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Related Parties Transactions | 3 Months Ended
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Mar. 31, 2021
Related Party Transactions [Abstract] |
RELATED PARTIES TRANSACTIONS | 12. 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”) |  | 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
Rgene Corporation (the “Rgene”) |  | 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; entity controlled by controlling beneficiary shareholder of YuanGene
Eugene Jiang |  | Former President and Chairman
Keypoint Technology Ltd. (the “Keypoint’) |  | The Chairman of Keypoint is Eugene Jiang’s mother.
Lion Arts Promotion Inc. (the “Lion Arts”) |  | Shareholder of the Company
Yoshinobu Odaira (the “Odaira”) |  | Director of the Company
GenePharm Inc. (the “GenePharm”) |  | Dr. George Lee, Board Director of Biokey, is the Chairman of GenePharm.
Euro-Asia Investment & Finance Corp Ltd. (the “Euro-Asia”) |  | Shareholder of the Company
LBG USA, Inc. (the “LBG USA”) |  | 100% owned by BioFirst; Entity controlled by controlling beneficiary shareholder of YuanGene
LionGene Corporation (the “LionGene”) |  | Shareholder of the Company; Entity controlled by controlling beneficiary shareholder of YuanGene
Kimho Consultants Co., Ltd. (the “Kimho”) |  | Shareholder of the Company
|  | 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; 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.
Amkey Ventures, LLC (“Amkey”) |  | An entity controlled by Dr. George Lee, who serves as one of the board directors of BioKey, Inc
BioLite Japan |  | Entity controlled by controlling beneficiary shareholder of ABVC
Accounts receivable - related parties Accounts receivable due from related parties consisted of the following as of the periods indicated:
|  | March 31, |  |  | December 31, |
|  | 2021 |  |  | 2020 |
GenePharm Inc. |  | $ | 142,225 |  |  | $ | 142,225 |
Amkey |  |  | 2,850 |  |  |  | 1,210 |
Total |  | $ | 145,075 |  |  | $ | 143,435 |
Due from related parties Amount due from related parties consisted of the following as of the periods indicated:
|  | March 31, |  |  | December 31, |
|  | 2021 |  |  | 2020 |
Rgene |  | $ | 43,266 |  |  | $ | 42,911 |
AsiaGene |  |  | 4,287 |  |  |  | 4,241 |
BioFirst (Australia) |  |  | 379,110 |  |  |  | 373,235 |
BioHopeKing Corporation |  |  | 121,848 |  |  |  | 123,583 |
LBG USA |  |  | 675 |  |  |  | 675 |
BioLite Japan |  |  | 150,000 |  |  |  | 150,000 |
Keypoint |  |  | 1,610 |  |  |  | 1,610 |
The Jiangs |  |  | 2,093 |  |  |  | - |
Total |  | $ | 702,889 |  |  | $ | 696,255 |
(1) | As of March 31, 2021, and December 31, 2020, the Company has advanced an aggregate amount of $43,266 and $42,911 to Rgene for working capital purpose. Under the terms of the loan agreement, the loan bears interest at 1% per month (or equivalent to 12% per annum) and the maturity date was December 31, 2020. As of March 31, 2021, and December 31, 2020, the outstanding loan balance was $31,239 and $31,684; and accrued interest was $12,027 and $11,227, respectively.
(2) | On May 27, 2019, the Company entered into loan agreements with AsiaGene for NT $100,000, equivalent to $3,510, 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 loan maturity date was December 31, 2020. As of March 31, 2021, and December 31, 2020, the outstanding loan balance was $3,510 and $3,560, and accrued interest was $777 and $681, respectively.
(3) | On May 11, 2018, the Company and BioFirst (Australia) entered into a loan agreement for a total amount of $40,000 to meet its working capital needs. The advances bear 0% interest rate and are due on demand prior to June 30, 2020. Afterwards, all outstanding load will bear interest rate at 12% per annum. On July 1, 2020, the Company entered into a loan agreement with BioFirst (Australia) for $321,487 to properly record R&D cost and tax refund allocation based on co-development contract executed on July 24, 2017. The loan will be matured on June 30, 2021 with an interest rate of 12% per annum. As of March 31, 2021 and December 31, 2020, the aggregate amount of outstanding loan and accrued interest was $379,110 and $373,235, respectively.
