relies on the company for its business are summarized as follows: Name of related party The extent the investee relies on the Company for its business Braingenesis Biotechnology Co., Ltd. No specific business relationship Genepharm Biotech Corporation No specific business relationship BioHopeKing Corporation Collaborating with the Company to develop and commercialize drugs BioFirst Corporation Loaned from the investee and provides research and development support service Rgene Corporation Collaborating with the Company to develop and commercialize drugs (3) Long-term investment mainly consists of the following: December 31, December 31, Non-marketable Cost Method Investments, net Braingenesis Biotechnology Co., Ltd. $ 7,169 $ 7,941 Genepharm Biotech Corporation 21,887 24,244 BioHopeKing Corporation 813,014 900,570 Subtotal 842,070 932,755 Equity Method Investments, net BioFirst Corporation - - Rgene Corporation - - Total $ 842,070 $ 932,755 (a) BioFirst Corporation (the “BioFirst”): The Company holds an equity interest in BioFirst Corporation, accounting for its equity interest using the equity method to accounts for its equity investment as prescribed in ASC 323, Investments—Equity Method and Joint Ventures (“ASC 323”). Equity method adjustments include the Company’s proportionate share of investee’s income or loss and other adjustments required by the equity method. As of December 31, 2022 and 2021, the Company owns 21.77% and 21.77% common stock shares of BioFirst, respectively. During year ended December 31, 2021, the Company made prepayment for equity investment in BioFirst to purchase additional 317,000 shares to be issued by BioFirst in the aggregate amount of $618,150, recorded as prepayment for long-term investments as of December 31, 2022. The amount due from BioFirst has been reclassified as prepayment for investment. Summarized financial information for the Company’s equity method investee, BioFirst, is as follows: Balance Sheet December 31, December 31, Current Assets $ 1,543,151 $ 2,205,669 Noncurrent Assets 739,472 959,454 Current Liabilities 2,663,051 2,909,703 Noncurrent Liabilities 103,447 32,522 Stockholders’ Equity 483,874 222,898 Statement of operation Year Ended 2022 2021 Net sales $ 30,162 $ 26,693 Gross profit 8,239 8,348 Net loss (1,274,539 ) (2,276,892 ) Share of losses from investments accounted for using the equity method - (269,844 ) (b) Rgene Corporation (the “Rgene”) Both Rgene and the Company are under common control by Dr. Tsung-Shann Jiang, the CEO and chairman of the BioLite Inc. Since Dr. Tsung-Shann Jiang is able to exercise significant influence, but not control, over the Rgene, the Company determined to use the equity method to accounts for its equity investment as prescribed in ASC 323, Investments—Equity Method and Joint Ventures (“ASC 323”). Equity method adjustments include the Company’s proportionate share of investee’s income or loss and other adjustments required by the equity method. As of December 31, 2022 and 2021, the Company owns 28.85% and 28.85% common stock shares of Rgene, respectively. Summarized financial information for the Company’s equity method investee, Rgene, is as follows: Balance Sheets December 31, December 31, Current Assets $ 68,302 $ 73,452 Noncurrent Assets 303,893 374,423 Current Liabilities 2,478,868 1,934,786 Noncurrent Liabilities 2,441 - Shareholders’ Deficit (2,481,309 ) (1,486,911 ) Statement of operations Year Ended 2022 2021 Net sales $ - $ - Gross Profit - - Net loss (1,550,123 ) (576,514 ) Share of loss from investments accounted for using the equity method - - (4) Disposition of long-term investment During the years ended December 31, 2022 and 2021, there is no disposition of long-term investment. (5) Losses on Equity Investments The components of losses on equity investments for each period were as follows: Year Ended 2022 2021 Share of equity method investee losses $ - $ (269,844 ) |
Convertible Notes Payable
Convertible Notes Payable | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Convertible Notes Payable Disclosure [Abstract] | ||
CONVERTIBLE NOTES PAYABLE | 6. CONVERTIBLE NOTES PAYABLE On February 23, 2023, the Company entered into a securities purchase agreement (the “Lind Securities Purchase Agreement”) with Lind Global Fund II, LP (“Lind”), pursuant to which the Company issued Lind a secured, convertible note in the principal amount of $3,704,167 (the “Lind Offering”), for a purchase price of $3,175,000 (the “Lind Note”), that is convertible into shares of the Company’s common stock at an initial conversion price of $1.05 per share, subject to adjustment (the “Note Shares”). The Company also issued Lind a common stock purchase warrant (the “Lind Warrant”) to purchase up to 5,291,667 shares of the Company’s common stock at an initial exercise price of $1.05 per share, subject to adjustment (each, a “Warrant Share,” together with the Note, Note Shares and Warrants, the “Lind Securities”). The Lind Note does not carry any interest. Beginning with the date that is six months from the issuance date of the Lind Note and on each one (1) month anniversary thereafter, the Company shall pay Lind an amount equal to $308,650.58, until the outstanding principal amount of the Lind Note has been paid in full prior to or on the Maturity Date or, if earlier, upon acceleration, conversion or redemption of the Lind Note in accordance with the terms thereof (the “Monthly Payments”). At the Company’s discretion, the Monthly Payments shall be made in (i) cash, (ii) shares of the Company’s common stock, or (iii) a combination of cash and Shares; if made in shares, the number of shares shall be determined by dividing (x) the principal amount being paid in shares by (y) 90% of the average of the 5 lowest daily VWAPs during the 20 trading days prior to the applicable payment date. The Lind Notes sets forth certain conditions that must be satisfied before the Company may make any Monthly Payments in shares of common stock. If the Company makes a Monthly Payment in cash, the Company must also pay Lind a cash premium of 5% of such Monthly Payment. Upon the occurrence of any Event of Default (as defined in the Lind Note), the Company must pay Lind an amount equal to 120% of the then outstanding principal amount of the Lind Note, in addition to any other remedies under the Note or the other Transaction Documents. The Lind Warrant may be exercised via cashless exercise. As of March 31, 2023 and December 31, 2022, the aggregate carrying values of the convertible debentures were $3,206,587 and $0, respectively; and accrued convertible interest were both $0. Total interest expenses in connection with the above convertible note payable were $31,587 and $0 for the three months ended March 31, 2023 and 2022, respectively. | 7. CONVERTIBLE NOTES PAYABLE On October 23, 2020, the Company entered into a Securities Purchase Agreement (the “October SPA”) with one accredited investor. Pursuant to the October SPA, the Company sold and issued a convertible promissory note (the “October Note”) in the principal amount of $2,500,000 to the investor and received the payment from such investor on October 30, 2020. The October Note was issued on October 23, 2020 and the maturity date of the October Note is the twenty-four (24) month anniversary from the issuance date (the “Maturity Date”). Upon the Maturity Date, the Company shall pay to the holder, in cash, an amount representing all outstanding principal amount and accrued and unpaid interest under the October Note. The October Note bears an interest rate of ten percent (10%) per annum and may be convertible into shares of the Company’s common stock at a fixed conversion price of $2.25 per share. The holder of the October Note may elect to convert part or all of the outstanding balance of the October Note from the issuance date until the Maturity Date. The Company may prepay the outstanding amount at any time, in whole or in part, without any penalty. On May 17, 2021, the parties to the October SPA signed Amendment No. 1 to Promissory Note (the “Amendment”). Pursuant to the Amendment, the Note shall also be automatically converted into shares of the Company’s common stock immediately following the Company’s receipt of conditional approval to list its common stock on the NASDAQ stock market, if and when the Company receives such approval, at a conversion price equal to $2.25 per share. On July 21, 2021, The Company converted all convertible promissory note amounted $2,500,000 into 1,111,112 shares of the Company’s common stock and warrants. As of December 31, 2022 and 2021, the aggregate carrying values of the convertible debentures were both $0; and accrued convertible interest were both $0. Total interest expenses in connection with the above convertible note payable were $208,657 and $193,548 for the years ended December 31, 2022 and 2021, respectively. |
Bank Loans
Bank Loans | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Bank Loans Disclosure [Abstract] | ||
BANK LOANS | 7. BANK LOANS (1) Short-term bank loan consists of the following: March 31, December 31, 2023 2022 (Unaudited) Cathay United Bank $ 246,000 $ 243,750 CTBC Bank 656,000 650,000 Cathay Bank - 1,000,000 Total $ 902,000 $ 1,893,750 Cathay United Bank On June 28, 2016, BioLite Taiwan and Cathay United Bank entered into a one-year bank loan agreement (the “Cathay United Loan Agreement”) in an amount of NT$7,500,000, equivalent to $246,000 The term started June 28, 2016 with maturity date at June 28, 2017. The loan balance bears interest at a floating rate of prime rate plus 1.15%. The prime rate is based on term deposit saving interest rate of Cathay United Bank. On September 6, 2017, BioLite Taiwan extended the Cathay United Loan Agreement for one year, which was due on September 6, 2018, with the principal amount of NT$7,500,000, equivalent to $246,000. On October 1, 2018, BioLite Taiwan extended the Cathay United Loan Agreement with the same principal amount of NT$7,500,000, equivalent to $246,000 for one year, which was due on September 6, 2019. On September 6, 2019, BioLite Taiwan extended the Cathay United Loan Agreement with the same principal amount of NT$7,500,000, equivalent to $246,000 for one year, which is due on September 6, 2020. On September 6, 2020, BioLite Taiwan extended the Cathay United Loan Agreement with the same principal amount of NT$7,500,000, equivalent to $246,000 for one year, which is due on September 6, 2021. On September 6, 2021, BioLite Taiwan extended the Cathay United Loan Agreement with the same principal amount of NT$7,500,000, equivalent to $246,000 for one year, which is due on September 6, 2022. On September 6, 2022, BioLite Taiwan extended the Cathay United Loan Agreement with the same principal amount of NT$7,500,000, equivalent to $246,000 for one year, which is due on September 6, 2023. As of March 31, 2023 and December 31, 2022, the effective interest rates per annum was 2.67% and 2.67%, respectively. The loan is collateralized by the building and improvement of BioLite Taiwan, and is also personal guaranteed by the Company’s chairman. Interest expenses were $1,649 and $1,386 for the three months ended March 31, 2023 and 2022, respectively. CTBC Bank On June 12, 2017 and July 19, 2017, BioLite Taiwan and CTBC Bank entered into short-term saving secured bank loan agreements (the “CTBC Loan Agreements”) in an amount of NT$10,000,000, equivalent to $328,000, and NT$10,000,000, equivalent to $328,000, respectively. Both two loans with the same maturity date at January 19, 2018. In February 2018, BioLite Taiwan combined two loans and extended the loan contract with CTBC for one year. On January 18, 2019, BioLite Taiwan and CTBC Bank agreed to extend the loan with a new maturity date, which was July 18, 2019. On July 18, 2019, BioLite Taiwan extended the CTBC Loan Agreement with the same principal amount of NT$20,000,000, equivalent to $656,000 for six months, which is due on January 17, 2020. On January 19, 2020, BioLite Taiwan extended the CTBC Loan Agreement with the same principal amount of NT$20,000,000, equivalent to $656,000 for six months, which is due on July 19, 2020. On July 17, 2020, BioLite Taiwan extended the CTBC Loan Agreement with the same principal amount of NT$20,000,000, equivalent to $656,000 for six months, which is due on January 15, 2021. On January 15, 2021, BioLite Taiwan extended the CTBC Loan Agreement with the same principal amount of NT$20,000,000, equivalent to $656,000 for six months, which is due on July 15, 2021. On July 15, 2021, BioLite Taiwan extended the CTBC Loan Agreement with the same principal amount of NT$20,000,000, equivalent to $656,000 for six months, which is due on January 14, 2022. On January 14, 2022, BioLite Taiwan extended the CTBC Loan Agreement with the same principal amount of NT$20,000,000, equivalent to $656,000 for six months, which is due on July 14, 2022. On July 14, 2022, BioLite Taiwan extended the CTBC Loan Agreement with the same principal amount of NT$20,000,000, equivalent to $656,000 for six months, which is due on January 14, 2023. The loan balances bear interest at a fixed rate of 2.5% per annum. The loan is secured by the money deposited in a savings account with the CTBC Bank. This loan was also personal guaranteed by the Company’s chairman and BioFirst. During the year ended December 31, 2020, BioLite Taiwan has opened a TCD account with CTBC bank to guarantee the loan going forward. Interest expenses were $3,831 and $2,958 for the three months ended March 31, 2023 and 2022, respectively. Cathay Bank On January 21, 2019, the Company received a loan in the amount of $500,000 from Cathay Bank (the “Bank”) pursuant to a business loan agreement (the “Loan Agreement”) entered by and between the Company and Bank on January 8, 2019 and a promissory note (the “Note”) executed by the Company on the same day. The Loan Agreement provides for a revolving line of credit in the principal amount of $1,000,000 with a maturity date (the “Maturity Date”) of January 1, 2020. The Note executed in connection with the Loan Agreement bears an interest rate (the “Regular Interest Rate”) equal to the sum of one percent (1%) and the prime rate as published in the Wall Street Journal (the “Index”) and the accrued interest shall become payable each month from February 1, 2019. Pursuant to the Note, the Company shall pay the entire outstanding principal plus accrued unpaid interest on the Maturity Date and may prepay portion or all of the Note before the Maturity Date without penalty. If the Company defaults on the Note, the default interest rate shall become five percent (5%) plus the Regular Interest Rate. In connection with the Note and Loan Agreement, on January 8, 2019, each of Dr. Tsung Shann Jiang and Dr. George Lee, executed a commercial guaranty (the “Guaranty”) to guaranty the loans for the Company pursuant to the Loan Agreement and Note, severally and individually, in the amount not exceeding $500,000 each until the entire Note plus interest are fully paid and satisfied. Dr. Tsung Shann Jiang is the Chairman and Chief Executive Officer of BioLite Holding, Inc. and Dr. George Lee serves as the Chairman of the board of directors of BioKey. On December 29, 2020, the Company entered into a new loan extension agreement and assignment of deposit account with the Bank, which allowed Dr. Tsung Shann Jiang and Dr. George Lee to be removed as guarantees from the list of Guaranty. In addition, on January 8, 2019, each of the Company and BioKey, a wholly-owned subsidiary of the Company, signed a commercial security agreement (the “Security Agreement”) to secure the loans under the Loan Agreement and the Note. Pursuant to the Security Agreements, each of the Company and BioKey (each, a “Grantor”, and collectively, the “Grantors”) granted security interest in the collaterals as defined therein, comprised of almost all of the assets of each Grantor, to secure such loans for the benefit of the Bank. On June 30, 2020, the Company extended the Loan Agreement with the same term for seven months, which is due on October 31, 2020. On April 8, 2020 and October 3, 2020, the Company repaid an aggregated principal amount of $350,000. On December 3, 2020, the Company renewed the Loan Agreement with the principal amount of $650,000 for ten months, which is due on October 31, 2021. On October 31, 2021, the Company renewed the Loan Agreement with the principal amount of $650,000 for twelve months, which is due on October 30, 2022. On September 24, 2021, the Cathay Bank has increased the line of credit to $1,000,000 from $650,000. The Loan Agreement was further extended and due on December 31, 2022. The outstanding loan balance was $1,000,000 as of December 31, 2022. On February 23, 2023, the bank loan from Cathay Bank was fully repaid. As of March 31, 2023 and December 31, 2022, the effective interest rates per annum was 0% and 8%, respectively and the outstanding loan balance were $0 and $1,000,000. Interest expenses were $10,209 and $6,090 for the three months ended March 31, 2023 and 2022, respectively. | 8. BANK LOANS (1) Short-term bank loan consists of the following: December 31, December 31, 2022 2021 Cathay United Bank $ 243,750 $ 270,000 CTBC Bank 650,000 720,000 Cathay Bank 1,000,000 650,000 Total $ 1,893,750 $ 1,640,000 Cathay United Bank On June 28, 2016, BioLite Taiwan and Cathay United Bank entered into a one-year bank loan agreement (the “Cathay United Loan Agreement”) in an amount of NT$7,500,000, equivalent to $243,750. The term started June 28, 2016 with maturity date at June 28, 2017. The loan balance bears interest at a floating rate of prime rate plus 1.15%. The prime rate is based on term deposit saving interest rate of Cathay United Bank. On September 6, 2017, BioLite Taiwan extended the Cathay United Loan Agreement for one year, which was due on September 6, 2018, with the principal amount of NT$7,500,000, equivalent to $243,750. On October 1, 2018, BioLite Taiwan extended the Cathay United Loan Agreement with the same principal amount of NT$7,500,000, equivalent to $243,750 for one year, which was due on September 6, 2019. On September 6, 2019, BioLite Taiwan extended the Cathay United Loan Agreement with the same principal amount of NT$7,500,000, equivalent to $243,750 for one year, which is due on September 6, 2020. On September 6, 2020, BioLite Taiwan extended the Cathay United Loan Agreement with the same principal amount of NT$7,500,000, equivalent to $243,750 for one year, which is due on September 6, 2021. On September 6, 2021, BioLite Taiwan extended the Cathay United Loan Agreement with the same principal amount of NT$7,500,000, equivalent to $243,750 for one year, which is due on September 6, 2022. On September 6, 2022, BioLite Taiwan extended the Cathay United Loan Agreement with the same principal amount of NT$7,500,000, equivalent to $243,750 for one year, and same interest rate, which is due on September 6, 2023. As of December 31, 2022 and December 31, 2021, the effective interest rates per annum was 2.67% and 2.10%. The loan is collateralized by the Land of BioLite Taiwan, and is also personal guaranteed by the Company’s chairman. Interest expenses were $5,960 and $5,639 for the years ended December 31, 2022 and 2021, respectively. CTBC Bank On June 12, 2017 and July 19, 2017, BioLite Taiwan and CTBC Bank entered into short-term saving secured bank loan agreements (the “CTBC Loan Agreements”) in an amount of NT$10,000,000, equivalent to $325,000, and NT$10,000,000, equivalent to $325,000, respectively. Both two loans with the same maturity date at January 19, 2018. In February 2018, BioLite Taiwan combined two loans and extended the loan contract with CTBC for one year. On January 18, 2019, BioLite Taiwan and CTBC Bank agreed to extend the loan with a new maturity date, which was July 18, 2019. On July 18, 2019, BioLite Taiwan extended the CTBC Loan Agreement with the same principal amount of NT$20,000,000, equivalent to $650,000 for six months, which is due on January 17, 2020. On January 19, 2020, BioLite Taiwan extended the CTBC Loan Agreement with the same principal amount of NT$20,000,000, equivalent to $650,000 for six months, which is due on July 19, 2020. On July 17, 2020, BioLite Taiwan extended the CTBC Loan Agreement with the same principal amount of NT$20,000,000, equivalent to $650,000 for six months, which is due on January 15, 2021. On January 15, 2021, BioLite Taiwan extended the CTBC Loan Agreement with the same principal amount of NT$20,000,000, equivalent to $650,000 for six months, which is due on July 15, 2021. On July 15, 2021, BioLite Taiwan extended the CTBC Loan Agreement with the same principal amount of NT$20,000,000, equivalent to $650,000 for six months, which is due on January 14, 2022. The loan balances bear interest at a fixed rate of 1.68% per annum. The loan is secured by the money deposited in a savings account with the CTBC Bank. This loan was also personal guaranteed by the Company’s chairman and BioFirst. During the year ended December 31, 2021, BioLite Taiwan has opened a TCD account with CTBC bank to guarantee the loan going forward. On July 14, 2022, BioLite Taiwan extended the CTBC Loan Agreement with the same principal amount of NT$20,000,000, equivalent to $650,000 for six months, which is due on January 14, 2023. The loan balance bear interest at a fixed rate of 2.00% per annum. On January 14, 2023, BioLite Taiwan extended the CTBC Loan Agreement with the same principal amount of NT$20,000,000, equivalent to $650,000 for six months, which is due on July 14, 2023. The loan balance bear interest at a fixed rate of 2.50% per annum. Interest expenses were $12,220 and $12,029 for the years ended December 31, 2022 and 2021, respectively. Cathay Bank On January 21, 2019, the Company received a loan in the amount of $500,000 from Cathay Bank (the “Bank”) pursuant to a business loan agreement (the “Loan Agreement”) entered by and between the Company and Bank on January 8, 2019 and a promissory note (the “Note”) executed by the Company on the same day. The Loan Agreement provides for a revolving line of credit in the principal amount of $1,000,000 with a maturity date (the “Maturity Date”) of January 1, 2020. The Note executed in connection with the Loan Agreement bears an interest rate (the “Regular Interest Rate”) equal to the sum of one percent (1%) and the prime rate as published in the Wall Street Journal (the “Index”) and the accrued interest shall become payable each month from February 1, 2019. Pursuant to the Note, the Company shall pay the entire outstanding principal plus accrued unpaid interest on the Maturity Date and may prepay portion or all of the Note before the Maturity Date without penalty. If the Company defaults on the Note, the default interest rate shall become five percent (5%) plus the Regular Interest Rate. In connection with the Note and Loan Agreement, on January 8, 2019, each of Dr. Tsung Shann Jiang and Dr. George Lee, executed a commercial guaranty (the “Guaranty”) to guaranty the loans for the Company pursuant to the Loan Agreement and Note, severally and individually, in the amount not exceeding $500,000 each until the entire Note plus interest are fully paid and satisfied. Dr. Tsung Shann Jiang is the Chairman and Chief Executive Officer of BioLite Holding, Inc. and Dr. George Lee serves as the Chairman of the board of directors of BioKey. On December 29, 2020, the Company entered into a new loan extension agreement and assignment of deposit account with the Bank, which allowed Dr. Tsung Shann Jiang and Dr. George Lee to be removed as guarantees from the list of Guaranty. In addition, on January 8, 2019, each of the Company and BioKey, a wholly-owned subsidiary of the Company, signed a commercial security agreement (the “Security Agreement”) to secure the loans under the Loan Agreement and the Note. Pursuant to the Security Agreements, each of the Company and BioKey (each, a “Grantor”, and collectively, the “Grantors”) granted security interest in the collaterals as defined therein, comprised of almost all of the assets of each Grantor, to secure such loans for the benefit of the Bank. On March 31, 2020, the Company extended the Loan Agreement with the same term for seven months, which is due on October 31, 2020. On April 8, 2020 and October 3, 2020, the Company repaid an aggregated principal amount of $350,000. On December 3, 2020, The Company renewed the Loan Agreement with the principal amount of $650,000 for ten months, which is due on October 31, 2021. On September 24, 2021, the Cathay Bank has increased the line of credit to $1,000,000 from $650,000. The Loan Agreement was further extended and due on December 31, 2022. The outstanding loan balance was $1,000,000 as of December 31, 2022. On February 23, 2023, the bank loan from Cathay Bank was fully repaid. Interest expenses were $46,957 and $18,143 for the years ended December 31, 2022 and 2021, respectively. |
Related Parties Transactions
Related Parties Transactions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Related Party Transactions [Abstract] | ||
RELATED PARTIES TRANSACTIONS | 8. RELATED PARTIES TRANSACTIONS The related parties of the company with whom transactions are reported in these financial statements are as follows: Name of entity or Individual Relationship with the Company and its subsidiaries BioFirst Corporation (the “BioFirst”) Entity controlled by controlling beneficiary shareholder of YuanGene BioFirst (Australia) Pty Ltd. (the “BioFirst (Australia)”) 100% owned by BioFirst; Entity controlled by controlling beneficiary shareholder of YuanGene Rgene Corporation (the “Rgene”) Shareholder of the Company; Entity controlled by controlling beneficiary shareholder of YuanGene; the Chairman of Rgene is Mr. Tsung-Shann Jiang YuanGene Corporation (the “YuanGene”) Controlling beneficiary shareholder of the Company AsiaGene Corporation (the “AsiaGene”) Shareholder; entity controlled by controlling beneficiary shareholder of YuanGene Eugene Jiang Former President and Chairman Keypoint Technology Ltd. (the “Keypoint’) The Chairman of Keypoint is Eugene Jiang’s mother. Lion Arts Promotion Inc. (the “Lion Arts”) Shareholder of the Company Yoshinobu Odaira (the “Odaira”) Director of the Company GenePharm Inc. (the “GenePharm”) Dr. George Lee, Board Director of Biokey, is the Chairman of GenePharm. Euro-Asia Investment & Finance Corp Ltd. (the “Euro-Asia”) Shareholder of the Company LBG USA, Inc. (the “LBG USA”) 100% owned by BioFirst; Entity controlled by controlling beneficiary shareholder of YuanGene LionGene Corporation (the “LionGene”) Shareholder of the Company; Entity controlled by controlling beneficiary shareholder of YuanGene Kimho Consultants Co., Ltd. (the “Kimho”) Shareholder of the Company The Jiangs Mr. Tsung-Shann Jiang, the controlling beneficiary shareholder of the Company; the Chairman of Rgene; the Chairman and CEO of the BioLite Holding Inc. and BioLite Inc. and the President and a member of board of directors of BioFirst Amkey Ventures, LLC (“Amkey”) An entity controlled by Dr. George Lee, who serves as one of the board directors of BioKey, Inc BioLite Japan Entity controlled by controlling beneficiary shareholder of ABVC BioHopeKing Corporation Entity controlled by controlling beneficiary shareholder of ABVC ABVC BioPharma (HK), Limited An entity 100% owned by Mr. Tsung-Shann Jiang Accounts receivable - related parties Accounts receivable due from related parties consisted of the following as of the periods indicated: March 31, December 31, 2023 2022 (Unaudited) GenePharm Inc. $ - $ 142,225 Rgene 618,196 615,118 Total $ 618,196 $ 757,343 Due from related parties Amount due from related parties consisted of the following as of the periods indicated: Due from related–party - Current March 31, December 31, 2023 2022 (Unaudited) Rgene $ 519,984 $ 513,819 Total $ 519,984 $ 513,819 Due from related parties – Non-Current March 31, December 31, 2023 2022 (Unaudited) BioFirst (Australia) $ 1,132,070 $ 1,028,556 BioHopeKing Corporation 113,863 112,822 Total $ 1,245,933 $ 1,141,378 (1) On June 16, 2022, the Company entered into a one-year convertible loan with Rgene, with a principal amount of $1,000,000 to Rgene which bears interest at 5% per annum for the use of working capital that, if fully converted, would result in ABVC owning an additional 6.4% of Rgene. The Company may convert the Note at any time into shares of Rgene’s common stock at either (i) a fixed conversion price equal to $1.00 per share or (ii) 20% discount of the stock price of the then most recent offering, whichever is lower; the conversion price is subject to adjustment as set forth in the Note. The Note includes standard events of default, as well as a cross default provision pursuant to which a breach of the Service Agreement will trigger an event of default under the convertible note if not cured after 5 business days of written notice regarding the breach is provided. As of March 31, 2023 and December 31, 2022, the outstanding loan balance were both $500,000; and accrued interest was $19,984 and $13,819, respectively. (2) On July 1, 2020, the Company entered into a loan agreement with BioFirst (Australia) for $361,487 to properly record R&D cost and tax refund allocation based on co-development contract executed on July 24, 2017. The loan was originally set to be mature on September 30, 2021 with an interest rate of 6.5% per annum, but on September 7, 2021, the Company entered into a loan agreement with BioFirst (Australia) for $67,873 to meet its new project needs. On December 1, 2021, the Company entered into a loan agreement with BioFirst (Australia) for $250,000 to increase the cost for upcoming projects. The loan will be matured on November 30, 2022 with an interest rate of 6.5% per annum. In 2022, the Company entered into several loan agreements with BioFirst (Australia) for a total amount of $507,000 to increase the cost for upcoming projects. During the first quarter of 2023, the Company entered into several loan agreements with BioFirst (Australia) for a total amount of $88,091 to increase the cost for upcoming projects. All the loans period was twelve months with an interest rate of 6.5% per annum. As of March 31, 2023 and December 31, 2022, the aggregate amount of outstanding loan and accrued interest and allocated research fee was $1,132,070 and $1,028,556, respectively. The Company is expected to receive the outstanding amount in full by 2023. (3) On February 24, 2015, BioLite Taiwan and BioHopeKing Corporation (the “BHK”) entered into a co-development agreement, (the “BHK Co-Development Agreement”, see Note 3). The development costs shall be shared 50/50 between BHK and the Company. Under the term of the agreement, BioLite issued relevant development cost to BHK. As of March 31, 2023 and December 31, 2022, due from BHK was $113,863 and $112,822, respectively. The Company made an impairment to write off the amount due from BHK. Due to related parties Amount due to related parties consisted of the following as of the periods indicated: March 31, December 31, 2023 2022 (Unaudited) BioFirst Corporation $ 525,104 $ 188,753 BioFirst (Australia) 313,606 275,901 The Jiangs 19,789 19,789 Due to shareholders 152,848 151,450 Total $ 1,011,347 $ 635,893 (1) Since 2019, BioFirst has advanced funds to the Company for working capital purpose. The advances bear interest 1% per month (or equivalent to 12% per annum). As of March 31, 2023 and December 31, 2022, the aggregate amount of outstanding balance and accrued interest is $525,104 and $188,753, respectively. (2) As of March 31, 2023, and December 31, 2022, BioFirst (Australia) has advanced the Company an aggregate amount of $313,606 and $275,901, respectively for new project purpose. (3) Since 2019, the Jiangs advanced funds to the Company for working capital purpose. As of March 31, 2023, and December 31, 2022, the outstanding balance due to the Jiangs amounted to $19,789 and $19,789, respectively. These loans bear interest rate of 0% to 1% per month, and are due on demand. (4) Since 2018, the Company’s shareholders have advanced funds to the Company for working capital purpose. The advances bear interest rate of 12% per annum. As of March 31, 2023 and December 31, 2022, the outstanding principal and accrued interest was $152,848 and $151,450, respectively. Interest expenses in connection with these loans were $4,896 and $5,312 for the three months ended March 31, 2023 and 2022, respectively. | 12. RELATED PARTIES TRANSACTIONS The related parties of the company with whom transactions are reported in these financial statements are as follows: Name of entity or Individual Relationship with the Company and its subsidiaries BioFirst Corporation (the “BioFirst”) Entity controlled by controlling beneficiary shareholder of YuanGene BioFirst (Australia) Pty Ltd. (the “BioFirst (Australia)”) 100% owned by BioFirst; Entity controlled by controlling beneficiary shareholder of YuanGene Rgene Corporation (the “Rgene”) Shareholder of the Company; entity controlled by controlling beneficiary shareholder of YuanGene YuanGene Corporation (the “YuanGene”) Controlling beneficiary shareholder of the Company AsiaGene Corporation (the “AsiaGene”) Shareholder; entity controlled by controlling beneficiary shareholder of YuanGene Eugene Jiang Former President and Chairman Keypoint Technology Ltd. (the “Keypoint’) The Chairman of Keypoint is Eugene Jiang’s mother. Lion Arts Promotion Inc. (the “Lion Arts”) Shareholder of the Company Yoshinobu Odaira (the “Odaira”) Director of the Company GenePharm Inc. (the “GenePharm”) Dr. George Lee, Board Director of Biokey, is the Chairman of GenePharm. Euro-Asia Investment & Finance Corp Ltd. (the “Euro-Asia”) Shareholder of the Company LBG USA, Inc. (the “LBG USA”) 100% owned by BioFirst; Entity controlled by controlling beneficiary shareholder of YuanGene LionGene Corporation (the “LionGene”) Shareholder of the Company; Entity controlled by controlling beneficiary shareholder of YuanGene Kimho Consultants Co., Ltd. (the “Kimho”) Shareholder of the Company The Jiangs Mr. Tsung-Shann Jiang, the controlling beneficiary shareholder of the Company and Rgene, the Chairman and CEO of the BioLite Holding Inc. and BioLite Inc. and the President and a member of board of directors of BioFirst Ms. Shu-Ling Jiang, Mr. Tsung-Shann Jiang’s wife, is the Chairman of Keypoint; and a member of board of directors of BioLite Inc. Mr. Eugene Jiang is Mr. and Ms. Jiang’s son. Mr. Eugene Jiang is the chairman, and majority shareholder of the Company and a member of board of directors of BioLite Inc. Mr. Chang-Jen Jiang is Mr. Tsung-Shann Jiang’s sibling and the director of the Company. Ms. Mei-Ling Jiang is Ms. Shu-Ling Jiang’s sibling. Amkey Ventures, LLC (“Amkey”) An entity controlled by Dr. George Lee, who serves as one of the board directors of BioKey, Inc BioLite Japan Entity controlled by controlling beneficiary shareholder of ABVC BioHopeKing Corporation Entity controlled by controlling beneficiary shareholder of ABVC ABVC BioPharma (HK), Limited An entity 100% owned by Mr. Tsung-Shann Jiang Accounts receivable - related parties Accounts receivable due from related parties consisted of the following as of the periods indicated: December 31, December 31, 2022 2021 GenePharm Inc. $ 142,225 $ 142,225 Rgene 615,118 2,374 Amkey - 800 Total $ 757,343 $ 145,399 Due from related parties Amount due from related parties consisted of the following as of the periods indicated: Due from related party- Current December 31, December 31, 2022 2021 Rgene $ 513,819 $ - Total $ 513,819 $ - Due from related parties- Noncurrent December 31, December 31, 2022 2021 Rgene $ - $ 49,110 BioFirst (Australia) 1,028,556 491,816 BioHopeKing Corporation 112,822 124,972 LBG USA - 675 BioLite Japan - 150,000 Keypoint - 1,610 Total $ 1,141,378 $ 818,183 (1) As of December 31, 2021, due from Rgene amounted to $49,110. Under the terms of the loan agreement, the loan bears interest at 1% per month (or equivalent to 12% per annum) and the maturity date was December 31, 2020. As of December 31, 2021, the outstanding loan balance was $33,520; and accrued interest was $13,701, respectively. On January 1, 2021, BioLite Taiwan entered into a consultant services agreement with Rgene, of which the amount due from Rgene was $1,889 for the year ended December 31, 2021. On June 16, 2022, the Company entered into a one-year convertible loan agreement with Rgene, with a principal amount of $1,000,000 to Rgene which bears interest at 5% per annum for the use of working capital that, if fully converted, would result in ABVC owning an additional 6.4% of Rgene. The Company may convert the Note at any time into shares of Rgene’s common stock at either (i) a fixed conversion price equal to $1.00 per share or (ii) 20% discount of the stock price of the then most recent offering, whichever is lower; the conversion price is subject to adjustment as set forth in the Note. The Note includes standard events of default, as well as a cross-default provision pursuant to which a breach of the Service Agreement will trigger an event of default under the convertible note if not cured after 5 business days of written notice regarding the breach is provided. As of December 31, 2022, the outstanding loan balance was $ 500,000; and accrued interest was $13,819. (2) On July 1, 2020, the Company entered into a loan agreement with BioFirst (Australia) for $361,487 to properly record R&D cost and tax refund allocation based on co-development contract executed on July 24, 2017. The loan was originally set to be mature on September 30, 2021 with an interest rate of 6.5% per annum, but on September 7, 2021, the Company entered into a loan agreement with BioFirst (Australia) for $67,873 to meet its new project needs. On December 1, 2021, the Company entered into a loan agreement with BioFirst (Australia) for $250,000 to increase the cost for upcoming projects. The loan will be matured on November 30, 2022 with an interest rate of 6.5% per annum. In 2022, the Company entered into several loan agreements with BioFirst (Australia) for a total amount of $507,000 to increase the cost for upcoming projects. All the loans period was twelve months with an interest rate of 6.5% per annum. As of December 31, 2022 and 2021, the aggregate amount of outstanding loan and accrued interest was $1,028,556 and $491,816, respectively. (3) On February 24, 2015, BioLite Taiwan and BioHopeKing Corporation (the “BHK”) entered into a co-development agreement, (the “BHK Co-Development Agreement”, see Note 3). The development costs shall be shared 50/50 between BHK and the Company. Under the term of the agreement, BioLite issued relevant development cost to BHK. As of December 31, 2022 and 2021, due from BHK was $112,822 and $124,972, respectively. (4) On May 8, 2020, the Company and Lucidaim entered into a Letter of Intent (LOI) in regard to a potential joint venture of BioLite Japan. Based on the LOI, each party will advance an aggregated amount of $150,000 to meet BioLite Japan’s working capital needs, which the Company advanced an amount of $150,000 and the advance bear 0% interest rate. As of December 31, 2022 and 2021, the outstanding advance balances was $0 and $150,000, respectively. The outstanding balance was reclassified as prepayment for long-term investments due to the debt-to-equity agreement with BioLite Japan, while format document is pending to be executed. Due to related parties Amount due to related parties consisted of the following as of the periods indicated: December 31, December 31, 2022 2021 BioFirst Corporation $ 188,753 $ 40,878 BioFirst (Australia) 275,901 132,443 AsiaGene - 24,017 YuanGene - 9,205 The Jiangs 19,789 18,750 Due to shareholders 151,450 168,131 Total $ 635,893 $ 393,424 (1) Since 2019, BioFirst has advanced funds to the Company for working capital purpose. The advances bear interest 1% per month (or equivalent to 12% per annum). As of December 31, 2022 and 2021, the aggregate amount of outstanding balance and accrued interest is $188,753, a combination of $147,875 from loan, and $40,878 from expense-sharing, and $40,878, respectively. (2) As of December 31, 2022 and 2021, BioFirst (Australia) has advanced the Company an aggregate amount of $275,901 and $132,443, respectively for new project purpose. (3) Since 2019, the Jiangs advanced funds to the Company for working capital purpose. As of December 31, 2022 and 2021, the outstanding balance due to the Jiangs amounted to $19,789 and $18,750, respectively. These loans bear interest rate of 0% to 1% per month, and are due on demand. (4) Since 2018, the Company’s shareholders have advanced funds to the Company for working capital purpose. The advances bear interest rate from 12% to 13.6224% per annum. As of December 31, 2022 and 2021, the outstanding principal and accrued interest was $151,450 and $168,131, respectively. Interest expenses in connection with these loans were $21,378 and $22,779 for the years ended December 31, 2022 and 2021, respectively. Revenue from related party Year Ended 2022 2021 Rgene $ 904,043 $ 2,373 Total $ 904,043 $ 2,373 |
Income Taxes
Income Taxes | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Income Taxes Disclosure [Abstract] | ||
INCOME TAXES | 9. INCOME TAXES Income tax expense for the three-month period ended March 31, 2023 and 2022 consisted of the following: Three months Ended 2023 2022 (Unaudited) Current: Federal $ - $ - State - - Foreign - - Total Current $ - $ - Deferred: Federal $ - $ - State - - Foreign - (86,867 ) Total Deferred $ - $ (86,867 ) Total provision for income taxes $ - $ (86,867 ) Deferred tax assets (liability) as of March 31, 2023 and December 31, 2022 consist approximately of: March 31, 2023 December 31, 2022 (Unaudited) Loss on impairment of Assets 716,313 709,961 Net operating loss carryforwards 6,981,132 5,866,623 Operating lease liabilities 213,482 213,482 Operating lease assets (213,482 ) (213,482 ) Deferred tax assets, Gross 7,697,445 6,576,584 Valuation allowance (7,579,254 ) (6,459,474 ) Deferred tax assets, net $ 118,191 $ 117,110 | 13. INCOME TAXES Income tax expense for the years ended December 31, 2022 and 2021 consisted of the following: Year Ended 2022 2021 Current: Federal $ - $ - State 2,400 800 Foreign - - Total Current $ 2,400 $ 800 Deferred: Federal $ - $ - State - - Foreign 795,378 (187,055 ) Total Deferred $ 795,378 $ (187,055 ) Total provision for income taxes $ 797,778 $ (186,255 ) Deferred tax assets (liability) as of December 31, 2022 and December 31, 2021 consist approximately of: December 31, December 31, 2022 2021 Loss on impairment of Assets 709,961 741,390 Net operating loss carryforwards 5,866,623 2,801,363 Tax credit of investment - 698,187 Operating lease liabilities 213,482 - Operating lease assets (213,482 ) - Deferred tax assets, Gross 6,576,584 4,240,940 Valuation allowance (6,459,474 ) (3,259,028 ) Deferred tax assets, net 117,110 981,912 |
Equity
Equity | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | ||
EQUITY | 10. EQUITY In January 2022, the Company agreed to pay the deferred service fees related to Public Offering amounted $4,296,763 by issuing 1,306,007 shares of unrestricted common shares, valued at $3.29 per share on the grant date. These shares have been issued in January 2022. In March 2022, the Company issued 75,000 common shares to BarLew Holdings, LLC for consulting and advisory services amounted to $169,500, valued at $2.26 per share. In May 2022, the Company and an institutional investor entered into certain securities purchase agreement relating to the offer and sale of 2,000,000 shares of common stock at an offering price of $2.11 per share in a registered direct offering. The shares of the Company’s common stock were issued for gross proceeds of $4,220,000, before placement agent fees and legal fees of $556,075. Pursuant to the offering, the Company will also issue 5-year warrants to purchase 2,000,000 shares of common stock, exercisable at a price of $2.45 per share. As of March 31, 2023, these warrants have been issued but not exercised. On July 10, 2022, the Board approved the issuance of 75,000 shares of common stock to Barlew Holdings, LLC pursuant to the consulting agreement by and between Barlew Holdings, LLC and the Company dated July 1, 2022, and 250,000 shares of common stock to Inverlew Advisors, LLC, in accordance with the consulting agreement by and between Inverlew Advisors, LLC and the Company dated July 1, 2022. On December 1, 2022, the Company issued 125,000 and 100,000 common shares to Euro-Asia Investment & Finance Corp Ltd. and Thalia Media Ltd. for consulting and advisory services. On January 3, 2023, the Company issued 223,411 common shares to a consultant for providing consulting services on listing to NASDAQ in 2021. On February 23, 2023, the Company entered into a securities purchase agreement with Lind Global Fund II, LP (“Lind”), pursuant to which the Company issued Lind a secured, convertible note in the principal amount of $3,704,167, for a purchase price of $3,175,000, that is convertible into shares of the Company’s common stock at an initial conversion price of $1.05 per share, subject to adjustment. The Company also issued Lind a common stock purchase warrant to purchase up to 5,291,667 shares of the Company’s common stock at an initial exercise price of $1.05 per share, subject to adjustment. | 14. EQUITY On July 8, 2020, the Company entered an agreement with View Trade Securities Inc. (“ViewTrade”) to engage ViewTrade as the placement agent and the Company’s advisor/consultant with respect to its ongoing capital events. Pursuant to the agreement, the Company agreed to pay View Trade 60,000 restricted common shares of the Company and 60,000 warrants to purchase common shares of the Company at an exercise price of $6 per share for a period of 5 years with cashless exercise provision. As of December 31, 2020, the Company has issued 60,000 shares of common stock to ViewTrade for the consulting fee with an estimated value of $135,000. The warrants were never issued and the parties mutually agreed to terminate the agreement on November 19, 2020. Pursuant to the termination agreement, the Company issued 50,000 shares of the Company’s common stock at a price of $5 per share as a termination fee on June 29, 2021, of which 6,000 shares were issued to WallachBeth Capital LLC (“WallachBeth”). In January 2021, WallachBeth entered into a consulting agreement with the Company pursuant to which the Company engaged WallachBeth to conduct due diligence and research work with respect to the Company. On June 29, 2021, WallachBeth was issued 6,000 shares of common stock as compensation for those services. In July 2021, 1,111,112 shares of the Company’s common stock and warrants were issued pursuant to the conversion of convertible promissory note of $2,500,000 entered in October 2020 (see Note 7). On August 5, 2021, the Company closed its public offering (the “Public Offering”) of 1,100,000 units (the “Units”), with each Unit consisting of one share of the Company’s common stock, one Series A warrant (the “Series A Warrants”) to purchase one share of common stock at an exercise price equal to $6.30 per share, exercisable until the fifth anniversary of the issuance date, and one Series B warrant (the “Series B Warrants,” and together with the Series A Warrants, the “Public Warrants”) to purchase one share of common stock at an exercise price equal to $10.00 per share, exercisable until the fifth anniversary of the issuance date; the exercise price of the Public Warrants are subject to certain adjustment and cashless exercise provisions as described therein. The Company completed the Public Offering pursuant to its registration statement on Form S-1 (File No. 333-255112), originally filed with the Securities and Exchange Commission (the “SEC”) on April 8, 2021 (as amended, the “Original Registration Statement”), that the SEC declared effective on August 2, 2021 and the registration statement on Form S-1 (File No. 333-258404) that was filed and automatically effective on August 4, 2021 (the “S-1MEF,” together with the Original Registration Statement, the “Registration Statement”). The Units were priced at $6.25 per Unit, before underwriting discounts and offering expenses, resulting in gross proceeds of $6,875,000. In August 2021, 2,354,145 shares of the Company’s common stock were issued for gross proceeds of $6,875,000, before placement agent fees and legal fees of $850,429. In November 2021, the Company received $4,244,452 in gross proceeds from the exercise of warrants issued in the Company’s August 3, 2021, public offering of securities. Investors exercised a total of 673,405 Series A warrants at a price of $6.30 per share and 200 Series B warrants at a price of $10 per share. Pursuant to these exercises, the Company issued an aggregate of 673,605 shares of Common Stock. In November 2021, the Company entered into consulting agreements with service providers for consulting and advisory services, pursuant to which the Company agreed to pay the service fee amounted $1,478,590 by issuing 316,934 shares of unrestricted common shares, valued at the closing price from $2.31 to $6.3 per share on the grant date. These shares have been issued during the year ended December 31, 2021. In January 2022, the Company agreed to pay the deferred service fees related to Public Offering amounted $4,296,763 by issuing 1,306,007 shares of unrestricted common shares, valued at $3.29 per share on the grant date. These shares have been issued in January 2022. In March 2022, the Company issued 75,000 common shares to BarLew Holdings, LLC for consulting and advisory services amounted to $169,500, valued at $2.26 per share. In May 2022, the Company and an institutional investor entered into certain securities purchase agreement relating to the offer and sale of 2,000,000 shares of common stock at an offering price of $2.11 per share in a registered direct offering. The shares of the Company’s common stock were issued for gross proceeds of $4,220,000, before placement agent fees and legal fees of $556,075. Pursuant to the offering, the Company will also issue 5-year warrants to purchase 2,000,000 shares of common stock, exercisable at a price of $2.45 per share. As of December 31, 2022, these warrants have been issued but not exercised. On July 10, 2022, the Board approved the issuance of 75,000 shares of common stock to Barlew Holdings, LLC pursuant to the consulting agreement by and between Barlew Holdings, LLC and the Company dated July 1, 2022, and 250,000 shares of common stock to Inverlew Advisors, LLC, in accordance with the consulting agreement by and between Inverlew Advisors, LLC and the Company dated July 1, 2022. On December 1, 2022, the Company issued 125,000 and 100,000 common shares to Euro-Asia Investment & Finance Corp Ltd. and Thalia Media Ltd. for consulting and advisory services. |
Stock Options
Stock Options | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Stock Options [Abstract] | ||
STOCK OPTIONS | 11. STOCK OPTIONS On October 30, 2020, the Company issued an aggregate of 545,182 shares of common stock in lieu of unpaid salaries of certain employees and unpaid consulting fees under the 2016 Equity Incentive Plan, as amended, at a conversion price of $2 per share; the total amount of converted salaries and consulting fees was $1,090,361. On November 21, 2020, the Company entered into acknowledgement agreements and stock option purchase agreements with these employees and consultant; pursuant to which the Company granted stock options to purchase 545,182 shares of the Company’s common stock in lieu of common stock. The options were vested at the grant date and become exercisable for 10 years from the grant date. On October 15, 2021, the Company entered into stock option agreements with 11 directors and 3 employees, pursuant to which the Company granted options to purchase an aggregate of 1,280,002 shares of common stock under the 2016 Equity Incentive Plan, as amended, at an exercise price of $3 per share. The options were vested at the grant date and become exercisable for 10 years from the grant date. On April 16, 2022, the Company entered into stock option agreements with 5 directors, pursuant to which the Company agreed to grant options to purchase an aggregate of 761,920 shares of common stock under the 2016 Equity Incentive Plan, at an exercise price of $3 per share, exercisable for 10 years from the grant date. As of March 31, 2023, these stock options have not been granted. Options issued and outstanding as of December 31, 2022, and their activities during the year then ended are as follows: Number of Weighted- Weighted- Aggregate Outstanding as of January 1, 2022 1,825,184 $ 2.70 $ - Granted 761,920 3.00 Forfeited - - Outstanding as of December 31, 2022 2,587,104 2.79 8.74 $ - Exercisable as of December 31, 2022 2,587,104 2.79 8.74 $ - Vested and expected to vest 2,587,104 $ 2.79 8.74 $ - The fair value of stock options granted for the year ended December 31, 2022 was calculated using the Black-Scholes option-pricing model applying the following assumptions: Year ended December 31, Risk free interest rate 2.79 % Expected term (in years) 5.00 Dividend yield 0 % Expected volatility 83.86 % The weighted average grant date fair value of options granted during the years ended December 31, 2022 was $2.79. There are 3,860,211 options available for grant under the 2016 Equity Incentive Plan as of December 31, 2022. Compensation costs associated with the Company’s stock options are recognized, based on the grant-date fair values of these options over vesting period. Accordingly, the Company recognized stock-based compensation expense of $0 and $0 for the three months ended March 31, 2023 and 2022, respectively. There were no options exercised during the three months ended March 31, 2023. As of March 31, 2023, there were no unvested options. | 15. STOCK OPTIONS On October 30, 2020, the Company issued an aggregate of 545,182 shares of common stock in lieu of unpaid salaries of certain employees and unpaid consulting fees under the 2016 Equity Incentive Plan, as amended, at a conversion price of $2 per share; the total amount of converted salaries and consulting fees was $1,090,361. On November 21, 2020, the Company entered into acknowledgement agreements and stock option purchase agreements with these employees and consultant; pursuant to which the Company granted stock options to purchase 545,182 shares of the Company’s common stock in lieu of common stock. The options were vested at the grant date and become exercisable for 10 years from the grant date. On October 15, 2021, the Company entered into stock option agreements with 11 directors and 3 employees, pursuant to which the Company granted options to purchase an aggregate of 1,280,002 shares of common stock under the 2016 Equity Incentive Plan, as amended, at an exercise price of $3 per share. The options were vested at the grant date and become exercisable for 10 years from the grant date. On April 16, 2022, the Company entered into stock option agreements with 5 directors, pursuant to which the Company agreed to grant options to purchase an aggregate of 761,920 shares of common stock under the 2016 Equity Incentive Plan, at an exercise price of $3 per share, exercisable for 10 years from the grant date. As of December 31, 2022, these stock options have not been granted. Options issued and outstanding as of December 31, 2022, and their activities during the year then ended are as follows: Weighted- Weighted- Average Average Contractual Number of Exercise Life Aggregate Underlying Price Remaining Intrinsic Outstanding as of January 1, 2022 1,825,184 $ 2.70 Granted 761,920 3.00 Forfeited - - Outstanding as of December 31, 2022 2,587,104 2.79 8.74 $ - Exercisable as of December 31, 2022 2,587,104 2.79 8.74 $ - Vested and expected to vest 2,587,104 $ 2.79 8.74 $ - The fair value of stock options granted for the years ended December 31, 2022 and 2021 was calculated using the Black-Scholes option-pricing model applying the following assumptions: Year ended 2022 2021 Risk free interest rate 2.79 % 1.13 % Expected term (in years) 5.00 5.00 Dividend yield 0 % 0 % Expected volatility 83.86 % 108.51 % The Company granted options to purchase 761,920 and 1,280,002 shares of common stock to employees and certain consultants during the years ended December 31, 2022 and 2021, respectively. The weighted average grant date fair value of options granted during the years ended December 31, 2022 and 2021 was $1.63 and $2.09, respectively. There are 3,860,211 options available for grant under the 2016 Equity Incentive Plan as of December 31, 2022. Compensation costs associated with the Company’s stock options are recognized, based on the grant-date fair values of these options over vesting period. Accordingly, the Company recognized stock-based compensation expense of $1,241,930 and $2,675,205 for the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, there were no unvested options. There were no options exercised during the years ended December 31, 2022 and 2021. |
Loss Per Share
Loss Per Share | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Loss Per Share Disclosure [Abstract] | ||
LOSS PER SHARE | 12. LOSS PER SHARE Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the year. Diluted loss per share is computed by dividing net loss by the weighted-average number of common shares and dilutive potential common shares outstanding during the three months ended March 31, 2023 and 2022. For the Three Months March 31, March 31, (Unaudited) Numerator: Net loss attributable to ABVC’s common stockholders $ (1,823,695 ) $ (5,995,440 ) Denominator: Weighted-average shares outstanding: Weighted-average shares outstanding - Basic 33,075,775 29,683,402 Stock options – – Weighted-average shares outstanding - Diluted 33,075,775 29,683,402 Loss per share -Basic $ (0.06 ) $ (0.20 ) -Diluted $ (0.06 ) $ (0.20 ) Diluted loss per share takes into account the potential dilution that could occur if securities or other contracts to issue Common Stock were exercised and converted into Common Stock. | 16. LOSS PER SHARE Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the year. Diluted loss per share is computed by dividing net loss by the weighted-average number of common shares and dilutive potential common shares outstanding during the years ended December 31, 2022 and 2021. For the Year Ended December 31, December 31, Numerator: Net loss attributable to ABVC’s common stockholders $ (16,423,239 ) $ (12,838,813 ) Denominator: Weighted-average shares outstanding: Weighted-average shares outstanding - Basic 31,664,600 25,053,522 Stock options Weighted-average shares outstanding - Diluted 31,664,600 25,053,522 Loss per share -Basic $ (0.52 ) $ (0.51 ) -Diluted $ (0.52 ) $ (0.51 ) Diluted loss per share takes into account the potential dilution that could occur if securities or other contracts to issue Common Stock were exercised and converted into Common Stock. |
Lease
Lease | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
LEASE | 13. LEASE The Company adopted FASB Accounting Standards Codification, Topic 842, Leases (“ASC 842”) using the modified retrospective approach, electing the practical expedient that allows the Company not to restate its comparative periods prior to the adoption of the standard on January 1, 2019. The Company applied the following practical expedients in the transition to the new standard and allowed under ASC 842: ● Reassessment of expired or existing contracts: The Company elected not to reassess, at the application date, whether any expired or existing contracts contained leases, the lease classification for any expired or existing leases, and the accounting for initial direct costs for any existing leases. ● Use of hindsight: The Company elected to use hindsight in determining the lease term (that is, when considering options to extend or terminate the lease and to purchase the underlying asset) and in assessing impairment of right-to-use assets. ● Reassessment of existing or expired land easements: The Company elected not to evaluate existing or expired land easements that were not previously accounted for as leases under ASC 840, as allowed under the transition practical expedient. Going forward, new or modified land easements will be evaluated under ASU No. 2016-02. ● Separation of lease and non- lease components: Lease agreements that contain both lease and non-lease components are generally accounted for separately. ● Short-term lease recognition exemption: The Company also elected the short-term lease recognition exemption and will not recognize ROU assets or lease liabilities for leases with a term less than 12 months. The new leasing standard requires recognition of leases on the consolidated balance sheets as right-of-use (“ROU”) assets and lease liabilities. ROU assets represent the Company’s right to use underlying assets for the lease terms and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value and future minimum lease payments over the lease term at commencement date. The Company’s future minimum based payments used to determine the Company’s lease liabilities mainly include minimum based rent payments. As most of Company’s leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company recognized lease liabilities, with corresponding ROU assets, based on the present value of unpaid lease payments for existing operating leases longer than twelve months. The ROU assets were adjusted per ASC 842 transition guidance for existing lease-related balances of accrued and prepaid rent, unamortized lease incentives provided by lessors, and restructuring liabilities. Operating lease cost is recognized as a single lease cost on a straight-line basis over the lease term and is recorded in Selling, general and administrative expenses. Variable lease payments for common area maintenance, property taxes and other operating expenses are recognized as expense in the period when the changes in facts and circumstances on which the variable lease payments are based occur. The Company has no finance leases. The Company’s leases primarily include various office and laboratory spaces, copy machine, and vehicles under various operating lease arrangements. The Company’s operating leases have remaining lease terms of up to approximately five years. March 31, December 31, ASSETS (Unaudited) Operating lease right-of-use assets $ 1,098,760 $ 1,161,141 LIABILITIES Operating lease liabilities (current) 387,333 369,314 Operating lease liabilities (noncurrent) 711,427 791,827 Supplemental Information The following provides details of the Company’s lease expenses: Three Months Ended 2023 2022 (Unaudited) Operating lease expenses $ 94,299 $ 85,857 Other information related to leases is presented below: Three months Ended 2023 2022 (Unaudited) Cash paid for amounts included in the measurement of operating lease liabilities $ 94,299 $ 85,857 March 31, December 31, Weighted Average Remaining Lease Term: Operating leases 2.67 years 2.48 years Weighted Average Discount Rate: Operating leases 1.57 % 1.49 % The minimum future annual payments under non-cancellable leases during the next five years and thereafter, at rates now in force, are as follows: Operating leases 2023 (excluding three months ended March 31, 2023) $ 293,183 2024 404,999 2025 351,391 2026 56,915 Thereafter - Total future minimum lease payments, undiscounted 1,106,488 Less: Imputed interest 7,728 Present value of future minimum lease payments $ 1,098,760 | 17. LEASE The Company adopted FASB Accounting Standards Codification, Topic 842, Leases (“ASC 842”) using the modified retrospective approach, electing the practical expedient that allows the Company not to restate its comparative periods prior to the adoption of the standard on January 1, 2019. The Company applied the following practical expedients in the transition to the new standard and allowed under ASC 842: ● Reassessment of expired or existing contracts: The Company elected not to reassess, at the application date, whether any expired or existing contracts contained leases, the lease classification for any expired or existing leases, and the accounting for initial direct costs for any existing leases. ● Use of hindsight: The Company elected to use hindsight in determining the lease term (that is, when considering options to extend or terminate the lease and to purchase the underlying asset) and in assessing impairment of right-to-use assets. ● Reassessment of existing or expired land easements: The Company elected not to evaluate existing or expired land easements that were not previously accounted for as leases under ASC 840, as allowed under the transition practical expedient. Going forward, new or modified land easements will be evaluated under ASU No. 2016-02. ● Separation of lease and non- lease components: Lease agreements that contain both lease and non-lease components are generally accounted for separately. ● Short-term lease recognition exemption: The Company also elected the short-term lease recognition exemption and will not recognize ROU assets or lease liabilities for leases with a term less than 12 months. The new leasing standard requires recognition of leases on the consolidated balance sheets as right-of-use (“ROU”) assets and lease liabilities. ROU assets represent the Company’s right to use underlying assets for the lease terms and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value and future minimum lease payments over the lease term at commencement date. The Company’s future minimum based payments used to determine the Company’s lease liabilities mainly include minimum based rent payments. As most of Company’s leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company recognized lease liabilities, with corresponding ROU assets, based on the present value of unpaid lease payments for existing operating leases longer than twelve months. The ROU assets were adjusted per ASC 842 transition guidance for existing lease-related balances of accrued and prepaid rent, unamortized lease incentives provided by lessors, and restructuring liabilities. Operating lease cost is recognized as a single lease cost on a straight-line basis over the lease term and is recorded in Selling, general and administrative expenses. Variable lease payments for common area maintenance, property taxes and other operating expenses are recognized as expense in the period when the changes in facts and circumstances on which the variable lease payments are based occur. The Company has no finance leases. The Company’s leases primarily include various office and laboratory spaces, copy machine, and vehicles under various operating lease arrangements. The Company’s operating leases have remaining lease terms of up to approximately five years. December 31, December 31, ASSETS Operating lease right-of-use assets $ 1,161,141 $ 1,471,899 LIABILITIES Operating lease liabilities (current) 369,314 347,100 Operating lease liabilities (noncurrent) 791,827 1,124,799 Supplemental Information The following provides details of the Company’s lease expenses: Year Ended 2022 2021 Operating lease expenses $ 358,576 $ 335,208 Other information related to leases is presented below: Year Ended 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 358,576 $ 335,208 December 31, December 31, Weighted Average Remaining Lease Term: Operating leases 2.48 years 2.90 years Weighted Average Discount Rate: Operating leases 1.49 % 1.39 % The minimum future annual payments under non-cancellable leases during the next five years and thereafter, at rates now in force, are as follows: Operating leases 2023 $ 374,478 2024 389,613 2025 348,837 2026 56,916 2027 - Total future minimum lease payments, undiscounted 1,169,844 Less: Imputed interest 8,703 Present value of future minimum lease payments $ 1,161,141 |
