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Notes Payable
12 Months Ended
Dec. 31, 2020
Notes Payable [Abstract]  
NOTES PAYABLE

10. NOTES PAYABLE

 

In January, 2019, BioLite Taiwan entered an unsecured loan agreement with one individual bearing interest at fixed rates at 12% per annum of NT$3,000,000, equivalent to $106,800, 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. As of December 31, 2020 and 2019, the balance due to this individual amounted to $106,800 and $100,200, respectively. Interest expense was $12,204 and $11,778 for the year ended December 31, 2020 and 2019, respectively.