(4) | On February 24, 2015, BioLite Taiwan and BioHopeKing Corporation (the “BHK”) entered into a co-development agreement, (the “BHK Co-Development Agreement”, see Note 3). The development costs shall be shared 50/50 between BHK and the Company. Under the term of the agreement, BioLite issued relevant development cost to BHK. As of March 31, 2021 and 2020, due from BHK was $121,848 and $123,583, respectively.
(5) | On February 27, 2019, the Company has advanced funds to LBG USA for working capital purpose. The advances bear 0% interest rate and are due on demand. As of March 31, 2021 and 2020, the outstanding advance balances was $675 and $675, respectively.
(6) | On May 8, 2020, the Company and Lucidaim entered into a Letter of Intent (LOI) in regard to a potential joint venture of BioLite Japan. Based on the LOI, each party will advance an aggregated amount of $150,000 to meet BioLite Japan’s working capital needs, which the Company advanced an amount of $150,000 and the advance bear 0% interest rate. As of March 31, 2021 and December 31, 2020, the outstanding advance balances was $150,000 and $150,000, respectively.
(7) | On October 31, 2020, the Company has advanced an aggregate amount of $1,610 to Keypoint for working capital purpose. Under the terms of the loan agreement, the loan bears interest at 6.5% per annum and the loan will be matured on October 30, 2021. As of March 31, 2021 and December 31, 2020, the outstanding loan balance was $1,610.
(8) | In January 2021, the Company has advanced funds to the Jiangs. The advances bear 0% interest rate and are due on demand. As of March 31, 2021 and December 31, 2020, the outstanding advance balances was $2,093 and $0, respectively
Due to related parties Amount due to related parties consisted of the following as of the periods indicated:
|  | March 31, |  |  | December 31, |
|  | 2021 |  |  | 2020 |
BioFirst Corporation |  | $ | 23,647 |  |  | $ | 23,647 |
AsiaGene |  |  | 24,017 |  |  |  | - |
YuanGene |  |  | 9,205 |  |  |  | 9,205 |
The Jiangs |  |  | 18,750 |  |  |  | 16,627 |
Due to shareholders |  |  | 163,566 |  |  |  | 166,261 |
Due to employee |  |  | 72,967 |  |  |  | 72,704 |
Total |  | $ | 312,152 |  |  | $ | 288,445 |
(1) | Since 2019, BioFirst has advanced funds to the Company for working capital purpose. The advances bear interest 1% per month (or equivalent to 12% per annum). As of March 31, 2021 and December 31, 2020, the aggregate amount of outstanding balance and accrued interest is $23,647 and $23,647, respectively.
(2) | As of March 31, 2021, and December 31, 2020, AsiaGene has advanced the Company an aggregate amount of $24,017 and $0, respectively for working capital purpose. This advance bears 0% interest rate and is due on demand.
(3) | As of March 31, 2021, and December 31, 2020, YuanGene has advanced the Company an aggregate amount of $9,205 for working capital purpose. This advance bears 0% interest rate and is due on demand.
(4) | Since 2019, the Jiangs advanced funds to the Company for working capital purpose. As of March 31, 2021, and December 31, 2020, the outstanding balance due to the Jiangs amounted to $18,750 and $16,627, respectively. These loans bear interest rate of 0% to 1% per month, and are due on demand.
(5) | Since 2018, the Company’s shareholders have advanced funds to the Company for working capital purpose. The advances bear interest rate from 12% to 13.6224% per annum. As of March 31, 2021 and December 31, 2020, the outstanding principal and accrued interest was $163,566 and $166,261, respectively. Interest expenses in connection with these loans were $5,298 and $5,269 for the three months ended March 31, 2021 and 2020, respectively.
(6) | Commencing January, 2020, the Company had advances from one employee for working capital purpose. The outstanding balance including accrued interest due to this employee amounted to $72,967 and $72,704 as of March 31, 2021 and December 31, 2020, respectively. This loan bears interest rate of 1.5% per annum, and is due on demand.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 + Details
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