Subsequent Events
Subsequent Events | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Subsequent Events [Abstract] | ||
SUBSEQUENT EVENTS | 14. SUBSEQUENT EVENTS On April 4, 2023, the Company entered into a loan agreement with BioLite for $57,000 to increase the cost for upcoming projects. The loan matures on April 3, 2024 with an interest rate of 6.5% per annum. On April 4, 2023, the Company entered into a loan agreement with BioFirst for $89,500 to increase the cost for upcoming projects. The loan matures on April 3, 2024 with an interest rate of 6.5% per annum. The Company has evaluated subsequent events and transactions that occurred after March 31, 2023 up through the date the Company issued these unaudited consolidated financial statements on May 15, 2023. All subsequent events requiring recognition as of March 31, 2023 have been incorporated into these unaudited consolidated financial statements and there are no other subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.” | 19. SUBSEQUENT EVENTS On January 3, 2023, the Company issued 223,411 common shares to a consultant for providing consulting services on listing to NASDAQ in 2021. On January 14, 2023, BioLite Taiwan extended the CTBC Loan Agreement with the same principal amount of NT$20,000,000, equivalent to $650,000 for six months, which is due on July 14, 2023. On February 23, 2023, the Company entered into a securities purchase agreement with Lind Global Fund II, LP (“Lind”), pursuant to which the Company issued Lind a secured, convertible note in the principal amount of $3,704,167, for a purchase price of $3,175,000, that is convertible into shares of the Company’s common stock at an initial conversion price of $1.05 per share, subject to adjustment. The Company also issued Lind a common stock purchase warrant to purchase up to 5,291,667 shares of the Company’s common stock at an initial exercise price of $1.05 per share, subject to adjustment. Subsequently on February 23, 2023, the bank loan from Cathay Bank was fully repaid. The Company has assessed all events from December 31, 2022, up through March 31, 2023, which is the date that these consolidated financial statements are available to be issued, Other than the events disclosed above, no other subsequent events have occurred that would require recognition or disclosure in the Company's consolidated financial statements. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2022 | |
Inventory [Abstract] | |
INVENTORY | 4. INVENTORY Inventory consists of the following: December 31, December 31, Finished goods $ - $ 96,725 Work-in-process - - Raw materials - 84,620 Allowance for inventory valuation and obsolescence loss - (155,370 ) Inventories, net $ - $ 25,975 For the year ended December 31, 2022, the inventories were expensed as research and development expenses. |
Paycheck Protection Program Loa
Paycheck Protection Program Loan Payable | 12 Months Ended |
Dec. 31, 2022 | |
Paycheck Protection Program Loan Payable Abstract | |
PAYCHECK PROTECTION PROGRAM LOAN PAYABLE | 9. PAYCHECK PROTECTION PROGRAM LOAN PAYABLE On April 14, 2020, the Company received a loan in the amount of $124,400 under the Paycheck Protection Program (“PPP”) administered by the United States Small Business Administration (the “SBA”) from East West Bank. According to the Coronavirus Aid, Relief, and Economic Security Act (the “Cares Act”), PPP loan provides for forgiveness of up to the full principal amount and accrued interest if the funds are used for payroll costs, interest on mortgages, rent, and utilities. However, at least 60% of the forgiven amount must have been used for payroll. The loan was granted pursuant to a promissory note dated April 14, 2020 issued by the Company, which matures on April 13, 2022 and bears interest at a rate of 1.00% per annum. The Company will pay the principal in one payment of all outstanding principal plus all accrued unpaid interest on that date that is two years after the date of the promissory note. In addition, the Company will pay regular monthly payments in an amount equal to one month’s accrued interest commencing on the date that is seven months after the date of the promissory note, with all subsequent interest payments to be due on the same day of each month after that. No collateral or personal guarantees are required. On January 29, 2021, BioKey received a loan in the amount of $132,331 under the Paycheck Protection Program administered by the United States Small Business Administration from East West Bank. According to the Coronavirus Aid, Relief, and Economic Security Act, PPP loan provides for forgiveness of up to the full principal amount and accrued interest if the funds are used for payroll costs, interest on mortgages, rent, and utilities. However, at least 60% of the forgiven amount must have been used for payroll. The loan was granted pursuant to a promissory note dated January 27, 2021 issued by the Company, which matures on January 28, 2026 and bears interest at a rate of 1.00% per annum. The Company will pay the principal in one payment of all outstanding principal plus all accrued unpaid interest on that date that is five years after the date of the promissory note. No collateral or personal guarantees are required. On February 7, 2021, the Company received a loan in the amount of $104,167 under the Paycheck Protection Program administered by the United States Small Business Administration from Cathay Bank. According to the Coronavirus Aid, Relief, and Economic Security Act, PPP loan provides for forgiveness of up to the full principal amount and accrued interest if the funds are used for payroll costs, interest on mortgages, rent, and utilities. However, at least 60% of the forgiven amount must have been used for payroll. The loan was granted pursuant to a promissory note dated February 7, 2021 issued by the Company, which matures on February 6, 2026 and bears interest at a rate of 1.00% per annum. The Company will pay the principal in one payment of all outstanding principal plus all accrued unpaid interest on that date that is five years after the date of the promissory note. No collateral or personal guarantees are required. PPP loan Forgiveness On February 27, 2021, the Company submitted all required documents, such as application form and use of funds, to East West Bank for the application of forgiveness. The PPP loan from East West Bank of $124,400 and $132,331 was forgiven by the SBA as a gesture of supporting the operation of the Company on March 15, 2021 and September 28, 2021, respectively. On September 23, 2021, the Company submitted the required documents, such as application form and use of funds, to Cathay Bank for the application of forgiveness. The PPP loan from Cathay Bank of $104,167 was forgiven by the SBA as a gesture of supporting the operation of the Company on November 15, 2021. As a result, the Company recorded the forgiveness of the PPP loans as government grant income in the aggregate amount of $360,898 during the year ended December 31, 2021. As of December 31, 2022, there was no outstanding balance payable to the bank. |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2022 | |
Notes Payable [Abstract] | |
NOTES PAYABLE | 10. NOTES PAYABLE In January, 2019, BioLite Taiwan entered an unsecured loan agreement with one individual bearing interest at fixed rates at 12% per annum of NT$3,000,000, equivalent to $106,800, for working capital purpose. On September 11, 2021 the outstanding balance has been repaid in full. As of December 31, 2022 and 2021, the balance due to this individual amounted to both $0. Interest expense was $0 and $8,592 for the years ended December 31, 2022 and 2021, respectively. |
Short-Term Loan
Short-Term Loan | 12 Months Ended |
Dec. 31, 2022 | |
Short-Term Loan [Abstract] | |
SHORT-TERM LOAN | 11. SHORT-TERM LOAN On February 18, 2020, the Company entered an unsecured loan agreement with a third-party in the amount of $100,000. This loan bears the interest rate of 1.5% per annum and will be matured on August 17, 2020. On August 18, 2020, the Company extended the contract for six months under the same term. On February 18, 2021, the Company extended the contract for six months under the same term. On August 26, 2021, the loan with interest totaling $102,272 has been repaid in full. Accrued interest expense were both $0 as of December 31, 2022 and 2021, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 18. COMMITMENTS AND CONTINGENCIES The Company is party to a lawsuit filed on October 12, 2022, by its former Chief Financial Officer, Chihliang An (“Plaintiff”), in the Superior Court of California In and For the County of Alameda (Case No. 22cv019544) (the “Employment Action”), which seeks an award of monetary damages, including, (1) unpaid wages; (2) Company common stock; (3) stock options; (4) penalties pursuant to Labor Code § 203; and any other and further relief the Court deems necessary. Plaintiff’s Complaint alleges four (4) causes of action against the Company. The Complaint alleges claims for (1) breach of written contract; (2) breach of oral contract; (3) failure to pay wages; and (4) failure to pay wages upon termination. The Company filed its Answer to Plaintiff’s Complaint on December 5, 2022. The Company is currently participating in discovery. However, the Company continues to believe that Plaintiff’s claims have no merit. As such, the Company will continue to vigorously defend against Plaintiff’s claims in the Employment Action. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation The unaudited interim consolidated financial statements do not include all the information and footnotes required by the U.S. GAAP for complete financial statements. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with the U.S. GAAP have been condensed or omitted consistent with Article 10 of Regulation S-X. In the opinion of the Company’s management, the unaudited interim consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, in normal recurring nature, as necessary for the fair statement of the Company’s financial position as of March 31, 2023, and results of operations and cash flows for the three months ended March 31, 2023 and 2022. The unaudited interim consolidated balance sheet as of December 31, 2022 has been derived from the audited financial statements at that date but does not include all the information and footnotes required by the U.S. GAAP. Interim results of operations are not necessarily indicative of the results expected for the full fiscal year or for any future period. These financial statements should be read in conjunction with the audited consolidated financial statements as of and for the years ended December 31, 2022 and 2021, and related notes included in the Company’s audited consolidated financial statements. The accompanying unaudited consolidated financial statements have been prepared in accordance with the generally accepted accounting principles in the United States of America (the “U.S. GAAP”). All significant intercompany transactions and account balances have been eliminated. This basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred. The Company’s unaudited financial statements are expressed in U.S. dollars. | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with the generally accepted accounting principles in the United States of America (the “U.S. GAAP”). All significant intercompany transactions and account balances have been eliminated. This basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred. The Company’s financial statements are expressed in U.S. dollars. |
Reclassifications of Prior Year Presentation | Reclassifications of Prior Year Presentation Certain prior year unaudited consolidated balance sheet and unaudited consolidated cash flow statement amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. | |
Fiscal Year | Fiscal Year The Company changed its fiscal year from the period beginning on October 1st and ending on September 30th to the period beginning on January 1st and ending on December 31st, beginning January 1, 2018. All references herein to a fiscal year prior to December 31, 2017 refer to the twelve months ended September 30th of such year. | Fiscal Year The Company changed its fiscal year from the period beginning on October 1st and ending on September 30th to the period beginning on January 1st and ending on December 31st, beginning January 1, 2018. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amount of revenues and expenses during the reporting periods. Actual results could differ materially from those results. | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amount of revenues and expenses during the reporting periods. Actual results could differ materially from those results. |
Forward Stock Split | Forward Stock Split On March 21, 2016, the Board of Directors of the Company approved an amendment to Articles of Incorporation to effect a forward split at a ratio of 1 to 3.141 and increase the number of our authorized shares of Common Stock, par value $0.001 per share, to 360,000,000, which was effective on April 8, 2016. | Forward Stock Split On March 21, 2016, the Board of Directors of the Company approved an amendment to Articles of Incorporation to effect a forward split at a ratio of 1 to 3.141 and increase the number of our authorized shares of Common Stock, par value $0.001 per share, to 360,000,000, which was effective on April 8, 2016. |
Stock Reverse Split | Stock Reverse Split On March 12, 2019, the Board of Directors of the Company by unanimous written consent in lieu of a meeting approved to i) effect a stock reverse split at the ratio of 1-for-18 (the “Reverse Split”) of both the authorized common stock of the Company (the “Common Stock”) and the issued and outstanding Common Stock and ii) to amend the articles of incorporation of the Company to reflect the Reverse Split. The Board approved and authorized the Reverse Split without obtaining approval of the Company’s shareholders pursuant to Section 78.207 of Nevada Revised Statutes. On May 3, 2019, the Company filed a certificate of amendment to the Company’s articles of incorporation (the “Amendment”) to effect the Reverse Split with the Secretary of State of Nevada. The Financial Industry Regulatory Authority (“FINRA”) informed the Company that the Reverse Split was effective on May 8, 2019. All shares and related financial information in this Form 10-Q reflect this 1-for-18 reverse stock split. | Stock Reverse Split On March 12, 2019, the Board of Directors of the Company by unanimous written consent in lieu of a meeting approved to i) effect a stock reverse split at the ratio of 1-for-18 (the “Reverse Split”) of both the authorized common stock of the Company (the “Common Stock”) and the issued and outstanding Common Stock and ii) to amend the articles of incorporation of the Company to reflect the Reverse Split. The Board approved and authorized the Reverse Split without obtaining approval of the Company’s shareholders pursuant to Section 78.207 of Nevada Revised Statutes. On May 3, 2019, the Company filed a certificate of amendment to the Company’s articles of incorporation (the “Amendment”) to effect the Reverse Split with the Secretary of State of Nevada. The Financial Industry Regulatory Authority (“FINRA”) informed the Company that the Reverse Split was effective on May 8, 2019. All shares and related financial information in this Form 10-K reflect this 1-for-18 reverse stock split. |
Fair Value Measurements | Fair Value Measurements FASB ASC 820, “Fair Value Measurements” defines fair value for certain financial and nonfinancial assets and liabilities that are recorded at fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. It requires that an entity measure its financial instruments to base fair value on exit price, maximize the use of observable units and minimize the use of unobservable inputs to determine the exit price. It establishes a hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy increases the consistency and comparability of fair value measurements and related disclosures by maximizing the use of observable inputs and minimizing the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the assets or liabilities based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy prioritizes the inputs into three broad levels based on the reliability of the inputs as follows: ● Level 1 Inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Valuation of these instruments does not require a high degree of judgment as the valuations are based on quoted prices in active markets that are readily and regularly available. ● Level 2 Inputs other than quoted prices in active markets that are either directly or indirectly observable as of the measurement date, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 Valuations based on inputs that are unobservable and not corroborated by market data. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability. The carrying values of certain assets and liabilities of the Company, such as cash and cash equivalents, restricted cash, accounts receivable, due from related parties, prepaid expenses and other current assets, accounts payable, accrued liabilities, convertible notes payable, and due to related parties approximate fair value due to their relatively short maturities. The carrying value of the Company’s short-term bank loan, convertible notes payable, and accrued interest approximates their fair value as the terms of the borrowing are consistent with current market rates and the duration to maturity is short. The carrying value of the Company’s long-term bank loan approximates fair value because the interest rates approximate market rates that the Company could obtain for debt with similar terms and maturities. | Fair Value Measurements FASB ASC 820, “Fair Value Measurements” defines fair value for certain financial and nonfinancial assets and liabilities that are recorded at fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. It requires that an entity measure its financial instruments to base fair value on exit price, maximize the use of observable units and minimize the use of unobservable inputs to determine the exit price. It establishes a hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy increases the consistency and comparability of fair value measurements and related disclosures by maximizing the use of observable inputs and minimizing the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the assets or liabilities based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy prioritizes the inputs into three broad levels based on the reliability of the inputs as follows: ● Level 1 - Inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Valuation of these instruments does not require a high degree of judgment as the valuations are based on quoted prices in active markets that are readily and regularly available. ● Level 2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable as of the measurement date, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 - Valuations based on inputs that are unobservable and not corroborated by market data. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability. The carrying values of certain assets and liabilities of the Company, such as cash and cash equivalents, restricted cash, accounts receivable, due from related parties, inventory, prepaid expenses and other current assets, accounts payable, accrued liabilities, and due to related parties approximate fair value due to their relatively short maturities. The carrying value of the Company’s short-term bank loan, convertible notes payable, and accrued interest approximates their fair value as the terms of the borrowing are consistent with current market rates and the duration to maturity is short. The carrying value of the Company’s long-term bank loan approximates fair value because the interest rates approximate market rates that the Company could obtain for debt with similar terms and maturities. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers highly liquid investments with maturities of three months or less, when purchased, to be cash equivalents. As of March 31, 2023 and December 31, 2022, the Company’s cash and cash equivalents amounted $1,134,959 and $85,265, respectively. Some of the Company’s cash deposits are held in financial institutions located in Taiwan where there is currently regulation mandated on obligatory insurance of bank accounts. The Company believes this financial institution is of high credit quality. | Cash and Cash Equivalents The Company considers highly liquid investments with maturities of three months or less, when purchased, to be cash equivalents. As of December 31, 2022 and 2021, the Company’s cash and cash equivalents amounted $85,265 and $5,828,548, respectively. Some of the Company’s cash deposits are held in financial institutions located in Taiwan where there is currently regulation mandated on obligatory insurance of bank accounts. The Company believes this financial institution is of high credit quality. |
Restricted Cash Equivalents | Restricted Cash Equivalents Restricted cash equivalents primarily consist of cash held in a reserve bank account in Taiwan. As of March 31, 2023 and December 31, 2022, the Company’s restricted cash equivalents amounted $656,919 and $1,306,463, respectively. | Restricted Cash Equivalents Restricted cash equivalents primarily consist of cash held in a reserve bank account in Taiwan. As of December 31, 2022 and 2021, the Company’s restricted cash equivalents amounted $1,306,463 and $736,667, respectively. |
Concentration of Credit Risk | Concentration of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and temporary cash investments in high quality credit institutions, but these investments may be in excess of Taiwan Central Deposit Insurance Corporation and the U.S. Federal Deposit Insurance Corporation’s insurance limits. The Company does not enter into financial instruments for hedging, trading or speculative purposes. The Company perform ongoing credit evaluation of our customers and requires no collateral. An allowance for doubtful accounts is provided based on a review of the collectability of accounts receivable. The Company determine the amount of allowance for doubtful accounts by examining its historical collection experience and current trends in the credit quality of its customers as well as its internal credit policies. Actual credit losses may differ from our estimates. | Concentration of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and temporary cash investments in high quality credit institutions, but these investments may be in excess of Taiwan Central Deposit Insurance Corporation and the U.S. Federal Deposit Insurance Corporation’s insurance limits. The Company does not enter into financial instruments for hedging, trading or speculative purposes. We perform ongoing credit evaluation of our customers and requires no collateral. An allowance for doubtful accounts is provided based on a review of the collectability of accounts receivable. We determine the amount of allowance for doubtful accounts by examining its historical collection experience and current trends in the credit quality of its customers as well as its internal credit policies. Actual credit losses may differ from our estimates. |
Concentration of clients | Concentration of clients As of March 31, 2023, the most major client, who specializes in developing and commercializing of dietary supplements and therapeutics in dietary supplement industry, accounted for 83.28% of the Company’s total account receivables; the second major client accounted for 10.75% of the Company’s total account receivables. As of December 31, 2022, the most major client, who specializes in developing and commercializing of dietary supplements and therapeutics in dietary supplement industry, accounted for 71.89% of the Company’s total account receivable; the second major client with its Chairman also having a position as one of the Board of Directors of BioKey, accounted for 16.62% of the Company’s total account receivable. For the three months ended March 31, 2023, one major client, manufacturing drugs, dietary supplements, and medical products, accounted for 84.78% of the Company’s total revenues. For the three months ended March 31, 2022, two major clients, which develops novel treatment for ocular Graft-versus-Host Disease, as well as providing biotechnical researches, accounted for 42.51% and 35.27% of the Company’s total revenues, respectively. | Concentration of clients As of December 31, 2022, the most major clients, specializes in developing and commercializing of dietary supplements and therapeutics in dietary supplement industry, accounted for 71.89% of the Company’s total account receivable; the second major client with its Chairman being the Board of Director of Biokey, accounted for 16.62% of the Company’s total account receivable. As of December 31, 2021, the major clients in biotechnology research accounted for 37.48% of the Company’s total account receivable; the second major client accounted for 33.38% if the Company’s total account receivable. For the year ended December 31, 2022, one major client, Rgene Corporation, a related party under common control by controlling beneficiary shareholder of YuanGene Corporation and the Company, which works in development and commercialization of new drugs in Taiwan, accounted for 93.22% of the Company's total revenues. For the year ended December 31, 2021, one major client, GLIA, LLC, accounted for 46.24% of the Company’s total revenue. |
Concentration of vendors | Concentration of vendors For the three months ended March 31, 2023, one vendor in dietary supplement industry, who provides dietary supplement and manufacturing consultation, accounted for 100% of the Company’s total purchases. For the three months ended March 31, 2022, two vendors, in research, chemical and monitoring and testing industry, who provides life science product and service solution, manufacture and distribute fine chemicals and laboratory products, as well as technology research and development institution in Taiwan, accounted for 82.9% and 15.5% of the Company’s total purchases, respectively. | |
