XML 46 R16.htm IDEA: XBRL DOCUMENT
v3.19.3

Notes Payable | 9 Months Ended
--- | ---
Sep. 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. On Sept 26, 2019, BioLite Taiwan renewed and amended the contract with the “Hsu” only and extend the maturity date to Dec 26, 2019. The principal of the Hsu new Promissory Note bears interest at 13.6224% per annum. This Note was secured by common stock shares of ABVC and was also personal guaranteed by the Chairman of BioLite Taiwan. Interest expense was $5,112 and $2,911 for the three months ended September 30, 2019 and 2018, respectively. Interest expense was $15,364 and $7,629 for the nine months ended September 30, 2019 and 2018, respectively. As of September 30, 2019, BioLite Taiwan also entered an unsecured loan agreement bearing interest at fixed rates at 12% per annum of NT$3,000,000, equivalent to $96,600, for working capital purpose. 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 $2,899 and $3,006 for the three months ended September 30, 2019 and 2018, respectively. Interest expense was $8,696 and $7,014 for the nine months ended September 30, 2019 and 2018, respectively.

X
- 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
Name: | us-gaap_MembersEquityNotesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_NotesPayableAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration