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Notes Payable | 6 Months Ended
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Jun. 30, 2019
Notes Payable [Abstract] |
NOTES PAYABLE | NOTE 10. NOTES PAYABLE On November 27, 2017, BioLite Taiwan and Cheng-Chi International Co., Ltd., a Taiwan company, entered into a promissory note for borrowing an aggregate amount of NT$6,000,000, equivalent to $196,200, for the period from November 27, 2017 to January 11, 2018. The principal of promissory note bore interest at 12% per annum. This promissory note was secured by 700,000 Common Stock shares of ABVC and was also personal guaranteed by the Chairman of BioLite Taiwan. On January 11, 2018, the principal and accrued interest totaling NT$6,090,000, equivalent to $199,143, had been paid in full. On March 27, 2018, BioLite Taiwan and two individuals entered into a promissory note, (the "Hsu and Chow Promissory Note"), for borrowing an aggregate amount of NT$4,660,000, equivalent to $150,052, for the period from March 27, 2018 to June 26, 2018. On September 26, 2018, BioLite Taiwan extended the original loan agreement through December 26, 2018. As of the date of this report, BioLite Taiwan and Hsu and Chow are still negotiating to extend this promissory note. The principal of the Hsu and Chow Promissory Note bears interest at 13.6224% per annum. This Hsu and Chow Promissory Note was secured by common stock shares of ABVC and was also personal guaranteed by the Chairman of BioLite Taiwan. Interest expense was $5,167 and $2,911 for the three months ended June 30, 2019 and 2018, respectively. Interest expense was $10,252 and $4,718 for the six months ended June 30, 2019 and 2018, respectively. As of June 30, 2019, BioLite Taiwan also had an unsecured loan of NT$3,000,000, equivalent to $96,600, borrowed from an individual for working capital purpose. This unsecured loan bears interest at fixed rates at 12% per annum. As of the date of this report, BioLite Taiwan is still in discussion with the individual with respect to the terms of the unsecured loans. Interest expense was $2,907 and $3,033 for the three months ended June 30, 2019 and 2018, respectively. Interest expense was $5,814 and $3,841 for the six months ended June 30, 2019 and 2018, respectively.

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- Definition The entire disclosure for the formation, structure, control and ownership of a limited liability company (LLC). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 272 -URI http://asc.fasb.org/topic&trid=2124037 + Details
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