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Related Parties Transactions | 6 Months Ended
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Jun. 30, 2019
Related Party Transactions [Abstract] |
RELATED PARTIES TRANSACTIONS | 11. 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") |  | Collaborative partners; Shareholder of the Company; 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
LBG USA, Inc. (the "LBG USA") |  | 100% owned by BioFirst; Entity controlled by controlling beneficiary shareholder of YuanGene
Lion Arts Promotion Inc. (the "LION") |  | Shareholder of the Company; Controlling shareholder of BioLite Inc.
LionGene Corporation (the "LionGene") |  | Shareholder of the Company; Entity controlled by controlling beneficiary shareholder of YuanGene
BioHopeKing Corporation (the "BHK") |  | Collaborative partners, BioLite Inc. owns 7.13% of BHK's common stock and serves as the Supervisor of BHK, Chi-Chou Liao, the Chairman of BHK, is also the shareholder of the Company.
Rgene Corporation (the "Rgene") |  | Collaborative partners; 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 of the Company; Entity controlled by controlling beneficiary shareholder of YuanGene
Keypoint Technology Ltd. (the "Keypoint') |  | The Chairman of Keypoint is Shu-Ling Jiang.
Yoshinobu Odaira (the "Odaira") |  | Director of the Company
GenePharm Inc. (the "GenePharm") |  | Mr. George Lee, the Director and Chairman of Biokey, is the Chairman of GenePharm.
Mr. Tsung-Shann Jiang, Ms. Shu-Ling Jiang, Mr. Chang-Jen Jiang, Ms. Mei-Ling Jiang, and Mr. Eugene Jiang (collectively 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, LION, and BioFirst; 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.
Accounts receivable – related parties Accounts receivable due from related parties consisted of the following as of the periods indicated:
|  | June 30, |  |  | December 31, |
|  | 2019 |  |  | 2018 |
GenePharm Inc. |  | $ | 142,225 |  |  | $ | - |
Total |  | $ | 142,225 |  |  | $ | - |
Due from related parties Amounts due from related parties consisted of the following as of the periods indicated:
|  | June 30, |  |  | December 31, |
|  | 2019 |  |  | 2018 |
Rgene Corporation |  | $ | 25,025 |  |  | $ | 19,477 |
AsiaGene Corporation |  |  | 3,256 |  |  |  | - |
BioFirst (Australia) Pty Ltd. |  |  | 40,000 |  |  |  | 40,000 |
BioHopeKing Corporation |  |  | 111,780 |  |  |  | - |
LBG USA Inc. |  |  | 675 |  |  |  | - |
Total |  | $ | 180,736 |  |  | $ | 59,477 |
| (1) | As of June 30, 2019 and December 31, 2018, the Company has advanced an aggregate amount of $25,025 and $19,477 to Rgene for working capital purpose. The advances bear 0% interest rate and are due on demand.
| (2) | On May 27, 2019, BioLite Taiwan entered into a loan agreement with AsiaGene for NT$100,000, equivalent to $3,225 to meet its working capital needs, pursuant to which the interest bears at 12% per annum. This loan is matured on December 31, 2019. As of June 30, 2019, the accrued interest was $31.
(3) | As of June 30, 2019 and December 31, 2018, the Company has advanced an aggregate amount of $40,000 to BioFirst (Australia) for working capital purpose. The advances bear 0% interest rate and are due on demand.
(4) | Pursuant to the BHK Co-Development Agreement and the BHK Collaborative Agreements (See Note 4), the development costs shall be shared 50/50 between BHK and BioLite Taiwan. As of June 30, 2019 and December 31, 2018, the outstanding balance due from BHK was $111,780 and $0, respectively.
| (5) | As of June 30, 2019 and December 31, 2018, the Company has advanced an aggregate amount of $675 and $0 to LBG USA for working capital purpose. The advances bear 0% interest rate and are due on demand.
Due to related parties Amount due to related parties consisted of the following as of the periods indicated:
|  | June 30, |  |  | December 31, |
|  | 2019 |  |  | 2018 |
Lion Arts Promotion Inc |  | $ | 97,864 |  |  | $ | 65,495 |
LionGene Corporation |  |  | 428,099 |  |  |  | 458,348 |
BioFirst Corporation |  |  | 3,002,911 |  |  |  | 6,428,643 |
AsiaGene Corporation |  |  | 160,000 |  |  |  | 160,000 |
YuanGene Corporation |  |  | 92,690 |  |  |  | 92,690 |
The Jiangs |  |  | 1,198,729 |  |  |  | 539,920 |
Total |  | $ | 4,980,293 |  |  | $ | 7,745,096 |
(1) | As of June 30, 2019, BioLite Taiwan has borrowed an aggregate amount of NT$2,950,000, equivalent to $94,990, from LION for working capital purpose. These loans bear interest at fixed rates at 12% per annum with various maturity dates through April 14, 2020. As of June 30, 2019 and December 31, 2018, the outstanding principal of loans was $94,990 and $65,495, and accrued interest was $2,719 and $0, respectively. Interest expenses in connection with these loans were $2,874 and $0 for the six months ended June 30, 2019 and 2018, respectively.
(2) | As of June 30, 2019 and December 31, 2018, LionGene has advanced in aggregate amount of $428,099 and $458,348, respectively, to the Company for working capital purpose. The advances bear 0% interest rate and are due on demand.
