<SEC-DOCUMENT>0001213900-22-051133.txt : 20220825
<SEC-HEADER>0001213900-22-051133.hdr.sgml : 20220825
<ACCEPTANCE-DATETIME>20220825163150
ACCESSION NUMBER:		0001213900-22-051133
CONFORMED SUBMISSION TYPE:	424B4
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220825
DATE AS OF CHANGE:		20220825

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABVC BIOPHARMA, INC.
		CENTRAL INDEX KEY:			0001173313
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				260014658
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-250899
		FILM NUMBER:		221197889

	BUSINESS ADDRESS:	
		STREET 1:		44370 OLD WARM SPRINGS BLVD.
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94538
		BUSINESS PHONE:		510-668-0881

	MAIL ADDRESS:	
		STREET 1:		44370 OLD WARM SPRINGS BLVD.
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94538

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	American BriVision (Holding) Corp
		DATE OF NAME CHANGE:	20160111

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	METU BRANDS, INC.
		DATE OF NAME CHANGE:	20150908

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ECOLOGY COATINGS, INC.
		DATE OF NAME CHANGE:	20080821
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B4
<SEQUENCE>1
<FILENAME>ea164860-424b4_abvcbio.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.25in"><B><BR>
Filed Pursuant to Rule 424(b)(4)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26.9pt; text-align: right"><B>Registration No. 333 - 250899</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Prospectus Supplement No. 1 Dated August 25, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>(To Prospectus Dated July 11, 2022)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>ABVC BioPharma, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>4,575,923 Shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Prospectus Supplement No. 1 (the &ldquo;Prospectus
Supplement&rdquo;) updates and supplements the prospectus of ABVC BioPharma, Inc., a Nevada corporation (the &ldquo;Company,&rdquo; &ldquo;we,&rdquo;
&ldquo;us,&rdquo; or &ldquo;our&rdquo;) dated July 11, 2022 (the &ldquo;Prospectus&rdquo;), with the following attached document which
we filed with the Securities and Exchange Commission:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; width: 0.5in; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Quarterly Report on Form 10-Q for the three months ended June 30, 2022, filed with the Securities Exchange Commission on August 15, 2022.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Prospectus Supplement should
be read in conjunction with the Prospectus, which is required to be delivered with this Prospectus Supplement. This Prospectus Supplement
updates, amends and supplements the information included in the Prospectus. If there is any inconsistency between the information in the
Prospectus and this Prospectus Supplement, you should rely on the information in this Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Prospectus Supplement is
not complete without, and may not be delivered or utilized except in connection with, the Prospectus, including any amendments or supplements
to it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>The purchase of the securities
offered through the Prospectus involves a high degree of risk. Before making any investment in our common stock and/or warrants, you should
carefully consider the risk factors section beginning on page 7 of the Prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>You should rely only on the
information contained in the Prospectus, as supplemented or amended by this Prospectus Supplement and any other prospectus supplement
or amendment thereto. We have not authorized anyone to provide you with different information.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Neither the Securities and
Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or
accuracy of the Prospectus. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
date of this Prospectus Supplement is August </FONT>25<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Index to Filings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 91%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 9%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Annex</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#annexa">The Company&rsquo;s Quarterly Report on Form 10-Q filed with the Securities Exchange Commission on August 15, 2022</A></FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: right; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A NAME="annexa" TITLE="Annex A"></A>Annex
A</B></FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: left; text-indent: -9pt">&nbsp;</P>

<DIV STYLE="font: 10pt Times New Roman, Times, Serif"></DIV>



</DIV><!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="border-top: Black 2pt solid; border-bottom: Black 1pt solid; font-size: 1pt">&#160;</DIV></DIV><!-- Field: /Rule-Page --><DIV>

</DIV><P STYLE="margin: 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&#160;</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 10-Q</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#9746; QUARTERLY REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the quarterly period ended <B><FONT STYLE="text-decoration: underline">June 30, 2022</FONT></B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#9744; TRANSITION REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the transition period from ____________ to
____________</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission file number <B><FONT STYLE="text-decoration: underline">001-40700</FONT></B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I><FONT STYLE="text-decoration: underline">ABVC BioPharma, Inc.</FONT></I></B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as specified in its charter)</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <TR STYLE="vertical-align: top"> <TD STYLE="border-bottom: black 1.5pt solid; width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nevada</B></FONT></TD> <TD STYLE="width: 2%">&#160;</TD> <TD STYLE="border-bottom: black 1.5pt solid; width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>26-0014658</B></FONT></TD></TR> <TR STYLE="vertical-align: top"> <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">State or jurisdiction of<BR>
incorporation or organization</FONT></TD> <TD>&#160;</TD> <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IRS Employer<BR>
Identification Number</FONT></TD></TR> </TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>44370 Old Warm Springs Blvd.</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fremont, CA 94538</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tel: (510) 668-0881</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address and telephone number of principal executive
offices)</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name, if changed since last report)</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <TR STYLE="vertical-align: bottom"> <TD STYLE="border-bottom: black 1.5pt solid; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title of each class</B></FONT></TD> <TD STYLE="width: 2%; text-align: center">&#160;</TD> <TD STYLE="border-bottom: black 1.5pt solid; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading Symbol(s)</B></FONT></TD> <TD STYLE="width: 2%; text-align: center">&#160;</TD> <TD STYLE="border-bottom: black 1.5pt solid; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of each exchange<BR>
on which registered</B></FONT></TD></TR> <TR STYLE="vertical-align: top; background-color: #CCEEFF"> <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock, par value $0.001 per share</FONT></TD> <TD STYLE="text-align: center">&#160;</TD> <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABVC</FONT></TD> <TD STYLE="text-align: center">&#160;</TD> <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Nasdaq Stock Market LLC</FONT></TD></TR> </TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the issuer (1)
filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the last 90 days. Yes&#160;&#9746;&#160;No&#160;&#9744;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (&#167; 232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes&#160;&#9746;&#160;No&#160;&#9744;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.
See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221;
and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <TR STYLE="vertical-align: top"> <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer</FONT></TD> <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD> <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</FONT></TD> <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR> <TR STYLE="vertical-align: top"> <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</FONT></TD> <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD> <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company</FONT></TD> <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD></TR> <TR STYLE="vertical-align: top"> <TD COLSPAN="2">&#160;</TD> <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</FONT></TD> <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR> </TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes&#160;&#9744;&#160;No&#160;&#9746;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of August 10, 2022, there were 32,632,329 shares of common stock, par
value per share $0.001, issued and outstanding.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P><DIV>

</DIV><!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt">&#160;</DIV></DIV><!-- Field: /Rule-Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><DIV>

</DIV><!-- Field: Page; Sequence: 1 --><DIV>
    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 9%; text-align: justify"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PART I</B></FONT></A></TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; width: 81%"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FINANCIAL INFORMATION</B></FONT></A></TD>
    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 1.</B></FONT></A></TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial Statements (Unaudited)</FONT></A></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021</FONT></A></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&#160;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2022 and 2021</FONT></A></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited
    Consolidated Statements of Cash Flows for the Three and Six Months Ended June 30, 2022 and 2021</FONT></A></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&#160;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Consolidated Statements of Changes in Equity (Deficit) for the Six&#160;Months Ended June 30, 2022 and 2021</FONT></A></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Unaudited Consolidated Financial Statements</FONT></A></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 2.</B></FONT></A></TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</FONT></A></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 3.</B></FONT></A></TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quantitative and Qualitative Disclosures About Market Risk</FONT></A></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 4.</B></FONT></A></TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Controls and Procedures</FONT></A></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PART II</B></FONT></A></TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OTHER INFORMATION</B></FONT></A></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center">69</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 1.</B></FONT></A></TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Proceedings</FONT></A></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 1A.</B></FONT></A></TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</FONT></A></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><A HREF="#a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defaults Upon Senior Securities</FONT></A></TD>
    <TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><A HREF="#a_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mine Safety Disclosures</FONT></A></TD>
    <TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><A HREF="#a_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 5.</B></FONT></A></TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><A HREF="#a_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Information</FONT></A></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#a_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 6.</B></FONT></A></TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><A HREF="#a_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits</FONT></A></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: justify"><A HREF="#a_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signatures</FONT></A></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD></TR>
  </TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><DIV>

</DIV><!-- Field: Page; Sequence: 2 --><DIV>
    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CAUTIONARY NOTE ON FORWARD LOOKING STATEMENTS</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Quarterly Report on Form 10-Q (this &#8220;Report&#8221;)
contains &#8220;forward-looking statements&#8221; which discuss matters that are not historical facts. Because they discuss future events
or conditions, forward-looking statements may include words such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221;
&#8220;intend,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;would,&#8221; &#8220;may,&#8221; &#8220;seek,&#8221; &#8220;plan,&#8221;
&#8220;might,&#8221; &#8220;will,&#8221; &#8220;expect,&#8221; &#8220;predict,&#8221; &#8220;project,&#8221; &#8220;forecast,&#8221; &#8220;potential,&#8221;
&#8220;continue&#8221; and negatives thereof or similar expressions. Forward-looking statements speak only as of the date they are made,
are based on various underlying assumptions and current expectations about the future and are not guarantees. Such statements involve
known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievement
to be materially different from the results of operations or plans expressed or implied by such forward-looking statements. We cannot
predict all of the risks and uncertainties. Accordingly, such information should not be regarded as representations that the results or
conditions described in such statements or that our objectives and plans will be achieved and we do not assume any responsibility for
the accuracy or completeness of any of these forward-looking statements.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These forward-looking statements represent our
intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors.
Many of those factors are outside of our control and could cause actual results to differ materially from the results expressed or implied
by those forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without
limitation, those specifically addressed under the headings &#8220;Risks Factors&#8221; and &#8220;Management&#8217;s Discussion and Analysis
of Financial Condition and Results of Operations&#8221; in our annual report on Form 10-K and its amendment filed with the Securities
and Exchange Commission (the &#8220;SEC&#8221; OR &#8220;Commission&#8221;); in &#8220;Management&#8217;s Discussion and Analysis of Financial
Condition and Results of Operations&#8221; in this Report, and information contained in other reports that we file with the SEC. In light
of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to
a different extent or at a different time than we have described. You are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this Report. All subsequent written and oral forward-looking statements concerning other
matters addressed in this Report and attributable to us or any person acting on our behalf are expressly qualified in their entirety by
the cautionary statements contained or referred to in this Report.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are important factors that could cause actual
results to vary materially from those described in this report as anticipated, estimated or expected, including, but not limited to: the
effects of the COVID-19 outbreak, including on the demand for our products&#894; the duration of the COVID-19 outbreak and severity of
such outbreak in regions where we operate&#894; the pace of recovery following the COVID-19 outbreak&#894; our ability to implement cost
containment and business recovery strategies&#894; the adverse effects of the COVID-19 outbreak on our business or the market price of
our ordinary shares; competition in the industry in which we operate and the impact of such competition on pricing, revenues and margins,
volatility in the securities market due to the general economic downturn; SEC regulations which affect trading in the securities of &#8220;penny
stocks,&#8221; and other risks and uncertainties. Except as required by law, we assume no obligation to update any forward-looking statements
publicly, or to update the reasons actual results could differ materially from those anticipated in any forward- looking statements, even
if new information becomes available in the future. Depending on the market for our stock and other conditional tests, a specific safe
harbor under the Private Securities Litigation Reform Act of 1995 may be available. Notwithstanding the above, Section 27A of the Securities
Act of 1933, as amended (the &#8220;Securities Act&#8221;) and Section 21E of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange
Act&#8221;) expressly state that the safe harbor for forward-looking statements does not apply to companies that issue penny stock. Because
we may from time to time be considered to be an issuer of penny stock, the safe harbor for forward-looking statements may not apply to
us at certain times.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As used in this Report, the terms &#8220;we&#8221;,
&#8220;us&#8221;, &#8220;our&#8221;, and &#8220;our Company&#8221; and &#8220;the Company&#8221; refer to ABVC BioPharma, Inc. and its
subsidiaries, unless otherwise indicated.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><DIV>

</DIV><!-- Field: Page; Sequence: 3 --><DIV>
    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><DIV><A NAME="a_001"></A></DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART I - FINANCIAL INFORMATION</B>&#160;&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><DIV><A NAME="a_002"></A></DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item
1. Financial Statements.</B></FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><DIV><A NAME="a_003"></A></DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ABVC BIOPHARMA, INC. AND SUBSIDIARIES</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED BALANCE SHEETS</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, <BR> 2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31,<BR> 2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-weight: bold">&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">ASSETS</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Current Assets</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">2,910,613</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">5,828,548</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 0.25in">Restricted cash and cash equivalents</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">688,633</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">736,667</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">289,474</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">280,692</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 0.25in">Accounts receivable &#8211; related parties, net</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">142,225</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">145,399</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 0.25in">Due from related parties</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">3,713,319</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1,286,618</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 0.25in">Inventory, net</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">21,855</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">25,975</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 0.25in">Short-term Investment</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">82,755</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">108,147</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,301,448</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">597,318</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1,080,703</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1,246,898</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-indent: -9pt; padding-left: 9pt">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-indent: -9pt; padding-left: 9pt">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">13,698,033</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD></TR>
  </TABLE><DIV>


</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The accompanying notes are an integral part
of these consolidated financial statements.</I></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><DIV>

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</DIV><DIV><A NAME="a_004"></A></DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ABVC BIOPHARMA, INC. AND SUBSIDIARIES</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(UNAUDITED)</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,066,310</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(32,971</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  </TABLE><DIV>


</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&#160;</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The accompanying notes are an integral part
of these consolidated financial statements.</I></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><DIV>

</DIV><!-- Field: Page; Sequence: 5; Value: 1 --><DIV>
    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><DIV><A NAME="a_005"></A></DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ABVC BIOPHARMA, INC. AND SUBSIDIARIES</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B>&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(UNAUDITED)</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&#160;</B></P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
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    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Six Months Ended<BR> June 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">10,902</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">4,917,743</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(124,400</TD><TD STYLE="text-align: left">)</TD></TR>
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(170,118</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(111,388</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(8,782</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(137,312</TD><TD STYLE="text-align: left">)</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(784,714</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(219,020</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(2,435,935</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(12,346</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(17,997</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 27pt">Increase (decrease) in accrued expenses and other current liabilities</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(21,915</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(1,085</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 27pt">Increase (decrease) in due to related parties</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(6,423,618</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,857,078</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(115,246</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><DIV STYLE="-sec-ix-hidden: hidden-fact-24">-</DIV></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(421,974</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 0.5in">Net cash used in investing activities</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(115,246</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(421,974</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">3,663,925</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Repayment of convertible notes</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right"><DIV STYLE="-sec-ix-hidden: hidden-fact-25">-</DIV></TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(306,836</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right"><DIV STYLE="-sec-ix-hidden: hidden-fact-26">-</DIV></TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">236,498</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Repayment of long-term bank loans</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><DIV STYLE="-sec-ix-hidden: hidden-fact-27">-</DIV></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(4,396</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 0.5in">Net cash provided by (used in) financing activities

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,663,925</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(74,734</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(91,030</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">9,419</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net decrease in cash and cash equivalents and restricted cash</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,965,969</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(3,344,367</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">6,565,215</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Supplemental disclosure of cash flows</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 0.25in">Interest expense paid</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">24,348</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </TABLE><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The accompanying notes are an integral part
of these consolidated financial statements.</I></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&#160;</I></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><DIV>

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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&#160;</I></P><DIV>

</DIV><DIV><A NAME="a_006"></A></DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ABVC BIOPHARMA, INC. AND SUBSIDIARIES</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF STOCKHOLDERS&#8217;
EQUITY (DEFICIT)</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOR THE THREE AND SIX MONTHS ENDED JUNE 30,
2022 AND 2021</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(UNAUDITED)</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</FONT></TD>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The accompanying notes are an integral part
of these consolidated financial statements.</I></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><DIV>

</DIV><!-- Field: Page; Sequence: 7; Value: 1 --><DIV>
    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&#160;</B></P><DIV>

</DIV><DIV><A NAME="a_007"></A></DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ABVC BIOPHARMA, INC. AND SUBSIDIARIES</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(UNAUDITED)</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#160;</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1. ORGANIZATION AND DESCRIPTION OF BUSINESS</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#160;</B></P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ABVC BioPharma, Inc. (the &#8220;Company&#8221;),
formerly known as American BriVision (Holding) Corporation, a Nevada corporation, through the Company&#8217;s operating entity, American
BriVision Corporation (&#8220;BriVision&#8221;), which was incorporated in July 2015 in the State of Delaware, engages in biotechnology
to fulfill unmet medical needs and focuses on the development of new drugs and medical devices derived from plants. &#160;BriVision develops
its pipeline by carefully tracking new medical discoveries or medical device technologies in research institutions in the Asia-Pacific
region. Pre-clinical, disease animal model and Phase I safety studies are examined closely by the Company to identify drugs that BriVision
believes demonstrate efficacy and safety. Once a drug appears to be a good candidate for development and ultimately commercialization,
BriVision licenses the drug or medical device from the original researchers and begins to introduce the drugs clinical plan to highly
respected principal investigators in the United States, Australia and Taiwan to conduct a Phase II clinical trial. At present, clinical
trials for the Company&#8217;s drugs and medical devices are being conducted at such world-famous institutions as Memorial Sloan Kettering
Cancer Center (&#8220;MSKCC&#8221;) and MD Anderson Cancer Center. BriVision had no predecessor operations prior to its formation on July
21, 2015.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Name Change</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s shareholders approved an amendment
to the Company&#8217;s Articles of Incorporation to change the Company&#8217;s corporate name from American BriVision (Holding) Corporation
to ABVC BioPharma, Inc. and approved and adopted the Certificate of Amendment to affect same at the 2020 annual meeting of shareholders
(the &#8220;Annual Meeting&#8221;). The name change amendment to the Company&#8217;s Articles of Incorporation was filed with Nevada&#8217;s
Secretary of State and became effective on March 8, 2021 and FINRA processed our request to change our name on April 30, 2021, which became
effective as of May 3, 2021.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s stock symbol remains ABVC.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Reverse Merger</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 8, 2016, a Share Exchange Agreement
(the &#8220;Share Exchange Agreement&#8221;) was entered into by and among the Company, BriVision, and Euro-Asia Investment &amp; Finance
Corp. Limited, a company incorporated under the laws of Hong Kong Special Administrative Region of the People&#8217;s Republic of China
(&#8220;Euro-Asia&#8221;), being the owners of record of 164,387,376 (52,336,000 pre-stock split) shares of Common Stock of the Company,
and the owners of record of all of the issued share capital of BriVision (the &#8220;BriVision Stock&#8221;).</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Share Exchange Agreement, upon
surrender by the BriVision Shareholders and the cancellation by BriVision of the certificates evidencing the BriVision Stock as registered
in the name of each BriVision Shareholder, and pursuant to the registration of the Company in the register of members maintained by BriVision
as the new holder of the BriVision Stock and the issuance of the certificates evidencing the aforementioned registration of the BriVision
Stock in the name of the Company, the Company issued 166,273,921 (52,936,583 pre-stock split) shares (the &#8220;Acquisition Stock&#8221;)
(subject to adjustment for fractionalized shares as set forth below) of the Company&#8217;s Common Stock to the BriVision Shareholders
(or their designees), and 163,159,952 (51,945,225 pre-stock split) shares of the Company&#8217;s Common Stock owned by Euro-Asia were
cancelled and retired to treasury. The Acquisition Stock collectively represented 79.70% of the issued and outstanding Common Stock of
the Company immediately after the Closing, in exchange for the BriVision Stock, representing 100% of the issued share capital of BriVision
in a reverse merger (the &#8220;Merger&#8221;).</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</P><DIV>

