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Long-Term Investments | 9 Months Ended
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Sep. 30, 2022
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 |  | 2022 |  |  | 2021 |  |  | treatments
Braingenesis Biotechnology Co., Ltd. |  |  | 0.17 | % |  |  | 0.17 | % |  | Cost Method
Genepharm Biotech Corporation |  |  | 0.70 | % |  |  | 0.70 | % |  | Cost Method
BioHopeKing Corporation |  |  | 5.90 | % |  |  | 5.90 | % |  | Cost Method
BioFirst Corporation |  |  | 15.99 | % |  |  | 15.99 | % |  | Equity Method
Rgene Corporation |  |  | 31.62 | % |  |  | 31.62 | % |  | 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 |  | Collaborating with the Company to develop and commercialize drugs
Rgene Corporation |  | Collaborating with the Company to develop and commercialize drugs
| (3) | Long-term investment mainly consists of the following:
|  | September 30, 2022 |  |  | December 31, 2021 |
|  | (Unaudited) |  |  |  |
Non-marketable Cost Method Investments, net |  |  |  |  |  |
Braingenesis Biotechnology Co., Ltd. |  | $ | 6,948 |  |  | $ | 7,941 |
Genepharm Biotech Corporation |  |  | 21,213 |  |  |  | 24,244 |
BioHopeKing Corporation |  |  | 787,999 |  |  |  | 900,570 |
Sub total |  |  | 816,160 |  |  |  | 932,755 |
Equity Method Investments, net |  |  |  |  |  |  |  |
BioFirst Corporation |  |  | - |  |  |  | - |
Rgene Corporation |  |  | - |  |  |  | - |
Total |  | $ | 816,160 |  |  | $ | 932,755 |
| (a) | BioFirst Corporation (the “BioFirst”):
The Company holds an equity interest in BioFirst Corporation, 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, 2022 and December 31, 2021, the Company owns 15.99% and 15.99% common stock shares of BioFirst, respectively. The Company made prepayment for equity investment in BioFirst to purchase additional 317,000 shares to be issued by BioFirst in the aggregate amount of $599,130 and $684,720, recorded as prepayment for long-term investments as of September 30, 2022 and December 31, 2021, respectively. In 2021, the Company and BioFirst entered into several loan agreements for a total amount of $465,000 to meet its working capital needs. All the loans period was twelve months and all with an interest rate of 6.5% per annum. In 2022, the Company and BioFirst entered into several loan agreements for a total amount of $1,365,000 to meet its working capital needs. All the loans period was twelve months and with an interest rate of 6.5% per annum. As of September 30, 2022, and December 31, 2021, the outstanding loan balance was $1,830,000 and $465,000; and accrued interest was $81,404 and $2,325, respectively. In 2021, the Company and BioFirst entered into a collaborative agreement to allocate R&D cost, of which the amount due from BioFirst was $75,824 and $1,110 as of September 30, 2022 and December 31, 2021, respectively. The Board of the Company agreed to convert its amount due from BioFirst into equity, due to BioFirst’s capital raise, subject to the valuation report which justify the debt-to-equity transaction, by the end of 2022. As of September 30, 2022 and December 31, 2021, the Company has an aggregate amount of $2,586,658 and $1,153,155, respectively. Summarized financial information for the Company’s equity method investee, BioFirst, is as follows: Balance Sheet
|  | September 30, 2022 |  |  | December 31, 2021 |
|  | (Unaudited) |  |  |  |
Current Assets |  | $ | 1,680,108 |  |  | $ | 2,205,669 |
Non-current Assets |  |  | 740,874 |  |  |  | 959,454 |
Current Liabilities |  |  | 2,512,708 |  |  |  | 2,909,703 |
Non-current Liabilities |  |  | 100,261 |  |  |  | 32,522 |
Stockholders’ Equity (Deficit) |  |  | (191,987 | ) |  |  | 222,898 |
Statement of Operations
|  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |
|  | (Unaudited) |  |  |  |
Net sales |  | $ | 23,079 |  |  | $ | 17,451 |
Gross profit |  |  | 5,747 |  |  |  | 5,414 |
Net loss |  |  | (993,643 | ) |  |  | (887,230 | )
Share of losses from investments accounted for using the equity method |  |  | - |  |  |  | (193,147 | )
(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 account 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, 2022 and December 31, 2021, the Company owns 31.62% and 31.62% Common Stock shares of Rgene, respectively. On September 30, 2022, Dr. Tsung-Shann Jiang has been elected to become the Chairman of Rgene. Summarized financial information for the Company’s equity method investee, Rgene, is as follows: Balance Sheets
|  | September 30, 2022 |  |  | December 31, 2021 |
|  | (Unaudited) |  |  |  |
Current Assets |  | $ | 497,633 |  |  | $ | 73,452 |
Noncurrent Assets |  |  | 311,612 |  |  |  | 374,423 |
Current Liabilities |  |  | 1,796,491 |  |  |  | 1,934,786 |
Noncurrent Liabilities |  |  | 20,340 |  |  |  | - |
Shareholders’ Deficit |  |  | (1,007,586 | ) |  |  | (1,486,911 | )
Statement of Operations
|  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |
|  | (Unaudited) |
Net sales |  | $ | - |  |  | $ | - |
Gross Profit |  |  | - |  |  |  | - |
Net loss |  |  | (450,995 | ) |  |  | (411,897 | )
Share of loss from investments accounted for using the equity method |  |  | - |  |  |  | - |
(4) | Disposition of long-term investment
During the three and nine months ended September 30, 2022 and 2021, there is no disposition of long-term investment.
(5) | Losses on Equity Investments
The components of losses on equity investments for each period were as follows:
|  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |
|  | (Unaudited) |
Share of equity method investee losses |  | $ | - |  |  | $ | (193,147 | )

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