Revenue Recognition | Revenue Recognition During the fiscal year 2018, the Company adopted Accounting Standards Codification (“ASC”), Topic 606 (ASC 606), Revenue from Contracts with Customers, using the modified retrospective method to all contracts that were not completed as of January 1, 2018, and applying the new revenue standard as an adjustment to the opening balance of accumulated deficit at the beginning of 2018 for the cumulative effect. The results for the Company’s reporting periods beginning on and after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. Based on the Company’s review of existing collaborative agreements as of January 1, 2018, the Company concluded that the adoption of the new guidance did not have a significant change on the Company’s revenue during all periods presented. Pursuant to ASC 606, the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines is within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration the Company is entitled to in exchange for the goods or services the Company transfers to the customers. At inception of the contract, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract, determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The following are examples of when the Company recognizes revenue based on the types of payments the Company receives. Collaborative Revenues — As part of the accounting for these arrangements, the Company applies judgment to determine whether the performance obligations are distinct, and develop assumptions in determining the stand-alone selling price for each distinct performance obligation identified in the collaboration agreements. To determine the stand-alone selling price, the Company relies on assumptions which may include forecasted revenues, development timelines, reimbursement rates for R&D personnel costs, discount rates and probabilities of technical and regulatory success. The Company had multiple deliverables under the collaborative agreements, including deliverables relating to grants of technology licenses, regulatory and clinical development, and marketing activities. Estimation of the performance periods of the Company’s deliverables requires the use of management’s judgment. Significant factors considered in management’s evaluation of the estimated performance periods include, but are not limited to, the Company’s experience in conducting clinical development, regulatory and manufacturing activities. The Company reviews the estimated duration of its performance periods under its collaborative agreements on an annually basis, and makes any appropriate adjustments on a prospective basis. Future changes in estimates of the performance period under its collaborative agreements could impact the timing of future revenue recognition. (i) Non-refundable upfront payments If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in an arrangement, the Company recognizes revenue from the related non-refundable upfront payments based on the relative standalone selling price prescribed to the license compared to the total selling price of the arrangement. The revenue is recognized when the license is transferred to the collaboration partners and the collaboration partners are able to use and benefit from the license. To date, the receipt of non-refundable upfront fees was solely for the compensation of past research efforts and contributions made by the Company before the collaborative agreements entered into and it does not relate to any future obligations and commitments made between the Company and the collaboration partners in the collaborative agreements. (ii) Milestone payments The Company is eligible to receive milestone payments under the collaborative agreement with collaboration partners based on achievement of specified development, regulatory and commercial events. Management evaluated the nature of the events triggering these contingent payments, and concluded that these events fall into two categories: (a) events which involve the performance of the Company’s obligations under the collaborative agreement with collaboration partners, and (b) events which do not involve the performance of the Company’s obligations under the collaborative agreement with collaboration partners. The former category of milestone payments consists of those triggered by development and regulatory activities in the territories specified in the collaborative agreements. Management concluded that each of these payments constitute substantive milestone payments. This conclusion was based primarily on the facts that (i) each triggering event represents a specific outcome that can be achieved only through successful performance by the Company of one or more of its deliverables, (ii) achievement of each triggering event was subject to inherent risk and uncertainty and would result in additional payments becoming due to the Company, (iii) each of the milestone payments is non-refundable, (iv) substantial effort is required to complete each milestone, (v) the amount of each milestone payment is reasonable in relation to the value created in achieving the milestone, (vi) a substantial amount of time is expected to pass between the upfront payment and the potential milestone payments, and (vii) the milestone payments relate solely to past performance. Based on the foregoing, the Company recognizes any revenue from these milestone payments in the period in which the underlying triggering event occurs. (iii) Multiple Element Arrangements The Company evaluates multiple element arrangements to determine (1) the deliverables included in the arrangement and (2) whether the individual deliverables represent separate units of accounting or whether they must be accounted for as a combined unit of accounting. This evaluation involves subjective determinations and requires management to make judgments about the individual deliverables and whether such deliverables are separate from other aspects of the contractual relationship. Deliverables are considered separate units of accounting provided that: (i) the delivered item(s) has value to the customer on a standalone basis and (ii) if the arrangement includes a general right of return relative to the delivered item(s), delivery or performance of the undelivered item(s) is considered probable and substantially within its control. In assessing whether an item under a collaboration has standalone value, the Company considers factors such as the research, manufacturing, and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. The Company also considers whether its collaboration partners can use the other deliverable(s) for their intended purpose without the receipt of the remaining element(s), whether the value of the deliverable is dependent on the undelivered item(s), and whether there are other vendors that can provide the undelivered element(s). The Company recognizes arrangement consideration allocated to each unit of accounting when all of the revenue recognition criteria in ASC 606 are satisfied for that particular unit of accounting. In the event that a deliverable does not represent a separate unit of accounting, the Company recognizes revenue from the combined unit of accounting over the Company’s contractual or estimated performance period for the undelivered elements, which is typically the term of the Company’s research and development obligations. If there is no discernible pattern of performance or objectively measurable performance measures do not exist, then the Company recognizes revenue under the arrangement on a straight-line basis over the period the Company is expected to complete its performance obligations. Conversely, if the pattern of performance in which the service is provided to the customer can be determined and objectively measurable performance measures exist, then the Company recognizes revenue under the arrangement using the proportional performance method. Revenue recognized is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined using the straight-line method or proportional performance method, as applicable, as of the period ending date. At the inception of an arrangement that includes milestone payments, the Company evaluates whether each milestone is substantive and at risk to both parties on the basis of the contingent nature of the milestone. This evaluation includes an assessment of whether: (1) the consideration is commensurate with either the Company’s performance to achieve the milestone or the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from its performance to achieve the milestone, (2) the consideration relates solely to past performance and (3) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone and the level of effort and investment required to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether a milestone satisfies all of the criteria required to conclude that a milestone is substantive. Milestones that are not considered substantive are recognized as earned if there are no remaining performance obligations or over the remaining period of performance, assuming all other revenue recognition criteria are met. (iv) Royalties and Profit Sharing Payments Under the collaborative agreement with the collaboration partners, the Company is entitled to receive royalties on sales of products, which is at certain percentage of the net sales. The Company recognizes revenue from these events based on the revenue recognition criteria set forth in ASC 606. Based on those criteria, the Company considers these payments to be contingent revenues, and recognizes them as revenue in the period in which the applicable contingency is resolved. Revenues Derived from Research and Development Activities Services — Revenues related to research and development and regulatory activities are recognized when the related services or activities are performed, in accordance with the contract terms. The Company typically has only one performance obligation at the inception of a contract, which is to perform research and development services. The Company may also provide its customers with an option to request that the Company provides additional goods or services in the future, such as active pharmaceutical ingredient, API, or IND/NDA/ANDA/510K submissions. The Company evaluates whether these options are material rights at the inception of the contract. If the Company determines an option is a material right, the Company will consider the option a separate performance obligation. If the Company is entitled to reimbursement from its customers for specified research and development expenses, the Company accounts for the related services that it provides as separate performance obligations if it determines that these services represent a material right. The Company also determines whether the reimbursement of research and development expenses should be accounted for as revenues or an offset to research and development expenses in accordance with provisions of gross or net revenue presentation. The Company recognizes the corresponding revenues or records the corresponding offset to research and development expenses as it satisfies the related performance obligations. The Company then determines the transaction price by reviewing the amount of consideration the Company is eligible to earn under the contracts, including any variable consideration. Under the outstanding contracts, consideration typically includes fixed consideration and variable consideration in the form of potential milestone payments. At the start of an agreement, the Company’s transaction price usually consists of the payments made to or by the Company based on the number of full-time equivalent researchers assigned to the project and the related research and development expenses incurred. The Company does not typically include any payments that the Company may receive in the future in its initial transaction price because the payments are not probable. The Company would reassess the total transaction price at each reporting period to determine if the Company should include additional payments in the transaction price. The Company receives payments from its customers based on billing schedules established in each contract. Upfront payments and fees may be recorded as advance from customers upon receipt or when due, and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts are recorded as accounts receivable when the right of the Company to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customers and the transfer of the promised goods or services to the customers will be one year or less. | Revenue Recognition During the fiscal year 2018, the Company adopted Accounting Standards Codification (“ASC”), Topic 606 (ASC 606), Revenue from Contracts with Customers, using the modified retrospective method to all contracts that were not completed as of January 1, 2018, and applying the new revenue standard as an adjustment to the opening balance of accumulated deficit at the beginning of 2018 for the cumulative effect. The results for the Company’s reporting periods beginning on and after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. Based on the Company’s review of existing collaborative agreements as of January 1, 2018, the Company concluded that the adoption of the new guidance did not have a significant change on the Company’s revenue during all periods presented. Pursuant to ASC 606, the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines is within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration the Company is entitled to in exchange for the goods or services the Company transfers to the customers. At inception of the contract, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract, determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The following are examples of when the Company recognizes revenue based on the types of payments the Company receives. Collaborative Revenues — As part of the accounting for these arrangements, the Company applies judgment to determine whether the performance obligations are distinct, and develop assumptions in determining the stand-alone selling price for each distinct performance obligation identified in the collaboration agreements. To determine the stand-alone selling price, the Company relies on assumptions which may include forecasted revenues, development timelines, reimbursement rates for R&D personnel costs, discount rates and probabilities of technical and regulatory success. The Company had multiple deliverables under the collaborative agreements, including deliverables relating to grants of technology licenses, regulatory and clinical development, and marketing activities. Estimation of the performance periods of the Company’s deliverables requires the use of management’s judgment. Significant factors considered in management’s evaluation of the estimated performance periods include, but are not limited to, the Company’s experience in conducting clinical development, regulatory and manufacturing activities. The Company reviews the estimated duration of its performance periods under its collaborative agreements on an annually basis, and makes any appropriate adjustments on a prospective basis. Future changes in estimates of the performance period under its collaborative agreements could impact the timing of future revenue recognition. (i) Non-refundable upfront payments If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in an arrangement, the Company recognizes revenue from the related non-refundable upfront payments based on the relative standalone selling price prescribed to the license compared to the total selling price of the arrangement. The revenue is recognized when the license is transferred to the collaboration partners and the collaboration partners are able to use and benefit from the license. To date, the receipt of non-refundable upfront fees was solely for the compensation of past research efforts and contributions made by the Company before the collaborative agreements entered into and it does not relate to any future obligations and commitments made between the Company and the collaboration partners in the collaborative agreements. (ii) Milestone payments The Company is eligible to receive milestone payments under the collaborative agreement with collaboration partners based on achievement of specified development, regulatory and commercial events. Management evaluated the nature of the events triggering these contingent payments, and concluded that these events fall into two categories: (a) events which involve the performance of the Company’s obligations under the collaborative agreement with collaboration partners, and (b) events which do not involve the performance of the Company’s obligations under the collaborative agreement with collaboration partners. The former category of milestone payments consists of those triggered by development and regulatory activities in the territories specified in the collaborative agreements. Management concluded that each of these payments constitute substantive milestone payments. This conclusion was based primarily on the facts that (i) each triggering event represents a specific outcome that can be achieved only through successful performance by the Company of one or more of its deliverables, (ii) achievement of each triggering event was subject to inherent risk and uncertainty and would result in additional payments becoming due to the Company, (iii) each of the milestone payments is non-refundable, (iv) substantial effort is required to complete each milestone, (v) the amount of each milestone payment is reasonable in relation to the value created in achieving the milestone, (vi) a substantial amount of time is expected to pass between the upfront payment and the potential milestone payments, and (vii) the milestone payments relate solely to past performance. Based on the foregoing, the Company recognizes any revenue from these milestone payments in the period in which the underlying triggering event occurs. (iii) Multiple Element Arrangements The Company evaluates multiple element arrangements to determine (1) the deliverables included in the arrangement and (2) whether the individual deliverables represent separate units of accounting or whether they must be accounted for as a combined unit of accounting. This evaluation involves subjective determinations and requires management to make judgments about the individual deliverables and whether such deliverables are separate from other aspects of the contractual relationship. Deliverables are considered separate units of accounting provided that: (i) the delivered item(s) has value to the customer on a standalone basis and (ii) if the arrangement includes a general right of return relative to the delivered item(s), delivery or performance of the undelivered item(s) is considered probable and substantially within its control. In assessing whether an item under a collaboration has standalone value, the Company considers factors such as the research, manufacturing, and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. The Company also considers whether its collaboration partners can use the other deliverable(s) for their intended purpose without the receipt of the remaining element(s), whether the value of the deliverable is dependent on the undelivered item(s), and whether there are other vendors that can provide the undelivered element(s). The Company recognizes arrangement consideration allocated to each unit of accounting when all of the revenue recognition criteria in ASC 606 are satisfied for that particular unit of accounting. In the event that a deliverable does not represent a separate unit of accounting, the Company recognizes revenue from the combined unit of accounting over the Company’s contractual or estimated performance period for the undelivered elements, which is typically the term of the Company’s research and development obligations. If there is no discernible pattern of performance or objectively measurable performance measures do not exist, then the Company recognizes revenue under the arrangement on a straight-line basis over the period the Company is expected to complete its performance obligations. Conversely, if the pattern of performance in which the service is provided to the customer can be determined and objectively measurable performance measures exist, then the Company recognizes revenue under the arrangement using the proportional performance method. Revenue recognized is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined using the straight-line method or proportional performance method, as applicable, as of the period ending date. At the inception of an arrangement that includes milestone payments, the Company evaluates whether each milestone is substantive and at risk to both parties on the basis of the contingent nature of the milestone. This evaluation includes an assessment of whether: (1) the consideration is commensurate with either the Company’s performance to achieve the milestone or the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from its performance to achieve the milestone, (2) the consideration relates solely to past performance and (3) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone and the level of effort and investment required to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether a milestone satisfies all of the criteria required to conclude that a milestone is substantive. Milestones that are not considered substantive are recognized as earned if there are no remaining performance obligations or over the remaining period of performance, assuming all other revenue recognition criteria are met. (iv) Royalties and Profit Sharing Payments Under the collaborative agreement with the collaboration partners, the Company is entitled to receive royalties on sales of products, which is at certain percentage of the net sales. The Company recognizes revenue from these events based on the revenue recognition criteria set forth in ASC 606. Based on those criteria, the Company considers these payments to be contingent revenues, and recognizes them as revenue in the period in which the applicable contingency is resolved. Revenues Derived from Research and Development Activities Services — Revenues related to research and development and regulatory activities are recognized when the related services or activities are performed, in accordance with the contract terms. The Company typically has only one performance obligation at the inception of a contract, which is to perform research and development services. The Company may also provide its customers with an option to request that the Company provides additional goods or services in the future, such as active pharmaceutical ingredient, API, or IND/NDA/ANDA/510K submissions. The Company evaluates whether these options are material rights at the inception of the contract. If the Company determines an option is a material right, the Company will consider the option a separate performance obligation. If the Company is entitled to reimbursement from its customers for specified research and development expenses, the Company accounts for the related services that it provides as separate performance obligations if it determines that these services represent a material right. The Company also determines whether the reimbursement of research and development expenses should be accounted for as revenues or an offset to research and development expenses in accordance with provisions of gross or net revenue presentation. The Company recognizes the corresponding revenues or records the corresponding offset to research and development expenses as it satisfies the related performance obligations. The Company then determines the transaction price by reviewing the amount of consideration the Company is eligible to earn under the contracts, including any variable consideration. Under the outstanding contracts, consideration typically includes fixed consideration and variable consideration in the form of potential milestone payments. At the start of an agreement, the Company’s transaction price usually consists of the payments made to or by the Company based on the number of full-time equivalent researchers assigned to the project and the related research and development expenses incurred. The Company does not typically include any payments that the Company may receive in the future in its initial transaction price because the payments are not probable. The Company would reassess the total transaction price at each reporting period to determine if the Company should include additional payments in the transaction price. The Company receives payments from its customers based on billing schedules established in each contract. Upfront payments and fees may be recorded as advance from customers upon receipt or when due, and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts are recorded as accounts receivable when the right of the Company to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customers and the transfer of the promised goods or services to the customers will be one year or less. |
Property and Equipment | Property and Equipment Property and equipment is carried at cost net of accumulated depreciation. Repairs and maintenance are expensed as incurred. Expenditures that improve the functionality of the related asset or extend the useful life are capitalized. When property and equipment is retired or otherwise disposed of, the related gain or loss is included in operating income. Leasehold improvements are depreciated on the straight-line method over the shorter of the remaining lease term or estimated useful life of the asset. Depreciation is calculated on the straight-line method, including property and equipment under capital leases, generally based on the following useful lives: Estimated Life Buildings and leasehold improvements 5 ~ 50 Machinery and equipment 5 ~ 10 Office equipment 3 ~ 6 | Property and Equipment Property and equipment is carried at cost net of accumulated depreciation. Repairs and maintenance are expensed as incurred. Expenditures that improve the functionality of the related asset or extend the useful life are capitalized. When property and equipment is retired or otherwise disposed of, the related gain or loss is included in operating income. Leasehold improvements are depreciated on the straight-line method over the shorter of the remaining lease term or estimated useful life of the asset. Depreciation is calculated on the straight-line method, including property and equipment under capital leases, generally based on the following useful lives: Estimated Buildings and leasehold improvements 5 ~ 50 Machinery and equipment 5 ~ 10 Office equipment 3 ~ 6 |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company has adopted Accounting Standards Codification subtopic 360-10, Property, Plant and Equipment (“ASC 360-10”). ASC 360-10 requires that long-lived assets and certain identifiable intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company evaluates its long-lived assets for impairment annually or more often if events and circumstances warrant. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a forecasted inability to achieve break-even operating results over an extended period. Should impairment in value be indicated, the carrying value of intangible assets will be adjusted, based on estimates of future discounted cash flows resulting from the use and ultimate disposition of the asset. ASC 360-10 also requires assets to be disposed of be reported at the lower of the carrying amount or the fair value less costs to sell. | Impairment of Long-Lived Assets The Company has adopted Accounting Standards Codification subtopic 360-10, Property, Plant and Equipment (“ASC 360-10”). ASC 360-10 requires that long-lived assets and certain identifiable intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company evaluates its long-lived assets for impairment annually or more often if events and circumstances warrant. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a forecasted inability to achieve break-even operating results over an extended period. Should impairment in value be indicated, the carrying value of intangible assets will be adjusted, based on estimates of future discounted cash flows resulting from the use and ultimate disposition of the asset. ASC 360-10 also requires assets to be disposed of be reported at the lower of the carrying amount or the fair value less costs to sell. |
Long-term Equity Investment | Long-term Equity Investment The Company acquires the equity investments to promote business and strategic objectives. The Company accounts for non-marketable equity and other equity investments for which the Company does not have control over the investees as: ● Equity method investments when the Company has the ability to exercise significant influence, but not control, over the investee. Its proportionate share of the income or loss is recognized monthly and is recorded in gains (losses) on equity investments. ● Non-marketable cost method investments when the equity method does not apply. Significant judgment is required to identify whether an impairment exists in the valuation of the Company’s non-marketable equity investments, and therefore the Company considers this a critical accounting estimate. Its yearly analysis considers both qualitative and quantitative factors that may have a significant impact on the investee’s fair value. Qualitative analysis of its investments involves understanding the financial performance and near-term prospects of the investee, changes in general market conditions in the investee’s industry or geographic area, and the management and governance structure of the investee. Quantitative assessments of the fair value of its investments are developed using the market and income approaches. The market approach includes the use of comparable financial metrics of private and public companies and recent financing rounds. The income approach includes the use of a discounted cash flow model, which requires significant estimates regarding the investees’ revenue, costs, and discount rates. The Company’s assessment of these factors in determining whether an impairment exists could change in the future due to new developments or changes in applied assumptions. | Long-term Equity Investment The Company acquires the equity investments to promote business and strategic objectives. The Company accounts for non-marketable equity and other equity investments for which the Company does not have control over the investees as: ● Equity method investments when the Company has the ability to exercise significant influence, but not control, over the investee. Its proportionate share of the income or loss is recognized monthly and is recorded in gains (losses) on equity investments. ● Non-marketable cost method investments when the equity method does not apply. Significant judgment is required to identify whether an impairment exists in the valuation of the Company’s non-marketable equity investments, and therefore the Company considers this a critical accounting estimate. Its yearly analysis considers both qualitative and quantitative factors that may have a significant impact on the investee’s fair value. Qualitative analysis of its investments involves understanding the financial performance and near-term prospects of the investee, changes in general market conditions in the investee’s industry or geographic area, and the management and governance structure of the investee. Quantitative assessments of the fair value of its investments are developed using the market and income approaches. The market approach includes the use of comparable financial metrics of private and public companies and recent financing rounds. The income approach includes the use of a discounted cash flow model, which requires significant estimates regarding the investees’ revenue, costs, and discount rates. The Company’s assessment of these factors in determining whether an impairment exists could change in the future due to new developments or changes in applied assumptions. |
Other-Than-Temporary Impairment | Other-Than-Temporary Impairment The Company’s long-term equity investments are subject to a periodic impairment review. Impairments affect earnings as follows: ● Marketable equity securities include the consideration of general market conditions, the duration and extent to which the fair value is below cost, and our ability and intent to hold the investment for a sufficient period of time to allow for recovery of value in the foreseeable future. The Company also considers specific adverse conditions related to the financial health of, and the business outlook for, the investee, which may include industry and sector performance, changes in technology, operational and financing cash flow factors, and changes in the investee’s credit rating. The Company records other-than-temporary impairments on marketable equity securities and marketable equity method investments in gains (losses) on equity investments. ● Non-marketable equity investments based on the Company’s assessment of the severity and duration of the impairment, and qualitative and quantitative analysis of the operating performance of the investee; adverse changes in market conditions and the regulatory or economic environment; changes in operating structure or management of the investee; additional funding requirements; and the investee’s ability to remain in business. A series of operating losses of an investee or other factors may indicate that a decrease in value of the investment has occurred that is other than temporary and that shall be recognized even though the decrease in value is in excess of what would otherwise be recognized by application of the equity method. A loss in value of an investment that is other than a temporary decline shall be recognized. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. The Company records other-than-temporary impairments for non-marketable cost method investments and equity method investments in gains (losses) on equity investments. Other-than-temporary impairment of equity investments were $0 for the three months ended March 31, 2023 and 2022, respectively. | Other-Than-Temporary Impairment The Company’s long-term equity investments are subject to a periodic impairment review. Impairments affect earnings as follows: ● Marketable equity securities include the consideration of general market conditions, the duration and extent to which the fair value is below cost, and our ability and intent to hold the investment for a sufficient period of time to allow for recovery of value in the foreseeable future. The Company also considers specific adverse conditions related to the financial health of, and the business outlook for, the investee, which may include industry and sector performance, changes in technology, operational and financing cash flow factors, and changes in the investee’s credit rating. The Company records other-than-temporary impairments on marketable equity securities and marketable equity method investments in gains (losses) on equity investments. ● Non-marketable equity investments based on the Company’s assessment of the severity and duration of the impairment, and qualitative and quantitative analysis of the operating performance of the investee; adverse changes in market conditions and the regulatory or economic environment; changes in operating structure or management of the investee; additional funding requirements; and the investee’s ability to remain in business. A series of operating losses of an investee or other factors may indicate that a decrease in value of the investment has occurred that is other than temporary and that shall be recognized even though the decrease in value is in excess of what would otherwise be recognized by application of the equity method. A loss in value of an investment that is other than a temporary decline shall be recognized. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. The Company records other-than-temporary impairments for non-marketable cost method investments and equity method investments in gains (losses) on equity investments. Other-than-temporary impairments of equity investments were $0 and $0 for the year ended December 31, 2022 and 2021, respectively. |