</DIV><DIV>

</DIV><!-- Field: Page; Sequence: 8; Value: 1 --><DIV>
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    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Merger, all of the issued and
outstanding common shares of BriVision were converted, at an exchange ratio of 0.2536-for-1, into an aggregate of 166,273,921 (52,936,583
pre-stock split) common shares of the Company and BriVision had become a wholly owned subsidiary of the Company. The holders of Company&#8217;s
Common Stock as of immediately prior to the Merger held an aggregate of 205,519,223 (65,431,144 pre-stock split) shares of Company&#8217;s
Common Stock. Because of the exchange of the BriVision Stock for the Acquisition Stock (the &#8220;Share Exchange&#8221;), BriVision had
become a wholly owned subsidiary (the &#8220;Subsidiary&#8221;) of the Company and there was a change of control of the Company following
the closing. There were no warrants, options or other equity instruments issued in connection with the share exchange agreement.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the consummation of the Share Exchange, BriVision
became a wholly owned subsidiary of the Company.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the Share Exchange, the Company has
abandoned prior business plan and is now pursuing BriVision&#8217;s historically proposed businesses, which focus on the development of
new drugs and innovative medical devices to fulfill unmet medical needs. The business model of the Company is to integrate research achievements
from world-famous institutions, conduct clinical trials of translational medicine for Proof of Concept (&#8220;POC&#8221;), out-license
to international pharmaceutical companies, and explore global markets.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Accounting Treatment of the Reverse Merger</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For financial reporting purposes, the Share Exchange
represents a &#8220;reverse merger&#8221;&#160;rather than a business combination and&#160;BriVision&#160;is deemed the accounting acquirer
in the transaction. The&#160;Share Exchange is being accounted for as a reverse-merger and recapitalization. BriVision&#160;is the acquirer
for financial reporting purposes and the&#160;Company&#160;is the acquired company. Consequently, the assets and liabilities and the operations
reflected in the historical financial statements prior to the Share Exchange will be those of&#160;BriVision&#160;and recorded at the
historical cost basis of&#160;BriVision. In addition, the consolidated financial statements after completion of the Share Exchange will
include the assets and liabilities of the Company and BriVision, and the historical operations of&#160;BriVision&#160;and operations of
the Combined Company from the closing date of the Share Exchange.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Merger</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 8, 2019, the Company, BioLite Holding,
Inc. (&#8220;BioLite&#8221;), BioKey, Inc. (&#8220;BioKey&#8221;), BioLite Acquisition Corp., a direct wholly-owned subsidiary of Parent
(&#8220;Merger Sub 1&#8221;), and BioKey Acquisition Corp., a direct wholly-owned subsidiary of Parent (&#8220;Merger Sub 2&#8221;) (collectively
referred to as the &#8220;Parties&#8221;) completed the business combination pursuant to the Agreement and Plan of Merger (the &#8220;Merger
Agreement&#8221;) dated as of January 31, 2018 where ABVC acquired BioLite and BioKey via issuing additional Common Stock of ABVC to the
shareholders of BioLite and BioKey.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the terms of the Merger Agreement,
BioLite and BioKey became two wholly-owned subsidiaries of the Company on February 8, 2019. ABVC issued an aggregate of 104,558,777 shares
(prior to the reverse stock split in 2019) to the shareholders of both BioLite and BioKey under a registration statement on Form S-4 (file
number 333-226285), which became effective by operation of law on or about February 5, 2019.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BioLite Holding, Inc. (the &#8220;BioLite Holding&#8221;)
was incorporated under the laws of the State of Nevada on July 27, 2016. BioLite BVI, Inc. (the &#8220;BioLite BVI&#8221;), a wholly owned
subsidiary of BioLite Holding, was incorporated in the British Virgin Islands on September 13, 2016. BioLite Holding and BioLite BVI are
holding companies and have not carried out substantive business operations of their own.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BioLite, Inc., (the &#8220;BioLite Taiwan&#8221;)
was incorporated on February 13, 2006 under the laws of Taiwan. BioLite is in the business of developing and commercialization of new
botanical drugs with application in central nervous system, autoimmunity, inflammation, hematology, and oncology. In addition, BioLite
Taiwan distributes dietary supplements made from extracts of Chinese herbs and Maitake mushroom.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

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    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2017, BioLite Holding, BioLite BVI,
BioLite Taiwan, and certain shareholders of BioLite Taiwan entered into a share purchase / exchange agreement (the &#8220;BioLite Share
Purchase / Exchange Agreement&#8221;). Pursuant to the BioLite Share Purchase / Exchange Agreement, the shareholder participants to the
BioLite Share Purchase / Exchange Agreement have sold their equity in BioLite Taiwan and were using the proceeds from such sales to purchase
shares of Common Stock of BioLite Holding at the same price per share, resulting in their owning the same number of shares of Common Stock
as they owned in the BioLite Taiwan. Upon closing of the Share Purchase/ Exchange Agreement in August 2017, BioLite Holding ultimately
owns via BioLite BVI approximately 73% of BioLite Taiwan. The other shareholders who did not enter this Share Purchase/ Exchange Agreement
retain their equity ownership in BioLite Taiwan.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BioKey, Inc. was incorporated on August 9, 2000
in the State of California. BioKey provides a wide range of services, including, API characterization, pre-formulation studies, formulation
development, analytical method development, stability studies, IND/NDA/ANDA/510K submissions, and manufacturing clinical trial materials
(Phase I through phase III) and commercial manufacturing. It also licenses out its technologies and initiates joint research and development
processes with other biotechnology, pharmaceutical, and nutraceutical companies.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Accounting Treatment of the Merger</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company adopted ASC 805, &#8220;Business Combination&#8221;
to record the merger transactions of BioKey. Since the Company and BioLite Holding are the entities under Dr. Tsung-Shann Jiang&#8217;s
common control, the transaction is accounted for as a restructuring transaction.&#160;All the assets and liabilities of BioLite Holding,
BioLite BVI, and BioLite Taiwan were transferred to the Company at their respective carrying amounts on the closing date of the Merger.
The Company has recast prior period financial statements to reflect the conveyance of BioLite Holding&#8217;s common shares as if the
restructuring transaction had occurred as of the earliest date of the financial statements. All material intercompany accounts, transactions,
and profits have been eliminated in consolidation. The nature of and effects on earnings per share (EPS) of nonrecurring intra-entity
transactions involving long-term assets and liabilities is not required to be eliminated and EPS amounts have been recast to include the
earnings (or losses) of the transferred net assets.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#160;</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Basis of Presentation</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements
have been prepared in accordance with the generally accepted accounting principles in the United States of America (the &#8220;U.S. GAAP&#8221;).
All significant intercompany transactions and account balances have been eliminated.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This basis of accounting involves the application
of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred.
The Company&#8217;s financial statements are expressed in U.S. dollars.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Fiscal Year</FONT>&#160;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company changed its fiscal year from the period
beginning on October 1st and ending on September 30th to the period beginning on January 1st and ending on December 31st, beginning January
1, 2018. All references herein to a fiscal year prior to December 31, 2017 refer to the twelve months ended September 30th of such year.&#160;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Use of Estimates</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated
financial statements and the amount of revenues and expenses during the reporting periods. Actual results could differ materially from
those results.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><!-- Field: Page; Sequence: 10; Value: 1 --><DIV>
    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Inventory</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventory consists of raw materials, work-in-process,
finished goods, and merchandise. Inventories are stated at the lower of cost or market and valued on a moving weighted average cost basis.
Market is determined based on net realizable value. The Company periodically reviews the age and turnover of its inventory to determine
whether any inventory has become obsolete or has declined in value, and incurs a charge to operations for known and anticipated inventory
obsolescence.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Forward Stock Split</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 21, 2016, the Board of Directors of the
Company approved an amendment to Articles of Incorporation to effect a forward split at a ratio of 1 to 3.141 and increase the number
of our authorized shares of Common Stock, par value $0.001 per share, to 360,000,000, which was effective on April 8, 2016.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Stock Reverse Split</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 12, 2019, the Board of Directors of the
Company by unanimous written consent in lieu of a meeting approved to i) effect a stock reverse split at the ratio of 1-for-18 (the &#8220;Reverse
Split&#8221;) of both the authorized common stock of the Company (the &#8220;Common Stock&#8221;) and the issued and outstanding Common
Stock and ii) to amend the articles of incorporation of the Company to reflect the Reverse Split. The Board approved and authorized the
Reverse Split without obtaining approval of the Company&#8217;s shareholders pursuant to Section 78.207 of Nevada Revised Statutes. On
May 3, 2019, the Company filed a certificate of amendment to the Company&#8217;s articles of incorporation (the &#8220;Amendment&#8221;)
to effect the Reverse Split with the Secretary of State of Nevada. The Financial Industry Regulatory Authority (&#8220;FINRA&#8221;) informed
the Company that the Reverse Split was effective on May 8, 2019. All shares and related financial information in this Form 10-K reflect
this 1-for-18 reverse stock split.&#160;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Fair Value Measurements</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FASB ASC 820, &#8220;Fair Value Measurements&#8221;
defines fair value for certain financial and nonfinancial assets and liabilities that are recorded at fair value, establishes a framework
for measuring fair value and expands disclosures about fair value measurements. It requires that an entity measure its financial instruments
to base fair value on exit price, maximize the use of observable units and minimize the use of unobservable inputs to determine the exit
price. It establishes a hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy increases
the consistency and comparability of fair value measurements and related disclosures by maximizing the use of observable inputs and minimizing
the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect the
assumptions market participants would use in pricing the assets or liabilities based on market data obtained from sources independent
of the Company. Unobservable inputs are inputs that reflect the Company&#8217;s own assumptions about the assumptions market participants
would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy prioritizes
the inputs into three broad levels based on the reliability of the inputs as follows:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
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  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>
</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>
</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 0.25in">&#160;</TD>
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  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>
</DIV><DIV>

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    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying values of certain assets and liabilities
of the Company, such as cash and cash equivalents, restricted cash, accounts receivable, due from related parties, inventory, prepaid
expenses and other current assets, accounts payable, accrued liabilities, and due to related parties approximate fair value due to their
relatively short maturities. The carrying value of the Company&#8217;s short-term bank loan, convertible notes payable, and accrued interest
approximates their fair value as the terms of the borrowing are consistent with current market rates and the duration to maturity is short.
The carrying value of the Company&#8217;s long-term bank loan approximates fair value because the interest rates approximate market rates
that the Company could obtain for debt with similar terms and maturities.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-decoration: underline">Cash and Cash Equivalents</FONT>&#160;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company considers highly liquid investments
with maturities of three months or less, when purchased, to be cash equivalents. As of June 30, 2022 and December 31, 2021, the Company&#8217;s
cash and cash equivalents amounted $2,910,613 and $5,828,548, respectively. Some&#160;of the Company&#8217;s cash deposits are held in
financial institutions located in Taiwan where there is currently regulation mandated on obligatory insurance of bank accounts. The Company
believes this financial institution is of high credit quality.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-decoration: underline">Restricted Cash Equivalents</FONT>&#160;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Restricted cash equivalents primarily consist
of cash held in a reserve bank account in Taiwan. As of June 30, 2022 and December 31, 2021, the Company&#8217;s restricted cash equivalents
amounted $688,633 and $736,667, respectively.&#160;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Concentration of Credit Risk</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s financial instruments that
are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and temporary
cash investments in high quality credit institutions, but these investments may be in excess of Taiwan Central Deposit Insurance Corporation
and the U.S. Federal Deposit Insurance Corporation&#8217;s insurance limits. The Company does not enter into financial instruments for
hedging, trading or speculative purposes.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Revenue Recognition</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the fiscal year 2018, the Company adopted
Accounting Standards Codification (&#8220;ASC&#8221;), Topic 606 (ASC 606), Revenue from Contracts with Customers, using the modified
retrospective method to all contracts that were not completed as of January 1, 2018, and applying the new revenue standard as an adjustment
to the opening balance of accumulated deficit at the beginning of 2018 for the cumulative effect. The results for the Company&#8217;s
reporting periods beginning on and after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and
continue to be reported under the accounting standards in effect for the prior period. Based on the Company&#8217;s review of existing
collaborative agreements as of January 1, 2018, the Company concluded that the adoption of the new guidance did not have a significant
change on the Company&#8217;s revenue during all periods presented.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to ASC 606, the Company recognizes revenue
when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the Company expects
to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines is within
the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance
obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations
in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step
model to contracts when it is probable that the Company will collect the consideration the Company is entitled to in exchange for the
goods or services the Company transfers to the customers. At inception of the contract, once the contract is determined to be within the
scope of ASC 606, the Company assesses the goods or services promised within each contract, determines those that are performance obligations,
and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price
that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following are examples of when the Company
recognizes revenue based on the types of payments the Company receives.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Collaborative Revenues &#8212; </B>The Company
recognizes collaborative revenues generated through collaborative research, development and/or commercialization agreements. The terms
of these agreements typically include payment to the Company related to one or more of the following: non-refundable upfront license fees,
development and commercial milestones, partial or complete reimbursement of research and development costs, and royalties on net sales
of licensed products. Each type of payments results in collaborative revenues except for revenues from royalties on net sales of licensed
products, which are classified as royalty revenues. To date, the Company has not received any royalty revenues. Revenue is recognized
upon satisfaction of a performance obligation by transferring control of a good or service to the collaboration partners.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As part of the accounting for these arrangements,
the Company applies judgment to determine whether the performance obligations are distinct, and develop assumptions in determining the
stand-alone selling price for each distinct performance obligation identified in the collaboration agreements. To determine the stand-alone
selling price, the Company relies on assumptions which may include forecasted revenues, development timelines, reimbursement rates for
R&amp;D personnel costs, discount rates and probabilities of technical and regulatory success.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company had multiple deliverables under the
collaborative agreements, including deliverables relating to grants of technology licenses, regulatory and clinical development, and marketing
activities. Estimation of the performance periods of the Company&#8217;s deliverables requires the use of management&#8217;s judgment.
Significant factors considered in management&#8217;s evaluation of the estimated performance periods include, but are not limited to,
the Company&#8217;s experience in conducting clinical development, regulatory and manufacturing activities. The Company reviews the estimated
duration of its performance periods under its collaborative agreements on an annually basis, and makes any appropriate adjustments on
a prospective basis. Future changes in estimates of the performance period under its collaborative agreements could impact the timing
of future revenue recognition.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(i) Non-refundable upfront payments</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a license to the Company&#8217;s intellectual
property is determined to be distinct from the other performance obligations identified in an arrangement, the Company recognizes revenue
from the related non-refundable upfront payments based on the relative standalone selling price prescribed to the license compared to
the total selling price of the arrangement. The revenue is recognized when the license is transferred to the collaboration partners and
the collaboration partners are able to use and benefit from the license. To date, the receipt of non-refundable upfront fees was solely
for the compensation of past research efforts and contributions made by the Company before the collaborative agreements entered into and
it does not relate to any future obligations and commitments made between the Company and the collaboration partners in the collaborative
agreements.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) Milestone payments</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is eligible to receive milestone payments
under the collaborative agreement with collaboration partners based on achievement of specified development, regulatory and commercial
events. Management evaluated the nature of the events triggering these contingent payments, and concluded that these events fall into
two categories: (a) events which involve the performance of the Company&#8217;s obligations under the collaborative agreement with collaboration
partners, and (b) events which do not involve the performance of the Company&#8217;s obligations under the collaborative agreement with
collaboration partners.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><!-- Field: Page; Sequence: 13; Value: 1 --><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The former category of milestone payments consists
of those triggered by development and regulatory activities in the territories specified in the collaborative agreements. Management concluded
that each of these payments constitute substantive milestone payments. This conclusion was based primarily on the facts that (i) each
triggering event represents a specific outcome that can be achieved only through successful performance by the Company of one or more
of its deliverables, (ii) achievement of each triggering event was subject to inherent risk and uncertainty and would result in additional
payments becoming due to the Company, (iii) each of the milestone payments is non-refundable, (iv) substantial effort is required to complete
each milestone, (v) the amount of each milestone payment is reasonable in relation to the value created in achieving the milestone, (vi)
a substantial amount of time is expected to pass between the upfront payment and the potential milestone payments, and (vii) the milestone
payments relate solely to past performance. Based on the foregoing, the Company recognizes any revenue from these milestone payments in
the period in which the underlying triggering event occurs.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(iii) Multiple Element Arrangements</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company evaluates multiple element arrangements
to determine (1) the deliverables included in the arrangement and (2) whether the individual deliverables represent separate units of
accounting or whether they must be accounted for as a combined unit of accounting. This evaluation involves subjective determinations
and requires management to make judgments about the individual deliverables and whether such deliverables are separate from other aspects
of the contractual relationship. Deliverables are considered separate units of accounting provided that: (i) the delivered item(s) has
value to the customer on a standalone basis and (ii) if the arrangement includes a general right of return relative to the delivered item(s),
delivery or performance of the undelivered item(s) is considered probable and substantially within its control. In assessing whether an
item under a collaboration has standalone value, the Company considers factors such as the research, manufacturing, and commercialization
capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. The Company also
considers whether its collaboration partners can use the other deliverable(s) for their intended purpose without the receipt of the remaining
element(s), whether the value of the deliverable is dependent on the undelivered item(s), and whether there are other vendors that can
provide the undelivered element(s).</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognizes arrangement consideration
allocated to each unit of accounting when all of the revenue recognition criteria in ASC 606 are satisfied for that particular unit of
accounting. In the event that a deliverable does not represent a separate unit of accounting, the Company recognizes revenue from the
combined unit of accounting over the Company&#8217;s contractual or estimated performance period for the undelivered elements, which is
typically the term of the Company&#8217;s research and development obligations. If there is no discernible pattern of performance or objectively
measurable performance measures do not exist, then the Company recognizes revenue under the arrangement on a straight-line basis over
the period the Company is expected to complete its performance obligations. Conversely, if the pattern of performance in which the service
is provided to the customer can be determined and objectively measurable performance measures exist, then the Company recognizes revenue
under the arrangement using the proportional performance method. Revenue recognized is limited to the lesser of the cumulative amount
of payments received or the cumulative amount of revenue earned, as determined using the straight-line method or proportional performance
method, as applicable, as of the period ending date.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the inception of an arrangement that includes
milestone payments, the Company evaluates whether each milestone is substantive and at risk to both parties on the basis of the contingent
nature of the milestone. This evaluation includes an assessment of whether: (1) the consideration is commensurate with either the Company&#8217;s
performance to achieve the milestone or the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting
from its performance to achieve the milestone, (2) the consideration relates solely to past performance and (3) the consideration is reasonable
relative to all of the deliverables and payment terms within the arrangement. The Company evaluates factors such as the scientific, clinical,
regulatory, commercial, and other risks that must be overcome to achieve the particular milestone and the level of effort and investment
required to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether
a milestone satisfies all of the criteria required to conclude that a milestone is substantive. Milestones that are not considered substantive
are recognized as earned if there are no remaining performance obligations or over the remaining period of performance, assuming all other
revenue recognition criteria are met.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

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    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(iv) Royalties and Profit Sharing Payments</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the collaborative agreement with the collaboration
partners, the Company is entitled to receive royalties on sales of products, which is at certain percentage of the net sales. The Company
recognizes revenue from these events based on the revenue recognition criteria set forth in ASC 606. Based on those criteria, the Company
considers these payments to be contingent revenues, and recognizes them as revenue in the period in which the applicable contingency is
resolved.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues Derived from Research and Development
Activities Services &#8212; Revenues related to research and development and regulatory activities are recognized when the related services
or activities are performed, in accordance with the contract terms. The Company typically has only one performance obligation at the inception
of a contract, which is to perform research and development services. The Company may also provide its customers with an option to request
that the Company provides additional goods or services in the future, such as active pharmaceutical ingredient, API, or IND/NDA/ANDA/510K
submissions. The Company evaluates whether these options are material rights at the inception of the contract. If the Company determines
an option is a material right, the Company will consider the option a separate performance obligation.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company is entitled to reimbursement from
its customers for specified research and development expenses, the Company accounts for the related services that it provides as separate
performance obligations if it determines that these services represent a material right. The Company also determines whether the reimbursement
of research and development expenses should be accounted for as revenues or an offset to research and development expenses in accordance
with provisions of gross or net revenue presentation. The Company recognizes the corresponding revenues or records the corresponding offset
to research and development expenses as it satisfies the related performance obligations.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company then determines the transaction price
by reviewing the amount of consideration the Company is eligible to earn under the contracts, including any variable consideration. Under
the outstanding contracts, consideration typically includes fixed consideration and variable consideration in the form of potential milestone
payments. At the start of an agreement, the Company&#8217;s transaction price usually consists of the payments made to or by the Company
based on the number of full-time equivalent researchers assigned to the project and the related research and development expenses incurred.
The Company does not typically include any payments that the Company may receive in the future in its initial transaction price because
the payments are not probable. The Company would reassess the total transaction price at each reporting period to determine if the Company
should include additional payments in the transaction price.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company receives payments from its customers
based on billing schedules established in each contract. Upfront payments and fees may be recorded as advance from customers upon receipt
or when due, and may require deferral of revenue recognition to a future period until the Company performs its obligations under these
arrangements. Amounts are recorded as accounts receivable when the right of the Company to consideration is unconditional. The Company
does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period
between payment by the customers and the transfer of the promised goods or services to the customers will be one year or less.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Property and Equipment</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&#160;</I></B></P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment is carried at cost net
of accumulated depreciation. Repairs and maintenance are expensed as incurred. Expenditures that improve the functionality of the related
asset or extend the useful life are capitalized. When property and equipment is retired or otherwise disposed of, the related gain or
loss is included in operating income. Leasehold improvements are depreciated on the straight-line method over the shorter of the remaining
lease term or estimated useful life of the asset. Depreciation is calculated on the straight-line method, including property and equipment
under capital leases, generally based on the following useful lives:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="border-bottom: black 1.5pt solid; width: 5%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Estimated&#160;Life<BR>
in Years</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Buildings and leasehold improvements</FONT></TD>
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    <TD>&#160;</TD>
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</DIV><DIV>

</DIV><!-- Field: Page; Sequence: 15; Value: 1 --><DIV>
    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Impairment of Long-Lived Assets</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has adopted Accounting Standards Codification
subtopic 360-10, Property, Plant and Equipment (&#8220;ASC 360-10&#8221;). ASC 360-10 requires that long-lived assets and certain identifiable
intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount of an asset may not be recoverable. The Company evaluates its long-lived assets for impairment annually or more often if events
and circumstances warrant. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring
losses, or a forecasted inability to achieve break-even operating results over an extended period. Should impairment in value be indicated,
the carrying value of intangible assets will be adjusted, based on estimates of future discounted cash flows resulting from the use and
ultimate disposition of the asset. ASC 360-10 also requires assets to be disposed of be reported at the lower of the carrying amount or
the fair value less costs to sell.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-decoration: underline">Long-term Equity Investment</FONT>&#160;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company acquires the equity investments to
promote business and strategic objectives. The Company accounts for non-marketable equity and other equity investments for which the Company
does not have control over the investees as:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&#160;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
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  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Significant judgment is required to identify whether
an impairment exists in the valuation of the Company&#8217;s non-marketable equity investments, and therefore the Company considers this
a critical accounting estimate. Its yearly analysis considers both qualitative and quantitative factors that may have a significant impact
on the investee&#8217;s fair value. Qualitative analysis of its investments involves understanding the financial performance and near-term
prospects of the investee, changes in general market conditions in the investee&#8217;s industry or geographic area, and the management
and governance structure of the investee. Quantitative assessments of the fair value of its investments are developed using the market
and income approaches. The market approach includes the use of comparable financial metrics of private and public companies and recent
financing rounds. The income approach includes the use of a discounted cash flow model, which requires significant estimates regarding
the investees&#8217; revenue, costs, and discount rates. The Company&#8217;s assessment of these factors in determining whether an impairment
exists could change in the future due to new developments or changes in applied assumptions.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><!-- Field: Page; Sequence: 16; Value: 1 --><DIV>
    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-decoration: underline">Other-Than-Temporary Impairment</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s long-term equity investments
are subject to a periodic impairment review. Impairments affect earnings as follows:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</DIV><DIV>

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</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-decoration: underline">Goodwill</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company evaluates goodwill for impairment
annually or more frequently when an event occurs or circumstances change that indicate the carrying value may not be recoverable. In testing
goodwill for impairment, the Company may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that
the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment indicates that goodwill impairment
is more likely than not, the Company performs a two-step impairment test. The Company tests goodwill for impairment under the two-step
impairment test by first comparing the book value of net assets to the fair value of the reporting units. If the fair value is determined
to be less than the book value or qualitative factors indicate that it is more likely than not that goodwill is impaired, a second step
is performed to compute the amount of impairment as the difference between the estimated fair value of goodwill and the carrying value.
The Company estimates the fair value of the reporting units using discounted cash flows. Forecasts of future cash flows are based on our
best estimate of future net sales and operating expenses, based primarily on expected category expansion, pricing, market segment share,
and general economic conditions.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company completed the required testing of
goodwill for impairment as of June 30, 2022, and determined that goodwill was impaired because of the current financial condition of the
Company and the Company&#8217;s inability to generate future operating income without substantial sales volume increases, which are highly
uncertain. Furthermore, the Company anticipates future cash flows indicate that the recoverability of goodwill is not reasonably assured.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Research and Development Expenses</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for the cost of using licensing
rights in research and development cost according to ASC Topic 730-10-25-1. This guidance provides that absent alternative future uses
the acquisition of product rights to be used in research and development activities must be charged to research and development expenses
when incurred.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For CDMO business unit, the Company accounts for
R&amp;D costs in accordance with Accounting Standards Codification (&#8220;ASC&#8221;) 730, Research and Development (&#8220;ASC 730&#8221;).
Research and development expenses are charged to expense as incurred unless there is an alternative future use in other research and development
projects or otherwise. Research and development expenses are comprised of costs incurred in performing research and development activities,
including personnel-related costs, facilities-related overhead, and outside contracted services including clinical trial costs, manufacturing
and process development costs for both clinical and preclinical materials, research costs, and other consulting services. Non-refundable
advance payment for goods and services that will be used in future research and development activities are expensed when the activity
has been performed or when the goods have been received rather than when the payment is made. In instances where the Company enters into
agreements with third parties to provide research and development services, costs are expensed as services are performed.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Post-retirement and post-employment benefits</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&#160;</I></B></P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s subsidiaries in Taiwan adopted
the government mandated defined contribution plan pursuant to the Labor Pension Act (the &#8220;Act&#8221;) in Taiwan. Such labor regulations
require that the rate of contribution made by an employer to the Labor Pension Fund per month shall not be less than 6% of the worker&#8217;s
monthly salaries. Pursuant to the Act, the Company makes monthly contribution equal to 6% of employees&#8217; salaries to the employees&#8217;
pension fund. The Company has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee
benefits, which were expensed as incurred, were $3,309 and $2,859 for the three months ended June 30, 2022 and 2021, respectively. The
total amounts for such employee benefits, which were expensed as incurred, were $6,646 and $5,362 for the six months ended June 30, 2022
and 2021, respectively. Other than the above, the Company does not provide any other post-retirement or post-employment benefits.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-decoration: underline">Stock-based Compensation</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company measures expense associated with all
employee stock-based compensation awards using a fair value method and recognizes such expense in the consolidated financial statements
on a straight-line basis over the requisite service period in accordance with FASB ASC Topic 718 &#8220;Compensation-Stock Compensation&#8221;.
Total employee stock-based compensation expenses were $0 for the three and six months ended June 30, 2022 and 2021, respectively.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounted for stock-based compensation
to non-employees in accordance with FASB ASC Topic 718 &#8220;Compensation-Stock Compensation&#8221; and FASB ASC Topic 505-50 &#8220;Equity-Based
Payments to Non-Employees&#8221; which requires that the cost of services received from non-employees is measured at fair value at the
earlier of the performance commitment date or the date service is completed and recognized over the period the service is provided. Total
non-employee stock-based compensation expenses were $225,740 and $475,740 for the three months ended June 30, 2022 and 2021, respectively.
Total non-employee stock-based compensation expenses were $4,917,743 and $701,480 for the six months ended June 30, 2022 and 2021, respectively.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Beneficial Conversion Feature</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&#160;</I></B></P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, the Company may issue convertible
notes that may contain an imbedded beneficial conversion feature. A beneficial conversion feature exists on the date a convertible note
is issued when the fair value of the underlying common stock to which the note is convertible into is in excess of the remaining unallocated
proceeds of the note after first considering the allocation of a portion of the note proceeds to the fair value of the warrants, if related
warrants have been granted. The intrinsic value of the beneficial conversion feature is recorded as a debt discount with a corresponding
amount to additional paid in capital. The debt discount is amortized to interest expense over the life of the note using the effective
interest method.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Income Taxes</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.2pt">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for income taxes using the
asset and liability approach which allows the recognition and measurement of deferred tax assets to be based upon the likelihood of realization
of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary
differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax
purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will expire before the Company
is able to realize their benefits, or future deductibility is uncertain.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under ASC 740, a tax position is recognized as
a benefit only if it is&#160;&#8220;more likely than not&#8221;&#160;that the tax position would be sustained in a tax examination, with
a tax examination being presumed to occur. The evaluation of a tax position is a two-step process. The first step is to determine whether
it is more-likely-than-not that a tax position will be sustained upon examination, including the resolution of any related appeals or
litigations based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not
threshold to determine the amount of benefits recognized in the financial statements. A tax position is measured at the largest amount
of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to
meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met.
Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent
financial reporting period in which the threshold is no longer satisfied. Penalties and interest incurred related to underpayment of income
tax are classified as income tax expense in the year incurred. No significant penalty or interest relating to income taxes has been incurred
for the six months ended June 30, 2022 and 2021. GAAP also provides guidance on de-recognition, classification, interest and penalties,
accounting in interim periods, disclosures and transition.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 22, 2017, the SEC issued Staff Accounting
Bulletin (&#8220;SAB 118&#8221;), which provides guidance on accounting for tax effects of the Tax Act. SAB 118 provides a measurement
period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740.
In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Act for which the accounting under ASC
740 is complete. To the extent that a company&#8217;s accounting for certain income tax effects of the Tax Act is incomplete but it is
able to determine a reasonable estimate, it must record a provisional estimate to be included in the financial statements. If a company
cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of
the provision of the tax laws that were in effect immediately before the enactment of the Tax Act. While the Company is able to make reasonable
estimates of the impact of the reduction in corporate rate and the deemed repatriation transition tax, the final impact of the Tax Act
may differ from these estimates, due to, among other things, changes in our interpretations and assumptions, additional guidance that
may be issued by the I.R.S., and actions the Company may take. The Company is continuing to gather additional information to determine
the final impact.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-decoration: underline">Valuation of Deferred Tax Assets</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A valuation allowance is recorded to reduce the
Company&#8217;s deferred tax assets to the amount that is more likely than not to be realized. In assessing the need for the valuation
allowance, management considers, among other things, projections of future taxable income and ongoing prudent and feasible tax planning
strategies. If the Company determines that sufficient negative evidence exists, then it will consider recording a valuation allowance
against a portion or all of the deferred tax assets in that jurisdiction. If, after recording a valuation allowance, the Company&#8217;s
projections of future taxable income and other positive evidence considered in evaluating the need for a valuation allowance prove, with
the benefit of hindsight, to be inaccurate, it could prove to be more difficult to support the realization of its deferred tax assets.
As a result, an additional valuation allowance could be required, which would have an adverse impact on its effective income tax rate
and results. Conversely, if, after recording a valuation allowance, the Company determines that sufficient positive evidence exists in
the jurisdiction in which the valuation allowance was recorded, it may reverse a portion or all of the valuation allowance in that jurisdiction.
In such situations, the adjustment made to the deferred tax asset would have a favorable impact on its effective income tax rate and results
in the period such determination was made.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Loss Per Share of Common Stock</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company calculates net loss per share in accordance
with ASC Topic 260, &#8220;Earnings per Share&#8221;. Basic loss per share is computed by dividing the net loss by the weighted average
number of common shares outstanding during the period. Diluted loss per share is computed similar to basic loss per share except that
the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common
stock equivalents had been issued and if the additional common shares were dilutive. Diluted earnings per share excludes all dilutive
potential shares if their effect is anti-dilutive.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Commitments and Contingencies</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has adopted ASC Topic 450 &#8220;Contingencies&#8221;
subtopic 20, in determining its accruals and disclosures with respect to loss contingencies. Accordingly, estimated losses from loss contingencies
are accrued by a charge to income when information available before financial statements are issued or are available to be issued indicates
that it is probable that an asset had been impaired or a liability had been incurred at the date of the financial statements and the amount
of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency
is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably
possible that a material loss could be incurred.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Foreign-currency Transactions</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the Company&#8217;s subsidiaries in Taiwan,
the foreign-currency transactions are recorded in New Taiwan dollars (&#8220;NTD&#8221;) at the rates of exchange in effect when the transactions
occur. Gains or losses resulting from the application of different foreign exchange rates when cash in foreign currency is converted into
New Taiwan dollars, or when foreign-currency receivables or payables are settled, are credited or charged to income in the year of conversion
or settlement. On the balance sheet dates, the balances of foreign-currency assets and liabilities are restated at the prevailing exchange
rates and the resulting differences are charged to current income except for those foreign currencies denominated investments in shares
of stock where such differences are accounted for as translation adjustments under the Statements of Stockholders&#8217; Equity (Deficit).</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Translation Adjustment</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accounts of the Company&#8217;s subsidiaries
in Taiwan were maintained, and their financial statements were expressed, in New Taiwan Dollar (&#8220;NT$&#8221;). Such financial statements
were translated into U.S. Dollars (&#8220;$&#8221; or &#8220;USD&#8221;) in accordance ASC 830, &#8220;Foreign Currency Matters&#8221;,
with the NT$ as the functional currency. According to the Statement, all assets and liabilities are translated at the current exchange
rate, stockholder&#8217;s deficit are translated at the historical rates and income statement items are translated at an average exchange
rate for the period. The resulting translation adjustments are reported under other comprehensive income (loss) as a component of stockholders&#8217;
equity (deficit).</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Recent Accounting Pronouncements</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In August 2020, the FASB issued ASU 2020-06, Debt
&#8212; Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging&#8212;Contracts in Entity&#8217;s Own Equity
(Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity&#8217;s Own Equity (&#8220;ASU 2020-06&#8221;). ASU
2020-06 simplifies the accounting for convertible debt by eliminating the beneficial conversion and cash conversion accounting models.
Upon adoption of ASU 2020-06, convertible debt, unless issued with a substantial premium or an embedded conversion feature that is not
clearly and closely related to the host contract, will no longer be allocated between debt and equity components. This modification will
reduce the issue discount and result in less non-cash interest expense in financial statements. ASU 2020-06 also updates the earnings
per share calculation and requires entities to assume share settlement when the convertible debt can be settled in cash or shares. For
contracts in an entity&#8217;s own equity, the type of contracts primarily affected by ASU 2020-06 are freestanding and embedded features
that are accounted for as derivatives under the current guidance due to a failure to meet the settlement assessment by removing the requirements
to (i) consider whether the contract would be settled in registered shares, (ii) consider whether collateral is required to be posted,
and (iii) assess shareholder rights. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted,
but no earlier than fiscal years beginning after December 15, 2020, and only if adopted as of the beginning of such fiscal year. The Company
is currently evaluating the impact that the standard will have on its consolidated financial statements.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2022, the FASB issued ASU 2022-02, Troubled
Debt Restructurings and Vintage Disclosures. This ASU eliminates the accounting guidance for troubled debt restructurings by creditors
that have adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments. This ASU also enhances the disclosure requirements
for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, the ASU
amends the guidance on vintage disclosures to require entities to disclose current period gross write-offs by year of origination for
financing receivables and net investments in leases within the scope of ASC 326-20. The ASU is effective for annual periods beginning
after December 15, 2022, including interim periods within those fiscal years. Adoption of the ASU would be applied prospectively. Early
adoption is also permitted, including adoption in an interim period. The Company is currently evaluating the impact that the standard
will have on its consolidated financial statements.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>3. COLLABORATIVE AGREEMENTS</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#160;</B></P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Collaborative agreements with BHK</FONT></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) On February 24, 2015, BioLite Taiwan and BioHopeKing
Corporation (the &#8220;BHK&#8221;) entered into a co-development agreement, (the &#8220;BHK Co-Development Agreement&#8221;), pursuant
to which it is collaborative with BHK to develop and commercialize BLI-1401-2 (Botanical Drug) Triple Negative Breast Cancer (TNBC) Combination
Therapy (BLI-1401-2 Products) in Asian countries excluding Japan for all related intellectual property rights, and has developed it for
medicinal use in collaboration with outside researchers. The development costs shall be shared 50/50 between BHK and the Company. The
BHK Co-Development Agreement will remain in effect for fifteen years from the date of first commercial sale of the Product in in Asia
excluding Japan.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 27, 2016, BioLite Taiwan and BHK agreed
to amend the payment terms of the milestone payment in an aggregate amount of $10 million based on the following schedule:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"> <TR STYLE="vertical-align: top"> <TD STYLE="width: 0.25in">&#160;</TD> <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD> <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the signing of the BHK Co-Development Agreement: $1 million, or 10% of total payment</FONT></TD></TR> </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"> <TR STYLE="vertical-align: top"> <TD STYLE="width: 0.25in">&#160;</TD> <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD> <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the New Drug Application (NDA) submission: $4 million, or 40% of total payment</FONT></TD></TR> </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2015, BHK has paid a
non-refundable upfront cash payment of $1 million, or 10% of $10,000,000, upon the signing of BHK Co-Development Agreement. The
Company concluded that the deliverables are considered separate units of accounting as the delivered items have value to the
customer on a standalone basis and recognized this cash receipt as collaboration revenue when all research, technical, and
development data was delivered to BHK in 2015. The receipt is for the compensation of past research efforts and contributions made
by BioLite Taiwan before this collaborative agreement was signed and it does not relate to any future commitments made by BioLite
Taiwan and BHK in this collaborative agreement. In August 2016, the Company has received the second milestone payment of
NT$31,649,000, approximately equivalent to $1 million, and recognized collaboration revenue for the year ended December 31, 2016. As
of the date of this report, the Company has not completed the first phase II clinical trial.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><DIV>

