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Long-Term Investments | 9 Months Ended
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Sep. 30, 2020
Long-Term Investment [Abstract] |
LONG-TERM INVESTMENTS | 6. LONG-TERM INVESTMENTS
(1) | The ownership percentages of each investee are listed as follows:
|  | Ownership percentage |  |  |
|  | September 30, |  |  | December 31, |  |  | Accounting
Name of related party |  | 2020 |  |  | 2019 |  |  | treatments
Braingenesis Biotechnology Co., Ltd. |  |  | 0.17 | % |  |  | 0.17 | % |  | Cost Method
Genepharm Biotech Corporation |  |  | 0.72 | % |  |  | 0.72 | % |  | Cost Method
BioHopeKing Corporation |  |  | 5.98 | % |  |  | 7.13 | % |  | Cost Method
BioFirst Corporation |  |  | 15.89 | % |  |  | 15.89 | % |  | Equity Method
Rgene Corporation |  |  | 31.61 | % |  |  | 31.61 | % |  | 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:
|  | September 30, 2020 |  |  | December 31, 2019 |
|  | (Unaudited) |  |  |  |
Non-marketable Cost Method Investments, net |  |  |  |  |  |
Braingenesis Biotechnology Co., Ltd. |  | $ | 7,610 |  |  | $ | 7,367 |
Genepharm Biotech Corporation |  |  | 23,234 |  |  |  | 22,493 |
BioHopeKing Corporation |  |  | 876,648 |  |  |  | 1,998,310 |
Sub total |  |  | 907,492 |  |  |  | 2,028,170 |
Equity Method Investments, net |  |  |  |  |  |  |  |
BioFirst Corporation |  |  | 284,578 |  |  |  | 1,336,449 |
Rgene Corporation |  |  | - |  |  |  | - |
Total |  | $ | 1,192,070 |  |  | $ | 3,364,619 |
(a) | BioFirst Corporation (the "BioFirst):
The Company holds an equity interest in BioFirst Corporation, (the "BioFirst"), 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 September 30, 2020 and December 31, 2019, the Company owns 15.89% and 15.89% common stock shares of BioFirst, respectively. Summarized financial information for the Company's equity method investee, BioFirst, is as follows: Balance Sheet
|  | September 30, 2020 |  |  | December 31, 2019 |
|  | (Unaudited) |  |  |  |
Current Assets |  | $ | 2,401,916 |  |  | $ | 1,350,701 |
Noncurrent Assets |  |  | 2,435,255 |  |  |  | 7,450,032 |
Current Liabilities |  |  | 2,594,396 |  |  |  | 2,060,460 |
Noncurrent Liabilities |  |  | 86,415 |  |  |  | 78,888 |
Shareholders' Equity |  |  | 2,156,360 |  |  |  | 6,661,385 |
Statement of operation
|  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |
|  | (Unaudited) |
Net sales |  | $ | 134,759 |  |  | $ | 32,235 |
Gross profit |  |  | 6,397 |  |  |  | 5,048 |
Net loss |  |  | (4,936,294 | ) |  |  | (842,838 | )
Share of losses from investments accounted for using the equity method |  |  | (1,067,298 | ) |  |  | (182,113 | )
| (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 September 30, 2020 and December 31, 2019, the Company owns 31.61% and 31.61% Common Stock shares of Rgene, respectively. Summarized financial information for the Company's equity method investee, Rgene, is as follows: Balance Sheets
|  | September 30, 2020 |  |  | December 31, 2019 |
|  | (Unaudited) |  |  |  |
Current Assets |  | $ | 83,651 |  |  | $ | 82,254 |
Noncurrent Assets |  |  | 403,105 |  |  |  | 62,768 |
Current Liabilities |  |  | 1,052,028 |  |  |  | 312,950 |
Noncurrent Liabilities |  |  | 103,497 |  |  |  | - |
Shareholders' Deficit |  |  | (668,769 | ) |  |  | (167,928 | )
Statement of operations
|  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |
|  | (Unaudited) |
Net sales |  | $ | 16,449 |  |  | $ | - |
Gross Profit |  |  | (332,763 | ) |  |  | - |
Net loss |  |  | (441,678 | ) |  |  | (59,717 | )
Share of loss from investments accounted for using the equity method |  |  | - |  |  |  | - |
| (4) | Disposition of long-term investment
During the year ended December 31, 2018, the Company sold 552,000 shares of common stock of BioHopeKing Corporation (the "BHK") at prices ranging from NT$25, equivalent $0.82, to NT$32, equivalent $1.05, to two directors of BHK and 25 individuals. As a result of the transactions, the Company recognized investment loss of $395,476 for the same period. On October 15, 2018 and November 2, 2018, the Company purchased an aggregate of 200,000 and 366,200 shares of common stock of BHK at NT$10, equivalent to $0.33, and NT$50, equivalent $1.64, from one of directors of BHK and eleven shareholders of BHK, respectively. The percentage of ownership accordingly increased to 7.13% as of December 31, 2019. During the nine months ended September 30, 2020, the Company sold 204,000 shares of common stock of BHK at price of NT$24, equivalent $0.82, to several individuals, and the percentage of ownership was 5.98% as of September 30, 2020. As a result of the transactions, the Company recognized investment loss of $38,272 and impairment loss of $952,711 for the same period.
| (5) | Losses on Equity Investments
The components of losses on equity investments for each period were as follows:
|  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |
|  | (Unaudited) |
Share of equity method investee losses |  | $ | (1,067,298 | ) |  | $ | (182,113 | )

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