Goodwill | Goodwill The Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate the carrying value may not be recoverable. In testing goodwill for impairment, the Company may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment indicates that goodwill impairment is more likely than not, the Company performs a two-step impairment test. The Company tests goodwill for impairment under the two-step impairment test by first comparing the book value of net assets to the fair value of the reporting units. If the fair value is determined to be less than the book value or qualitative factors indicate that it is more likely than not that goodwill is impaired, a second step is performed to compute the amount of impairment as the difference between the estimated fair value of goodwill and the carrying value. The Company estimates the fair value of the reporting units using discounted cash flows. Forecasts of future cash flows are based on our best estimate of future net sales and operating expenses, based primarily on expected category expansion, pricing, market segment share, and general economic conditions. The Company completed the required testing of goodwill for impairment as of March 31, 2023, and determined that goodwill was impaired because of the current financial condition of the Company and the Company’s inability to generate future operating income without substantial sales volume increases, which are highly uncertain. Furthermore, the Company anticipates future cash flows indicate that the recoverability of goodwill is not reasonably assured. | Goodwill The Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate the carrying value may not be recoverable. In testing goodwill for impairment, the Company may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment indicates that goodwill impairment is more likely than not, the Company performs a two-step impairment test. The Company tests goodwill for impairment under the two-step impairment test by first comparing the book value of net assets to the fair value of the reporting units. If the fair value is determined to be less than the book value or qualitative factors indicate that it is more likely than not that goodwill is impaired, a second step is performed to compute the amount of impairment as the difference between the estimated fair value of goodwill and the carrying value. The Company estimates the fair value of the reporting units using discounted cash flows. Forecasts of future cash flows are based on our best estimate of future net sales and operating expenses, based primarily on expected category expansion, pricing, market segment share, and general economic conditions. The Company completed the required testing of goodwill for impairment as of December 31, 2022, and determined that goodwill was impaired because of the current financial condition of the Company and the Company’s inability to generate future operating income without substantial sales volume increases, which are highly uncertain. Furthermore, the Company anticipates future cash flows indicate that the recoverability of goodwill is not reasonably assured. |
Convertible Notes | Convertible Notes The Company accounts for the convertible notes issued at a discount, by comparing the principal amount and book value, with the calculation of discounted method. The Company assess the discount per month. The amortization period of the promissory note is 18 months. | |
Research and Development Expenses | Research and Development Expenses The Company accounts for the cost of using licensing rights in research and development cost according to ASC Topic 730-10-25-1. This guidance provides that absent alternative future uses the acquisition of product rights to be used in research and development activities must be charged to research and development expenses when incurred. For CDMO business unit, the Company accounts for R&D costs in accordance with Accounting Standards Codification (“ASC”) 730, Research and Development (“ASC 730”). Research and development expenses are charged to expense as incurred unless there is an alternative future use in other research and development projects or otherwise. Research and development expenses are comprised of costs incurred in performing research and development activities, including personnel-related costs, facilities-related overhead, and outside contracted services including clinical trial costs, manufacturing and process development costs for both clinical and preclinical materials, research costs, and other consulting services. Non-refundable advance payment for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made. In instances where the Company enters into agreements with third parties to provide research and development services, costs are expensed as services are performed. | Research and Development Expenses The Company accounts for the cost of using licensing rights in research and development cost according to ASC Topic 730-10-25-1. This guidance provides that absent alternative future uses the acquisition of product rights to be used in research and development activities must be charged to research and development expenses when incurred. The Company accounts for R&D costs in accordance with Accounting Standards Codification (“ASC”) 730, Research and Development (“ASC 730”). Research and development expenses are charged to expense as incurred unless there is an alternative future use in other research and development projects or otherwise. Research and development expenses are comprised of costs incurred in performing research and development activities, including personnel-related costs, facilities-related overhead, and outside contracted services including clinical trial costs, manufacturing and process development costs for both clinical and preclinical materials, research costs, and other consulting services. Non-refundable advance payment for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made. In instances where the Company enters into agreements with third parties to provide research and development services, costs are expensed as services are performed. |
Post-retirement and post-employment benefits | Post-retirement and post-employment benefits The Company’s subsidiaries in Taiwan adopted the government mandated defined contribution plan pursuant to the Labor Pension Act (the “Act”) in Taiwan. Such labor regulations require that the rate of contribution made by an employer to the Labor Pension Fund per month shall not be less than 6% of the worker’s monthly salaries. Pursuant to the Act, the Company makes monthly contribution equal to 6% of employees’ salaries to the employees’ pension fund. The Company has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefits, which were expensed as incurred, were $2,804 and $3,337 for the three months ended March 31, 2023 and 2022, respectively. Other than the above, the Company does not provide any other post-retirement or post-employment benefits. | Post-retirement and post-employment benefits The Company’s subsidiaries in Taiwan adopted the government mandated defined contribution plan pursuant to the Labor Pension Act (the “Act”) in Taiwan. Such labor regulations require that the rate of contribution made by an employer to the Labor Pension Fund per month shall not be less than 6% of the worker’s monthly salaries. Pursuant to the Act, the Company makes monthly contribution equal to 6% of employees’ salaries to the employees’ pension fund. The Company has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefits, which were expensed as incurred, were $13,031 and $11,375 for the years ended December 31, 2022 and 2021, respectively. Other than the above, the Company does not provide any other post-retirement or post-employment benefits. |
Stock-based Compensation | Stock-based Compensation The Company measures expense associated with all employee stock-based compensation awards using a fair value method and recognizes such expense in the unaudited consolidated financial statements on a straight-line basis over the requisite service period in accordance with FASB ASC Topic 718 “Compensation-Stock Compensation”. Total employee stock-based compensation expenses were $0 for the three months ended March 31, 2023 and 2022, respectively. The Company accounted for stock-based compensation to non-employees in accordance with FASB ASC Topic 718 “Compensation-Stock Compensation” and FASB ASC Topic 505-50 “Equity-Based Payments to Non-Employees” which requires that the cost of services received from non-employees is measured at fair value at the earlier of the performance commitment date or the date service is completed and recognized over the period the service is provided. Total non-employee stock-based compensation expenses were $366,489 and $4,692,003 for the three months ended March 31, 2023 and 2022, respectively. | Stock-based Compensation The Company measures expense associated with all employee stock-based compensation awards using a fair value method and recognizes such expense in the consolidated financial statements on a straight-line basis over the requisite service period in accordance with FASB ASC Topic 718 “Compensation-Stock Compensation”. Total employee stock-based compensation expenses were $1,241,930 and $2,675,205 for the years ended December 31, 2022 and 2021, respectively. The Company accounted for stock-based compensation to non-employees in accordance with FASB ASC Topic 718 “Compensation-Stock Compensation” and FASB ASC Topic 505-50 “Equity-Based Payments to Non-Employees” which requires that the cost of services received from non-employees is measured at fair value at the earlier of the performance commitment date or the date service is completed and recognized over the period the service is provided. Total non-employee stock-based compensation expenses were $5,794,848 and $2,631,550 for the years ended December 31, 2022 and 2021, respectively. |
Beneficial Conversion Feature | Beneficial Conversion Feature From time to time, the Company may issue convertible notes that may contain an imbedded beneficial conversion feature. A beneficial conversion feature exists on the date a convertible note is issued when the fair value of the underlying common stock to which the note is convertible into is in excess of the remaining unallocated proceeds of the note after first considering the allocation of a portion of the note proceeds to the fair value of the warrants, if related warrants have been granted. The intrinsic value of the beneficial conversion feature is recorded as a debt discount with a corresponding amount to additional paid in capital. The debt discount is amortized to interest expense over the life of the note using the effective interest method. | Beneficial Conversion Feature From time to time, the Company may issue convertible notes that may contain an imbedded beneficial conversion feature. A beneficial conversion feature exists on the date a convertible note is issued when the fair value of the underlying common stock to which the note is convertible into is in excess of the remaining unallocated proceeds of the note after first considering the allocation of a portion of the note proceeds to the fair value of the warrants, if related warrants have been granted. The intrinsic value of the beneficial conversion feature is recorded as a debt discount with a corresponding amount to additional paid in capital. The debt discount is amortized to interest expense over the life of the note using the effective interest method. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability approach which allows the recognition and measurement of deferred tax assets to be based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will expire before the Company is able to realize their benefits, or future deductibility is uncertain. Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The evaluation of a tax position is a two-step process. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigations based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefits recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer satisfied. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the year incurred. No significant penalty or interest relating to income taxes has been incurred for the three months ended March 31, 2023 and 2022. GAAP also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosures and transition. On December 22, 2017, the SEC issued Staff Accounting Bulletin (“SAB 118”), which provides guidance on accounting for tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate to be included in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provision of the tax laws that were in effect immediately before the enactment of the Tax Act. While the Company is able to make reasonable estimates of the impact of the reduction in corporate rate and the deemed repatriation transition tax, the final impact of the Tax Act may differ from these estimates, due to, among other things, changes in our interpretations and assumptions, additional guidance that may be issued by the I.R.S., and actions the Company may take. The Company is continuing to gather additional information to determine the final impact. | Income Taxes The Company accounts for income taxes using the asset and liability approach which allows the recognition and measurement of deferred tax assets to be based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will expire before the Company is able to realize their benefits, or future deductibility is uncertain. Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The evaluation of a tax position is a two-step process. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigations based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefits recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer satisfied. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the year incurred. No significant penalty or interest relating to income taxes has been incurred for the years ended December 31, 2022 and 2021. GAAP also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosures and transition. On December 22, 2017, the SEC issued Staff Accounting Bulletin (“SAB 118”), which provides guidance on accounting for tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate to be included in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provision of the tax laws that were in effect immediately before the enactment of the Tax Act. While the Company is able to make reasonable estimates of the impact of the reduction in corporate rate and the deemed repatriation transition tax, the final impact of the Tax Act may differ from these estimates, due to, among other things, changes in our interpretations and assumptions, additional guidance that may be issued by the I.R.S., and actions the Company may take. The Company is continuing to gather additional information to determine the final impact. |
Valuation of Deferred Tax Assets | Valuation of Deferred Tax Assets A valuation allowance is recorded to reduce the Company’s deferred tax assets to the amount that is more likely than not to be realized. In assessing the need for the valuation allowance, management considers, among other things, projections of future taxable income and ongoing prudent and feasible tax planning strategies. If the Company determines that sufficient negative evidence exists, then it will consider recording a valuation allowance against a portion or all of the deferred tax assets in that jurisdiction. If, after recording a valuation allowance, the Company’s projections of future taxable income and other positive evidence considered in evaluating the need for a valuation allowance prove, with the benefit of hindsight, to be inaccurate, it could prove to be more difficult to support the realization of its deferred tax assets. As a result, an additional valuation allowance could be required, which would have an adverse impact on its effective income tax rate and results. Conversely, if, after recording a valuation allowance, the Company determines that sufficient positive evidence exists in the jurisdiction in which the valuation allowance was recorded, it may reverse a portion or all of the valuation allowance in that jurisdiction. In such situations, the adjustment made to the deferred tax asset would have a favorable impact on its effective income tax rate and results in the period such determination was made. | Valuation of Deferred Tax Assets A valuation allowance is recorded to reduce the Company’s deferred tax assets to the amount that is more likely than not to be realized. In assessing the need for the valuation allowance, management considers, among other things, projections of future taxable income and ongoing prudent and feasible tax planning strategies. If the Company determines that sufficient negative evidence exists, then it will consider recording a valuation allowance against a portion or all of the deferred tax assets in that jurisdiction. If, after recording a valuation allowance, the Company’s projections of future taxable income and other positive evidence considered in evaluating the need for a valuation allowance prove, with the benefit of hindsight, to be inaccurate, it could prove to be more difficult to support the realization of its deferred tax assets. As a result, an additional valuation allowance could be required, which would have an adverse impact on its effective income tax rate and results. Conversely, if, after recording a valuation allowance, the Company determines that sufficient positive evidence exists in the jurisdiction in which the valuation allowance was recorded, it may reverse a portion or all of the valuation allowance in that jurisdiction. In such situations, the adjustment made to the deferred tax asset would have a favorable impact on its effective income tax rate and results in the period such determination was made. |
Loss Per Share of Common Stock | Loss Per Share of Common Stock The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share”. Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. Diluted earnings per share excludes all dilutive potential shares if their effect is anti-dilutive. | Loss Per Share of Common Stock The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share”. Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. Diluted earnings per share excludes all dilutive potential shares if their effect is anti-dilutive. |
Commitments and Contingencies | Commitments and Contingencies The Company has adopted ASC Topic 450 “Contingencies” subtopic 20, in determining its accruals and disclosures with respect to loss contingencies. Accordingly, estimated losses from loss contingencies are accrued by a charge to income when information available before financial statements are issued or are available to be issued indicates that it is probable that an asset had been impaired or a liability had been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred. | Commitments and Contingencies The Company has adopted ASC Topic 450 “Contingencies” subtopic 20, in determining its accruals and disclosures with respect to loss contingencies. Accordingly, estimated losses from loss contingencies are accrued by a charge to income when information available before financial statements are issued or are available to be issued indicates that it is probable that an asset had been impaired or a liability had been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred. |
Foreign-currency Transactions | Foreign-currency Transactions For the Company’s subsidiaries in Taiwan, the foreign-currency transactions are recorded in New Taiwan dollars (“NTD”) at the rates of exchange in effect when the transactions occur. Gains or losses resulting from the application of different foreign exchange rates when cash in foreign currency is converted into New Taiwan dollars, or when foreign-currency receivables or payables are settled, are credited or charged to income in the year of conversion or settlement. On the balance sheet dates, the balances of foreign-currency assets and liabilities are restated at the prevailing exchange rates and the resulting differences are charged to current income except for those foreign currencies denominated investments in shares of stock where such differences are accounted for as translation adjustments under the Statements of Stockholders’ Equity (Deficit). | Foreign-currency Transactions For the Company’s subsidiaries in Taiwan, the foreign-currency transactions are recorded in New Taiwan dollars (“NTD”) at the rates of exchange in effect when the transactions occur. Gains or losses resulting from the application of different foreign exchange rates when cash in foreign currency is converted into New Taiwan dollars, or when foreign-currency receivables or payables are settled, are credited or charged to income in the year of conversion or settlement. On the balance sheet dates, the balances of foreign-currency assets and liabilities are restated at the prevailing exchange rates and the resulting differences are charged to current income except for those foreign currencies denominated investments in shares of stock where such differences are accounted for as translation adjustments under the Statements of Stockholders’ Equity (Deficit). |
Translation Adjustment | Translation Adjustment The accounts of the Company’s subsidiaries in Taiwan were maintained, and their financial statements were expressed, in New Taiwan Dollar (“NT$”). Such financial statements were translated into U.S. Dollars (“$” or “USD”) in accordance ASC 830, “Foreign Currency Matters”, with the NT$ as the functional currency. According to the Statement, all assets and liabilities are translated at the current exchange rate, stockholder’s deficit are translated at the historical rates and income statement items are translated at an average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income (loss) as a component of stockholders’ equity (deficit). | Translation Adjustment The accounts of the Company’s subsidiaries in Taiwan were maintained, and their financial statements were expressed, in New Taiwan Dollar (“NT$”). Such financial statements were translated into U.S. Dollars (“$” or “USD”) in accordance ASC 830, “Foreign Currency Matters”, with the NT$ as the functional currency. According to the Statement, all assets and liabilities are translated at the current exchange rate, stockholder’s deficit are translated at the historical rates and income statement items are translated at an average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income (loss) as a component of stockholders’ equity (deficit). |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for convertible debt by eliminating the beneficial conversion and cash conversion accounting models. Upon adoption of ASU 2020-06, convertible debt, unless issued with a substantial premium or an embedded conversion feature that is not clearly and closely related to the host contract, will no longer be allocated between debt and equity components. This modification will reduce the issue discount and result in less non-cash interest expense in financial statements. ASU 2020-06 also updates the earnings per share calculation and requires entities to assume share settlement when the convertible debt can be settled in cash or shares. For contracts in an entity’s own equity, the type of contracts primarily affected by ASU 2020-06 are freestanding and embedded features that are accounted for as derivatives under the current guidance due to a failure to meet the settlement assessment by removing the requirements to (i) consider whether the contract would be settled in registered shares, (ii) consider whether collateral is required to be posted, and (iii) assess shareholder rights. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, and only if adopted as of the beginning of such fiscal year. The Company is currently evaluating the impact that the standard will have on its unaudited consolidated financial statements. In March 2022, the FASB issued ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures. This ASU eliminates the accounting guidance for troubled debt restructurings by creditors that have adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments. This ASU also enhances the disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, the ASU amends the guidance on vintage disclosures to require entities to disclose current period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326-20. The ASU is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Adoption of the ASU would be applied prospectively. Early adoption is also permitted, including adoption in an interim period. The Company is currently evaluating the impact that the standard will have on its unaudited consolidated financial statements. | Recent Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for convertible debt by eliminating the beneficial conversion and cash conversion accounting models. Upon adoption of ASU 2020-06, convertible debt, unless issued with a substantial premium or an embedded conversion feature that is not clearly and closely related to the host contract, will no longer be allocated between debt and equity components. This modification will reduce the issue discount and result in less non-cash interest expense in financial statements. ASU 2020-06 also updates the earnings per share calculation and requires entities to assume share settlement when the convertible debt can be settled in cash or shares. For contracts in an entity’s own equity, the type of contracts primarily affected by ASU 2020-06 are freestanding and embedded features that are accounted for as derivatives under the current guidance due to a failure to meet the settlement assessment by removing the requirements to (i) consider whether the contract would be settled in registered shares, (ii) consider whether collateral is required to be posted, and (iii) assess shareholder rights. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, and only if adopted as of the beginning of such fiscal year. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt — Modifications and Extinguishments (Subtopic 470-50), Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (“ASU 2021-04”). ASU 2021-04 provides guidance as to how an issuer should account for a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option (i.e., a warrant) that remains classified after modification or exchange as an exchange of the original instrument for a new instrument. An issuer should measure the effect of a modification or exchange as the difference between the fair value of the modified or exchanged warrant and the fair value of that warrant immediately before modification or exchange and then apply a recognition model that comprises four categories of transactions and the corresponding accounting treatment for each category (equity issuance, debt origination, debt modification, and modifications unrelated to equity issuance and debt origination or modification). ASU 2021-04 is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the guidance provided in ASU 2021-04 prospectively to modifications or exchanges occurring on or after the effective date. Early adoption is permitted for all entities, including adoption in an interim period. If an entity elects to early adopt ASU 2021-04 in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes that interim period. In March 2022, the FASB issued ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures. This ASU eliminates the accounting guidance for troubled debt restructurings by creditors that have adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments. This ASU also enhances the disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, the ASU amends the guidance on vintage disclosures to require entities to disclose current period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326-20. The ASU is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Adoption of the ASU would be applied prospectively. Early adoption is also permitted, including adoption in an interim period. The Company is currently evaluating the impact that the standards mentioned above will have on its consolidated financial statements. |
Inventory | Inventory Inventory consists of raw materials, work-in-process, finished goods, and merchandise. Inventories are stated at the lower of cost or market and valued on a moving weighted average cost basis. Market is determined based on net realizable value. The Company periodically reviews the age and turnover of its inventory to determine whether any inventory has become obsolete or has declined in value, and incurs a charge to operations for known and anticipated inventory obsolescence. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||
Schedule of property and equipment under capital leases, generally based on the following useful lives | Estimated Life Buildings and leasehold improvements 5 ~ 50 Machinery and equipment 5 ~ 10 Office equipment 3 ~ 6 | Estimated Buildings and leasehold improvements 5 ~ 50 Machinery and equipment 5 ~ 10 Office equipment 3 ~ 6 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Schedule of property and equipment | March 31, December 31, (Unaudited) Land $ 364,527 $ 361,193 Buildings and leasehold improvements 2,227,803 2,226,687 Machinery and equipment 1,117,813 1,116,789 Office equipment 175,314 173,766 3,885,457 3,878,435 Less: accumulated depreciation (3,313,879 ) (3,304,457 ) Property and equipment, net $ 571,578 $ 573,978 | December 31, December 31, Land $ 361,193 $ 400,091 Buildings and leasehold improvements 2,226,687 2,235,061 Machinery and equipment 1,116,789 1,013,376 Office equipment 173,766 191,824 3,878,435 3,840,352 Less: accumulated depreciation (3,304,457 ) (3,314,471 ) Property and equipment, net $ 573,978 $ 525,881 |
Long-Term Investments (Tables)
Long-Term Investments (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Long-Term Investments [Abstract] | ||
Schedule of ownership percentages of investee | Ownership percentage March 31, December 31, Accounting Name of related party 2023 2022 treatments Braingenesis Biotechnology Co., Ltd. 0.22 % 0.22 % Cost Method Genepharm Biotech Corporation 0.92 % 0.92 % Cost Method BioHopeKing Corporation 8.03 % 8.03 % Cost Method BioFirst Corporation 21.77 % 21.77 % Equity Method Rgene Corporation 28.85 % 28.85 % Equity Method | Ownership percentage December 31, December 31, Accounting Name of related party 2022 2021 treatments Braingenesis Biotechnology Co., Ltd. 0.22 % 0.22 % Cost Method Genepharm Biotech Corporation 0.92 % 0.92 % Cost Method BioHopeKing Corporation 8.03 % 8.03 % Cost Method BioFirst Corporation 21.77 % 21.77 % Equity Method Rgene Corporation 28.85 % 28.85 % Equity Method |
Schedule of extent the investee relies | Name of related party The extent the investee relies on the Company for its business Braingenesis Biotechnology Co., Ltd. No specific business relationship Genepharm Biotech Corporation No specific business relationship BioHopeKing Corporation Collaborating with the Company to develop and commercialize drugs BioFirst Corporation Loaned from investee and provides research and development support service Rgene Corporation Collaborating with the Company to develop and commercialize drugs | Name of related party The extent the investee relies on the Company for its business Braingenesis Biotechnology Co., Ltd. No specific business relationship Genepharm Biotech Corporation No specific business relationship BioHopeKing Corporation Collaborating with the Company to develop and commercialize drugs BioFirst Corporation Loaned from the investee and provides research and development support service Rgene Corporation Collaborating with the Company to develop and commercialize drugs |
Schedule of long-term investment | March 31, December 31, (Unaudited) Non-marketable Cost Method Investments, net Braingenesis Biotechnology Co., Ltd. $ 7,235 $ 7,169 Genepharm Biotech Corporation 22,089 21,887 BioHopeKing Corporation 820,519 813,014 Sub total 849,843 842,070 Equity Method Investments, net BioFirst Corporation - - Rgene Corporation - - Total $ 849,843 $ 842,070 | December 31, December 31, Non-marketable Cost Method Investments, net Braingenesis Biotechnology Co., Ltd. $ 7,169 $ 7,941 Genepharm Biotech Corporation 21,887 24,244 BioHopeKing Corporation 813,014 900,570 Subtotal 842,070 932,755 Equity Method Investments, net BioFirst Corporation - - Rgene Corporation - - Total $ 842,070 $ 932,755 |