</DIV><!-- Field: Page; Sequence: 21; Value: 1 --><DIV>
    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the milestone payments, BioLite
Taiwan is entitled to receive royalty on 12% of BHK&#8217;s net sales related to BLI-1401-2 Products. As of June 30, 2022 and December
31, 2021, the Company has not earned the royalty under the BHK Co-Development Agreement.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) On December 9, 2015, BioLite Taiwan entered
into another two collaborative agreements (the &#8220;BHK Collaborative Agreements&#8221;), pursuant to which it is collaborative with
BHK to co-develop and commercialize BLI-1005 for &#8220;Targeting Major Depressive Disorder&#8221; (BLI-1005 Products) and BLI-1006 for
&#8220;Targeting Inflammatory Bowel Disease&#8221; (BLI-1006 Products) in Asia excluding Japan for all related intellectual property rights,
and has developed it for medicinal use in collaboration with outside researchers. The development costs shall be shared 50/50 between
BHK and the Company. The BHK Co-Development Agreement will remain in effect for fifteen years from the date of first commercial sale of
the Product in in Asia excluding Japan.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2015, the Company recognized the cash receipt
in a total of NT$50 million, approximately equivalent to $1.6 million, as collaboration revenue when all research, technical, and development
data was delivered to BHK. The Company concluded that the deliverables are considered separate units of accounting as the delivered items
have value to the customer on a standalone basis and recognized this payment as collaboration revenue when all research, technical, data
and development data was delivered to BHK. The cash receipt is for the compensation of past research efforts and contributions made by
BioLite Taiwan before this BHK Collaborative Agreements was signed and it does not relate to any future commitments made by BioLite Taiwan
and BHK in this BHK Collaborative Agreements.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the total of NT$50 million, approximately
equivalent to $1.60 million, BioLite Taiwan is entitled to receive 50% of the future net licensing income or net sales profit. As of June
30, 2022 and December 31, 2021, the Company has not earned the royalty under the BHK Collaborative Agreements.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#160;</B></P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Co-Development agreement with Rgene Corporation,
a related party</FONT></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 26, 2017, BriVision entered into a co-development
agreement (the &#8220;Co-Dev Agreement&#8221;) with Rgene Corporation (the &#8220;Rgene&#8221;), a related party under common control
by controlling beneficiary shareholder of YuanGene Corporation and the Company (See Note 12). Pursuant to Co-Dev Agreement, BriVision
and Rgene agreed to co-develop and commercialize ABV-1507 HER2/neu Positive Breast Cancer Combination Therapy, ABV-1511 Pancreatic Cancer
Combination Therapy and ABV-1527 Ovary Cancer Combination Therapy. Under the terms of the Co-Dev Agreement, Rgene is required to&#160;pay
the Company $3,000,000 in cash or stock of Rgene with equivalent value by August 15, 2017. The payment is for the compensation of BriVision&#8217;s
past research efforts and contributions made by BriVision before the Co-Dev Agreement was signed and it does not relate to any future
commitments made by BriVision and Rgene in this Co-Dev Agreement. In addition to $3,000,000, the Company is entitled to receive 50% of
the future net licensing income or net sales profit earned by Rgene, if any, and any development costs shall be equally shared by both
BriVision and Rgene.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 1, 2017, the Company has delivered all
research, technical, data and development data to Rgene. Since both Rgene and the Company are related parties and under common control
by a controlling beneficiary shareholder of YuanGene Corporation and the Company, the Company has recorded the full amount of $3,000,000
in connection with the Co-Dev Agreement as additional paid-in capital during the year ended December 31, 2017. During the year ended December
31, 2017, the Company has received $450,000 in cash. On December 24, 2018, the Company received the remaining balance of $2,550,000 in
the form of newly issued shares of Rgene&#8217;s Common Stock, at the price of NT$50 (approximately equivalent to $1.60 per share), for
an aggregate number of 1,530,000 shares, which accounted for equity method long-term investment as of December 31, 2018. During the year
ended December 31, 2018, the Company has recognized investment loss of $549. On December 31, 2018, the Company determined to fully write
off this investment based on the Company&#8217;s assessment of the severity and duration of the impairment, and qualitative and quantitative
analysis of the operating performance of the investee, adverse changes in market conditions and the regulatory or economic environment,
changes in operating structure of Rgene, additional funding requirements, and Rgene&#8217;s ability to remain in business. All projects
that have been initiated will be managed and supported by the Company and Rgene.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and Rgene signed an amendment to the
Co-Dev Agreement on November 10, 2020, pursuant to which both parties agreed to delete AB-1507 HER2/neu Positive Breast Cancer Combination
Therapy and AB 1527 Ovary Cancer Combination Therapy and add ABV-1519 EGFR Positive Non-Small Cell Lung Cancer Combination Therapy and
ABV-1526 Large Intestine / Colon / Rectal Cancer Combination Therapy to the products to be co-developed and commercialized. Other provisions
of the Co-Dev Agreement remain in full force and effect.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 10, 2022, the Company expanded its co-development
partnership with Rgene. On that date, BioKey, ABVC has entered into a Clinical Development Service Agreement with Rgene to guide three
Rgene drug products, RGC-1501 for the treatment of Non-Small Cell Lung Cancer (NSCLC), RGC-1502 for the treatment of pancreatic cancer
and RGC 1503 for the treatment of colorectal cancer patients, through completion of Phase II clinical studies under the U.S. FDA IND regulatory
requirements. Under the terms of the new Services Agreement, BioKey is eligible to receive payments totaling $3.0 million over a 3-year
period with each payment amount to be determined by certain regulatory milestones obtained during the agreement period. The Service Agreement
shall remain in effect until the expiration date of the last patent and automatically renew for 5 more years unless terminated earlier
by either party with six months written notice. Either party may terminate the Service Agreement for cause by providing 30 days written
notice.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P><DIV>

</DIV><!-- Field: Page; Sequence: 22; Value: 1 --><DIV>
    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Collaborative agreement with BioFirst Corporation,
a related party</FONT></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 24, 2017, BriVision entered into a collaborative
agreement (the &#8220;BioFirst Collaborative Agreement&#8221;) with BioFirst Corporation (&#8220;BioFirst&#8221;), pursuant to which BioFirst
granted the Company the global licensing right for medical use of the product (the &#8220;Product&#8221;): BFC-1401 Vitreous Substitute
for Vitrectomy. BioFirst is a related party to the Company because a controlling beneficiary shareholder of YuanGene Corporation and the
Company is one of the directors and Common Stock shareholders of BioFirst (See Note 12).</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the BioFirst Collaborative Agreement,
the Company will co-develop and commercialize the Product with BioFirst and pay BioFirst in a total amount of $3,000,000 in cash or stock
of the Company before September 30, 2018. The amount of $3,000,000 is in connection with the compensation for BioFirst&#8217;s past research
efforts and contributions made by BioFirst before the BioFirst Collaborative Agreement was signed and it does not relate to any future
commitments made by BioFirst and BriVision in this BioFirst Collaborative Agreement. In addition, the Company is entitled to receive 50%
of the future net licensing income or net sales profit, if any, and any development cost shall be equally shared by both BriVision and
BioFirst.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 25, 2017, BioFirst has delivered
all research, technical, data and development data to BriVision. The Company determined to fully expense the entire amount of $3,000,000
since currently the related licensing rights do not have alternative future uses. According to ASC 730-10-25-1, absent alternative future
uses the acquisition of product rights to be used in research and development activities must be charged to research and development expenses
immediately. Hence, the entire amount of $3,000,000 is fully expensed as research and development expense during the year ended December
31, 2017.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 30, 2019, BriVision entered into a Stock
Purchase Agreement (the &#8220;Purchase Agreement&#8221;) with BioFirst Corporation. Pursuant to the Purchase Agreement, the Company issued
428,571 shares of the Company&#8217;s common stock to BioFirst in consideration for $3,000,000 owed by the Company to BioFirst (the &#8220;Total
Payment&#8221;) in connection with a certain collaborative agreement between the Company and BioFirst dated July 24, 2017 (the &#8220;Collaborative
Agreement&#8221;). Pursuant to the Collaborative Agreement, BioFirst granted the Company the global licensing right to co-develop BFC-1401
or ABV-1701 Vitreous Substitute for Vitrectomy for medical purposes in consideration for the Total Payment.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 5, 2019, BriVision entered into a second
Stock Purchase Agreement (&#8220;Purchase Agreement 2&#8221;) with BioFirst Corporation. Pursuant to Purchase Agreement 2, the Company
issued 414,702 shares of the Company&#8217;s common stock to BioFirst in consideration for $2,902,911 owed by the Company to BioFirst
in connection with a loan provided to BriVision from BioFirst.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>4. INVENTORY</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inventory consists of the following:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.9pt; text-align: justify; text-indent: -22.9pt"><B>&#160;</B></P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30,<BR> 2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31,<BR> 2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-weight: bold">&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">100,161</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">96,725</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Raw materials</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">66,706</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">84,620</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Allowance for inventory valuation and obsolescence loss</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(145,012</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Inventory, net</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">21,855</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">25,975</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD></TR>
  </TABLE><DIV>


</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.9pt; text-align: justify; text-indent: -22.9pt">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.9pt; text-align: justify; text-indent: -22.9pt"></P><DIV>

</DIV><!-- Field: Page; Sequence: 23; Value: 1 --><DIV>
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    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.9pt; text-align: justify; text-indent: -22.9pt"><B>&#160;</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>5. PROPERTY AND EQUIPMENT</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-indent: -23.75pt"><B>&#160;</B></P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify; text-indent: -23.75pt">Property and
equipment as of June 30, 2022 and December 31, 2021 are summarized as follows:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify; text-indent: -23.75pt"><B>&#160;</B></P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31,<BR> 2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
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    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: justify">Land</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">373,418</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">400,091</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">2,226,130</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1,013,376</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-bottom: 1.5pt">Office equipment</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: justify; padding-bottom: 4pt">Property and equipment, net</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">525,881</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify; text-indent: -23.75pt">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation expenses were $5,491 and $2,941 for
three months ended June 30, 2022 and 2021, respectively.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation expenses were $10,902 and $5,869
for six months ended June 30, 2022 and 2021, respectively.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-indent: -23.75pt"><B>6. LONG-TERM INVESTMENTS</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-indent: -23.75pt"><B>&#160;</B></P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ownership percentages of each investee are listed as follows:</FONT></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 331.3pt">&#160;</P><DIV>
</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Ownership percentage</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="text-align: center">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">June 30,</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">December&#160;31,</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Name of related party</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Braingenesis Biotechnology Co., Ltd.</TD><TD STYLE="width: 1%">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Genepharm Biotech Corporation</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">BioHopeKing Corporation</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">5.90</TD><TD STYLE="text-align: left">%</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">BioFirst Corporation</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">15.99</TD><TD STYLE="text-align: left">%</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Rgene Corporation</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">31.62</TD><TD STYLE="text-align: left">%</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">31.62</TD><TD STYLE="text-align: left">%</TD><TD>&#160;</TD>
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  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>


</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The extent the investee relies on the company for its business are summarized as follows:</FONT></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>
</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of related party</B></FONT></TD>
    <TD STYLE="width: 1%">&#160;</TD>
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  <TR STYLE="background-color: #CCEEFF">
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    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No specific business relationship</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Genepharm Biotech Corporation</FONT></TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No specific business relationship</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BioHopeKing Corporation</FONT></TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collaborating with the Company to develop and commercialize drugs</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BioFirst Corporation</FONT></TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collaborating with the Company to develop and commercialize drugs</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rgene Corporation</FONT></TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collaborating with the Company to develop and commercialize drugs</FONT></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&#160;&#160;</B></P><DIV>
</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term investment mainly consists of the following:</FONT></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#160;</B></P><DIV>
</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
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    <TD COLSPAN="2" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">BioHopeKing Corporation</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in">Sub total</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">932,755</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P><DIV>

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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BioFirst Corporation (the &#8220;BioFirst&#8221;):</FONT></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">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&#8212;Equity Method and Joint Ventures (&#8220;ASC 323&#8221;). Equity method adjustments include the Company&#8217;s
proportionate share of investee&#8217;s income or loss and other adjustments required by the equity method. As of June 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 $639,072 and $684,720, recorded
as prepayment for long-term investments as of June 30, 2022 and December 31, 2021, respectively.&#160;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Summarized financial information for the Company&#8217;s
equity method investee, BioFirst, is as follows:&#160;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.4pt"><I>&#160;</I></P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Balance Sheet</I></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30,<BR> 2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-weight: bold">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">2,065,236</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 1%">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">877,630</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">3,501,538</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">2,909,703</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(672,287</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
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</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Statement of Operations</I></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Six Months Ended<BR> June 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-weight: bold">&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Net sales</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">15,398</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">13,500</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">3,375</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">3,203</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(872,254</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(465,704</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Share of losses from investments accounted for using the equity method</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(101,382</TD><TD STYLE="text-align: left">)</TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>


</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><DIV>

</DIV><!-- Field: Page; Sequence: 25; Value: 1 --><DIV>
    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&#160;</B></P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rgene Corporation (the &#8220;Rgene&#8221;)</FONT></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>
</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">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&#8212;Equity
Method and Joint Ventures (&#8220;ASC 323&#8221;). Equity method adjustments include the Company&#8217;s proportionate share of investee&#8217;s
income or loss and other adjustments required by the equity method. As of June 30, 2022 and December 31, 2021, the Company owns 31.62%
and 31.62% Common Stock shares of Rgene, respectively.&#160;On June 30, 2022, Dr. Tsung-Shann Jiang has been elected to become the Chairman
of Rgene.&#160;
</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Summarized financial information for the Company&#8217;s
equity method investee, Rgene, is as follows:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Balance Sheets</I></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30,<BR> 2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31,<BR> 2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-weight: bold">&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Current Assets</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,227,904</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">73,452</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Noncurrent Assets</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">330,231</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">374,423</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Current Liabilities</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">2,221,846</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1,934,786</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Noncurrent Liabilities</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right"><DIV STYLE="-sec-ix-hidden: hidden-fact-68">-</DIV></TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right"><DIV STYLE="-sec-ix-hidden: hidden-fact-69">-</DIV></TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(663,711</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(1,486,911</TD><TD STYLE="text-align: left">)</TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>


</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Statement of Operations</I></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD>
    <TD>&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Six Months Ended<BR>
June 30,</B></FONT></TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD>
    <TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2022</B></FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2021</B></FONT></TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD>
    <TD>&#160;</TD>
    <TD COLSPAN="6" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Unaudited)</B></FONT></TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net sales</FONT></TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
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    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share of loss from investments accounted for using the equity method</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
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  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&#160;</I></P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
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  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During the three and six months ended
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</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P><DIV>

</DIV><!-- Field: Page; Sequence: 26; Value: 1 --><DIV>
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    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
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  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&#160;</B></P><DIV>
</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The components of losses on equity investments
for each period were as follows:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="text-align: center; font-weight: bold">&#160;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="text-align: center; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Share of equity method investee losses</TD><TD STYLE="width: 1%">&#160;</TD>
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  </TABLE><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>7. CONVERTIBLE NOTES PAYABLE</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#160;</B></P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 9, 2018, the Company issued an eighteen-month
term unsecured convertible promissory note (the &#8220;Yu and Wei Note&#8221;) in an aggregate principal amount of $300,000 to Guoliang
Yu and Yingfei Wei Family Trust (the &#8220;Yu and Wei&#8221;), pursuant to which the Company received $300,000. The Yu and Wei Note bears
interest at 8% per annum. The Company shall pay to the Yu and Wei an amount in cash representing all outstanding principal and accrued
and unpaid interest on the Eighteenth (18) month anniversary of the issuance date of the Yu and Wei Note, which is on November 8, 2019.
In the event that the Company raises gross proceeds from the sale of its common stock of at least $5,000,000 (an &#8220;Equity Offering&#8221;)
then within five days of the closing for such offering, the Company must repay the outstanding amount of this Yu and Wei Note. At any
time from the date hereof until this Yu and Wei Note has been satisfied, the Yu and Wei may convert the unpaid and outstanding principal
plus any accrued and unpaid interest and or default interest, if any, into shares of the Company&#8217;s common stock at a conversion
price (the &#8220;Conversion Price&#8221;) equal to the lower of (i) $2.00 per share (the &#8220;Fixed Conversion Price&#8221;), subject
to adjustment or (ii) 80% of the per share offering price (the &#8220;Alternative Conversion Price&#8221;) of any completed equity offering
of the Company in an amount exceeding $500,000 that occurs when any part of the Yu and Wei Note is outstanding, subject to adjustments
set forth in the Yu and Wei Note. In accordance with FASB ASC 470-20, the Company recognized none of the intrinsic value of embedded beneficial
conversion feature present in the Yu and Wei Note. On January 21, 2020, Yu and Wei entered into a new agreement that the new Note bears
interest at 20% per annum. The Company shall pay to the Yu and Wei an amount in cash representing all outstanding principal and accrued
and unpaid interest on the Twelve (12) month anniversary of the issuance date of the new &#8220;Yu and Wei&#8221; Note, which is on January
20, 2021. On April 5, 2020, the Company entered into an exchange agreement with &#8220;Yu and Wei&#8221;. The aggregate principal amount
plus accrued interest expenses were $354,722, and the Company agreed to issue to the Holders an aggregate of 192,784 shares of the Company&#8217;s
common stock, and warrants to purchase 192,784 shares of the Company&#8217;s common stock. These common shares have been issued during
the year ended December 31, 2020.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#160;</B></P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 27, 2018, the Company issued an eighteen-month
term unsecured convertible promissory note (the &#8220;Keypoint Note&#8221;) in the aggregate principal amount of $250,000 to Keypoint
Technology Ltd. (&#8220;Keypoint&#8221;), a related party, pursuant to which the Company received $250,000. The Keypoint Note bears interest
at 8% per annum. The Company shall pay to the Keypoint an amount in cash representing all outstanding principal and accrued and unpaid
interest on the Eighteenth (18) month anniversary of the issuance date of the Keypoint Note, which is on December 26, 2019. In the event
that the Company raises gross proceeds from the sale of its common stock of at least $5,000,000 (an &#8220;Equity Offering&#8221;) then
within five days of the closing for such offering, the Company must repay the outstanding amount of this Keypoint Note. At any time from
the date hereof until this Keypoint Note has been satisfied, Keypoint may convert the unpaid and outstanding principal plus any accrued
and unpaid interest and or default interest, if any, into shares of the Company&#8217;s common stock at a conversion price (the &#8220;Conversion
Price&#8221;) equal to the lower of (i) $2.00 per share (the &#8220;Fixed Conversion Price&#8221;), subject to adjustment or (ii) 80%
of the per share offering price (the &#8220;Alternative Conversion Price&#8221;) of any completed equity offering of the Company in an
amount exceeding $500,000 that occurs when any part of the Keypoint Note is outstanding, subject to adjustments set forth in the Keypoint
Note. In accordance with FASB ASC 470-20, the Company recognized none of the intrinsic value of embedded beneficial conversion feature
present in the Keypoint Note. On January 21, 2020, Keypoint entered into a new agreement that the new Note bears interest at 20% per annum.
The Company shall pay to the Keypoint an amount in cash representing all outstanding principal and accrued and unpaid interest on the
Twelve (12) month anniversary of the issuance date of the new &#8220;Keypoint&#8221; Note, which is on January 20, 2021. On April 5, 2020,
the Company entered into an exchange agreement with &#8220;Keypoint&#8221;. The aggregate principal amount plus accrued interest expenses
were $292,826, and the Company agreed to issue to the Holders an aggregate of 159,145 shares of the Company&#8217;s common stock, and
warrants to purchase 159,145 shares of the Company&#8217;s common stock. These common shares have been issued during the year ended December
31, 2020.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P><DIV>