(3) | On January 26, 2017, BriVision and BioFirst entered into a loan agreement for a total commitment (non-secured indebtedness) of $950,000 to meet its working capital needs. On February 2, 2019, BriVision and BioFirst agreed to extend the remaining loan balance of $693,000 for one year matured on February 1, 2020. Under the terms of the loan agreement, the loan bears interest at 12% per annum. As of June 30, 2019 and December 31, 2018, the outstanding loan balance is $233,000 and $692,980, and accrued interest was $18,942 and $281, respectively. Interest expenses in connection with this loan were $18,681 and $56,837 for the six months ended June 30, 2019 and 2018, respectively.
(4) | As of June 30, 2019, BioLite Taiwan and BioFirst entered into several loan agreements for an aggregate amount of NT$19,430,000, equivalent to $625,646, to meet its working capital needs. Under the terms of the loan agreements, the loans bear interest at 12% per annum. The term of the loans has various maturity dates through May 27, 2020. As of June 30, 2019 and December 31, 2018, the outstanding loan balance was $625,646 and $663,810, and accrued interest was $168,370 and $127,976, respectively. Interest expenses in connection with this loan were $40,338 and $54,887 for the six months ended June 30, 2019 and 2018, respectively.
(5) | As of June 30, 2019, BioFirst has also advanced funds to the Company for working capital purpose. The advances bear 0% interest rate and are due on demand. As of June 30, 2019, the outstanding advance balance was $709,444.
(6) | On April 12, 2017, BioLite BVI and BioFirst entered into a loan agreement for NT$30,000,000, equivalent to $987,134 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). BioLite BVI and BioFirst extended the loan with the same interest rate and amount for one year. The loan will be matured on May 11, 2019. On May 12, 2019, the two parties extended the loan with the same interest rate and amount for one year. The loan will be matured on May 11, 2020. As of June 30, 2019 and December 31, 2018, the outstanding loan balance was $987,134 and $981,000, and accrued interest was $279,317 and $222,000, respectively. Interest expenses in connection with this loan were $57,317 and $60,113 for the six months ended June 30, 2019 and 2018, respectively.
(7) | On July 24, 2017, BriVision entered into a collaborative agreement (the "BioFirst Collaborative Agreement") with BioFirst (See Note 4). On September 25, 2017, BioFirst has delivered all research, technical, data and development data to BriVision, and the Company has recorded the full amount of $3,000,000 due to BioFirst. On June 30, 2019, the Company entered into a Stock Purchase Agreement with BioFirst, pursuant to which the Company agreed to issue 428,571 shares of the Company's common stock to BioFirst in consideration for $3,000,000 owed by the Company to BioFirst.
(8) | In September 2017, AsiaGene entered an investment and equity transfer agreement (the "Investment and Equity Transfer Agreement") with Everfront Biotech Inc. (the "Everfront"), a third party. Pursuant to the Investment and Equity Transfer Agreement, Everfront agreed to purchase 2,000,000 common shares of the Company owned by AsiaGene at $1.60 per share in a total amount of $3,200,000, of which $160,000 is due before September 15, 2017 and the remaining amount of $3,040,000 is due before December 15, 2017. AsiaGene also agreed to loan the proceeds to the Company for working capital purpose. The non-secured loan bears 0% interest rate and is due on demand. As of June 30, 2019 and December 31, 2018, the outstanding loan balance was $160,000 and accrued interest was $22,387 and $12,866, respectively. Interest expenses in connection with this loan were $9,521 and $8,732 for the six months ended June 30, 2019 and 2018, respectively.
(9) | On January 18, 2018, the Company and YuanGene entered into a loan agreement for a total of $50,000 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 pay interest monthly to the lender. The maturity date of this loan is January 19, 2019. On January 20, 2019, the two parties extended the loan with the same interest rate and amount for one year. The loan will be matured on January 19, 2020 As of June 30, 2019 and December 31, 2018, the outstanding loan balance was $50,000 and accrued interest was $8,696 and $5,721, respectively. Interest expenses in connection with this loan were $2,975 and $2,696 for the six months ended June 30, 2019 and 2018, respectively.
(10) | As of June 30, 2019 and December 31, 2018, YuanGene Corporation has advanced an aggregate amount of $42,690 to the Company for working capital purpose. The advances bear 0% interest rate and are due on demand.
(11) | On June 27, 2018, the Company issued an eighteen-month term unsecured convertible promissory note (the "Keypoint Note") in an aggregate principal amount of $250,000 to Keypoint Technology Ltd. ("Keypoint") (See Note 8). The Company received $250,000 which bears interest at 8% per annum. Interest expenses in connection with this Keypoint Note were $10,000 and $0 for the six months ended June 30, 2019 and 2018, respectively.
(12) | On August 25, 2018, the Company issued an eighteen-month term unsecured convertible promissory note (the "Odaira Note") in an aggregate principal amount of $250,000 to Yoshinobu Odaira ("Odaira") (See Note 8). The Company received $250,000 on November 29, 2018 which bears interest at 8% per annum. Interest expense in connection with this Odaira Note was $10,000 and $0 for the six months ended June 30, 2019 and 2018, respectively.
(13) | As of June 30, 2019, Mr. Tsung-Shann Jiang, Mr. Chang-Jen Jiang, Ms. Shu-Ling Jiang, and Ms. Mei-Ling Jiang have entered into various loans with the Company for working capital purpose. These loans bear interest at 12% per annum and are due on demand. As of June 30, 2019, the outstanding advance balance was $795,340 and the accrued interest was $22,014.
(14) | As of June 30, 2019, the Jiangs have also advanced funds to the Company for working capital purpose. The advances bear 0% interest rate and are due on demand. As of June 30, 2019, the aggregate advances were $381,375.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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