Schedule of balance sheet | March 31, December 31, (Unaudited) Current Assets $ 1,958,500 $ 1,543,152 Non-current Assets 801,410 739,472 Current Liabilities 1,675,194 2,663,051 Non-current Liabilities 357,150 103,447 Stockholders’ Equity (Deficit) 727,566 (483,874 ) March 31, December 31, (Unaudited) Current Assets $ 54,987 $ 68,302 Noncurrent Assets 288,160 303,893 Current Liabilities 2,491,974 2,478,868 Noncurrent Liabilities 2,048 2,441 Shareholders’ Deficit (2,150,875 ) (2,109,114 ) | December 31, December 31, Current Assets $ 1,543,151 $ 2,205,669 Noncurrent Assets 739,472 959,454 Current Liabilities 2,663,051 2,909,703 Noncurrent Liabilities 103,447 32,522 Stockholders’ Equity 483,874 222,898 December 31, December 31, Current Assets $ 68,302 $ 73,452 Noncurrent Assets 303,893 374,423 Current Liabilities 2,478,868 1,934,786 Noncurrent Liabilities 2,441 - Shareholders’ Deficit (2,481,309 ) (1,486,911 ) |
Schedule of statement of operation | Three months Ended 2023 2022 (Unaudited) Net sales $ - $ 8,808 Gross profit - 6,133 Net loss (406,233 ) (498,940 ) Share of losses from investments accounted for using the equity method - Three months Ended 2023 2022 (Unaudited) Net sales $ - $ - Gross Profit - - Net loss (81,842 ) (149,480 ) Share of loss from investments accounted for using the equity method - - | Year Ended 2022 2021 Net sales $ 30,162 $ 26,693 Gross profit 8,239 8,348 Net loss (1,274,539 ) (2,276,892 ) Share of losses from investments accounted for using the equity method - (269,844 ) Year Ended 2022 2021 Net sales $ - $ - Gross Profit - - Net loss (1,550,123 ) (576,514 ) Share of loss from investments accounted for using the equity method - - |
Schedule of equity investments | Three months Ended 2023 2022 (Unaudited) Share of equity method investee losses $ - $ - | Year Ended 2022 2021 Share of equity method investee losses $ - $ (269,844 ) |
Bank Loans (Tables)
Bank Loans (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Bank Loans [Abstract] | ||
Schedule of short-term bank loan | March 31, December 31, 2023 2022 (Unaudited) Cathay United Bank $ 246,000 $ 243,750 CTBC Bank 656,000 650,000 Cathay Bank - 1,000,000 Total $ 902,000 $ 1,893,750 | December 31, December 31, 2022 2021 Cathay United Bank $ 243,750 $ 270,000 CTBC Bank 650,000 720,000 Cathay Bank 1,000,000 650,000 Total $ 1,893,750 $ 1,640,000 |
Related Parties Transactions (T
Related Parties Transactions (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Related Party Transactions [Abstract] | ||
Schedule of related party transactions | Name of entity or Individual Relationship with the Company and its subsidiaries BioFirst Corporation (the “BioFirst”) Entity controlled by controlling beneficiary shareholder of YuanGene BioFirst (Australia) Pty Ltd. (the “BioFirst (Australia)”) 100% owned by BioFirst; Entity controlled by controlling beneficiary shareholder of YuanGene Rgene Corporation (the “Rgene”) Shareholder of the Company; Entity controlled by controlling beneficiary shareholder of YuanGene; the Chairman of Rgene is Mr. Tsung-Shann Jiang YuanGene Corporation (the “YuanGene”) Controlling beneficiary shareholder of the Company AsiaGene Corporation (the “AsiaGene”) Shareholder; entity controlled by controlling beneficiary shareholder of YuanGene Eugene Jiang Former President and Chairman Keypoint Technology Ltd. (the “Keypoint’) The Chairman of Keypoint is Eugene Jiang’s mother. Lion Arts Promotion Inc. (the “Lion Arts”) Shareholder of the Company Yoshinobu Odaira (the “Odaira”) Director of the Company GenePharm Inc. (the “GenePharm”) Dr. George Lee, Board Director of Biokey, is the Chairman of GenePharm. Euro-Asia Investment & Finance Corp Ltd. (the “Euro-Asia”) Shareholder of the Company LBG USA, Inc. (the “LBG USA”) 100% owned by BioFirst; Entity controlled by controlling beneficiary shareholder of YuanGene LionGene Corporation (the “LionGene”) Shareholder of the Company; Entity controlled by controlling beneficiary shareholder of YuanGene Kimho Consultants Co., Ltd. (the “Kimho”) Shareholder of the Company The Jiangs Mr. Tsung-Shann Jiang, the controlling beneficiary shareholder of the Company; the Chairman of Rgene; the Chairman and CEO of the BioLite Holding Inc. and BioLite Inc. and the President and a member of board of directors of BioFirst Amkey Ventures, LLC (“Amkey”) An entity controlled by Dr. George Lee, who serves as one of the board directors of BioKey, Inc BioLite Japan Entity controlled by controlling beneficiary shareholder of ABVC BioHopeKing Corporation Entity controlled by controlling beneficiary shareholder of ABVC ABVC BioPharma (HK), Limited An entity 100% owned by Mr. Tsung-Shann Jiang | Name of entity or Individual Relationship with the Company and its subsidiaries BioFirst Corporation (the “BioFirst”) Entity controlled by controlling beneficiary shareholder of YuanGene BioFirst (Australia) Pty Ltd. (the “BioFirst (Australia)”) 100% owned by BioFirst; Entity controlled by controlling beneficiary shareholder of YuanGene Rgene Corporation (the “Rgene”) Shareholder of the Company; entity controlled by controlling beneficiary shareholder of YuanGene YuanGene Corporation (the “YuanGene”) Controlling beneficiary shareholder of the Company AsiaGene Corporation (the “AsiaGene”) Shareholder; entity controlled by controlling beneficiary shareholder of YuanGene Eugene Jiang Former President and Chairman Keypoint Technology Ltd. (the “Keypoint’) The Chairman of Keypoint is Eugene Jiang’s mother. Lion Arts Promotion Inc. (the “Lion Arts”) Shareholder of the Company Yoshinobu Odaira (the “Odaira”) Director of the Company GenePharm Inc. (the “GenePharm”) Dr. George Lee, Board Director of Biokey, is the Chairman of GenePharm. Euro-Asia Investment & Finance Corp Ltd. (the “Euro-Asia”) Shareholder of the Company LBG USA, Inc. (the “LBG USA”) 100% owned by BioFirst; Entity controlled by controlling beneficiary shareholder of YuanGene LionGene Corporation (the “LionGene”) Shareholder of the Company; Entity controlled by controlling beneficiary shareholder of YuanGene Kimho Consultants Co., Ltd. (the “Kimho”) Shareholder of the Company The Jiangs Mr. Tsung-Shann Jiang, the controlling beneficiary shareholder of the Company and Rgene, the Chairman and CEO of the BioLite Holding Inc. and BioLite Inc. and the President and a member of board of directors of BioFirst Ms. Shu-Ling Jiang, Mr. Tsung-Shann Jiang’s wife, is the Chairman of Keypoint; and a member of board of directors of BioLite Inc. Mr. Eugene Jiang is Mr. and Ms. Jiang’s son. Mr. Eugene Jiang is the chairman, and majority shareholder of the Company and a member of board of directors of BioLite Inc. Mr. Chang-Jen Jiang is Mr. Tsung-Shann Jiang’s sibling and the director of the Company. Ms. Mei-Ling Jiang is Ms. Shu-Ling Jiang’s sibling. Amkey Ventures, LLC (“Amkey”) An entity controlled by Dr. George Lee, who serves as one of the board directors of BioKey, Inc BioLite Japan Entity controlled by controlling beneficiary shareholder of ABVC BioHopeKing Corporation Entity controlled by controlling beneficiary shareholder of ABVC ABVC BioPharma (HK), Limited An entity 100% owned by Mr. Tsung-Shann Jiang |
Schedule of accounts receivable due from related parties | March 31, December 31, 2023 2022 (Unaudited) GenePharm Inc. $ - $ 142,225 Rgene 618,196 615,118 Total $ 618,196 $ 757,343 | December 31, December 31, 2022 2021 GenePharm Inc. $ 142,225 $ 142,225 Rgene 615,118 2,374 Amkey - 800 Total $ 757,343 $ 145,399 |
Schedule of due from related parties - current | March 31, December 31, 2023 2022 (Unaudited) Rgene $ 519,984 $ 513,819 Total $ 519,984 $ 513,819 | |
Schedule of due from related parties - non current | March 31, December 31, 2023 2022 (Unaudited) BioFirst (Australia) $ 1,132,070 $ 1,028,556 BioHopeKing Corporation 113,863 112,822 Total $ 1,245,933 $ 1,141,378 | December 31, December 31, 2022 2021 Rgene $ - $ 49,110 BioFirst (Australia) 1,028,556 491,816 BioHopeKing Corporation 112,822 124,972 LBG USA - 675 BioLite Japan - 150,000 Keypoint - 1,610 Total $ 1,141,378 $ 818,183 |
Schedule of amount due to related parties | March 31, December 31, 2023 2022 (Unaudited) BioFirst Corporation $ 525,104 $ 188,753 BioFirst (Australia) 313,606 275,901 The Jiangs 19,789 19,789 Due to shareholders 152,848 151,450 Total $ 1,011,347 $ 635,893 | December 31, December 31, 2022 2021 BioFirst Corporation $ 188,753 $ 40,878 BioFirst (Australia) 275,901 132,443 AsiaGene - 24,017 YuanGene - 9,205 The Jiangs 19,789 18,750 Due to shareholders 151,450 168,131 Total $ 635,893 $ 393,424 |
Schedule of revenue from related party- Current | December 31, December 31, 2022 2021 Rgene $ 513,819 $ - Total $ 513,819 $ - Year Ended 2022 2021 Rgene $ 904,043 $ 2,373 Total $ 904,043 $ 2,373 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Income Taxes [Abstract] | ||
Schedule of income tax expense | Three months Ended 2023 2022 (Unaudited) Current: Federal $ - $ - State - - Foreign - - Total Current $ - $ - Deferred: Federal $ - $ - State - - Foreign - (86,867 ) Total Deferred $ - $ (86,867 ) Total provision for income taxes $ - $ (86,867 ) | Year Ended 2022 2021 Current: Federal $ - $ - State 2,400 800 Foreign - - Total Current $ 2,400 $ 800 Deferred: Federal $ - $ - State - - Foreign 795,378 (187,055 ) Total Deferred $ 795,378 $ (187,055 ) Total provision for income taxes $ 797,778 $ (186,255 ) |
Schedule of deferred tax assets (liability) | March 31, 2023 December 31, 2022 (Unaudited) Loss on impairment of Assets 716,313 709,961 Net operating loss carryforwards 6,981,132 5,866,623 Operating lease liabilities 213,482 213,482 Operating lease assets (213,482 ) (213,482 ) Deferred tax assets, Gross 7,697,445 6,576,584 Valuation allowance (7,579,254 ) (6,459,474 ) Deferred tax assets, net $ 118,191 $ 117,110 | December 31, December 31, 2022 2021 Loss on impairment of Assets 709,961 741,390 Net operating loss carryforwards 5,866,623 2,801,363 Tax credit of investment - 698,187 Operating lease liabilities 213,482 - Operating lease assets (213,482 ) - Deferred tax assets, Gross 6,576,584 4,240,940 Valuation allowance (6,459,474 ) (3,259,028 ) Deferred tax assets, net 117,110 981,912 |
Stock Options (Tables)
Stock Options (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Stock Options [Abstract] | ||
Schedule of options issued and outstanding | Number of Weighted- Weighted- Aggregate Outstanding as of January 1, 2022 1,825,184 $ 2.70 $ - Granted 761,920 3.00 Forfeited - - Outstanding as of December 31, 2022 2,587,104 2.79 8.74 $ - Exercisable as of December 31, 2022 2,587,104 2.79 8.74 $ - Vested and expected to vest 2,587,104 $ 2.79 8.74 $ - | Weighted- Weighted- Average Average Contractual Number of Exercise Life Aggregate Underlying Price Remaining Intrinsic Outstanding as of January 1, 2022 1,825,184 $ 2.70 Granted 761,920 3.00 Forfeited - - Outstanding as of December 31, 2022 2,587,104 2.79 8.74 $ - Exercisable as of December 31, 2022 2,587,104 2.79 8.74 $ - Vested and expected to vest 2,587,104 $ 2.79 8.74 $ - |
Schedule of fair value of stock options granted | Year ended December 31, Risk free interest rate 2.79 % Expected term (in years) 5.00 Dividend yield 0 % Expected volatility 83.86 % | Year ended 2022 2021 Risk free interest rate 2.79 % 1.13 % Expected term (in years) 5.00 5.00 Dividend yield 0 % 0 % Expected volatility 83.86 % 108.51 % |
Loss Per Share (Tables)
Loss Per Share (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Loss Per Share [Abstract] | ||
Schedule of loss per share | For the Three Months March 31, March 31, (Unaudited) Numerator: Net loss attributable to ABVC’s common stockholders $ (1,823,695 ) $ (5,995,440 ) Denominator: Weighted-average shares outstanding: Weighted-average shares outstanding - Basic 33,075,775 29,683,402 Stock options – – Weighted-average shares outstanding - Diluted 33,075,775 29,683,402 Loss per share -Basic $ (0.06 ) $ (0.20 ) -Diluted $ (0.06 ) $ (0.20 ) | For the Year Ended December 31, December 31, Numerator: Net loss attributable to ABVC’s common stockholders $ (16,423,239 ) $ (12,838,813 ) Denominator: Weighted-average shares outstanding: Weighted-average shares outstanding - Basic 31,664,600 25,053,522 Stock options Weighted-average shares outstanding - Diluted 31,664,600 25,053,522 Loss per share -Basic $ (0.52 ) $ (0.51 ) -Diluted $ (0.52 ) $ (0.51 ) |
Lease (Tables)
Lease (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Schedule of operating lease arrangements | March 31, December 31, ASSETS (Unaudited) Operating lease right-of-use assets $ 1,098,760 $ 1,161,141 LIABILITIES Operating lease liabilities (current) 387,333 369,314 Operating lease liabilities (noncurrent) 711,427 791,827 | December 31, December 31, ASSETS Operating lease right-of-use assets $ 1,161,141 $ 1,471,899 LIABILITIES Operating lease liabilities (current) 369,314 347,100 Operating lease liabilities (noncurrent) 791,827 1,124,799 |
Schedule of lease expenses | Three Months Ended 2023 2022 (Unaudited) Operating lease expenses $ 94,299 $ 85,857 Three months Ended 2023 2022 (Unaudited) Cash paid for amounts included in the measurement of operating lease liabilities $ 94,299 $ 85,857 March 31, December 31, Weighted Average Remaining Lease Term: Operating leases 2.67 years 2.48 years Weighted Average Discount Rate: Operating leases 1.57 % 1.49 % | Year Ended 2022 2021 Operating lease expenses $ 358,576 $ 335,208 Year Ended 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 358,576 $ 335,208 December 31, December 31, Weighted Average Remaining Lease Term: Operating leases 2.48 years 2.90 years Weighted Average Discount Rate: Operating leases 1.49 % 1.39 % |
Schedule of minimum future annual payments under non-cancellable leases | Operating leases 2023 (excluding three months ended March 31, 2023) $ 293,183 2024 404,999 2025 351,391 2026 56,915 Thereafter - Total future minimum lease payments, undiscounted 1,106,488 Less: Imputed interest 7,728 Present value of future minimum lease payments $ 1,098,760 | Operating leases 2023 $ 374,478 2024 389,613 2025 348,837 2026 56,916 2027 - Total future minimum lease payments, undiscounted 1,169,844 Less: Imputed interest 8,703 Present value of future minimum lease payments $ 1,161,141 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Convertible Notes Payable Disclosure [Abstract] | |
Schedule of inventory | December 31, December 31, Finished goods $ - $ 96,725 Work-in-process - - Raw materials - 84,620 Allowance for inventory valuation and obsolescence loss - (155,370 ) Inventories, net $ - $ 25,975 |
Organization and Description _2
Organization and Description of Business (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Feb. 08, 2019 | Feb. 08, 2016 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | Jan. 31, 2017 | |
Organization and Description of Business (Details) [Line Items] | |||||||
Common stock issued | 75,000 | ||||||
Percentage of common shares issued and outstanding | 73% | ||||||
Pre-stock split, description | Pursuant to the Merger, all of the issued and outstanding common shares of BriVision were converted, at an exchange ratio of 0.2536-for-1, into an aggregate of 166,273,921 (52,936,583 pre-stock split) common shares of the Company and BriVision had become a wholly owned subsidiary of the Company. | Pursuant to the Merger, all of the issued and outstanding common shares of BriVision were converted, at an exchange ratio of 0.2536-for-1, into an aggregate of 166,273,921 (52,936,583 pre-stock split) common shares of the Company and BriVision had become a wholly owned subsidiary of the Company. | |||||
Net loss (in Dollars) | $ 1,897,230 | ||||||
Working capital (in Dollars) | 1,594,879 | $ 2,832,282 | |||||
Net cash outflows (in Dollars) | $ 1,497,633 | $ 7,398,391 | |||||
Company reported (in Dollars) | $ 16,312,374 | ||||||
Share Exchange Agreement [Member] | |||||||
Organization and Description of Business (Details) [Line Items] | |||||||
Common stock issued | 164,387,376 | 166,273,921 | 166,273,921 | ||||
Pre-stock split | 52,336,000 | 52,936,583 | 52,936,583 | ||||
Percentage of common shares issued and outstanding | 79.70% | 79.70% | |||||
Percentage of issued share capital | 100% | 100% | |||||
BriVision Shareholders [Member] | |||||||
Organization and Description of Business (Details) [Line Items] | |||||||
Common stock issued | 163,159,952 | 163,159,952 | |||||
Pre-stock split | 51,945,225 | 51,945,225 | |||||
Share Exchange [Member] | |||||||
Organization and Description of Business (Details) [Line Items] | |||||||
Common stock issued | 205,519,223 | 205,519,223 | |||||
Pre-stock split | 65,431,144 | 65,431,144 | |||||
Merger Agreement [Member] | |||||||
Organization and Description of Business (Details) [Line Items] | |||||||
Aggregate of shares, issued | 104,558,777 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 21, 2016 | |
Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Common stock, par value (in Dollars per share) | $ 0.001 | ||||
Common stock authorized (in Shares) | 360,000,000 | ||||
Cash and cash equivalents | $ 1,134,959 | $ 85,265 | $ 5,828,548 | ||
Restricted cash equivalents | $ 656,919 | $ 1,306,463 | $ 736,667 | ||
Account receivable | 83.28% | 71.89% | 33.38% | ||
Impairment of equity investments | $ 0 | $ 0 | $ 0 | $ 0 | |
Labor pension fund percentage | 6% | 6% | |||
Percentage of monthly contribution | 6% | 6% | |||
Employee benefits amount | $ 2,804 | 3,337 | $ 13,031 | 11,375 | |
Employee stock-based compensation expenses | 0 | 0 | 1,241,930 | 2,675,205 | |
Non-employee stock-based compensation expenses | $ 366,489 | $ 4,692,003 | $ 5,794,848 | $ 2,631,550 | |
Benefit percentage | 50% | 50% | |||
Total revenues percentage | 93.22% | 46.24% | |||
Rgene Corporation [Member] | |||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Total revenues, percentage | 84.78% | ||||
GLIA LLC [Member] | |||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Total revenues, percentage | 42.51% | ||||
Chartwell RX Sciences, LLC [Member] | |||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Total revenues, percentage | 35.27% | ||||
GRAS Associates [Member] | |||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Total revenues, percentage | 100% | ||||
Biotech Industries [Member] | |||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Total revenues, percentage | 82.90% | ||||
Agriculture Industries [Member] | |||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Total revenues, percentage | 15.50% | ||||
Biokey [Member] | |||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Account receivable | 10.75% | 16.62% | |||
GenePharm, Inc [Member] | |||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Account receivable | 37.48% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of property and equipment under capital leases, generally based on the following useful lives | Mar. 31, 2023 | Dec. 31, 2022 |
Buildings and leasehold improvements [Member] | Minimum [Member] | ||
Schedule of property and equipment under capital leases, generally based on the following useful lives [Abstract] | ||
Estimated Life | 5 years | 5 years |
Buildings and leasehold improvements [Member] | Maximum [Member] | ||
Schedule of property and equipment under capital leases, generally based on the following useful lives [Abstract] | ||
Estimated Life | 50 years | 50 years |
Machinery and equipment [Member] | Minimum [Member] | ||
Schedule of property and equipment under capital leases, generally based on the following useful lives [Abstract] | ||
Estimated Life | 5 years | 5 years |
Machinery and equipment [Member] | Maximum [Member] | ||
Schedule of property and equipment under capital leases, generally based on the following useful lives [Abstract] | ||
Estimated Life | 10 years | 10 years |
Office equipment [Member] | Minimum [Member] | ||
Schedule of property and equipment under capital leases, generally based on the following useful lives [Abstract] | ||
Estimated Life | 3 years | 3 years |
Office equipment [Member] | Maximum [Member] | ||
Schedule of property and equipment under capital leases, generally based on the following useful lives [Abstract] | ||
Estimated Life | 6 years | 6 years |
Collaborative Agreements (Detai
Collaborative Agreements (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Aug. 15, 2017 USD ($) | Dec. 24, 2018 | Sep. 30, 2018 USD ($) | Sep. 25, 2017 USD ($) | May 26, 2017 USD ($) | Aug. 31, 2016 USD ($) | Aug. 31, 2016 TWD ($) | Jul. 27, 2016 USD ($) | Dec. 31, 2015 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2017 USD ($) | Feb. 23, 2023 shares | Jun. 10, 2022 USD ($) | Aug. 05, 2019 USD ($) shares | Jun. 30, 2019 USD ($) shares | |
Collaborative Agreements (Details) [Line Items] | ||||||||||||||||
Description of payment settlement | On July 27, 2016, BioLite Taiwan and BHK agreed to amend the payment terms of the milestone payment in an aggregate amount of $10 million based on the following schedule: ● Upon the signing of the BHK Co-Development Agreement: $1 million, or 10% of total payment ● Upon the first Investigational New Drug (IND) submission and BioLite Taiwan will deliver all data to BHK according to FDA Reviewing requirement: $1 million, or 10% of total payment ● At the completion of first phase II clinical trial: $1 million, or 10% of total payment ● At the initiation of phase III of clinical trial research: $3 million, or 30% of total payment ● Upon the New Drug Application (NDA) submission: $4 million, or 40% of total payment | |||||||||||||||
Milestone payments royalty percentage | 12% | 12% | ||||||||||||||
Collaborative agreements, description | In 2015, the Company recognized the cash receipt in a total of NT$50 million, approximately equivalent to $1.6 million, as collaboration revenue when all research, technical, and development data was delivered to BHK. | |||||||||||||||
Amount received | $ 3 | |||||||||||||||
Co-Dev agreement, description | On December 24, 2018, the Company received the remaining balance of $2,550,000 in the form of newly issued shares of Rgene’s Common Stock, at the price of NT$50 (approximately equivalent to $1.60 per share), for an aggregate number of 1,530,000 shares, which accounted for equity method long-term investment as of December 31, 2018. During the year ended December 31, 2018, the Company has recognized investment loss of $549. | |||||||||||||||
Shares issued (in Shares) | shares | 5,291,667 | |||||||||||||||
BHK Co-Development Agreement [Member] | ||||||||||||||||
Collaborative Agreements (Details) [Line Items] | ||||||||||||||||
Milestone payment | $ 31,649,000 | $ 10,000,000 | ||||||||||||||
Description of payment settlement | On July 27, 2016, BioLite Taiwan and BHK agreed to amend the payment terms of the milestone payment in an aggregate amount of $10 million based on the following schedule: ● Upon the signing of the BHK Co-Development Agreement: $1 million, or 10% of total payment ● Upon the first Investigational New Drug (IND) submission and BioLite Taiwan will deliver all data to BHK according to FDA Reviewing requirement: $1 million, or 10% of total payment ● At the completion of first phase II clinical trial: $1 million, or 10% of total payment ● At the initiation of phase III of clinical trial research: $3 million, or 30% of total payment ● Upon the New Drug Application (NDA) submission: $4 million, or 40% of total payment | |||||||||||||||
Upfront cash payment | $ 1,000,000 | |||||||||||||||
Percentage of payments under co-development agreement | 10% | |||||||||||||||
Total cash amount | $ 1,000,000 | $ 10,000,000 | ||||||||||||||
Collaborative agreements, description | In 2015, the Company recognized the cash receipt in a total of NT$50 million, approximately equivalent to $1.64 million, as collaboration revenue when all research, technical, and development data was delivered to BHK. | In addition to the total of NT$50 million, approximately equivalent to $1.64 million, BioLite Taiwan is entitled to receive 50% of the future net licensing income or net sales profit. | In addition to the total of NT$50 million, approximately equivalent to $1.60 million, BioLite Taiwan is entitled to receive 50% of the future net licensing income or net sales profit. | |||||||||||||
Co-Dev Agreement [Member] | ||||||||||||||||
Collaborative Agreements (Details) [Line Items] | ||||||||||||||||
Percentage of payments under co-development agreement | 50% | |||||||||||||||
Compensation amount | $ 3,000,000 | |||||||||||||||
Addition cash payment | $ 3,000,000 | |||||||||||||||
Additional paid-in capital | $ 3,000,000 | |||||||||||||||
Amount received | 450,000 | |||||||||||||||
Co-Dev agreement, description | the Company received the remaining balance of $2,550,000 in the form of newly issued shares of Rgene’s Common Stock, at the price of NT$50 (approximately equivalent to $1.64 per share), for an aggregate number of 1,530,000 shares, which accounted for equity method long-term investment as of December 31, 2018. During the year ended December 31, 2018, the Company has recognized investment loss of $549. | |||||||||||||||
Amount received | 450,000 | |||||||||||||||
Collaborative Agreement [Member] | ||||||||||||||||
Collaborative Agreements (Details) [Line Items] | ||||||||||||||||
Percentage of payments under co-development agreement | 50% | 50% | ||||||||||||||
Total cash amount | $ 3,000,000 | |||||||||||||||
Compensation amount | $ 3,000,000 | $ 3,000,000 | ||||||||||||||
Licensing rights | $ 3,000,000 | |||||||||||||||
Research and development expense | $ 3,000,000 | |||||||||||||||
BioFirst Stock Purchase Agreement [Member] | ||||||||||||||||
Collaborative Agreements (Details) [Line Items] | ||||||||||||||||
Amount received | $ 2,902,911 | $ 3,000,000 | ||||||||||||||
Shares issued (in Shares) | shares | 414,702 | 428,571 | ||||||||||||||
Amount received | $ 2,902,911 | $ 3,000,000 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 6,493 | $ 5,411 | $ 23,799 | $ 11,993 |
Land value | $ 361,193 | $ 400,091 |
Property and Equipment (Detai_2
Property and Equipment (Details) - Schedule of property and equipment - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 3,885,457 | $ 3,878,435 | $ 3,840,352 |
Less: accumulated depreciation | (3,313,879) | (3,304,457) | (3,314,471) |
Property and equipment, net | 571,578 | 573,978 | 525,881 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 364,527 | 361,193 | 400,091 |
Buildings and leasehold improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 2,227,803 | 2,226,687 | 2,235,061 |
Machinery and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,117,813 | 1,116,789 | 1,013,376 |
Office equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 175,314 | $ 173,766 | $ 191,824 |
Long-Term Investments (Details)
Long-Term Investments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Long-Term Investments (Details) [Line Items] | |||
Purchase an additional shares (in Shares) | 317,000 | 317,000 | |
Aggregate amount (in Dollars) | $ 623,856 | $ 618,150 | $ 618,150 |
Common stock, shares percentage | 28.85% | 28.85% | 28.85% |
BioFirst Corporation [Member] | |||
Long-Term Investments (Details) [Line Items] | |||
Ownership percentage | 21.77% | 21.77% | 21.77% |
Long-Term Investments (Detail_2
Long-Term Investments (Details) - Schedule of ownership percentages of investee | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2022 | |
Braingenesis Biotechnology Co., Ltd. [Member] | |||
Long-Term Investments (Details) - Schedule of ownership percentages of investee [Line Items] | |||
Ownership percentage | 0.22% | 0.22% | 0.22% |
Accounting treatments | Cost Method | Cost Method | |
Genepharm Biotech Corporation [Member] | |||
Long-Term Investments (Details) - Schedule of ownership percentages of investee [Line Items] | |||
Ownership percentage | 0.92% | 0.92% | 0.92% |
Accounting treatments | Cost Method | Cost Method | |
BioHopeKing Corporation [Member] | |||
Long-Term Investments (Details) - Schedule of ownership percentages of investee [Line Items] | |||
Ownership percentage | 8.03% | 8.03% | 8.03% |
Accounting treatments | Cost Method | Cost Method | |
BioFirst Corporation [Member] | |||
Long-Term Investments (Details) - Schedule of ownership percentages of investee [Line Items] | |||
Ownership percentage | 21.77% | 21.77% | 21.77% |
Accounting treatments | Equity Method | Equity Method | |
Rgene Corporation [Member] | |||
Long-Term Investments (Details) - Schedule of ownership percentages of investee [Line Items] | |||
Ownership percentage | 28.85% | 28.85% | 28.85% |
Accounting treatments | Equity Method | Equity Method |
Long-Term Investments (Detail_3
Long-Term Investments (Details) - Schedule of extent the investee relies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Braingenesis Biotechnology Co., Ltd. [Member] | ||
Long-Term Investments (Details) - Schedule of extent the investee relies [Line Items] | ||
Relationship with the Company and its subsidiaries, description | No specific business relationship | No specific business relationship |
Genepharm Biotech Corporation [Member] | ||
Long-Term Investments (Details) - Schedule of extent the investee relies [Line Items] | ||
Relationship with the Company and its subsidiaries, description | No specific business relationship | No specific business relationship |
BioHopeKing Corporation [Member] | ||
Long-Term Investments (Details) - Schedule of extent the investee relies [Line Items] | ||
Relationship with the Company and its subsidiaries, description | Collaborating with the Company to develop and commercialize drugs | Collaborating with the Company to develop and commercialize drugs |
BioFirst Corporation [Member] | ||
Long-Term Investments (Details) - Schedule of extent the investee relies [Line Items] | ||
Relationship with the Company and its subsidiaries, description | Loaned from investee and provides research and development support service | Loaned from the investee and provides research and development support service |
Rgene Corporation [Member] | ||
Long-Term Investments (Details) - Schedule of extent the investee relies [Line Items] | ||
Relationship with the Company and its subsidiaries, description | Collaborating with the Company to develop and commercialize drugs | Collaborating with the Company to develop and commercialize drugs |
Long-Term Investments (Detail_4
Long-Term Investments (Details) - Schedule of long-term investment - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Non-marketable Cost Method Investments, net | |||
Non-marketable Cost Method Investments, net | $ 849,843 | $ 842,070 | $ 932,755 |
Equity Method Investments, net | |||
Equity Method Investments, net | 849,843 | 842,070 | 932,755 |
Braingenesis Biotechnology Co., Ltd. [Member] | |||
Non-marketable Cost Method Investments, net | |||
Non-marketable Cost Method Investments, net | 7,235 | 7,169 | 7,941 |
Genepharm Biotech Corporation [Member] | |||
Non-marketable Cost Method Investments, net | |||
Non-marketable Cost Method Investments, net | 22,089 | 21,887 | 24,244 |
BioHopeKing Corporation [Member] | |||
Non-marketable Cost Method Investments, net | |||
Non-marketable Cost Method Investments, net | 820,519 | 813,014 | 900,570 |
BioFirst Corporation [Member] | |||
Equity Method Investments, net | |||
Equity Method Investments, net | |||
Rgene Corporation [Member] | |||
Equity Method Investments, net | |||
Equity Method Investments, net |
Long-Term Investments (Detail_5
Long-Term Investments (Details) - Schedule of balance sheet - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
BioFirst [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Current Assets | $ 1,958,500 | $ 1,543,152 | |
Non-current Assets | 801,410 | 739,472 | $ 959,454 |
Current Liabilities | 1,675,194 | 2,663,051 | 2,909,703 |
Non-current Liabilities | 357,150 | 103,447 | 32,522 |
Stockholders’ Equity (Deficit) | 727,566 | (483,874) | |
Rgene [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Current Assets | 54,987 | 68,302 | |
Non-current Assets | 288,160 | 303,893 | 374,423 |
Current Liabilities | 2,491,974 | 2,478,868 | 1,934,786 |
Non-current Liabilities | 2,048 | 2,441 | |
Stockholders’ Equity (Deficit) | $ (2,150,875) | $ (2,109,114) |
Long-Term Investments (Detail_6
Long-Term Investments (Details) - Schedule of statement of operation - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
BioFirst [Member] | BioFirst [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Net sales | $ 8,808 | ||
Gross profit | 6,133 | ||
Net loss | (406,233) | (498,940) | |
Share of losses from investments accounted for using the equity method | $ (269,844) | ||
Rgene [Member] | Rgene [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Net sales | |||
Gross profit | |||
Net loss | (81,842) | (149,480) | |
Share of losses from investments accounted for using the equity method |
Long-Term Investments (Detail_7
Long-Term Investments (Details) - Schedule of equity investments - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Investments [Abstract] | |||
Share of equity method investee losses | $ (269,844) |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Feb. 23, 2023 | Jul. 21, 2021 | Oct. 23, 2020 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 17, 2021 | |
Convertible Notes Payable (Details) [Line Items] | |||||||