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    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 25, 2018, the Company issued an eighteen-month
term unsecured convertible promissory notes (the &#8220;Odaira Note&#8221;) in the aggregate principal amount of $250,000 to Yoshinobu
Odaira. (&#8220;Odaira&#8221;), pursuant to which the Company received $250,000. The Odaira Note bears interest at 8% per annum. The Company
shall pay to the Odaira an amount in cash representing all outstanding principal and accrued and unpaid interest on the Eighteenth (18)
month anniversary of the issuance date of the Odaira Note, which is on February 24, 2020. In the event that the Company raises gross proceeds
from the sale of its common stock of at least $5,000,000 (an &#8220;Equity Offering&#8221;) then within five days of the closing for such
offering, the Company must repay the outstanding amount of this Odaira Note. At any time from the date hereof until this Odaira Note has
been satisfied, Odaira may convert the unpaid and outstanding principal plus any accrued and unpaid interest and or default interest,
if any, into shares of the Company&#8217;s common stock at a conversion price (the &#8220;Conversion Price&#8221;) equal to the lower
of (i) $2.00 per share (the &#8220;Fixed Conversion Price&#8221;), subject to adjustment or (ii) 80% of the per share offering price (the
&#8220;Alternative Conversion Price&#8221;) of any completed equity offering of the Company in an amount exceeding $500,000 that occurs
when any part of the Odaira Note is outstanding, subject to adjustments set forth in the Odaira Note. In accordance with FASB ASC 470-20,
the Company recognized none of the intrinsic value of embedded beneficial conversion feature present in the Odaira Note. On January 21,
2020, Odaira entered into a new agreement that the new Note bears interest at 20% per annum. The Company shall pay to the Odaira an amount
in cash representing all outstanding principal and accrued and unpaid interest on the Twelve (12) month anniversary of the issuance date
of the new &#8220;Odaira&#8221; Note, which is on January 20, 2021. On April 5, 2020, the Company entered into an exchange agreement with
&#8220;Odaira&#8221;. The aggregate principal amount plus accrued interest expenses were $284,036, and the Company agreed to issue to
the Holders an aggregate of 154,368 shares of the Company&#8217;s common stock, and warrants to purchase 154,368 shares of the Company&#8217;s
common stock. These common shares have been issued during the year ended December 31, 2020.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 30 and July 10, 2019, the Company issued
two (2) twelve-month term unsecured convertible promissory notes (the &#8220;KSL Note&#8221;) in an aggregate principal amount of $250,000
to Kuo Sheng Lung (the &#8220;KSL&#8221;), pursuant to which the Company received $160,000 and $90,000, respectively. The KSL Note bears
interest at 20% per annum. The Company shall pay to KSL an amount in cash representing all outstanding principal and accrued and unpaid
interest on the Twelve (12) month anniversary of the issuance date of the KSL Note, which is on May 29, 2020 and July 9, 2020. At any
time from the issuance date until the KSL Note has been satisfied, the KSL may convert the unpaid and outstanding principal plus any accrued
and unpaid interest and or default interest, if any, into shares of the Company&#8217;s common stock at a conversion price (the &#8220;Conversion
Price&#8221;) equal to the lower of (i) $0.50 per share (the &#8220;Fixed Conversion Price&#8221;), subject to adjustment, or (ii) 70%
of the per share offering price (the &#8220;Alternative Conversion Price&#8221;) of the completed public equity offering of the Company
in an amount exceeding $10,000,000 as stated on the registration statement on a Form S-1 filed with the Securities and Exchange Commission
on November 14, 2018 (the &#8220;Public Offering&#8221;), as amended from time to time. In accordance with FASB ASC 470-20, the Company
recognized none of the intrinsic value of the embedded beneficial conversion feature present in the KSL Note. On May 13, 2020, the Company
received an acknowledgement letter from KSL that they will not claim the repayment of loan for 12 months. On November 9, 2020, the Company
entered into an agreement with &#8220;KSL&#8221;. The aggregate principal amount plus accrued interest expenses are $270,272, and KSL
agreed to use the full amount to purchase certain securities pursuant to a securities purchase agreement; KSL agreed to purchase and the
Company agreed to issue 120,121 shares of the Company&#8217;s common stock and warrants for a purchase price of $270,272.&#160;During
the year ended December 31, 2020, the Company issued to the Holders an aggregate of 120,121 shares of the Company&#8217;s common stock.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P><DIV>

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    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 10, 2019, the Company issued a twelve-month
term unsecured convertible promissory note (the &#8220;NEA Note&#8221;) in an aggregate principal amount of $250,000 to New Eastern Asia
(the &#8220;NEA&#8221;), a related party, pursuant to which the Company received $250,000 on July 10, 2019. The NEA Note bears interest
at 20% per annum. The Company shall pay to the NEA an amount in cash representing all outstanding principal and accrued and unpaid interest
on the Twelve (12) month anniversary of the issuance date of the NEA Note, which is on July 9, 2020. At any time from the date hereof
until this NEA Note has been satisfied, the NEA may convert the unpaid and outstanding principal plus any accrued and unpaid interest
and or default interest, if any, into shares of the Company&#8217;s common stock at a conversion price (the &#8220;Conversion Price&#8221;)
equal to the lower of (i) $.50 per share (the &#8220;Fixed Conversion Price&#8221;), subject to adjustment, or (ii) 70% of the per share
offering price (the &#8220;Alternative Conversion Price&#8221;) of the completed public equity offering of the Company in an amount exceeding
$10,000,000 as stated on the registration statement on a Form S-1 filed with the Securities and Exchange Commission on November 14, 2018
(the &#8220;Public Offering&#8221;), as amended from time to time. In accordance with FASB ASC 470-20, the Company recognized none of
the intrinsic value of embedded beneficial conversion feature present in the NEA Note. During the year ended December 31, 2020, the Company
issued 111,112 shares of common stock to repay the outstanding balance.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 28, 2019, the Company issued a twelve-month
term unsecured convertible promissory note (the &#8220;KLS Note&#8221;) in an aggregate principal amount of $200,000 to Kuo Li Shen (the
&#8220;KLS&#8221;), pursuant to which the Company received $200,000 on August 28, 2019. The KLS Note bears interest at 20% per annum.
The Company shall pay to the KLS an amount in cash representing all outstanding principal and accrued and unpaid interest on the Twelve
(12) month anniversary of the issuance date of the KLS Note, which is on August 27, 2020. At any time from the date hereof until this
KLS Note has been satisfied, the KLS may convert the unpaid and outstanding principal plus any accrued and unpaid interest and or default
interest, if any, into shares of the Company&#8217;s common stock at a conversion price (the &#8220;Conversion Price&#8221;) equal to
the lower of (i) $.50 per share (the &#8220;Fixed Conversion Price&#8221;), subject to adjustment, or (ii) 70% of the per share offering
price (the &#8220;Alternative Conversion Price&#8221;) of the completed public equity offering of the Company in an amount exceeding $10,000,000
as stated on the registration statement on a Form S-1 filed with the Securities and Exchange Commission on November 14, 2018 (the &#8220;Public
Offering&#8221;), as amended from time to time. In accordance with FASB ASC 470-20, the Company recognized none of the intrinsic value
of embedded beneficial conversion feature present in the KLS Note. On April 20, 2020, the Company entered into an exchange agreement with
KLS. The aggregate principal amount plus accrued interest expenses were $225,222, and the Company agreed to issue to the Holders an aggregate
of 126,530 shares of the Company&#8217;s common stock, and warrants to purchase 126,530 shares of common stock. These common shares have
been issued during the year ended December 31, 2020</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 4, 2019, the Company issued 3 twelve-month
term unsecured convertible promissory note (the &#8220;C.L.L. Note&#8221;) in an aggregate principal amount of $257,500 to Chang Ping
Shan, Lin Shan Tyan, and Liu Ching Hsuan (together the &#8220;C.L.L.&#8221;), pursuant to which the Company received $257,500 on September
4, 2019. Chang Ping Shan and Liu Ching Hsuan are related parties to the Company. The C.L.L. Note bears interest at 20% per annum. The
Company shall pay to the C.L.L. an amount in cash representing all outstanding principal and accrued and unpaid interest on the Twelve
(12) month anniversary of the issuance date of the C.L.L. Note, which is on September 3, 2020. At any time from the date hereof until
this C.L.L. Note has been satisfied, the C.L.L. may convert the unpaid and outstanding principal plus any accrued and unpaid interest
and or default interest, if any, into shares of the Company&#8217;s common stock at a conversion price (the &#8220;Conversion Price&#8221;)
equal to the lower of (i) $.50 per share (the &#8220;Fixed Conversion Price&#8221;), subject to adjustment, or (ii) 70% of the per share
offering price (the &#8220;Alternative Conversion Price&#8221;) of the completed public equity offering of the Company in an amount exceeding
$10,000,000 as stated on the registration statement on a Form S-1 filed with the Securities and Exchange Commission on November 14, 2018
(the &#8220;Public Offering&#8221;), as amended from time to time. In accordance with FASB ASC 470-20, the Company recognized none of
the intrinsic value of embedded beneficial conversion feature present in the C.L.L. Note. On April 20, 2020, the Company entered into
an exchange agreement with C.L.L.. The aggregate principal amount plus accrued interest expenses were $289,974, and the Company agreed
to issue to the Holders an aggregate of 162,908 shares of the Company&#8217;s common stock, and warrants to purchase 162,908 shares of
common stock. These common shares have been issued during the year ended December 31, 2020</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P><DIV>

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    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 29, 2019, the Company issued a twelve-month
term unsecured convertible promissory note (the &#8220;Lee Note&#8221;) in an aggregate principal amount of $250,000 to Hwalin Lee (the
&#8220;Lee&#8221;), a related party, pursuant to which the Company received $250,000 on October 29, 2019. The Lee Note bears interest
at 20% per annum. The Company shall pay to the Lee an amount in cash representing all outstanding principal and accrued and unpaid interest
on the Twelve (12) month anniversary of the issuance date of the Lee Note, which is on October 28, 2020. At any time from the date hereof
until this Lee Note has been satisfied, the Lee may convert the unpaid and outstanding principal plus any accrued and unpaid interest
and or default interest, if any, into shares of the Company&#8217;s common stock at a conversion price (the &#8220;Conversion Price&#8221;)
equal to the lower of (i) $.50 per share (the &#8220;Fixed Conversion Price&#8221;), subject to adjustment, or (ii) 70% of the per share
offering price (the &#8220;Alternative Conversion Price&#8221;) of the completed public equity offering of the Company in an amount exceeding
$10,000,000 as stated on the registration statement on a Form S-1 filed with the Securities and Exchange Commission on November 14, 2018
(the &#8220;Public Offering&#8221;), as amended from time to time. In accordance with FASB ASC 470-20, the Company recognized none of
the intrinsic value of embedded beneficial conversion feature present in the Lee Note. In January 2021, the Company paid off the convertible
promissory note of $306,836, including principal and accrued and unpaid interest expense.&#160;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 23, 2020, the Company entered into
a Securities Purchase Agreement (the &#8220;October SPA&#8221;) with one accredited investor. Pursuant to the October SPA, the Company
sold and issued a convertible promissory note (the &#8220;October Note&#8221;) in the principal amount of $2,500,000 to the investor and
received the payment from such investor on October 30, 2020. The October Note was issued on October 23, 2020 and the maturity date of
the October Note is the twenty-four (24) month anniversary from the issuance date (the &#8220;Maturity Date&#8221;). Upon the Maturity
Date, the Company shall pay to the holder, in cash, an amount representing all outstanding principal amount and accrued and unpaid interest
under the October Note. The October Note bears an interest rate of ten percent (10%) per annum and may be convertible into shares of the
Company&#8217;s common stock at a fixed conversion price of $2.25 per share. The holder of the October Note may elect to convert part
or all of the outstanding balance of the October Note from the issuance date until the Maturity Date. The Company may prepay the outstanding
amount at any time, in whole or in part.&#160;&#160;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 17, 2021, the parties to the October SPA
signed Amendment No. 1 to Promissory Note (the &#8220;Amendment&#8221;). Pursuant to the Amendment, the Note shall also be automatically
converted into shares of the Company&#8217;s common stock immediately following the Company&#8217;s receipt of conditional approval to
list its common stock on the NASDAQ stock market, if and when the Company receives such approval, at a conversion price equal to $2.25
per share.&#160;On July 21, 2021, The Company converted all convertible promissory note amounted $2,500,000 into 1,111,112 shares of the
Company&#8217;s common stock and warrants.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2022 and December 31, 2021, the
aggregate carrying values of the convertible debentures were both $0; and accrued convertible interest were both $0.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total interest expenses in connection with the
above convertible note payable were $0 and $62,500 for the three months ended June 30, 2022 and 2021, respectively.&#160;&#160;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total interest expenses in connection with the
above convertible note payable were $0 and $129,397 for the six months ended June 30, 2022 and 2021, respectively.&#160;&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P><DIV>

</DIV><!-- Field: Page; Sequence: 30; Value: 1 --><DIV>
    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>8. BANK LOANS</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term bank loan consists of the following:</FONT></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>
</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="text-align: center; font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">June 30,</TD><TD STYLE="text-align: center; font-weight: bold">&#160;</TD><TD STYLE="text-align: center; font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">December&#160;31,</TD><TD STYLE="text-align: center; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">252,000</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">270,000</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">720,000</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">650,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,574,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
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  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Cathay United Bank</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 28, 2016, BioLite Taiwan and Cathay United
Bank entered into a one-year bank loan agreement (the &#8220;Cathay United Loan Agreement&#8221;) in an amount of NT$7,500,000, equivalent
to $252,000. The term started June 28, 2016 with maturity date at June 28, 2017. The loan balance bears interest at a floating rate of
prime rate plus 1.15%. The prime rate is based on term deposit saving interest rate of Cathay United Bank. On September 6, 2017, BioLite
Taiwan extended the Cathay United Loan Agreement for one year, which was due on September 6, 2018, with the principal amount of NT$7,500,000,
equivalent to $252,000. On October 1, 2018, BioLite Taiwan extended the Cathay United Loan Agreement with the same principal amount of
NT$7,500,000, equivalent to $252,000 for one year, which was due on September 6, 2019. On September 6, 2019, BioLite Taiwan extended the
Cathay United Loan Agreement with the same principal amount of NT$7,500,000, equivalent to $252,000 for one year, which is due on September
6, 2020. On September 6, 2020, BioLite Taiwan extended the Cathay United Loan Agreement with the same principal amount of NT$7,500,000,
equivalent to $252,000 for one year, which is due on September 6, 2021. On September 6, 2021, BioLite Taiwan extended the Cathay United
Loan Agreement with the same principal amount of NT$7,500,000, equivalent to $252,000&#160;for&#160;one year, which is due on September
6, 2022. As of June 30, 2022 and December 31, 2021, the effective interest rates per annum was 2.38% and 2.10%, respectively. The loan
is collateralized by the building and improvement of BioLite Taiwan, and is also personal guaranteed by the Company&#8217;s chairman.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest expenses were $1,469 and $1,421 for the
three months ended June 30, 2022 and 2021, respectively.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest expenses were $2,855 and $2,804 for the
six months ended June 30, 2022 and 2021, respectively.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-decoration: underline">CTBC Bank</FONT>&#160;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 12, 2017 and July 19, 2017, BioLite Taiwan
and CTBC Bank entered into short-term saving secured bank loan agreements (the &#8220;CTBC Loan Agreements&#8221;) in an amount of NT$10,000,000,
equivalent to $336,000, and NT$10,000,000, equivalent to $336,000, respectively. Both two loans with the same maturity date at January
19, 2018. In February 2018, BioLite Taiwan combined two loans and extended the loan contract with CTBC for one year. On January 18, 2019,
BioLite Taiwan and CTBC Bank agreed to extend the loan with a new maturity date, which was July 18, 2019. On July 18, 2019, BioLite Taiwan
extended the CTBC Loan Agreement with the same principal amount of NT$20,000,000, equivalent to $672,000 for six months, which is due
on January 17, 2020. On January 19, 2020, BioLite Taiwan extended the CTBC Loan Agreement with the same principal amount of NT$20,000,000,
equivalent to $672,000 for six months, which is due on July 19, 2020. On July 17, 2020, BioLite Taiwan extended the CTBC Loan Agreement
with the same principal amount of NT$20,000,000, equivalent to $672,000 for six months, which is due on January 15, 2021. On January 15,
2021, BioLite Taiwan extended the CTBC Loan Agreement with the same principal amount of NT$20,000,000, equivalent to $672,000 for six
months, which is due on July 15, 2021. On July 15, 2021, BioLite Taiwan extended the CTBC Loan Agreement with the same principal amount
of NT$20,000,000, equivalent to $672,000 for six months, which is due on January 14, 2022. On January 14, 2022, BioLite Taiwan extended
the CTBC Loan Agreement with the same principal amount of NT$20,000,000, equivalent to $672,000 for six months, which is due on July 14,
2022. The loan balances bear interest at a fixed rate of 1.68% per annum. The loan is secured by the money deposited in a savings account
with the CTBC Bank. This loan was also personal guaranteed by the Company&#8217;s chairman and BioFirst. During the year ended December
31, 2020, BioLite Taiwan has opened a TCD account with CTBC bank to guarantee the loan going forward.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest expenses were $2,873 and $3,032 for the
three months ended June 30, 2022 and 2021, respectively.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest expenses were $5,830 and $5,981 for the
six months ended June 30, 2022 and 2021, respectively.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P><DIV>

