6. RELATED PARTIES BALANCES AND TRANSACTIONS

The following is a list of related parties to which the Company has transactions with:

Eugene Jiang is the Chief Executive Officer of the Company, the owner of BioLite, Inc and one of the directors and common stock shareholders of BioFirst Corporation.

Amount due to related party

Amount due to related party consisted of the following as of the periods indicated:

	June 30, 2017		September 30, 2016

BioLite, Inc	$	-	$	6,500,000
BioFirst Corporation		950,000		-
YuanGene Corporation		3,000		-
Balance as at the ended of the period / year	$	953,000	$	6,500,000

Related party transactions

Unsecured borrowings from related parties consisted of the following for the periods indicated:

	June 30, 2017		September 30, 2016

BioFirst Corporation	$	950,000	$	-
YuanGene Corporation		3,000		-
Total	$	953,000	$	-

On January 26, 2017, the Company entered into a loan agreement with the lender party thereto, BioFirst Corporation, a company incorporated in Taiwan, Republic of China, for a total commitment (non-secured indebtedness) of $950,000 to meet its working capital needs. Under the terms of the loan agreement, the loan bears interest at 1% per month (or equivalent to 12% per annum) and the Company is required to remit the interest payment monthly to the lender. The loan will be matured on February 1, 2018.

Interest expense related to this indebtedness is $28,500 and $0 for the three months ended June 30, 2017 and 2016, respectively and $47,500 and $0 for the nine months ended June 30, 2017 and 2016, respectively. Accrued interest related to this borrowing is $9,500 and $0 as of June 30, 2017 and September 30, 2016, respectively.

During the nine months ended June 30, 2017, the Company provided a one-time consulting service to LionGene Corporation for $70,000. Since both LionGene and the Company are related parties and under common control by a controlling beneficiary shareholder of YuanGene Corporation, the Company has recorded the full amount of $70,000 as additional paid-in capital during the nine months ended June 30, 2017.

On May 26, 2017, BriVision entered into a co-development agreement (the “Co-Dev Agreement”) with Rgene (See Note 5). As of June 30, 2017, the Company has received an aggregate amount of $90,000 in cash. Since both Rgene and the Company are related parties and under common control by a controlling beneficiary shareholder of YuanGene Corporation, the Company has recorded the cash receipt of $90,000 in connection with the Co-Dev Agreement as additional paid-in capital during the nine months ended June 30, 2017.