Purchase price | $ 3,175,000 | ||||||
Conversion price (in Dollars per share) | $ 1.05 | $ 2.25 | |||||
Shares of common stock (in Shares) | 5,291,667 | ||||||
Initial exercise price (in Dollars per share) | $ 1.05 | ||||||
Pay Lind an amount | $ 308,650.58 | ||||||
Percentage of average amount | 90% | ||||||
Percentage of cash permium | 5% | ||||||
Accrued convertible interest | $ 0 | $ 0 | |||||
Total interest expenses | $ 31,587 | 0 | |||||
Principal amount | $ 2,500,000 | ||||||
Convertible promissory note | $ 2,500,000 | ||||||
Shares of common stock and warrants (in Shares) | 1,111,112 | ||||||
Unsecured convertible promissory note [Member] | |||||||
Convertible Notes Payable (Details) [Line Items] | |||||||
Debt Instrument, Convertible, If-converted Value in Excess of Principal | $ 3,704,167 | ||||||
Percentage of outstanding principal amount | 120% | ||||||
Convertible debenture | $ 3,206,587 | 0 | 0 | ||||
Accrued convertible interest | $ 0 | 0 | 0 | ||||
Securities Purchase Agreement [Member] | |||||||
Convertible Notes Payable (Details) [Line Items] | |||||||
Conversion price, description | Upon the Maturity Date, the Company shall pay to the holder, in cash, an amount representing all outstanding principal amount and accrued and unpaid interest under the October Note. The October Note bears an interest rate of ten percent (10%) per annum and may be convertible into shares of the Company’s common stock at a fixed conversion price of $2.25 per share. | ||||||
Convertible Note Payable [Member] | |||||||
Convertible Notes Payable (Details) [Line Items] | |||||||
Total interest expenses | $ 208,657 | $ 193,548 |
Bank Loans (Details)
Bank Loans (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 06, 2022 USD ($) | Sep. 06, 2022 TWD ($) | Sep. 06, 2022 USD ($) | Jul. 14, 2022 USD ($) | Jul. 14, 2022 TWD ($) | Jan. 14, 2022 USD ($) | Jan. 14, 2022 TWD ($) | Oct. 31, 2021 USD ($) | Sep. 06, 2021 USD ($) | Sep. 06, 2021 TWD ($) | Sep. 06, 2020 USD ($) | Sep. 06, 2019 USD ($) | Jan. 08, 2019 USD ($) | Oct. 01, 2018 USD ($) | Sep. 06, 2017 | Jun. 12, 2017 USD ($) | Jul. 19, 2017 USD ($) | Jun. 28, 2016 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jul. 14, 2023 USD ($) | Jan. 14, 2023 USD ($) | Jan. 14, 2023 TWD ($) | Sep. 06, 2022 TWD ($) | Jul. 14, 2022 TWD ($) | Sep. 24, 2021 USD ($) | Jul. 15, 2021 USD ($) | Jul. 15, 2021 TWD ($) | Jan. 15, 2021 USD ($) | Jan. 15, 2021 TWD ($) | Dec. 03, 2020 USD ($) | Oct. 03, 2020 USD ($) | Sep. 06, 2020 TWD ($) | Jul. 17, 2020 USD ($) | Jul. 17, 2020 TWD ($) | Apr. 08, 2020 USD ($) | Jan. 19, 2020 USD ($) | Jan. 19, 2020 TWD ($) | Sep. 06, 2019 TWD ($) | Jul. 18, 2019 USD ($) | Jul. 18, 2019 TWD ($) | Jan. 31, 2019 | Jan. 21, 2019 USD ($) | Oct. 01, 2018 TWD ($) | Sep. 06, 2018 USD ($) | Sep. 06, 2018 TWD ($) | Jul. 19, 2017 TWD ($) | Jun. 12, 2017 TWD ($) | Jun. 28, 2016 TWD ($) | |
Bank Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate amount | $ 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument term | 1 year | 1 year | 1 year | 1 year | |||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 246,000 | $ 7,500,000 | $ 656,000 | $ 20,000,000 | $ 656,000 | $ 20,000,000 | $ 650,000 | $ 246,000 | $ 7,500,000 | ||||||||||||||||||||||||||||||||||||||||||
Interest expenses | $ 31,587 | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Jul. 18, 2019 | Nov. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Received loan amount | $ 350,000 | $ 350,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Bears interest rate | 1.68% | 1.68% | 12% | 5% | |||||||||||||||||||||||||||||||||||||||||||||||
Outstanding balance | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 650,000 | $ 243,750 | $ 20,000,000 | $ 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 243,750 | $ 243,750 | $ 7,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loan agreement | 1 year | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest at a fixed rate | 2% | 2% | |||||||||||||||||||||||||||||||||||||||||||||||||
Cathay Bank [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bears interest rate | 1% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expenses | 46,957 | $ 18,143 | |||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding loan balance | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cathay United Bank [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expenses | 5,960 | 5,639 | |||||||||||||||||||||||||||||||||||||||||||||||||
CTBC Bank [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expenses | $ 12,220 | $ 12,029 | |||||||||||||||||||||||||||||||||||||||||||||||||
Forecast [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 650,000 | $ 20,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 650,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest at a fixed rate | 2.50% | 2.50% | |||||||||||||||||||||||||||||||||||||||||||||||||
Cathay United Loan Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate amount | $ 246,000 | $ 246,000 | $ 246,000 | $ 246,000 | $ 246,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Bear interest rate | 1.15% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument term | 1 year | 1 year | 1 year | 1 year | |||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Jun. 28, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bears interest rate | 1.15% | 1.15% | |||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 243,750 | $ 243,750 | $ 243,750 | $ 243,750 | $ 243,750 | ||||||||||||||||||||||||||||||||||||||||||||||
Cathay United Loan Agreement [Member] | NT [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate amount | $ 7,500,000 | $ 7,500,000 | $ 7,500,000 | $ 7,500,000 | $ 7,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 7,500,000 | $ 7,500,000 | $ 7,500,000 | $ 7,500,000 | $ 7,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Cathay United Bank [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bear interest rate | 2.67% | 2.67% | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest expenses | $ 1,649 | $ 1,386 | |||||||||||||||||||||||||||||||||||||||||||||||||
Bears interest rate | 2.67% | 2.10% | |||||||||||||||||||||||||||||||||||||||||||||||||
CTBC Bank [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate amount | $ 328,000 | $ 328,000 | $ 656,000 | $ 656,000 | $ 656,000 | $ 656,000 | $ 656,000 | ||||||||||||||||||||||||||||||||||||||||||||
Bear interest rate | 2.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument term | 1 year | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expenses | $ 3,831 | 2,958 | |||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Jan. 19, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 325,000 | $ 325,000 | $ 650,000 | $ 650,000 | $ 650,000 | $ 650,000 | $ 650,000 | ||||||||||||||||||||||||||||||||||||||||||||
CTBC Bank [Member] | NT [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate amount | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 | $ 10,000,000 | $ 10,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 | $ 10,000,000 | $ 10,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Loan Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Received loan amount | $ 500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exceeding amount | $ 500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cathay Bank [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate amount | $ 650,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expenses | $ 10,209 | $ 6,090 | |||||||||||||||||||||||||||||||||||||||||||||||||
Effective interest rates percentage | 0% | 8% | |||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding loan balance | $ 1,000,000 | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 650,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cathay Bank [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate amount | $ 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cathay Bank [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate amount | 650,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 650,000 |
Bank Loans (Details) - Schedule
Bank Loans (Details) - Schedule of short-term bank loan - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Short-Term Debt [Line Items] | |||
Total | $ 902,000 | $ 1,893,750 | $ 1,640,000 |
Cathay United Bank [Member] | |||
Short-Term Debt [Line Items] | |||
Total | 246,000 | 243,750 | 270,000 |
CTBC Bank [Member] | |||
Short-Term Debt [Line Items] | |||
Total | 656,000 | 650,000 | 720,000 |
Cathay Bank [Member] | |||
Short-Term Debt [Line Items] | |||
Total | $ 1,000,000 | $ 650,000 |
Related Parties Transactions (D
Related Parties Transactions (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
May 08, 2020 | Jun. 16, 2022 | Jan. 31, 2022 | Jul. 19, 2017 | Feb. 24, 2015 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 01, 2021 | Sep. 30, 2021 | Sep. 07, 2021 | Jul. 01, 2021 | Jul. 01, 2020 | |
Related Parties Transactions (Details) [Line Items] | ||||||||||||||||
Current amount | $ 1,000,000 | |||||||||||||||
Bears interest | 5% | |||||||||||||||
Working capital percentage | 6.40% | |||||||||||||||
Conversion price, description | The Company may convert the Note at any time into shares of Rgene’s common stock at either (i) a fixed conversion price equal to $1.00 per share or (ii) 20% discount of the stock price of the then most recent offering, whichever is lower; the conversion price is subject to adjustment as set forth in the Note. The Note includes standard events of default, as well as a cross default provision pursuant to which a breach of the Service Agreement will trigger an event of default under the convertible note if not cured after 5 business days of written notice regarding the breach is provided. | |||||||||||||||
Balance of outstanding loans | $ 500,000 | $ 500,000 | $ 33,520 | |||||||||||||
Accrued interest | $ 19,984 | 13,819 | 13,701 | |||||||||||||
Due from rgene amounted | 1,889 | |||||||||||||||
Maturity date | Jul. 18, 2019 | Nov. 30, 2022 | ||||||||||||||
Loan agreement total amount | $ 507,000 | |||||||||||||||
loan agreements | $ 88,091 | |||||||||||||||
Interest rate | 6.50% | |||||||||||||||
Research fee | 308,650.58 | |||||||||||||||
Loan agreement, description | The advances bear interest rate of 12% per annum. | |||||||||||||||
Due amount | 113,863 | 112,822 | ||||||||||||||
Outstanding advance | 525,104 | 188,753 | ||||||||||||||
Outstanding principal and accrued interest | 152,848 | 151,450 | 168,131 | |||||||||||||
Interest expenses | 4,896 | $ 5,312 | $ 21,378 | $ 22,779 | ||||||||||||
Discount of stock price | 12% | |||||||||||||||
Related parties transactions, description | the Company entered into a one-year convertible loan agreement with Rgene, with a principal amount of $1,000,000 to Rgene which bears interest at 5% per annum for the use of working capital that, if fully converted, would result in ABVC owning an additional 6.4% of Rgene. The Company may convert the Note at any time into shares of Rgene’s common stock at either (i) a fixed conversion price equal to $1.00 per share or (ii) 20% discount of the stock price of the then most recent offering, whichever is lower; the conversion price is subject to adjustment as set forth in the Note. The Note includes standard events of default, as well as a cross-default provision pursuant to which a breach of the Service Agreement will trigger an event of default under the convertible note if not cured after 5 business days of written notice regarding the breach is provided. | |||||||||||||||
Interest rate percentage | 6.50% | |||||||||||||||
Due from amount | $ 112,822 | $ 124,972 | ||||||||||||||
Aggregated amount | $ 150,000 | |||||||||||||||
Advanced amount | $ 150,000 | |||||||||||||||
Minimum [Member] | ||||||||||||||||
Related Parties Transactions (Details) [Line Items] | ||||||||||||||||
Ownership percentage | 0% | |||||||||||||||
Interest rate | 12% | |||||||||||||||
Maximum [Member] | ||||||||||||||||
Related Parties Transactions (Details) [Line Items] | ||||||||||||||||
Ownership percentage | 1% | |||||||||||||||
Interest rate | 13.6224% | |||||||||||||||
BioFirst (Australia) [Member] | ||||||||||||||||
Related Parties Transactions (Details) [Line Items] | ||||||||||||||||
Balance of outstanding loans | 313,606 | $ 275,901 | ||||||||||||||
Accrued interest | $ 1,132,070 | |||||||||||||||
Due from rgene amounted | $ 250,000 | $ 361,487 | ||||||||||||||
Interest rate percentage | 6.50% | |||||||||||||||
Loan settled amount | $ 67,873 | |||||||||||||||
Ownership percentage | 6.50% | |||||||||||||||
Research fee | 1,028,556 | |||||||||||||||
Aggregate working capital | 275,901 | 132,443 | ||||||||||||||
Jiangs [Member] | Minimum [Member] | ||||||||||||||||
Related Parties Transactions (Details) [Line Items] | ||||||||||||||||
Ownership percentage | 0% | |||||||||||||||
Jiangs [Member] | Maximum [Member] | ||||||||||||||||
Related Parties Transactions (Details) [Line Items] | ||||||||||||||||
Ownership percentage | 1% | |||||||||||||||
BHK Co Development Agreement [Member] | ||||||||||||||||
Related Parties Transactions (Details) [Line Items] | ||||||||||||||||
Loan agreement, description | The development costs shall be shared 50/50 between BHK and the Company. Under the term of the agreement, BioLite issued relevant development cost to BHK. | |||||||||||||||
BioFirst [Member] | ||||||||||||||||
Related Parties Transactions (Details) [Line Items] | ||||||||||||||||
Balance of outstanding loans | 188,753 | 188,753 | ||||||||||||||
Accrued interest | $ 40,878 | 40,878 | ||||||||||||||
Interest rate | 1% | |||||||||||||||
Loan agreement, description | The advances bear interest 1% per month (or equivalent to 12% per annum). | |||||||||||||||
Discount of stock price | 12% | |||||||||||||||
Loan | $ 147,875 | 147,875 | ||||||||||||||
Jiangs [Member] | ||||||||||||||||
Related Parties Transactions (Details) [Line Items] | ||||||||||||||||
Outstanding advance | $ 19,789 | 19,789 | 18,750 | |||||||||||||
Rgene [Member] | ||||||||||||||||
Related Parties Transactions (Details) [Line Items] | ||||||||||||||||
Accrued interest | 13,819 | |||||||||||||||
Due from rgene amounted | $ 49,110 | |||||||||||||||
Interest rate | 1% | |||||||||||||||
BioFirst (Australia) [Member] | ||||||||||||||||
Related Parties Transactions (Details) [Line Items] | ||||||||||||||||
Accrued interest | $ 1,028,556 | $ 491,816 | ||||||||||||||
Due from rgene amounted | $ 250,000 | $ 361,487 | ||||||||||||||
Maturity date | Nov. 30, 2022 | |||||||||||||||
Ownership percentage | 6.50% | |||||||||||||||
Interest rate percentage | 6.50% | |||||||||||||||
Total loan amount | $ 67,873 | |||||||||||||||
BHK Co Development Agreement [Member] | ||||||||||||||||
Related Parties Transactions (Details) [Line Items] | ||||||||||||||||
Loan agreement, description | The development costs shall be shared 50/50 between BHK and the Company. Under the term of the agreement, BioLite issued relevant development cost to BHK. | |||||||||||||||
BioLite Japan [Member] | ||||||||||||||||
Related Parties Transactions (Details) [Line Items] | ||||||||||||||||
Outstanding advance | $ 0 | $ 150,000 | ||||||||||||||
Interest rate percentage | 0% |
Related Parties Transactions _2
Related Parties Transactions (Details) - Schedule of related party transactions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
BioFirst Corporation (the "BioFirst") [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries, description | Entity controlled by controlling beneficiary shareholder of YuanGene | Entity controlled by controlling beneficiary shareholder of YuanGene |
BioFirst (Australia) Pty Ltd. (the “BioFirst (Australia)”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries, description | 100% owned by BioFirst; Entity controlled by controlling beneficiary shareholder of YuanGene | 100% owned by BioFirst; Entity controlled by controlling beneficiary shareholder of YuanGene |
Rgene Corporation (the “Rgene”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries, description | Shareholder of the Company; Entity controlled by controlling beneficiary shareholder of YuanGene; the Chairman of Rgene is Mr. Tsung-Shann Jiang | Shareholder of the Company; entity controlled by controlling beneficiary shareholder of YuanGene |
YuanGene Corporation (the “YuanGene”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries, description | Controlling beneficiary shareholder of the Company | Controlling beneficiary shareholder of the Company |
AsiaGene Corporation (the “AsiaGene”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries, description | Shareholder; entity controlled by controlling beneficiary shareholder of YuanGene | Shareholder; entity controlled by controlling beneficiary shareholder of YuanGene |
Eugene Jiang [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries, description | Former President and Chairman | Former President and Chairman |
Keypoint Technology Ltd. (the “Keypoint’) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries, description | The Chairman of Keypoint is Eugene Jiang’s mother. | The Chairman of Keypoint is Eugene Jiang’s mother. |
Lion Arts Promotion Inc. (the “Lion Arts”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries, description | Shareholder of the Company | Shareholder of the Company |
Yoshinobu Odaira (the “Odaira”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries, description | Director of the Company | Director of the Company |
GenePharm Inc. (the “GenePharm”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries, description | Dr. George Lee, Board Director of Biokey, is the Chairman of GenePharm. | Dr. George Lee, Board Director of Biokey, is the Chairman of GenePharm. |
Euro-Asia Investment & Finance Corp Ltd. (the “Euro-Asia”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries, description | Shareholder of the Company | Shareholder of the Company |
LBG USA, Inc. (the “LBG USA”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries, description | 100% owned by BioFirst; Entity controlled by controlling beneficiary shareholder of YuanGene | 100% owned by BioFirst; Entity controlled by controlling beneficiary shareholder of YuanGene |
LionGene Corporation (the “LionGene”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries, description | Shareholder of the Company; Entity controlled by controlling beneficiary shareholder of YuanGene | Shareholder of the Company; Entity controlled by controlling beneficiary shareholder of YuanGene |
Kimho Consultants Co., Ltd. (the “Kimho”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries, description | Shareholder of the Company | Shareholder of the Company |
The Jiangs [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries, description | Mr. Tsung-Shann Jiang, the controlling beneficiary shareholder of the Company; the Chairman of Rgene; the Chairman and CEO of the BioLite Holding Inc. and BioLite Inc. and the President and a member of board of directors of BioFirst Ms. Shu-Ling Jiang, Mr. Tsung-Shann Jiang’s wife, is the Chairman of Keypoint; and a member of board of directors of BioLite Inc. Mr. Eugene Jiang is Mr. and Ms. Jiang’s son. Mr. Eugene Jiang is the chairman, and majority shareholder of the Company and a member of board of directors of BioLite Inc. Mr. Chang-Jen Jiang is Mr. Tsung-Shann Jiang’s sibling and the director of the Company. Ms. Mei-Ling Jiang is Ms. Shu-Ling Jiang’s sibling. | |
Amkey Ventures, LLC (“Amkey”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries, description | An entity controlled by Dr. George Lee, who serves as one of the board directors of BioKey, Inc | An entity controlled by Dr. George Lee, who serves as one of the board directors of BioKey, Inc |
BioLite Japan [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries, description | Entity controlled by controlling beneficiary shareholder of ABVC | Entity controlled by controlling beneficiary shareholder of ABVC |
BioHopeKing Corporation [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries, description | Entity controlled by controlling beneficiary shareholder of ABVC | Entity controlled by controlling beneficiary shareholder of ABVC |
ABVC BioPharma (HK), Limited [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries, description | An entity 100% owned by Mr. Tsung-Shann Jiang | An entity 100% owned by Mr. Tsung-Shann Jiang |
Related Parties Transactions _3
Related Parties Transactions (Details) - Schedule of accounts receivable due from related parties - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Related Parties Transactions (Details) - Schedule of accounts receivable due from related parties [Line Items] | ||
Accounts receivable due from related parties | $ 618,196 | $ 757,343 |
GenePharm Inc. [Member] | ||
Related Parties Transactions (Details) - Schedule of accounts receivable due from related parties [Line Items] | ||
Accounts receivable due from related parties | 142,225 | |
Rgene [Member] | ||
Related Parties Transactions (Details) - Schedule of accounts receivable due from related parties [Line Items] | ||
Accounts receivable due from related parties | $ 618,196 | $ 615,118 |
Related Parties Transactions _4
Related Parties Transactions (Details) - Schedule of due from related parties - current - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Related Parties Transactions (Details) - Schedule of due from related parties - current [Line Items] | ||
Due from related parties - current | $ 519,984 | $ 513,819 |
Rgene [Member] | ||
Related Parties Transactions (Details) - Schedule of due from related parties - current [Line Items] | ||
Due from related parties - current | $ 519,984 | $ 513,819 |
Related Parties Transactions _5
Related Parties Transactions (Details) - Schedule of due from related parties - non current - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 1,245,933 | $ 1,141,378 |
BioFirst (Australia) [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,132,070 | 1,028,556 |
BioHopeKing Corporation [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 113,863 | $ 112,822 |
Related Parties Transactions _6
Related Parties Transactions (Details) - Schedule of amount due to related parties - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Related Parties Transactions (Details) - Schedule of amount due to related parties [Line Items] | |||
Total | $ 1,011,347 | $ 635,893 | $ 393,424 |
BioFirst Corporation [Member] | |||
Related Parties Transactions (Details) - Schedule of amount due to related parties [Line Items] | |||
Total | 525,104 | 188,753 | 40,878 |
BioFirst (Australia) [Member] | |||
Related Parties Transactions (Details) - Schedule of amount due to related parties [Line Items] | |||
Total | 313,606 | 275,901 | 132,443 |
The Jiangs [Member] | |||
Related Parties Transactions (Details) - Schedule of amount due to related parties [Line Items] | |||
Total | 19,789 | 19,789 | 18,750 |
Due to shareholders [Member] | |||
Related Parties Transactions (Details) - Schedule of amount due to related parties [Line Items] | |||
Total | $ 152,848 | $ 151,450 | $ 168,131 |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of income tax expense - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | ||||
Federal | ||||
State | 2,400 | 800 | ||
Foreign | ||||
Total Current | 2,400 | 800 | ||
Deferred: | ||||
Federal | ||||
State | ||||
Foreign | (86,867) | 795,378 | (187,055) | |
Total Deferred | (86,867) | $ 795,378 | $ (187,055) | |
Total provision for income taxes | $ (86,867) |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of deferred tax assets (liability) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Deferred Tax Assets Liability [Abstract] | |||
Loss on impairment of Assets | $ 716,313 | $ 709,961 | $ 741,390 |
Net operating loss carryforwards | 6,981,132 | 5,866,623 | 2,801,363 |
Operating lease liabilities | 213,482 | 213,482 | |
Operating lease assets | (213,482) | (213,482) | |
Deferred tax assets, Gross | 7,697,445 | 6,576,584 | 4,240,940 |
Valuation allowance | (7,579,254) | (6,459,474) | (3,259,028) |
Deferred tax assets, net | $ 118,191 | $ 117,110 | $ 981,912 |
Equity (Details)
Equity (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 01, 2022 | Jul. 10, 2022 | Jul. 01, 2022 | Oct. 15, 2021 | Jul. 08, 2020 | Feb. 23, 2023 | May 31, 2022 | Apr. 16, 2022 | Mar. 31, 2022 | Jan. 31, 2022 | Nov. 30, 2021 | Aug. 31, 2021 | Jul. 31, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2023 | Jan. 03, 2023 | Aug. 05, 2021 | Jun. 29, 2021 | May 17, 2021 | Oct. 30, 2020 | |
Equity (Details) [Line Items] | ||||||||||||||||||||||||
Service fee (in Dollars) | $ 4,296,763 | $ 1,478,590 | $ 1,090,361 | |||||||||||||||||||||
Unrestricted common shares | 1,306,007 | |||||||||||||||||||||||
Price per share (in Dollars per share) | $ 1.05 | $ 2.25 | ||||||||||||||||||||||
Common shares, issued | 75,000 | |||||||||||||||||||||||
Consulting and advisory services amount (in Dollars) | $ 556,075 | $ 169,500 | ||||||||||||||||||||||
Consulting and advisory services value per share (in Dollars per share) | $ 2.26 | $ 5 | ||||||||||||||||||||||
Shares issued | 2,000,000 | |||||||||||||||||||||||
Gross proceeds (in Dollars) | $ 4,220,000 | |||||||||||||||||||||||
Warrants term | 5 years | |||||||||||||||||||||||
Shares of common stock | 2,000,000 | |||||||||||||||||||||||
Exercisable price per share (in Dollars per share) | $ 2.45 | |||||||||||||||||||||||
Common stock, shares issued | 5,291,667 | 32,857,329 | 28,926,322 | 33,080,740 | 223,411 | 50,000 | ||||||||||||||||||
Principal amount (in Dollars) | $ 3,704,167 | |||||||||||||||||||||||
Purchase price (in Dollars) | $ 3,175,000 | |||||||||||||||||||||||
Exercise price (in Dollars per share) | $ 3 | $ 1.05 | $ 3 | |||||||||||||||||||||
Shares issued | 5,291,667 | |||||||||||||||||||||||
Agreement, description | In January 2021, WallachBeth entered into a consulting agreement with the Company pursuant to which the Company engaged WallachBeth to conduct due diligence and research work with respect to the Company. | |||||||||||||||||||||||
Common stock , shares | 1,111,112 | |||||||||||||||||||||||
Convertible promissory note value (in Dollars) | $ 2,500,000 | |||||||||||||||||||||||
Public offering , description | On August 5, 2021, the Company closed its public offering (the “Public Offering”) of 1,100,000 units (the “Units”), with each Unit consisting of one share of the Company’s common stock, one Series A warrant (the “Series A Warrants”) to purchase one share of common stock at an exercise price equal to $6.30 per share, exercisable until the fifth anniversary of the issuance date, and one Series B warrant (the “Series B Warrants,” and together with the Series A Warrants, the “Public Warrants”) to purchase one share of common stock at an exercise price equal to $10.00 per share, exercisable until the fifth anniversary of the issuance date; the exercise price of the Public Warrants are subject to certain adjustment and cashless exercise provisions as described therein. The Company completed the Public Offering pursuant to its registration statement on Form S-1 (File No. 333-255112), originally filed with the Securities and Exchange Commission (the “SEC”) on April 8, 2021 (as amended, the “Original Registration Statement”), that the SEC declared effective on August 2, 2021 and the registration statement on Form S-1 (File No. 333-258404) that was filed and automatically effective on August 4, 2021 (the “S-1MEF,” together with the Original Registration Statement, the “Registration Statement”). The Units were priced at $6.25 per Unit, before underwriting discounts and offering expenses, resulting in gross proceeds of $6,875,000. | |||||||||||||||||||||||
Issuance of common stock for debt (in Dollars) | $ 3,663,925 | $ 11,119,452 | ||||||||||||||||||||||
Gross proceeds from exercise of warrants (in Dollars) | $ 4,244,452 | |||||||||||||||||||||||
Warrants exercise price (in Dollars per share) | $ 1.05 | |||||||||||||||||||||||
Aggregate common stock shares | 673,605 | |||||||||||||||||||||||
Private Placement [Member] | ||||||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||||||
Price per share (in Dollars per share) | $ 3.29 | |||||||||||||||||||||||
IPO [Member] | ||||||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||||||
Common stock issued to professional investors | 2,354,145 | |||||||||||||||||||||||
Issuance of common stock for debt (in Dollars) | $ 6,875,000 | |||||||||||||||||||||||
Legal fees (in Dollars) | $ 850,429 | |||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||||||
Offering per share (in Dollars per share) | $ 2.11 | |||||||||||||||||||||||
Series A Warrants [Member] | ||||||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||||||
Warrants exercised | 673,405 | |||||||||||||||||||||||
Warrants exercise price (in Dollars per share) | $ 6.3 | |||||||||||||||||||||||
Series B Warrants [Member] | ||||||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||||||
Warrants exercised | 200 | |||||||||||||||||||||||
Warrants exercise price (in Dollars per share) | $ 10 | |||||||||||||||||||||||
Share Exchange Agreement [Member] | ||||||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||||||
Common stock issued post-stock split | 125,000 | |||||||||||||||||||||||
Common stock issued pre-stock split | 100,000 | |||||||||||||||||||||||
Barlew Holdings, LLC [Member] | ||||||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||||||
Shares of common stock | 75,000 | |||||||||||||||||||||||
Inverlew Advisors, LLC [Member] | ||||||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||||||
Shares of common stock | 250,000 | |||||||||||||||||||||||
Euro-Asia Investment & Finance Corp Ltd. [Member] | ||||||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||||||
Common stock issued post-stock split | 125,000 | |||||||||||||||||||||||
Thalia Media Ltd. [Member] | ||||||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||||||
Common stock issued pre-stock split | 100,000 | |||||||||||||||||||||||
View Trade Securities Inc. [Member] | ||||||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||||||
Common stock, shares issued | 60,000 | |||||||||||||||||||||||
Placement agent agreement, description | Pursuant to the agreement, the Company agreed to pay View Trade 60,000 restricted common shares of the Company and 60,000 warrants to purchase common shares of the Company at an exercise price of $6 per share for a period of 5 years with cashless exercise provision. | |||||||||||||||||||||||
Consulting fees (in Dollars) | $ 135,000 | |||||||||||||||||||||||
Restricted common shares | 6,000 | |||||||||||||||||||||||
WallachBeth Capital LLC [Member] | ||||||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||||||
Shares issued | 6,000 | |||||||||||||||||||||||
Consulting Agreement [Member] | ||||||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||||||
Unrestricted common shares | 316,934 | |||||||||||||||||||||||
Consulting Agreement [Member] | Maximum [Member] | ||||||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||||||
Price per share (in Dollars per share) | $ 6.3 | |||||||||||||||||||||||
securities purchase agreement [Member] | ||||||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||||||
Unrestricted common shares | 1,306,007 | |||||||||||||||||||||||
Barlew Holdings, LLC [Member] | ||||||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||||||
Common shares, issued | 75,000 | |||||||||||||||||||||||
Consulting and advisory services amount (in Dollars) | $ 169,500 | |||||||||||||||||||||||
Consulting and advisory services value per share (in Dollars per share) | $ 2.26 | |||||||||||||||||||||||
Consulting Agreement [Member] | Minimum [Member] | ||||||||||||||||||||||||
Equity (Details) [Line Items] | ||||||||||||||||||||||||
Price per share (in Dollars per share) | $ 2.31 |
Stock Options (Details)
Stock Options (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Oct. 15, 2021 | Feb. 23, 2023 | Apr. 16, 2022 | Nov. 21, 2020 | Oct. 30, 2020 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 31, 2022 | Nov. 30, 2021 | |
Stock Options (Details) [Line Items] | |||||||||||
Stock options aggregate | 545,182 | ||||||||||
Conversion price (in Dollars per share) | $ 2 | ||||||||||
Consulting fees (in Dollars) | $ 1,090,361 | $ 4,296,763 | $ 1,478,590 | ||||||||
Company granted option | 1,280,002 | 761,920 | 545,182 | 761,920 | 1,280,002 | ||||||
Options vested grant date exercisable | 10 years | 10 years | 10 years | ||||||||
Exercise price per share (in Dollars per share) | $ 3 | $ 1.05 | $ 3 | ||||||||
Fair value of options granted (in Dollars) | $ 2.79 | ||||||||||
Stock-based compensation expense (in Dollars) | $ 0 | $ 0 | 1,241,930 | $ 2,675,205 | |||||||