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    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-decoration: underline">Cathay Bank</FONT>&#160;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 21, 2019, the Company received a loan
in the amount of $500,000 from Cathay Bank (the &#8220;Bank&#8221;) pursuant to a business loan agreement (the &#8220;Loan Agreement&#8221;)
entered by and between the Company and Bank on January 8, 2019 and a promissory note (the &#8220;Note&#8221;) executed by the Company
on the same day. The Loan Agreement provides for a revolving line of credit in the principal amount of $1,000,000 with a maturity date
(the &#8220;Maturity Date&#8221;) of January 1, 2020. The Note executed in connection with the Loan Agreement bears an interest rate (the
&#8220;Regular Interest Rate&#8221;) equal to the sum of one percent (1%) and the prime rate as published in the Wall Street Journal (the
&#8220;Index&#8221;) and the accrued interest shall become payable each month from February 1, 2019. Pursuant to the Note, the Company
shall pay the entire outstanding principal plus accrued unpaid interest on the Maturity Date and may prepay portion or all of the Note
before the Maturity Date without penalty. If the Company defaults on the Note, the default interest rate shall become five percent (5%)
plus the Regular Interest Rate.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Note and Loan Agreement,
on January 8, 2019, each of Dr. Tsung Shann Jiang and Dr. George Lee, executed a commercial guaranty (the &#8220;Guaranty&#8221;) to guaranty
the loans for the Company pursuant to the Loan Agreement and Note, severally and individually, in the amount not exceeding $500,000 each
until the entire Note plus interest are fully paid and satisfied. Dr. Tsung Shann Jiang is the Chairman and Chief Executive Officer of
BioLite Holding, Inc. and Dr. George Lee serves as the Chairman of the board of directors of BioKey. On December 29, 2020, the Company
entered into a new loan extension agreement and assignment of deposit account with the Bank, which allowed Dr. Tsung Shann Jiang and Dr.
George Lee to be removed as guarantees from the list of Guaranty.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, on January 8, 2019, each of the Company
and BioKey, a wholly-owned subsidiary of the Company, signed a commercial security agreement (the &#8220;Security Agreement&#8221;) to
secure the loans under the Loan Agreement and the Note. Pursuant to the Security Agreements, each of the Company and BioKey (each, a &#8220;Grantor&#8221;,
and collectively, the &#8220;Grantors&#8221;) granted security interest in the collaterals as defined therein, comprised of almost all
of the assets of each Grantor, to secure such loans for the benefit of the Bank. On June 30, 2020, the Company extended the Loan Agreement
with the same term for seven months, which is due on October 31, 2020. On April 8, 2020 and October 3, 2020, the Company repaid an aggregated
principal amount of $350,000. On December 3, 2020, the Company renewed the Loan Agreement with the principal amount of $650,000 for ten
months, which is due on October 31, 2021. On October 31, 2021, the Company renewed the Loan Agreement with the principal amount of $650,000
for twelve months, which is due on October 30, 2022. On September 30, 2021, the Cathay Bank has increased the line of credit to $1,000,000
from $650,000. As of June 30, 2022 and December 31, 2021, the effective interest rates per annum was 5.25% and 3.75%, respectively and
the outstanding loan balance were both $650,000.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest expenses were $7,340 and $3,970 for the
three months ended June 30, 2022 and 2021, respectively.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest expenses were $13,429 and $7,897 for
the six months ended June 30, 2022 and 2021, respectively.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>9. PAYCHECK PROTECTION PROGRAM LOAN PAYABLE</B>&#160;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 14, 2020, the Company received a loan
in the amount of $124,400 under the Paycheck Protection Program (&#8220;PPP&#8221;) administered by the United States Small Business Administration
(the &#8220;SBA&#8221;) from East West Bank. According to the Coronavirus Aid, Relief, and Economic Security Act (the &#8220;Cares Act&#8221;),
PPP loan provides for forgiveness of up to the full principal amount and accrued interest if the funds are used for payroll costs, interest
on mortgages, rent, and utilities. However, at least 60% of the forgiven amount must have been used for payroll.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The loan was granted pursuant to a promissory
note dated April 14, 2020 issued by the Company, which matures on April 13, 2022 and bears interest at a rate of 1.00% per annum. The
Company will pay the principal in one payment of all outstanding principal plus all accrued unpaid interest on that date that is two years
after the date of the promissory note. In addition, the Company will pay regular monthly payments in an amount equal to one month&#8217;s
accrued interest commencing on the date that is seven months after the date of the promissory note, with all subsequent interest payments
to be due on the same day of each month after that. No collateral or personal guarantees are required.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P><DIV>

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    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 29, 2021, BioKey received a loan in
the amount of $132,331 under the Paycheck Protection Program administered by the United States Small Business Administration from East
West Bank. According to the Coronavirus Aid, Relief, and Economic Security Act, PPP loan provides for forgiveness of up to the full principal
amount and accrued interest if the funds are used for payroll costs, interest on mortgages, rent, and utilities. However, at least 60%
of the forgiven amount must have been used for payroll. The loan was granted pursuant to a promissory note dated January 27, 2021 issued
by the Company, which matures on January 28, 2026 and bears interest at a rate of 1.00% per annum. The Company will pay the principal
in one payment of all outstanding principal plus all accrued unpaid interest on that date that is five years after the date of the promissory
note. No collateral or personal guarantees are required.&#160;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 7, 2021, the Company received a loan
in the amount of $104,167 under the Paycheck Protection Program administered by the United States Small Business Administration from Cathay
Bank. According to the Coronavirus Aid, Relief, and Economic Security Act, PPP loan provides for forgiveness of up to the full principal
amount and accrued interest if the funds are used for payroll costs, interest on mortgages, rent, and utilities. However, at least 60%
of the forgiven amount must have been used for payroll. The loan was granted pursuant to a promissory note dated February 7, 2021 issued
by the Company, which matures on February 6, 2026 and bears interest at a rate of 1.00% per annum. The Company will pay the principal
in one payment of all outstanding principal plus all accrued unpaid interest on that date that is five years after the date of the promissory
note. No collateral or personal guarantees are required.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PPP loan Forgiveness&#160;</B>&#160;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 27, 2021, the Company submitted all
required documents, such as application form and use of funds,&#160;to East West Bank for the application of forgiveness. The PPP loan
from East West Bank of $124,400 and $132,331 was forgiven by the SBA as a gesture of supporting the operation of the Company on March
15, 2021 and September 28, 2021, respectively.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 23, 2021, the Company submitted the
required documents, such as application form and use of funds,&#160;to Cathay Bank for the application of forgiveness. The PPP loan from
Cathay Bank of $104,167 was forgiven by the SBA as a gesture of supporting the operation of the Company on November 15, 2021.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result, the Company recorded the forgiveness
of the PPP loans as government grant income in the aggregate amount of $360,898 during the year ended December 31, 2021. As of June 30,
2022, there was no outstanding balance payable to the bank.&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>10. NOTES PAYABLE</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. On September 11, 2021 the outstanding balance has been repaid in full. As of June 30, 2022 and December 31, 2021, the
balance due to this individual amounted to both $0.&#160;Interest expense were $0 and $3,222 for the three months ended June 30, 2022
and 2021, respectively. Interest expense were $0 and $6,426 for the six months ended June 30, 2022 and 2021, respectively.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>11. SHORT-TERM LOAN</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#160;</B></P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 18, 2020, the Company entered an unsecured
loan agreement with a third-party in the amount of $100,000. This loan bears the interest rate of 1.5% per annum and will be matured on
August 17, 2020. On August 18, 2020, the Company extended the contract for six months under the same term. On February 18, 2021, the Company
extended the contract for six months under the same term. On August 26, 2021, the loan with interest has been repaid in full. Accrued
interest expense were both $0 as of June 30, 2022 and December 31, 2021.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#160;</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P><DIV>

</DIV><!-- Field: Page; Sequence: 33; Value: 1 --><DIV>
    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#160;</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>12. RELATED PARTIES TRANSACTIONS</B>&#160;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The related parties of the company with whom transactions
are reported in these financial statements are as follows:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: top; width: 35%; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of entity or Individual</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&#160;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 64%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Relationship with the Company and its subsidiaries</B></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BioFirst Corporation (the &#8220;BioFirst&#8221;)</FONT></TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entity controlled by controlling beneficiary shareholder of YuanGene</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BioFirst (Australia) Pty Ltd. (the &#8220;BioFirst (Australia)&#8221;)</FONT></TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100% owned by BioFirst; Entity controlled by controlling beneficiary shareholder of YuanGene</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
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  <TR>
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  <TR STYLE="background-color: #CCEEFF">
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  <TR>
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  <TR STYLE="background-color: #CCEEFF">
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  <TR>
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  <TR STYLE="background-color: #CCEEFF">
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  <TR>
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  <TR STYLE="background-color: #CCEEFF">
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  <TR>
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  <TR STYLE="background-color: #CCEEFF">
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  <TR>
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  <TR STYLE="background-color: #CCEEFF">
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&#160;  <BR>
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&#160;  <BR>
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&#160;  <BR>
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&#160;  <BR>
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  <TR>
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  <TR STYLE="background-color: #CCEEFF">
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  <TR>
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  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P><DIV>



</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Accounts receivable - related parties</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable due from related parties consisted
of the following as of the periods indicated:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
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    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">December 31,</TD><TD STYLE="font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom">
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  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&#160;</B></P><DIV>


</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P><DIV>

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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&#160;</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Due from related parties</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amount due from related parties consisted of the
following as of the periods indicated:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">468,435</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">491,816</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">BioHopeKing Corporation</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">124,972</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">LBG USA</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">675</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">675</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">150,000</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">Keypoint</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,610</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,610</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P><DIV>


</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">As of June 30, 2022, and December 31, 2021, the Company has advanced an aggregate amount of $547,525 and $49,110 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). As of June 30, 2022, and December 31, 2021, the outstanding loan balance was $531,384 and $33,520, which including the loan agreement signed in June 2022 amounted $500,000, according to the agreement, the Company provided a one-year convertible loan with a principal amount of $1,000,000 to Rgene which bears interest at 5% per annum for the use of working capital that, if fully converted, would result in ABVC owning an additional 6.4% of Rgene. Rgene will repay the Company in two equal installments in the second and third quarter of fiscal 2022. The Company may convert the Note at any time into shares of Rgene&#8217;s common stock at either (i) a fixed conversion price equal to $1.00 per share or (ii) 20% discount of the stock price of the then most recent offering, whichever is lower; the conversion price is subject to adjustment as set forth in the Note. The Note includes standard events of default, as well as a cross default provision pursuant to which a breach of the Service Agreement will trigger an event of default under the convertible note if not cured after 5 business days of written notice regarding the breach is provided. Upon an event of default, the outstanding principal and any accrued and unpaid interest shall be immediately due and payable. Rgene has further agreed, effective July 1, 2022, to provide a seat on the Rgene Board of Directors for Dr. Tsung-Shann Jiang until the loan is repaid in full; and accrued interest was $14,582 and $13,701, respectively. On January 1, 2021, BioLite Taiwan entered into a consultant services agreement with Rgene, of which the amount due from Rgene was $1,559 and $1,889 as of June 30, 2022 and December 31, 2021, respectively.</FONT></P></TD>
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</DIV><DIV>

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</DIV><DIV>

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</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P><DIV>

</DIV><!-- Field: Page; Sequence: 35; Value: 1 --><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

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</DIV><DIV>

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</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-decoration: underline">Due to related parties</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&#160;</B></P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amount due to related parties consisted of the
following as of the periods indicated:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
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    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">December&#160;31,</TD><TD STYLE="font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">18,750</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>


</DIV><DIV>

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</DIV><DIV>

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</DIV><DIV>

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</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <TR STYLE="vertical-align: top"> <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD> <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since 2019, the Jiangs advanced funds to the Company for working capital
purpose. As of June 30, 2022, and December 31, 2021, the outstanding balance due to the Jiangs amounted to $19,789 and $18,750, respectively.
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</DIV><DIV>

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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -24.1pt">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -24.1pt"></P><DIV>

</DIV><!-- Field: Page; Sequence: 36; Value: 1 --><DIV>
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</DIV><P STYLE="margin: 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>13. EQUITY</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 8, 2016, a Share Exchange Agreement
(&#8220;Share Exchange Agreement&#8221;) was entered into by and among the&#160;Company, BriVision, Euro-Asia Investment &amp; Finance
Corp. Limited, a company incorporated under the laws of Hong Kong Special Administrative Region of People&#8217;s Republic of China (&#8220;Euro-Asia&#8221;),
being the owners of record of 164,387,376 (52,336,000 pre-stock split) shares of Common Stock of the Company, and the owners of record
of all of the issued share capital of BriVision (the&#160;&#8220;BriVision Stock&#8221;). Pursuant to the Share Exchange Agreement, upon
surrender by the BriVision Shareholders and the cancellation by BriVision of the certificates evidencing the BriVision Stock as registered
in the name of each BriVision Shareholder, and pursuant to the registration of the Company in the register of members maintained by BriVision
as the new holder of the BriVision Stock and the issuance of the certificates evidencing the aforementioned registration of the BriVision
Stock in the name of the Company, the Company should issue 166,273,921(52,936,583 pre-stock split) shares (the&#160;&#8220;Acquisition
Stock&#8221;) (subject to adjustment for fractionalized shares as set forth below) of the Company&#8217;s Common Stock to the BriVision
Shareholders (or their designees), and 163,159,952 (51,945,225 pre-stock split) shares of the Company&#8217;s Common Stock owned by Euro-Asia
should be cancelled and retired to treasury. The Acquisition Stock collectively should represent 79.70% of the issued and outstanding
Common Stock of the Company immediately after the Closing, in exchange for the BriVision Stock, representing 100% of the issued share
capital of BriVision in a reverse merger, or the Merger. Pursuant to the Merger, all of the issued and outstanding shares of BriVision&#8217;s
Common Stock were converted, at an exchange ratio of 0.2536-for-1, into an aggregate of 166,273,921(52,936,583 pre-stock split) shares
of Company&#8217;s Common Stock and BriVision became a wholly owned subsidiary, of the Company. The holders of Company&#8217;s Common
Stock as of immediately prior to the Merger held an aggregate of 205,519,223 (65,431,144 pre-stock split) shares of Company&#8217;s Common
Stock,&#160;Because of the exchange of the BriVision Stock for the Acquisition Stock (the&#160;&#8220;Share Exchange&#8221;), BriVision
became a wholly owned subsidiary (the &#8220;Subsidiary&#8221;) of the Company and there was a change of control of the Company following
the closing.&#160;&#160;There were no warrants, options or other equity instruments issued in connection with the share exchange agreement.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 17, 2016, pursuant to the 2016 Equity
Incentive Plan (the &#8220;2016 Plan&#8221;), 157,050 (50,000 pre-stock split) shares were granted to the employees.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 21, 2016, the Board of Directors of
the Company approved an amendment to Articles of Incorporation to effect a forward split at a ratio of 1 to 3:141 (the &#8220;Forward&#160;Stock&#160;Split&#8221;)
and increase the number of our authorized shares of Common Stock, par value $0.001 per share, to 360,000,000, which was effective on
April 8, 2016.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><DIV>

</DIV><!-- Field: Page; Sequence: 37; Value: 1 --><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 6, 2016, the Company and BioLite Taiwan
agreed to amend the BioLite Collaborative Agreement, through entry into the Milestone Payment Agreement, whereby the Company has agreed
to issue shares of Common Stock of the Company, at the price of $1.60 per share, for an aggregate number of 562,500 shares, as part of
the Company&#8217;s first installation of payment pursuant to the Milestone Payment. The shares issuance was completed in June 2016.
On August 26, 2016, the Company issued 1,468,750 shares (&#8220;Shares&#8221;) of the Company&#8217;s Common Stock, par value $0.001
(the &#8220;Offering&#8221;) to BioLite Taiwan pursuant to a certain Stock Purchase Agreement dated August 26, 2016 (the &#8220;SPA&#8221;).
The Shares are exempt from the registration requirements of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;),
pursuant to Regulation S of the Securities Act promulgated thereunder. The purchase price per share of the Offering is $1.60. The net
proceeds to the Company from the Offering are approximately $2,350,000. Pursuant to the BioLite Collaborative Agreement, BriVision should
pay a total of $100,000,000 in cash or stock of the Company with equivalent value according to the milestone achieved. The agreement
requires that 6.5% of total payment, $6,500,000 shall be made upon the first IND submission which was submitted in March 2016. In February
2017, the Company remitted this amount to BioLite with $650,000 in cash and $5,850,000 in the form of newly issued shares of the Company&#8217;s
Common Stock, at the price of $2.0 per share, for an aggregate number of 2,925,000 shares. Upon the consummation of the restructuring
transaction between the Company and BioLite on February 8, 2019, the Company&#8217;s Common Stock held by BioLite Taiwan was accounted
for treasury stocks in the statement of equity (deficit). On February 8, 2019, after the Merger, the Company issued 74,997,546 shares
to the shareholders of BioLite and 29,561,231 shares to the shareholders of BioKey.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 3, 2019, the Company filed a Certificate
of Amendment with the Secretary of State of Nevada, which was effective May 8, 2019 upon its receipt of the written notice from Financial
Industry Regulatory Authority (&#8220;FINRA&#8221;). Pursuant to the Certificate of Amendment, the Company effectuated a 1-for-18 reverse
stock split of its issued and outstanding shares of common stock, $0.001 par value, whereby 318,485,252 outstanding shares of the Company&#8217;s
common stock were exchanged for 17,693,625 shares of the Company&#8217;s Common Stock.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 1, 2016, the Company entered into a
consulting agreement with Kazunori Kameyama (&#8220;Kameyama&#8221;) for the provision of services related to the clinical trials and
other administrative work, public relation work, capital raising, trip coordination, In consideration for providing such services, the
Company agreed to indemnify the consultant in an amount of $150 per hour in cash up to $3,000 per month, and issue to Kameyama the Company&#8217;s
Common Stock at $1.00 per share for any amount exceeding $3,000. The Company&#8217;s stocks shall be calculated and issued in December
every year. On November 21, 2020, the Company entered into an agreement with Kameyama, pursuant to which the Company granted and issued
24,694 stock options to Kameyama related to unpaid consulting fees of $49,388.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 24, 2017, BriVision entered into a collaborative
agreement (the &#8220;BioFirst Collaborative Agreement&#8221;) with BioFirst (See Note 3). On September 25, 2017, BioFirst has delivered
all research, technical, data and development data to BriVision, and the Company has recorded the full amount of $3,000,000 due to BioFirst.
On June 30, 2019, the Company entered into a Stock Purchase Agreement with BioFirst, pursuant to which the Company agreed to issue 428,571
shares of the Company&#8217;s common stock to BioFirst in consideration for $3,000,000 owed by the Company to BioFirst. These common
shares were issued during the year ended December 31, 2019.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2019, the
Company entered into service agreements with Euro-Asia Investment &amp; Finance Corp Ltd. (a related party), Ever Adventure inv. (Formosa)
Consultant Co., Ltd., New Eastern Asia (a related party), and Kimho Consultants Co., Ltd. (a related party) for the maintenance of the
listing in the U.S. stock exchange market, investor relations, and business development. Pursuant to the agreements, the Company issued
644,972 shares of the Company&#8217;s common stock for the consulting service from July 2019 to July 2024 for the service fee of $4,514,800
in aggregate, and recorded as stock subscription receivable. As of June 30, 2022 and December 31, 2021, stock subscription receivable
was $1,805,920 and $2,257,400, respectively.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><DIV>

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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In August, 2019, the Company entered into several
Conversion Agreements to all creditors that are listed under below table of &#8220;due to related parties&#8221; in consideration for
a total of $4,872,340 owed by the Company to various creditors based on outstanding loan agreements. Under the Conversion Agreements,
creditor agrees to convert the amount of debt into the Company&#8217;s common stock at a price of $7.00 per share.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount of<BR> Debt<BR> Converted</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of<BR> Shares<BR> Issued</TD><TD STYLE="font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Lion Arts Promotion Inc</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">97,864</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 9%; text-align: right">13,981</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">LionGene Corporation</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">428,099</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">61,157</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">BioFirst Corporation</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">2,902,911</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">414,702</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">AsiaGene Corporation</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">160,000</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">22,858</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">YuanGene Corporation</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">13,242</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">696,051</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#160;</B></P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 12, 2020, the board of directors of
the Company approved and adopted an amendment to the Company&#8217;s Articles of Incorporation, to increase the authorized shares of
its common stock, par value $0.001 per share, from 20,000,000 to 100,000,000 shares.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 8, 2020, the Company entered an agreement
with View Trade Securities Inc. (&#8220;ViewTrade&#8221;) to engage ViewTrade as the placement agent&#160;and the Company&#8217;s advisor/consultant
with respect to its ongoing capital events. Pursuant to the agreement, the Company agreed to pay View Trade 60,000 restricted common
shares of the Company and 60,000 warrants to purchase common shares of the Company at an exercise price of $6 per share for a period
of 5 years with cashless exercise provision. As of December 31, 2020, the Company has issued 60,000 shares of common stock to ViewTrade
for the consulting fee with an estimated value of $135,000. The warrants were never issued and the parties mutually agreed to terminate
the agreement on November 19, 2020.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the termination agreement, the Company
issued 50,000 shares of the Company&#8217;s common stock at a price of $5 per share as a termination fee on June 29, 2021, of which 6,000
shares were issued to WallachBeth Capital LLC (&#8220;WallachBeth&#8221;). In January 2021, WallachBeth entered into a consulting agreement
with the Company pursuant to which the Company engaged WallachBeth to conduct due diligence and research work with respect to the Company.
On June 29, 2021, WallachBeth was issued 6,000 shares of common stock as compensation for those services.&#160;&#160;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Also on November 19, 2020, the Company and ViewTrade
agreed to a new Advisory agreement under which ViewTrade was engaged to provide advisory services only. In addition to a retainer fee,
the Company agreed to issue 200,000 warrants, with an exercise price of $2.25, an industry standard cashless exercise provision, and
a term of 5 years from November 19, 2020.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year&#160;ended December 31, 2020,
the Company entered into a consulting agreement with a service provider for consulting and advisory services, pursuant to which the Company
agreed to pay the service fee by issuing 50,000 shares of unrestricted common shares, valued at the closing price of $2.9 per share on
the grant date. These shares have been issued during the year ended December 31, 2020.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2020, the
Company received aggregated capital contributions of $7,615,331 in cash from 45 investors through private placements of the sale of the
Company&#8217;s common stock for the purchase price of&#160;$2.25 per share and a free warrant attached with each common stock purchased.
In December 2020, 3,384,615 shares of the Company&#8217;s common stock have been issued.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><DIV>

</DIV><!-- Field: Page; Sequence: 39; Value: 1 --><DIV>
    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></P></DIV><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2020, the
Company entered into consulting agreements with four service providers for consulting and advisory services, pursuant to which the Company
agreed to pay the service fee by issuing 521,887 shares of unrestricted common shares, valued at the closing price from $2 to $3.68 per
share on the grant date. These shares have been issued in October and December 2020.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2020, the Company
issued aggregated common shares of 915,856 to six previous note holders, who had converted their outstanding principals and accrued and
unpaid interests, including the debt conversion to the following:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Keypoint
converted the aggregated amount of $292,826 at the conversion price of $1.84 on April 5, 2020, in exchange for 159,145 shares of the
Company&#8217;s common stock, and warrants to purchase 159,145 shares of the Company&#8217;s common stock.</FONT></TD>
</TR></TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Odaira
converted the aggregated amount of $284,036 at the conversion price of $1.84 on April 5, 2020, in exchange for 154,368 shares of the
Company&#8217;s common stock, and warrants to purchase 154,368 shares of the Company&#8217;s common stock.</FONT></TD>
</TR></TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.L.L.
converted the aggregated amount of $289,974 at the conversion price of $1.78 on April 20, 2020, in exchange for 162,908 shares of the
Company&#8217;s common stock, and warrants to purchase 162,908 shares of the Company&#8217;s common stock.</FONT></TD>
</TR></TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KLS
converted the aggregated amount of $225,222 at the conversion price of $1.78 on April 20, 2020, in exchange for 126,530 shares of the
Company&#8217;s common stock, and warrants to purchase 126,530 shares of the Company&#8217;s common stock.</FONT></TD>
</TR></TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yu
and Wei converted the aggregated amount of $354,722 at the conversion price of $1.84 on April 5, 2020, in exchange for 192,784 shares
of the Company&#8217;s common stock, and warrants to purchase 192,784 shares of the Company&#8217;s common stock.</FONT></TD>
</TR></TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KSL
converted the aggregated amount of $270,272 at the conversion price of $2.25 on November 9, 2020, in exchange for 120,121 shares of the
Company&#8217;s common stock, and warrants to purchase 120,121 shares of the Company&#8217;s common stock.</FONT></TD>
</TR></TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>
</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See Note 7 for more details in connection with the above debt conversion.&#160;&#160;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In July 2021, 1,111,112 shares of the Company&#8217;s
common stock and warrants were issued pursuant to the conversion of convertible promissory note of $2,500,000 entered in October 2020.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 5, 2021, the Company closed its public
offering (the &#8220;Public Offering&#8221;) of 1,100,000 units (the &#8220;Units&#8221;), with each Unit consisting of one share of
the Company&#8217;s common stock, one Series A warrant (the &#8220;Series A Warrants&#8221;) to purchase one share of common stock at
an exercise price equal to $6.30 per share, exercisable until the fifth anniversary of the issuance date, and one Series B warrant (the
&#8220;Series B Warrants,&#8221; and together with the Series A Warrants, the &#8220;Public Warrants&#8221;) to purchase one share of
common stock at an exercise price equal to $10.00 per share, exercisable until the fifth anniversary of the issuance date; the exercise
price of the Public Warrants are subject to certain adjustment and cashless exercise provisions as described therein. The Company completed
the Public Offering pursuant to its registration statement on Form S-1 (File No. 333-255112), originally filed with the Securities and
Exchange Commission (the &#8220;SEC&#8221;) on April 8, 2021 (as amended, the &#8220;Original Registration Statement&#8221;), that the
SEC declared effective on August 2, 2021 and the registration statement on Form S-1 (File No. 333-258404) that was filed and automatically
effective on August 4, 2021 (the &#8220;S-1MEF,&#8221; together with the Original Registration Statement, the &#8220;Registration Statement&#8221;).
The Units were priced at $6.25 per Unit, before underwriting discounts and offering expenses, resulting in gross proceeds of $6,875,000.
In August 2021, 2,354,145 shares of the Company&#8217;s common stock were issued for gross proceeds of $6,875,000, before placement agent
fees and legal fees of $850,429.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2021, the Company received $4,244,452&#160;in
gross proceeds from the exercise of warrants issued in the Company&#8217;s August 3, 2021, public offering of securities. Investors exercised
a total of&#160;673,405&#160;Series A warrants at a price of $6.30&#160;per share and&#160;200&#160;Series B warrants at a price of $10&#160;per
share. Pursuant to these exercises, the Company issued an aggregate of 673,605 shares of Common Stock.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2021, the Company entered into consulting
agreements with service providers for consulting and advisory services, pursuant to which the Company agreed to pay the service fee amounted
$1,478,590 by issuing 316,934 shares of unrestricted common shares, valued at the closing price from $2.31 to $6.3 per share on the grant
date. These shares have been issued during the year ended December 31, 2021.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2022, the Company agreed to pay the
deferred service fees related to Public Offering amounted $4,296,763 by issuing 1,306,007 shares of unrestricted common shares, valued
at $3.29 per share on the grant date. These shares have been issued in January 2022.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2022, the Company issued 75,000 common
shares to&#160;BarLew Holdings, LLC for consulting and advisory services amounted to $169,500, valued at $2.26 per share.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2022, the Company and an
institutional investor entered into certain securities purchase agreement relating to the offer and sale of 2,000,000 shares of
common stock at an offering price of $2.11 per share in a registered direct offering. The shares of the Company&#8217;s common stock
were issued for gross proceeds of $4,220,000, before placement agent fees and legal fees of $556,075. Pursuant to the offering, the
Company will also issue 5-year warrants to purchase 2,000,000 shares of common stock, exercisable at a price of $2.45 per share. As
of June 30, 2022, these warrants have been issued but not exercised</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><DIV>

</DIV><!-- Field: Page; Sequence: 40; Value: 1 --><DIV>
    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>14. STOCK OPTIONS</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 30, 2020, the Company issued an aggregate
of 545,182 shares of common stock in lieu of unpaid salaries of certain employees and unpaid consulting fees under the 2016 Equity Incentive
Plan, as amended, at a conversion price of $2 per share; the total amount of converted salaries and consulting fees was $1,090,361. On
November 21, 2020, the Company entered&#160;into&#160;acknowledgement&#160;agreements and stock option purchase agreements with these
employees and consultant; pursuant to which the Company granted stock options to purchase 545,182 shares of the Company&#8217;s common
stock in lieu of common stock. The options were vested at the grant date and become exercisable for 10 years from the grant date.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 15, 2021, the Company entered&#160;into
stock option agreements with 11 directors and 3 employees, pursuant to which the Company granted options to purchase an aggregate of
1,280,002 shares of common stock&#160;under the 2016 Equity Incentive Plan, as amended, at an exercise price of $3 per share. The options
were vested at the grant date and become exercisable for 10 years from the grant date.&#160;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Options issued and outstanding as of December
31, 2021, and their activities during the year then ended are as follows:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Number of<BR>
 Underlying<BR>
 Shares</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Weighted-<BR>
 Average<BR>
 Exercise<BR>
 Price<BR>
 Per&#160;Share</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Weighted-<BR>
 Average<BR>
 Contractual<BR>
 Life<BR>
 Remaining<BR>
 in Years</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Aggregate<BR>
 Intrinsic<BR>
 Value</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 9%; text-align: right">545,182</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 1%">&#160;</TD>
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    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&#8239;-</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Granted</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1,280,002</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">3.00</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">Forfeited</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><DIV STYLE="-sec-ix-hidden: hidden-fact-80">-</DIV></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right"><DIV STYLE="-sec-ix-hidden: hidden-fact-81">-</DIV></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 4pt">Outstanding as of December 31, 2021</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,825,184</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
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    <TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">9.51</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">616,056</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt">Exercisable as of December 31, 2021</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,825,184</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">616,056</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Vested and expected to vest</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,825,184</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">$</TD><TD STYLE="padding-bottom: 4pt; text-align: right">2.70</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">9.51</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">616,056</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>


</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of stock options granted for the
year ended December 31, 2021 was calculated using the Black-Scholes option-pricing model applying the following assumptions:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Year ended</TD><TD STYLE="font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31,<BR> 2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">Risk free interest rate</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 9%; text-align: right"><DIV STYLE="-sec-ix-hidden: hidden-fact-82">1,13</DIV></TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Expected term (in years)</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Dividend yield</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Expected volatility</TD><TD>&#160;</TD>
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  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The weighted average grant date fair value of
options granted during the years ended&#160;December 31, 2021 was $2.09. There are 2,979,264&#160;options available for grant under the
2016 Equity Incentive Plan as of December 31, 2021. Compensation costs associated with the Company&#8217;s stock options are recognized,
based on the grant-date fair values of these options over vesting period. Accordingly, the Company recognized stock-based compensation
expense of $0 and $0 for the three and six months ended June 30, 2022 and 2021, respectively. There were no options exercised during
the three and six months ended June 30, 2022. As of June 30, 2022, there were no unvested options.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 16, 2022, the Company entered into stock option agreements
with 5 directors, pursuant to which the Company agreed to grant options to purchase an aggregate of 761,920 shares of common stock under
the 2016 Equity Incentive Plan, at an exercise price of $3 per share, exercisable for 10 years from the grant date. As of June 30, 2022,
these stock options have not been granted.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><DIV>

</DIV><!-- Field: Page; Sequence: 41; Value: 1 --><DIV>
    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>15. LOSS PER SHARE</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic loss per share is computed by dividing
net loss by the weighted-average number of common shares outstanding during the year. Diluted loss per share is computed by dividing
net loss by the weighted-average number of common shares and dilutive potential common shares outstanding during the three and six months
ended June 30, 2022 and 2021.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Three Months<BR> Ended</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30,<BR> 2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30,<BR> 2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD COLSPAN="2" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(1,858,997</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">31,307,329</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Stock options</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"><DIV STYLE="-sec-ix-hidden: hidden-fact-83">&#8211;</DIV></TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">31,307,329</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">24,421,082</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(0.08</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(0.06</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(0.08</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>


</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Six Months<BR> Ended</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30,<BR> 2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD>Numerator:</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(7,854,437</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(3,100,071</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Weighted-average shares outstanding:</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">29,683,402</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">24,420,804</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Stock options</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"><DIV STYLE="-sec-ix-hidden: hidden-fact-85">&#8211;</DIV></TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"><DIV STYLE="-sec-ix-hidden: hidden-fact-86">&#8211;</DIV></TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">29,683,402</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">24,420,804</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Loss per share</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 4pt">-Basic</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(0.26</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(0.13</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt">-Diluted</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(0.26</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(0.13</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Diluted loss per share takes into account the
potential dilution that could occur if securities or other contracts to issue Common Stock were exercised and converted into Common Stock.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>16. LEASE</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company adopted FASB Accounting Standards
Codification, Topic 842, Leases (&#8220;ASC 842&#8221;) using the modified retrospective approach, electing the practical expedient that
allows the Company not to restate its comparative periods prior to the adoption of the standard on January 1, 2019.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company applied the following practical expedients in the transition
to the new standard and allowed under ASC 842:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reassessment
of expired or existing contracts: The Company elected not to reassess, at the application date, whether any expired or existing contracts
contained leases, the lease classification for any expired or existing leases, and the accounting for initial direct costs for any existing
leases.</FONT></TD>
</TR></TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P><DIV>

</DIV><!-- Field: Page; Sequence: 42; Value: 1 --><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
of hindsight: The Company elected to use hindsight in determining the lease term (that is, when considering options to extend or terminate
the lease and to purchase the underlying asset) and in assessing impairment of right-to-use assets.</FONT></TD>
</TR></TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reassessment
of existing or expired land easements: The Company elected not to evaluate existing or expired land easements that were not previously
accounted for as leases under ASC 840, as allowed under the transition practical expedient. Going forward, new or modified land easements
will be evaluated under ASU No. 2016-02.</FONT></TD>
</TR></TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Separation
of lease and non- lease components: Lease agreements that contain both lease and non-lease components are generally accounted for separately.</FONT></TD>
</TR></TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
lease recognition exemption: The Company also elected the short-term lease recognition exemption and will not recognize ROU assets or
lease liabilities for leases with a term less than 12 months.</FONT></TD>
</TR></TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>
</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The new leasing standard requires recognition
of leases on the consolidated balance sheets as right-of-use (&#8220;ROU&#8221;) assets and lease liabilities. ROU assets represent the
Company&#8217;s right to use underlying assets for the lease terms and lease liabilities represent the Company&#8217;s obligation to
make lease payments arising from the leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present
value and future minimum lease payments over the lease term at commencement date. The Company&#8217;s future minimum based payments used
to determine the Company&#8217;s lease liabilities mainly include minimum based rent payments. As most of Company&#8217;s leases do not
provide an implicit rate, the Company uses its estimated incremental borrowing rate based on the information available at commencement
date in determining the present value of lease payments.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognized lease liabilities, with
corresponding ROU assets, based on the present value of unpaid lease payments for existing operating leases longer than twelve months.
The ROU assets were adjusted per ASC 842 transition guidance for existing lease-related balances of accrued and prepaid rent, unamortized
lease incentives provided by lessors, and restructuring liabilities. Operating lease cost is recognized as a single lease cost on a straight-line
basis over the lease term and is recorded in Selling, general and administrative expenses. Variable lease payments for common area maintenance,
property taxes and other operating expenses are recognized as expense in the period when the changes in facts and circumstances on which
the variable lease payments are based occur.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has no finance leases. The Company&#8217;s
leases primarily include various office and laboratory spaces, copy machine, and vehicles under various operating lease arrangements.
The Company&#8217;s operating leases have remaining lease terms of up to approximately five years.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, <BR> 2022</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31, <BR> 2021</TD><TD STYLE="font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">ASSETS</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Operating lease right-of-use assets</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,294,550</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,471,899</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">LIABILITIES</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Operating lease liabilities (current)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">350,284</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">347,100</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Operating lease liabilities (noncurrent)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">944,266</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1,124,799</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Supplemental Information</I></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following provides details of the Company&#8217;s
lease expenses:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three Months Ended<BR> June 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Operating lease expenses</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">88,270</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">86,280</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>


</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Six Months Ended<BR> June 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Operating lease expenses</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">174,127</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">165,127</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other information related to leases is presented
below:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD>
    <TD>&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Six
    Months Ended <BR>
    June 30,</B></FONT></TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD>
    <TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2022</B></FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2021</B></FONT></TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash paid for amounts included in
    the measurement of operating lease liabilities</FONT></TD>
    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right">174,127</TD>
    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">165,127</FONT></TD>
    <TD STYLE="width: 1%">&#160;</TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, <BR> 2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31, <BR> 2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Weighted Average Remaining Lease Term:</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Operating leases</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.33 years </FONT></TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.90 years</FONT></TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Weighted Average Discount Rate:</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Operating leases</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1.37</TD><TD STYLE="text-align: left">%</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1.39</TD><TD STYLE="text-align: left">%</TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><DIV>

</DIV><!-- Field: Page; Sequence: 43; Value: 1 --><DIV>
    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The minimum future annual payments under non-cancellable
leases during the next five years and thereafter, at rates now in force, are as follows:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Operating<BR>
leases</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 89%"><FONT STYLE="font-size: 10pt">2022 (excluding six months ended June 30, 2022)</FONT></TD>
    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">176,945</FONT></TD>
    <TD STYLE="width: 1%">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">2023</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">358,824</FONT></TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">2024</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">373,899</FONT></TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">2025</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">338,676</FONT></TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">Thereafter</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&#160;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">56,916</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Total future minimum lease payments, undiscounted</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,305,260</FONT></TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">Less: Imputed interest</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&#160;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">10,710</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Present value of future minimum lease payments</FONT></TD>
    <TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="border-bottom: black 4.5pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 4.5pt double; text-align: right"><FONT STYLE="font-size: 10pt">1,294,550</FONT></TD>
    <TD STYLE="padding-bottom: 4pt">&#160;</TD></TR>
  </TABLE><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">&#160;&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>17. BUSINESS COMBINATION</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 8, 2019, the Company consummated
the Merger transactions of BioLite and BioKey (See Note 1). Pursuant to the terms of the Merger Agreement, BioLite and BioKey became
two wholly-owned subsidiaries of the Company on February 8, 2019. The Company adopted ASC 805, &#8220;Business Combination&#8221; to
record the merger transactions of BioKey. The acquisition was accounted for as a business combination under the purchase method of accounting.
BioKey&#8217;s results of operations were included in the Company&#8217;s results beginning February 8, 2019. The purchase price has
been allocated to the assets acquired and the liabilities assumed based on their fair value at the acquisition date as summarized in
the following:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>Purchase consideration:</TD><TD>&#160;</TD>
    <TD COLSPAN="2">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">Common Stock (*)</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">44,341,847</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Allocation of the purchase price:</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Cash and cash equivalents</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">531,147</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Accounts receivable, net</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">188,550</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Property and equipment, net</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">56,075</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Operating lease right-of-use assets</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">485,684</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Security deposits</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10,440</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Total assets acquired</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1,271,896</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Accounts payable</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(56,204</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Accrued expenses and other current liabilities</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(251,335</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Operating lease liability</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(267,256</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Tenant security deposit</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,880</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Total liabilities assumed</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(577,675</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Total net assets acquired</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">694,221</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Goodwill as a result of the Merger</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">43,647,626</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29,561,231
shares (1,642,291 after stock reverse split) of common stock of the Company was issued to BioKey in connection with the Merger. Those
shares were valued at $1.50 per share, based on the bid-and-ask share price of common stock of the Company on the final day of trading,
February 8, 2019.</FONT></TD>
</TR></TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>
</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><DIV>