Fair value of options granted (in Dollars) | $ 1.63 | $ 2.09 | |||||||||
2016 Equity Incentive Plan [Member] | |||||||||||
Stock Options (Details) [Line Items] | |||||||||||
Options available for grant | 3,860,211 |
Stock Options (Details) - Sched
Stock Options (Details) - Schedule of options issued and outstanding - Stock Options [Member] | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Stock Options (Details) - Schedule of options issued and outstanding [Line Items] | |
Number of Underlying Shares, Outstanding | shares | 1,825,184 |
Weighted-Average Exercise Price Per Share, Outstanding | $ / shares | $ 2.7 |
Aggregate Intrinsic Value, Outstanding | $ | |
Number of Underlying Shares, Granted | shares | 761,920 |
Weighted-Average Exercise Price Per Share, Granted | $ / shares | $ 3 |
Number of Underlying Shares, Forfeited | shares | |
Weighted-Average Exercise Price Per Share, Forfeited | $ / shares | |
Number of Underlying Shares, Outstanding | shares | 2,587,104 |
Weighted-Average Exercise Price Per Share, Outstanding | $ / shares | $ 2.79 |
Weighted- Average Contractual Life Remaining in Years, Outstanding | 8 years 8 months 26 days |
Aggregate Intrinsic Value, Outstanding | $ | |
Number of Underlying Shares, Exercisable | shares | 2,587,104 |
Weighted-Average Exercise Price Per Share, Exercisable | $ / shares | $ 2.79 |
Weighted-Average Contractual Life Remaining in Years, Exercisable | 8 years 8 months 26 days |
Aggregate Intrinsic Value, Exercisable | $ | |
Number of Underlying Shares, Vested and expected to vest | shares | 2,587,104 |
Weighted-Average Exercise Price Per Share, Vested and expected to vest | $ / shares | $ 2.79 |
Weighted-Average Contractual Life Remaining in Years, Vested and expected to vest | 8 years 8 months 26 days |
Aggregate Intrinsic Value, Vested and expected to vest | $ |
Stock Options (Details) - Sch_2
Stock Options (Details) - Schedule of fair value of stock options granted | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of fair value of stock options granted [Abstract] | ||
Risk free interest rate | 2.79% | 1.13% |
Expected term (in years) | 5 years | 5 years |
Dividend yield | 0% | 0% |
Expected volatility | 83.86% | 108.51% |
Loss Per Share (Details) - Sche
Loss Per Share (Details) - Schedule of loss per share - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator: | ||||
Net loss attributable to ABVC’s common stockholders (in Dollars) | $ (1,823,695) | $ (5,995,440) | $ (16,423,239) | $ (12,838,813) |
Weighted-average shares outstanding: | ||||
Weighted-average shares outstanding - Basic | $ 33,075,775 | $ 29,683,402 | $ 31,664,600 | $ 25,053,522 |
Stock options (in Dollars) | ||||
Weighted-average shares outstanding - Diluted | $ 33,075,775 | $ 29,683,402 | $ 31,664,600 | $ 25,053,522 |
Loss per share | ||||
-Basic | (0.06) | (0.2) | (0.52) | (0.51) |
-Diluted | $ (0.06) | $ (0.2) | $ (0.52) | $ (0.51) |
Lease (Details) - Schedule of o
Lease (Details) - Schedule of operating lease arrangements - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
ASSETS | |||
Operating lease right-of-use assets | $ 1,098,760 | $ 1,161,141 | $ 1,471,899 |
LIABILITIES | |||
Operating lease liabilities (current) | 387,333 | 369,314 | 347,100 |
Operating lease liabilities (noncurrent) | $ 711,427 | $ 791,827 | $ 1,124,799 |
Lease (Details) - Schedule of l
Lease (Details) - Schedule of lease expenses - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of lease expenses [Abstract] | ||||
Operating lease expenses | $ 94,299 | $ 85,857 | $ 358,576 | $ 335,208 |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 94,299 | $ 85,857 | $ 358,576 | $ 335,208 |
Weighted Average Remaining Lease Term: | ||||
Lease Term of operating leases | 2 years 8 months 1 day | 2 years 5 months 23 days | 2 years 10 months 24 days | |
Weighted Average Discount Rate: | ||||
Discount Rate of operating leases | 1.57% | 1.49% | 1.39% |
Lease (Details) - Schedule of m
Lease (Details) - Schedule of minimum future annual payments under non-cancellable leases - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of minimum future annual payments under non-cancellable leases [Abstract] | ||
2023 (excluding three months ended March 31, 2023) | $ 293,183 | |
2024 | 404,999 | |
2025 | 351,391 | |
2026 | 56,915 | |
Thereafter | ||
Total future minimum lease payments, undiscounted | 1,106,488 | |
Less: Imputed interest | 7,728 | $ 8,703 |
Present value of future minimum lease payments | $ 1,098,760 | $ 1,161,141 |
Subsequent Events (Details)
Subsequent Events (Details) | 1 Months Ended | 3 Months Ended | |||||||||||||||||||||||
Apr. 04, 2023 USD ($) | Apr. 04, 2023 TWD ($) | Sep. 06, 2022 USD ($) | Sep. 06, 2022 TWD ($) | Jul. 14, 2022 USD ($) | Jul. 14, 2022 TWD ($) | Jan. 14, 2022 USD ($) | Jan. 14, 2022 TWD ($) | Oct. 31, 2021 USD ($) | Oct. 15, 2021 $ / shares | Sep. 06, 2021 USD ($) | Sep. 06, 2021 TWD ($) | Feb. 23, 2023 USD ($) $ / shares shares | Apr. 16, 2022 $ / shares | Jul. 19, 2017 | Mar. 31, 2023 shares | Jul. 14, 2023 USD ($) | Jan. 14, 2023 TWD ($) | Jan. 03, 2023 shares | Dec. 31, 2022 shares | Sep. 06, 2022 TWD ($) | Dec. 31, 2021 shares | Jul. 15, 2021 | Jun. 29, 2021 shares | May 17, 2021 $ / shares | |
Subsequent Events (Details) [Line Items] | |||||||||||||||||||||||||
Principle amount | $ 246,000 | $ 7,500,000 | $ 656,000 | $ 20,000,000 | $ 656,000 | $ 20,000,000 | $ 650,000 | $ 246,000 | $ 7,500,000 | ||||||||||||||||
Loan matures date | Jul. 18, 2019 | Nov. 30, 2022 | |||||||||||||||||||||||
Interest rate | 2% | ||||||||||||||||||||||||
Common shares, issued (in Shares) | shares | 5,291,667 | 33,080,740 | 223,411 | 32,857,329 | 28,926,322 | 50,000 | |||||||||||||||||||
Principal amount | $ 243,750 | $ 7,500,000 | |||||||||||||||||||||||
Initial conversion price (in Dollars per share) | $ / shares | $ 1.05 | $ 2.25 | |||||||||||||||||||||||
Common stock , exercise price (in Dollars per share) | $ / shares | $ 3 | $ 1.05 | $ 3 | ||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||||||||||||||
Common shares, issued (in Shares) | shares | 223,411 | ||||||||||||||||||||||||
Principal amount | $ 20,000,000 | ||||||||||||||||||||||||
Forecast [Member] | |||||||||||||||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||||||||||||||
Interest rate | 2.50% | ||||||||||||||||||||||||
Principal amount | $ 650,000 | ||||||||||||||||||||||||
BioFirst [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||||||||||||||
Principle amount | $ 89,500 | ||||||||||||||||||||||||
Interest rate | 6.50% | 6.50% | |||||||||||||||||||||||
BioLite [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||||||||||||||
Principle amount | $ 57,000 | ||||||||||||||||||||||||
Loan matures date | Apr. 03, 2024 | Apr. 03, 2024 | |||||||||||||||||||||||
Interest rate | 6.50% | 6.50% | |||||||||||||||||||||||
BioFirst [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||||||||||||||
Loan matures date | Apr. 03, 2024 | Apr. 03, 2024 | |||||||||||||||||||||||
Lind Global Fund II [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||||||||||||||
Principle amount | $ 3,704,167 | ||||||||||||||||||||||||
Purchase price | $ 3,175,000 | ||||||||||||||||||||||||
Initial conversion price (in Dollars per share) | $ / shares | $ 1.05 | ||||||||||||||||||||||||
Common stock , exercise price (in Dollars per share) | $ / shares | $ 1.05 | ||||||||||||||||||||||||
Lind Global Fund II [Member] | Forecast [Member] | |||||||||||||||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||||||||||||||
Purchase warrants (in Shares) | shares | 5,291,667 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of property and equipment under capital leases, generally based on the following useful lives | Mar. 31, 2023 | Dec. 31, 2022 |
Buildings and leasehold improvements [Member] | Minimum [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of property and equipment under capital leases, generally based on the following useful lives [Line Items] | ||
Estimated Life | 5 years | 5 years |
Buildings and leasehold improvements [Member] | Maximum [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of property and equipment under capital leases, generally based on the following useful lives [Line Items] | ||
Estimated Life | 50 years | 50 years |
Machinery and equipment [Member] | Minimum [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of property and equipment under capital leases, generally based on the following useful lives [Line Items] | ||
Estimated Life | 5 years | 5 years |
Machinery and equipment [Member] | Maximum [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of property and equipment under capital leases, generally based on the following useful lives [Line Items] | ||
Estimated Life | 10 years | 10 years |
Office equipment [Member] | Minimum [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of property and equipment under capital leases, generally based on the following useful lives [Line Items] | ||
Estimated Life | 3 years | 3 years |
Office equipment [Member] | Maximum [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of property and equipment under capital leases, generally based on the following useful lives [Line Items] | ||
Estimated Life | 6 years | 6 years |
Inventory (Details) - Schedule
Inventory (Details) - Schedule of inventory - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Inventory [Abstract] | ||
Finished goods | $ 96,725 | |
Work-in-process | ||
Raw materials | 84,620 | |
Allowance for inventory valuation and obsolescence loss | (155,370) | |
Inventories, net | $ 25,975 |
Property and Equipment (Detai_3
Property and Equipment (Details) - Schedule of property and equipment - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 3,885,457 | $ 3,878,435 | $ 3,840,352 |
Less: accumulated depreciation | (3,313,879) | (3,304,457) | (3,314,471) |
Property and equipment, net | 571,578 | 573,978 | 525,881 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 364,527 | 361,193 | 400,091 |
Buildings and leasehold improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 2,227,803 | 2,226,687 | 2,235,061 |
Machinery and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,117,813 | 1,116,789 | 1,013,376 |
Office equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 175,314 | $ 173,766 | $ 191,824 |
Long-Term Investments (Detail_8
Long-Term Investments (Details) - Schedule of ownership percentages of investee | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2022 | |
Braingenesis Biotechnology Co., Ltd. [Member] | |||
Long-Term Investments (Details) - Schedule of ownership percentages of investee [Line Items] | |||
Ownership percentage | 0.22% | 0.22% | 0.22% |
Accounting treatments | Cost Method | Cost Method | |
Genepharm Biotech Corporation [Member] | |||
Long-Term Investments (Details) - Schedule of ownership percentages of investee [Line Items] | |||
Ownership percentage | 0.92% | 0.92% | 0.92% |
Accounting treatments | Cost Method | Cost Method | |
BioHopeKing Corporation [Member] | |||
Long-Term Investments (Details) - Schedule of ownership percentages of investee [Line Items] | |||
Ownership percentage | 8.03% | 8.03% | 8.03% |
Accounting treatments | Cost Method | Cost Method | |
BioFirst Corporation [Member] | |||
Long-Term Investments (Details) - Schedule of ownership percentages of investee [Line Items] | |||
Ownership percentage | 21.77% | 21.77% | 21.77% |
Accounting treatments | Equity Method | Equity Method | |
Rgene Corporation [Member] | |||
Long-Term Investments (Details) - Schedule of ownership percentages of investee [Line Items] | |||
Ownership percentage | 28.85% | 28.85% | 28.85% |
Accounting treatments | Equity Method | Equity Method |
Long-Term Investments (Detail_9
Long-Term Investments (Details) - Schedule of extent the investee relies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Braingenesis Biotechnology Co., Ltd. [Member] | ||
Long-Term Investments (Details) - Schedule of extent the investee relies [Line Items] | ||
Relationship with the Company and its subsidiaries, description | No specific business relationship | No specific business relationship |
Genepharm Biotech Corporation [Member] | ||
Long-Term Investments (Details) - Schedule of extent the investee relies [Line Items] | ||
Relationship with the Company and its subsidiaries, description | No specific business relationship | No specific business relationship |
BioHopeKing Corporation [Member] | ||
Long-Term Investments (Details) - Schedule of extent the investee relies [Line Items] | ||
Relationship with the Company and its subsidiaries, description | Collaborating with the Company to develop and commercialize drugs | Collaborating with the Company to develop and commercialize drugs |
BioFirst Corporation [Member] | ||
Long-Term Investments (Details) - Schedule of extent the investee relies [Line Items] | ||
Relationship with the Company and its subsidiaries, description | Loaned from investee and provides research and development support service | Loaned from the investee and provides research and development support service |
Rgene Corporation [Member] | ||
Long-Term Investments (Details) - Schedule of extent the investee relies [Line Items] | ||
Relationship with the Company and its subsidiaries, description | Collaborating with the Company to develop and commercialize drugs | Collaborating with the Company to develop and commercialize drugs |
Long-Term Investments (Detai_10
Long-Term Investments (Details) - Schedule of long-term investment - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Non-marketable Cost Method Investments, net | |||
Non-marketable Cost Method Investments, net | $ 849,843 | $ 842,070 | $ 932,755 |
Equity Method Investments, net | |||
Equity Method Investments, net | 849,843 | 842,070 | 932,755 |
Braingenesis Biotechnology Co., Ltd. [Member] | |||
Non-marketable Cost Method Investments, net | |||
Non-marketable Cost Method Investments, net | 7,235 | 7,169 | 7,941 |
Genepharm Biotech Corporation [Member] | |||
Non-marketable Cost Method Investments, net | |||
Non-marketable Cost Method Investments, net | 22,089 | 21,887 | 24,244 |
BioHopeKing Corporation [Member] | |||
Non-marketable Cost Method Investments, net | |||
Non-marketable Cost Method Investments, net | 820,519 | 813,014 | 900,570 |
BioFirst Corporation [Member] | |||
Equity Method Investments, net | |||
Equity Method Investments, net | |||
Rgene Corporation [Member] | |||
Equity Method Investments, net | |||
Equity Method Investments, net |
Long-Term Investments (Detai_11
Long-Term Investments (Details) - Schedule of balance sheet - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2023 | |
BioFirst [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Current Assets | $ 1,543,151 | $ 2,205,669 | |
Noncurrent Assets | 739,472 | 959,454 | $ 801,410 |
Current Liabilities | 2,663,051 | 2,909,703 | 1,675,194 |
Noncurrent Liabilities | 103,447 | 32,522 | 357,150 |
Stockholders’ Equity (Deficit) | 483,874 | 222,898 | |
Rgene [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Current Assets | 68,302 | 73,452 | |
Noncurrent Assets | 303,893 | 374,423 | 288,160 |
Current Liabilities | 2,478,868 | 1,934,786 | 2,491,974 |
Noncurrent Liabilities | 2,441 | $ 2,048 | |
Stockholders’ Equity (Deficit) | $ (2,481,309) | $ (1,486,911) |
Long-Term Investments (Detai_12
Long-Term Investments (Details) - Schedule of statement of operation - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
BioFirst [Member] | BioFirst [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Net sales | $ 30,162 | $ 26,693 | |
Gross profit | 8,239 | 8,348 | |
Net loss | (1,274,539) | (2,276,892) | |
Share of losses from investments accounted for using the equity method | (269,844) | ||
Rgene [Member] | Rgene [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Net sales | |||
Gross profit | |||
Net loss | (1,550,123) | (576,514) | |
Share of losses from investments accounted for using the equity method |
Long-Term Investments (Detai_13
Long-Term Investments (Details) - Schedule of equity investments - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Investments [Abstract] | |||
Share of equity method investee losses | $ (269,844) |
Bank Loans (Details) - Schedu_2
Bank Loans (Details) - Schedule of short-term bank loan - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Short-Term Debt [Line Items] | |||
Total | $ 902,000 | $ 1,893,750 | $ 1,640,000 |
Cathay United Bank [Member] | |||
Short-Term Debt [Line Items] | |||
Total | 246,000 | 243,750 | 270,000 |
CTBC Bank [Member] | |||
Short-Term Debt [Line Items] | |||
Total | 656,000 | 650,000 | 720,000 |
Cathay Bank [Member] | |||
Short-Term Debt [Line Items] | |||
Total | $ 1,000,000 | $ 650,000 |
Paycheck Protection Program L_2
Paycheck Protection Program Loan Payable (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||
Feb. 07, 2021 | Apr. 14, 2020 | Nov. 15, 2021 | Sep. 28, 2021 | Jan. 29, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 15, 2021 | |
Paycheck Protection Program Loan Payable (Details) [Line Items] | ||||||||
Loan from paycheck protection program | $ 124,400 | $ 132,331 | ||||||
Forgiven amount percentage used for payroll | 60% | 60% | 60% | |||||
Promissory note description | The loan was granted pursuant to a promissory note dated January 27, 2021 issued by the Company, which matures on January 28, 2026 and bears interest at a rate of 1.00% per annum. The Company will pay the principal in one payment of all outstanding principal plus all accrued unpaid interest on that date that is five years after the date of the promissory note. | |||||||
Loan from paycheck protection programs | $ 104,167 | |||||||
Interest rate | 1% | |||||||
Government grant income | $ 360,898 | |||||||
Paycheck Protection Program [Member] | ||||||||
Paycheck Protection Program Loan Payable (Details) [Line Items] | ||||||||
Debt Instrument, Payment Terms of description | The loan was granted pursuant to a promissory note dated April 14, 2020 issued by the Company, which matures on April 13, 2022 and bears interest at a rate of 1.00% per annum. | |||||||
Loan amount | $ 124,400 | |||||||
Loan forgiven | $ 104,167 | $ 132,331 | ||||||
Government grant income | $ 360,898 |
Notes Payable (Details)
Notes Payable (Details) | 12 Months Ended | |||||
Jan. 31, 2019 USD ($) | Jan. 31, 2019 TWD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jul. 15, 2021 | Jan. 21, 2019 | |
Notes Payable [Abstract] | ||||||
Bearing interest | 12% | 12% | 1.68% | 5% | ||
Working capital amount | $ 106,800 | $ 3,000,000 | ||||
Balance due amount | $ 0 | $ 0 | ||||
Interest expenses | $ 0 | $ 8,592 |
Short-Term Loan (Details)
Short-Term Loan (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Aug. 26, 2021 | Aug. 17, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 18, 2020 | |
Debt Disclosure [Abstract] | |||||
Unsecured loan amount | $ 100,000 | ||||
Interest rate | 1.50% | ||||
Interest loan | $ 102,272 | ||||
Accrued interest expense | $ 0 | $ 0 |
Related Parties Transactions _7
Related Parties Transactions (Details) - Schedule of company with whom transactions are reported in these financial statements | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
BioFirst Corporation (the "BioFirst") [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries | Entity controlled by controlling beneficiary shareholder of YuanGene | Entity controlled by controlling beneficiary shareholder of YuanGene |
BioFirst (Australia) Pty Ltd. (the “BioFirst (Australia)”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries | 100% owned by BioFirst; Entity controlled by controlling beneficiary shareholder of YuanGene | 100% owned by BioFirst; Entity controlled by controlling beneficiary shareholder of YuanGene |
Rgene Corporation (the “Rgene”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries | Shareholder of the Company; Entity controlled by controlling beneficiary shareholder of YuanGene; the Chairman of Rgene is Mr. Tsung-Shann Jiang | Shareholder of the Company; entity controlled by controlling beneficiary shareholder of YuanGene |
YuanGene Corporation (the “YuanGene”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries | Controlling beneficiary shareholder of the Company | Controlling beneficiary shareholder of the Company |
AsiaGene Corporation (the “AsiaGene”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries | Shareholder; entity controlled by controlling beneficiary shareholder of YuanGene | Shareholder; entity controlled by controlling beneficiary shareholder of YuanGene |
Eugene Jiang [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries | Former President and Chairman | Former President and Chairman |
Keypoint Technology Ltd. (the “Keypoint’) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries | The Chairman of Keypoint is Eugene Jiang’s mother. | The Chairman of Keypoint is Eugene Jiang’s mother. |
Lion Arts Promotion Inc. (the “Lion Arts”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries | Shareholder of the Company | Shareholder of the Company |
Yoshinobu Odaira (the “Odaira”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries | Director of the Company | Director of the Company |
GenePharm Inc. (the “GenePharm”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries | Dr. George Lee, Board Director of Biokey, is the Chairman of GenePharm. | Dr. George Lee, Board Director of Biokey, is the Chairman of GenePharm. |
Euro-Asia Investment & Finance Corp Ltd. (the “Euro-Asia”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries | Shareholder of the Company | Shareholder of the Company |
LBG USA, Inc. (the “LBG USA”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries | 100% owned by BioFirst; Entity controlled by controlling beneficiary shareholder of YuanGene | 100% owned by BioFirst; Entity controlled by controlling beneficiary shareholder of YuanGene |
LionGene Corporation (the “LionGene”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries | Shareholder of the Company; Entity controlled by controlling beneficiary shareholder of YuanGene | Shareholder of the Company; Entity controlled by controlling beneficiary shareholder of YuanGene |
Kimho Consultants Co., Ltd. (the “Kimho”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries | Shareholder of the Company | Shareholder of the Company |
Kimho Consultants Co., Ltd. (the “Kimho”) One [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries | Mr. Tsung-Shann Jiang, the controlling beneficiary shareholder of the Company and Rgene, the Chairman and CEO of the BioLite Holding Inc. and BioLite Inc. and the President and a member of board of directors of BioFirst Ms. Shu-Ling Jiang, Mr. Tsung-Shann Jiang’s wife, is the Chairman of Keypoint; and a member of board of directors of BioLite Inc. Mr. Eugene Jiang is Mr. and Ms. Jiang’s son. Mr. Eugene Jiang is the chairman, and majority shareholder of the Company and a member of board of directors of BioLite Inc. Mr. Chang-Jen Jiang is Mr. Tsung-Shann Jiang’s sibling and the director of the Company. Ms. Mei-Ling Jiang is Ms. Shu-Ling Jiang’s sibling. | |
Amkey Ventures, LLC (“Amkey”) [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries | An entity controlled by Dr. George Lee, who serves as one of the board directors of BioKey, Inc | An entity controlled by Dr. George Lee, who serves as one of the board directors of BioKey, Inc |
BioLite Japan [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries | Entity controlled by controlling beneficiary shareholder of ABVC | Entity controlled by controlling beneficiary shareholder of ABVC |
BioHopeKing Corporation [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries | Entity controlled by controlling beneficiary shareholder of ABVC | Entity controlled by controlling beneficiary shareholder of ABVC |
ABVC BioPharma (HK), Limited [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship with the Company and its subsidiaries | An entity 100% owned by Mr. Tsung-Shann Jiang | An entity 100% owned by Mr. Tsung-Shann Jiang |
Related Parties Transactions _8
Related Parties Transactions (Details) - Schedule of accounts receivable due from related parties - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Related Parties Transactions (Details) - Schedule of accounts receivable due from related parties [Line Items] | ||
Total accounts receivable | $ 757,343 | $ 145,399 |
GenePharm Inc. [Member] | ||
Related Parties Transactions (Details) - Schedule of accounts receivable due from related parties [Line Items] | ||
Total accounts receivable | 142,225 | 142,225 |
Rgene [Member] | ||
Related Parties Transactions (Details) - Schedule of accounts receivable due from related parties [Line Items] | ||
Total accounts receivable | 615,118 | 2,374 |
Amkey [Member] | ||
Related Parties Transactions (Details) - Schedule of accounts receivable due from related parties [Line Items] | ||
Total accounts receivable | $ 800 |
Related Parties Transactions _9
Related Parties Transactions (Details) - Schedule of revenue from related party- Current - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Due from related party- Current [Member] | ||
Related Parties Transactions (Details) - Schedule of revenue from related party- Current [Line Items] | ||
Rgene | $ 513,819 | |
Total | 513,819 | |
Revenue from related party [Member] | ||
Related Parties Transactions (Details) - Schedule of revenue from related party- Current [Line Items] | ||
Rgene | 904,043 | $ 2,373 |
Total | $ 904,043 | $ 2,373 |
Related Parties Transactions_10
Related Parties Transactions (Details) - Schedule of due from related parties - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Due from related parties- Noncurrent | $ 1,141,378 | $ 818,183 |
Rgene [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Due from related parties- Noncurrent | 49,110 | |
BioFirst (Australia) [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Due from related parties- Noncurrent | 1,028,556 | 491,816 |
BioHopeKing Corporation [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Due from related parties- Noncurrent | 112,822 | 124,972 |
LBG USA [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Due from related parties- Noncurrent | 675 | |
BioLite Japan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Due from related parties- Noncurrent | 150,000 | |
Keypoint [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Due from related parties- Noncurrent | $ 1,610 |
Related Parties Transactions_11
Related Parties Transactions (Details) - Schedule of amount due to related parties - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Related Parties Transactions (Details) - Schedule of amount due to related parties [Line Items] | |||
Total | $ 1,011,347 | $ 635,893 | $ 393,424 |
BioFirst Corporation [Member] | |||
Related Parties Transactions (Details) - Schedule of amount due to related parties [Line Items] | |||
Total | 525,104 | 188,753 | 40,878 |
BioFirst (Australia) [Member] | |||
Related Parties Transactions (Details) - Schedule of amount due to related parties [Line Items] | |||
Total | 313,606 | 275,901 | 132,443 |
AsiaGene [Member] | |||
Related Parties Transactions (Details) - Schedule of amount due to related parties [Line Items] | |||
Total | 24,017 | ||
YuanGene [Member] | |||
Related Parties Transactions (Details) - Schedule of amount due to related parties [Line Items] | |||
Total | 9,205 | ||
The Jiangs [Member] | |||
Related Parties Transactions (Details) - Schedule of amount due to related parties [Line Items] | |||
Total | 19,789 | 19,789 | 18,750 |
Due to Shareholders [Member] | |||
Related Parties Transactions (Details) - Schedule of amount due to related parties [Line Items] | |||
Total | $ 152,848 | $ 151,450 | $ 168,131 |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of income tax expense - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | ||||
Federal | ||||
State | 2,400 | 800 | ||
Foreign | ||||
Total Current | 2,400 | 800 | ||
Deferred: | ||||
Federal | ||||
State | ||||
Foreign | (86,867) | 795,378 | (187,055) | |
Total Deferred | $ (86,867) | 795,378 | (187,055) | |
Total provision for income taxes | $ 797,778 | $ (186,255) |
Income Taxes (Details) - Sche_4
Income Taxes (Details) - Schedule of deferred tax assets (liability) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Deferred Tax Assets Liability [Abstract] | |||
Loss on impairment of Assets | $ 716,313 | $ 709,961 | $ 741,390 |
Net operating loss carryforwards in the Taiwan | 6,981,132 | 5,866,623 | 2,801,363 |
Tax credit of investment | 698,187 | ||
Operating lease liabilities | 213,482 | 213,482 | |
Operating lease assets | (213,482) | (213,482) | |
Deferred tax assets, Gross | 7,697,445 | 6,576,584 | 4,240,940 |
Valuation allowance | (7,579,254) | (6,459,474) | (3,259,028) |
Deferred tax assets, net | $ 118,191 | $ 117,110 | $ 981,912 |
Stock Options (Details) - Sch_3
Stock Options (Details) - Schedule of options issued and outstanding - Stock Options [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Stock Options (Details) - Schedule of options issued and outstanding [Line Items] | |
Number of Underlying Shares, Outstanding | shares | 1,825,184 |
Weighted-Average Exercise Price Per Share, Outstanding | $ / shares | $ 2.7 |
Number of Underlying Shares, Granted | shares | 761,920 |
Weighted-Average Exercise Price Per Share, Granted | $ / shares | $ 3 |
Number of Underlying Shares, Forfeited | shares | |
Weighted-Average Exercise Price Per Share, Forfeited | $ / shares | |
Number of Underlying Shares, Outstanding | shares | 2,587,104 |
Weighted-Average Exercise Price Per Share, Outstanding | $ / shares | $ 2.79 |
Weighted- Average Contractual Life Remaining in Years, Outstanding | 8 years 8 months 26 days |
Number of Underlying Shares, Exercisable | shares | 2,587,104 |
Weighted-Average Exercise Price Per Share, Exercisable | $ / shares | $ 2.79 |
Weighted-Average Contractual Life Remaining in Years, Exercisable | 8 years 8 months 26 days |
Number of Underlying Shares, Vested and expected to vest | shares | 2,587,104 |
Weighted-Average Exercise Price Per Share, Vested and expected to vest | $ / shares | $ 2.79 |
Weighted-Average Contractual Life Remaining in Years, Vested and expected to vest | 8 years 8 months 26 days |
Stock Options (Details) - Sch_4
Stock Options (Details) - Schedule of fair value of stock options granted | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Fair Value of Stock Options Granted [Abstract] | ||
Risk free interest rate | 2.79% | 1.13% |
Expected term (in years) | 5 years | 5 years |
Dividend yield | 0% | 0% |
Expected volatility | 83.86% | 108.51% |
Loss Per Share (Details) - Sc_2
Loss Per Share (Details) - Schedule of loss per share - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator: | ||||
Net loss attributable to ABVC’s common stockholders (in Dollars) | $ (1,823,695) | $ (5,995,440) | $ (16,423,239) | $ (12,838,813) |
Denominator: | ||||
Weighted-average shares outstanding - Basic | $ 33,075,775 | $ 29,683,402 | $ 31,664,600 | $ 25,053,522 |
Stock options (in Dollars) | ||||
Weighted-average shares outstanding - Diluted | $ 33,075,775 | $ 29,683,402 | $ 31,664,600 | $ 25,053,522 |
Loss per share | ||||
-Basic | (0.06) | (0.2) | (0.52) | (0.51) |
-Diluted | $ (0.06) | $ (0.2) | $ (0.52) | $ (0.51) |
Lease (Details) - Schedule of_2
Lease (Details) - Schedule of operating lease arrangements - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
ASSETS | |||
Operating lease right-of-use assets | $ 1,098,760 | $ 1,161,141 | $ 1,471,899 |
LIABILITIES | |||
Operating lease liabilities (current) | 387,333 | 369,314 | 347,100 |
Operating lease liabilities (noncurrent) | $ 711,427 | $ 791,827 | $ 1,124,799 |
Lease (Details) - Schedule of_3
Lease (Details) - Schedule of lease expenses - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Supplemental Information Related to Operating Leases [Abstract] | ||||
Operating lease expenses | $ 94,299 | $ 85,857 | $ 358,576 | $ 335,208 |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 94,299 | $ 85,857 | $ 358,576 | $ 335,208 |
Weighted Average Remaining Lease Term: | ||||
Operating leases | 2 years 8 months 1 day | 2 years 5 months 23 days | 2 years 10 months 24 days | |
Weighted Average Discount Rate: | ||||
Operating leases | 1.57% | 1.49% | 1.39% |
Lease (Details) - Schedule of_4
Lease (Details) - Schedule of minimum future annual payments under non-cancellable leases - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Minimum Future Annual Payments Under Non Cancellable Leases [Abstract] | ||
2023 | $ 374,478 | |
2024 | 389,613 | |
2025 | 348,837 | |
2026 | 56,916 | |
2027 | ||
Total future minimum lease payments, undiscounted | 1,169,844 | |
Less: Imputed interest | $ 7,728 | 8,703 |
Present value of future minimum lease payments | $ 1,098,760 | $ 1,161,141 |