</DIV><!-- Field: Page; Sequence: 44; Value: 1 --><DIV>
    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 8, 2019, the Company has recorded
a 100% goodwill write-down of $43,647,626. Goodwill was determined to have been impaired because of the current financial condition of
the Company and the Company&#8217;s inability to generate future operating income without substantial sales volume increases, which are
highly uncertain. Furthermore, the Company&#8217;s anticipated future cash flows indicate that the recoverability of goodwill is not
reasonably assured. The goodwill write-down was reflected as a decrease in additional paid-in capital in the statement of equity upon
the consummation of the Merger.</P><DIV>



</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>18. SUBSEQUENT EVENTS</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 10, 2022, the Board approved the issuance of 75,000 shares
of common stock to Barlew Holdings, LLC pursuant to the consulting agreement by and between Barlew Holdings, LLC and the Company dated
July 1, 2022, and 250,000 shares of common stock to Inverlew Advisors, LLC, in accordance with the consulting agreement by and between
Inverlew Advisors, LLC and the Company dated July 1, 2022.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has evaluated subsequent events through the date which
the consolidated financial statements were available to be issued. All subsequent events requiring recognition as of June 30, 2022 have
been incorporated into these consolidated financial statements and there are no other subsequent events that require disclosure in accordance
with FASB ASC Topic 855, &#8220;Subsequent Events.&#8221;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P><DIV>

</DIV><!-- Field: Page; Sequence: 45; Value: 1 --><DIV>
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    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV><A NAME="a_008"></A></DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM
2. MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS&#160;OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Caution Regarding Forward-Looking Information</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FORWARD-LOOKING INFORMATION</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following information should be read in conjunction
with ABVC BioPharma, Inc. and its subsidiaries (&#8220;we&#8221;, &#8220;us&#8221;, &#8220;our&#8221;, or the &#8220;Company&#8221;)
condensed unaudited financial statements and the notes thereto contained elsewhere in this report. Information in this Item 2, &#8220;Management&#8217;s
Discussion and Analysis of Financial Condition and Results of Operations,&#8221; and elsewhere in this Form 10-Q that does not consist
of historical facts, are &#8220;forward-looking statements.&#8221; Statements accompanied or qualified by, or containing words such as
&#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221;
&#8220;projects,&#8221; &#8220;estimates,&#8221; &#8220;predicts,&#8221; &#8220;potential,&#8221; &#8220;outlook,&#8221; &#8220;forecast,&#8221;
&#8220;anticipates,&#8221; &#8220;presume,&#8221; and &#8220;assume&#8221; constitute forward-looking statements, and as such, are not
a guarantee of future performance.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Forward-looking statements are subject to risks
and uncertainties, certain of which are beyond our control. Actual results could differ materially from those anticipated as a result
of the factors described in the &#8220;Risk Factors&#8221; and detailed in our other Securities and Exchange Commission (&#8220;SEC&#8221;)
filings. Risks and uncertainties can include, among others, international, national and local general economic and market conditions:
demographic changes; the ability of the Company to sustain, manage or forecast its growth; the ability of the Company to successfully
make and integrate acquisitions; raw material costs and availability; new product development and introduction; existing government regulations
and changes in, or the failure to comply with, government regulations; adverse publicity; competition; the loss of significant customers
or suppliers; fluctuations and difficulty in forecasting operating results; changes in business strategy or development plans; business
disruptions; the ability to attract and retain qualified personnel; the ability to obtain sufficient financing to continue and expand
business operations; the ability to develop technology and products; changes in technology and the development of technology and intellectual
property by competitors; the ability to protect technology and develop intellectual property; and other factors referenced in this and
previous filings. Consequently, investors should not place undue reliance on forward-looking statements as predictive of future results.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because of these risks and uncertainties, the
forward-looking events and circumstances discussed in this report or incorporated by reference might not transpire. Factors that cause
actual results or conditions to differ from those anticipated by these and other forward-looking statements include those more fully
described elsewhere in this report and in the &#8220;Risk Factors&#8221; section of our annual report on form 10-K.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company disclaims any obligation to update
the forward-looking statements in this report.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><DIV>

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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Overview</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From its inception, the Company has not generated substantial revenue
from its medical device and new drug development. For the six months ended June 30, 2022, the Company generated $336,961 in revenue, mainly
from the sale of Contract Development &amp; Manufacturing Organization (&#8220;CDMO&#8221;) services, and $1,559 from consulting services
provided to a related party.</P><DIV>


</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Business</B>&#160;<B>Overview</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#160;</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ABVC BioPharma Inc., which was incorporated in July 2015 in the State
of Delaware, is a clinical stage biopharmaceutical company focused on the development of medical devices and new drugs derived from plants.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Medicines derived from plants have a long history of relieving or preventing
many diseases and have typically exhibited fewer side effects than drugs developed from animals or chemical ingredients. Perhaps the most
famous example is aspirin, which evolved from a compound found in the bark and leaves of the willow tree and was later marketed by Bayer
starting in 1899. Aspirin has very few serious side effects and has proven to be one of the most successful drugs in medical history.
Some 50 years later, scientists identified anticancer compounds in the rosy periwinkle, which Eli Lilly subsequently produced for the
treatment of leukemia and Hodgkins disease. Other well-known examples of successful botanical drugs include the cancer-fighting Taxol,
isolated from the Pacific yew tree.&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company develops its pipeline by carefully tracking new medical
discoveries and medical device technologies of research institutions in the Asia-Pacific region. Pre-clinical, disease animal model and
Phase I safety studies are examined closely by the Company&#8217;s scientists and other specialists known to the Company to identify drugs
that it believes demonstrate efficacy and safety based on the Company&#8217;s internal qualifications. Once a drug is shown to be a good
candidate for further development and ultimately commercialization, BriVision licenses the drug or medical device from the original researchers
and begins to introduce the drugs clinical plan to highly respected principal investigators in the United States, Australia and Taiwan.
In almost all cases, we have found that research institutions in each of those countries are eager to work with the Company to move forward
with Phase II clinical trials.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Currently, institutions conducting phase II clinical trials in partnership
with ABVC include:</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
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Device: ABV-1701, Vitargus&#174; in vitrectomy surgery, Pivotal Study in Australia, Principal Investigator: Andrew Chang, MD, Ph.D., Sydney
Eye Hospital, Australia</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
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ABV-1504, Major Depressive Disorder (MDD), Phase II, NCE drug Principal Investigators: Charles DeBattista M.D. and Alan F. Schatzberg,
MD,&#160;Stanford University Medical Center, Cheng-Ta Li, MD, Ph.D &#8211;&#160;Taipei Veterans General Hospital</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
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ABV-1505, Adult Attention-Deficit Hyperactivity Disorder (ADHD), Phase II, NCE drug Principal Investigators: Keith McBurnett, Ph.D. and
Linda Pfiffner, Ph.D.,&#160;University of California San Francisco (UCSF), School of Medicine</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
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ABV-1601, Major Depression in Cancer Patients, Phase I/II, NCE drug Principal Investigator: Scott Irwin, MD, Ph.D. &#8211;&#160;Cedars
Sinai Medical Center (CSMC)</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
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ABV-1703, Advanced Inoperable or Metastatic Pancreatic Cancer, Phase II, NCE drug Principal Investigator: Andrew E. Hendifar, MD &#8211;&#160;Cedars
Sinai Medical Center (CSMC)</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
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ABV-1501, A Phase I/II, Open Label Study to Evaluate the Safety and Efficacy of BLEX 404 Oral Liquid Combined with Docetaxel Monotherapy
in Patients with Stage IV or Recurrent Breast Cancer Patients</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
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Device: ABV-2002, Class I/II through 510K for market launch, Corneal Storage Media, Technology Licensing in progress</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon successful completion of the Phase II trial, the Company will
seek a partner &#8211; a large pharmaceutical company &#8211; to complete a Phase III study, submit the New Drug Application (NDA), and
commercialize the drug upon approval by the U.S. and Taiwan FDAs. The Company expects to seek its first commercialization partner in 2023&#160;&#160;
for Vitargus, a vitreous substitute that helps to maintain the retina&#8217;s round shape and location during vitrectomy surgery.</P><DIV>



</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Another part of the Company&#8217;s business is conducted by BioKey,
a wholly-owned subsidiary, that is engaged in a wide range of services, including, API characterization, pre-formulation studies, formulation
development, analytical method development, stability studies, IND/NDA/ANDA/510K submissions, and manufacturing clinical trial materials
(phase I through phase III) and commercial manufacturing.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><DIV>

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    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 8, 2019, the Company, BioLite Holding,
Inc. (&#8220;BioLite&#8221;), BioKey, Inc. (&#8220;BioKey&#8221;), BioLite Acquisition Corp., a direct wholly-owned subsidiary of the
Company (&#8220;Merger Sub 1&#8221;), and BioKey Acquisition Corp., a direct wholly-owned subsidiary of the Company (&#8220;Merger Sub
2&#8221;) (collectively referred to as the &#8220;Parties&#8221;) completed the business combination pursuant to that certain Agreement
and Plan of Merger (the &#8220;Merger Agreement&#8221;), dated January 31, 2018, pursuant to which the Company acquired BioLite and BioKey
via issuing shares of the Company&#8217;s Common Stock to the shareholders of BioLite and BioKey. As a result, BioLite and BioKey became
two wholly-owned subsidiaries of the Company on February 8, 2019. The Company issued an aggregate of 104,558,777 shares of Common Stock
(prior to the reverse stock split in 2019) to the shareholders of both BioLite and BioKey under a registration statement on Form S-4
(file number 333-226285), which became effective by operation of law on or about February 5, 2019.&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BioLite was incorporated under the laws of the State of Nevada on July
27, 2016, with 500,000,000 shares authorized, par value $0.0001. BioLite&#8217;s key subsidiaries include BioLite BVI, Inc. (&#8220;BioLite
BVI&#8221;), which was incorporated in the British Virgin Islands on September 13, 2016 and BioLite, Inc. (&#8220;BioLite Taiwan&#8221;),
a Taiwanese corporation that was founded in February 2006. BioLite Taiwan has been in the business of developing new drugs for over ten
years.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BioLite and BioLite BVI are holding companies
and have not carried out substantive business operations of their own.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2017, BioLite, BioLite BVI, BioLite Taiwan, and certain
shareholders of BioLite Taiwan entered into a share purchase / exchange agreement (the &#8220;BioLite Share Purchase / Exchange Agreement&#8221;).
Pursuant to the BioLite Share Purchase / Exchange Agreement, the shareholder participants to the BioLite Share Purchase / Exchange Agreement
sold their equity in BioLite Taiwan and used the proceeds from such sales to purchase shares of Common Stock of BioLite at the same price
per share, resulting in share ownership in BioLite Common Stock equal to the number of shares they had held in BioLite Taiwan Common Stock.
Upon closing of the Share Purchase/ Exchange Agreement in August 2017, BioLite owned, via BioLite BVI, approximately 73% of BioLite Taiwan.
The other shareholders who did not enter this Share Purchase/ Exchange Agreement retained their equity ownership in BioLite Taiwan.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BioKey was incorporated on August 9, 2000 in
the State of California. It is engaged primarily in research and development, manufacturing, and distribution of generic drugs and nutraceuticals
with strategic partners. BioKey provides a wide range of services, including, API characterization, pre-formulation studies, formulation
development, analytical method development, stability studies, IND/NDA/ANDA/510K submissions, and manufacturing clinical trial materials
(phase 1 through phase 3) and commercial manufacturing. It also licenses out its technologies and initiates joint research and development
processes with other biotechnology, pharmaceutical, and nutraceutical companies.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Common Stock Reverse Split</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 12, 2019, the Board, by unanimous written consent in lieu
of a meeting, approved to i) implement a stock reverse split at the ratio of 1-for-18 (the &#8220;Reverse Split&#8221;) of both the authorized
common stock of the Company and the issued and outstanding common stock and ii) to amend the articles of incorporation of the Company
to reflect the Reverse Split. The Board approved and authorized the Reverse Split without obtaining approval of the Company&#8217;s shareholders
pursuant to Section 78.207 of Nevada Revised Statutes.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 3, 2019, the Company filed a certificate of amendment to the
Company&#8217;s articles of incorporation (the &#8220;Amendment&#8221;) to implement the Reverse Split with the Secretary of State of
the State of Nevada. The Reverse Split took effect on May 8, 2019.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Series A Convertible Preferred Stock</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 28, 2019, the Company filed a certificate
of designation (the &#8220;Series A COD&#8221;) of Series A Convertible Preferred Stock (the &#8220;Series A Stock&#8221;) with the Secretary
of the State of Nevada.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><DIV>

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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Series A COD, the Company designated
3,500,000 shares of preferred stock as Series A Stock, par value of $0.001 per share. Subject to the laws of Nevada, the Company will
pay cumulative dividends on the Series A Stock on each anniversary from the date of original issue for a period of four calendar years.
The Series A Stock will rank senior to the outstanding common stock of the Company, par value $0.001 (the &#8220;Common Stock&#8221;)
with respect to dividend rights, rights upon liquidation, dissolution or winding up in the amount of accrued but unpaid dividend. Holders
of the Series A Stock will have the same voting rights as the Company&#8217;s Common Stock holders. Each share of Series A Stock is initially
convertible at any time at the option of the holder into one share of Common Stock and automatically converts into one share of Common
Stock on the four-year anniversary of its issuance.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021, no Series A Convertible
Preferred Stock has been issued by the Company.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Increasing the Authorized Shares</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 12, 2020, our board of directors approved
and adopted an amendment to the Company&#8217;s Articles of Incorporation, to increase the authorized shares of the common stock, par
value $0.001 per share, from 20,000,000 to 100,000,000, such that, after including the previously authorized 20,000,000 shares of preferred
stock, par value $0.001 per share, the aggregate number of shares of stock that the Company has authority to issue is 120,000,000 shares.
The amendment became effective on April 2, 2020.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>NASDAQ Listing</I></B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&#160;</I></B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 5, 2021, we closed a public offering (the &#8220;Offering&#8221;)
of&#160;1,100,000&#160;units (the &#8220;Units&#8221;), with each Unit consisting of one share of our common stock (the &#8220;Common
Stock&#8221;) and one Series A warrant (the &#8220;Series A Warrants&#8221;) to purchase one share of common stock at an exercise price
equal to $6.30&#160;per share, exercisable until the fifth anniversary of the issuance date, and one Series B warrant (the &#8220;Series
B Warrants,&#8221; and together with the Series A Warrants, the &#8220;Public Warrants&#8221;) to purchase one share of common stock at
an exercise price equal to $10.00&#160;per share, exercisable until the fifth anniversary of the issuance date; the exercise price of
the Public Warrants are subject to certain adjustment and cashless exercise provisions as described therein. The Company completed the
Offering pursuant to its registration statement on Form S-1 (File No. 333-255112), originally filed with the Securities and Exchange Commission
(the &#8220;SEC&#8221;) on April 8, 2021 (as amended, the &#8220;Original Registration Statement&#8221;), that the SEC declared effective
on August 2, 2021 and the registration statement on Form S-1 (File No. 333-258404) that was filed and automatically effective on August
4, 2021 (the &#8220;S-1MEF,&#8221; together with the Original Registration Statement, the &#8220;Registration Statement&#8221;). The Units
were priced at $6.25&#160;per Unit, before underwriting discounts and offering expenses, resulting in gross proceeds of $6,875,000. The
Offering was conducted on a firm commitment basis. The Common Stock was approved for listing on The Nasdaq Capital Market and commenced
trading under the ticker symbol &#8220;ABVC&#8221; on August 3, 2021.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&#160;</I></B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Name Change and CUSIP Number</I></B></P><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s shareholders approved an amendment to the Company&#8217;s
Articles of Incorporation in order to change the Company&#8217;s corporate name to &#8220;ABVC BioPharma, Inc.&#8221;; they also approved
and adopted the Certificate of Amendment to implement the name at the 2020 annual meeting of shareholders (the &#8220;<B>Annual Meeting</B>&#8221;).
Nevada&#8217;s Secretary of State approved the name change on March 8, 2021. After FINRA approval, the new name took effect. Stock certificates
have remained valid and stockholders have not been required to submit their stock certificates for exchange as a result of the name change.
<I>New</I> stock certificates issued by the Company have been printed with the Company&#8217;s new name, ABVC BioPharma, Inc.; existing
stock certificates remain valid.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s CUSIP number is 0091F106.
The Company&#8217;s stock symbol remains ABVC.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Joint Venture Agreement</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&#160;</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 6, 2021 (the &#8220;<B>Completion Date</B>&#8221;), ABVC
BioPharma, Inc. (the &#8220;<B>Company</B>&#8221;), Lucidaim Co., Ltd., a Japanese corporation (&#8220;<B>Lucidaim</B>,&#8221; together
with the Company, the &#8220;<B>Shareholders</B>&#8221;), and BioLite Japan K.K., a Japanese corporation (&#8220;<B>Biolite JP&#8221;</B>)
entered into a Joint Venture Agreement (the &#8220;<B>Agreement</B>&#8221;). Biolite JP is a private limited company (a Japanese&#160;<I>Kabushiki
Kaisha</I>) incorporated on December 18, 2018 and at the date of the Agreement had 10,000 ordinary shares authorized, with 3,049 ordinary
shares issued and outstanding (the &#8220;<B>Ordinary Shares</B>&#8221;). Immediately prior to the execution of the Agreement, Lucidaim
owned 1,501 ordinary shares and the Company owned 1,548 ordinary shares. The Shareholders entered into the joint venture to formally reduce
to writing their intention to invest in and operate Biolite JP as a joint venture. The business of the joint venture shall be the research
and development of drugs, medical device and digital media, investment, fund raising and consulting, distribution and marketing of supplements
carried by Biolite JP and its subsidiaries in Japan, or any other territory or business, as the Agreement may with mutual consent be amended
from time to time. The closing of the transaction was conditioned upon the approval and receipt of all necessary government approvals,
which have all been received.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><DIV>

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    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Agreement and the related share
transfer agreement, the Company shall transfer 54 of its Ordinary Shares to Lucidaim for no consideration, such that following the transfer,
Lucidaim shall own 1,555 Ordinary Shares (51%) and the Company shall own 1,494 Ordinary Shares (49%). Also pursuant to the Agreement,
there shall be 3 directors of Biolite JP, consisting of 1 director appointed by the Company and 2 appointed by Lucidiam. The Company
shall appoint Eugene Jiang, the Company&#8217;s current Chairman and Chief Business Officer and Lucidaim shall appoint Michihito Onishi;
the current director of Biolite JP, Toru Seo (who is also a director of BioLite Japan&#8217;s other shareholder), is considered the second
Lucidaim director. The Agreement further provides that the Company and Biolite JP shall assign the research collaboration and license
agreement between them to Biolite JP or prepare the same (the &#8220;<B>License Agreement</B>&#8221;). The aforementioned transactions
occurred on the Completion Date.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As per the Agreement, the Shareholders shall supervise and manage the
business and operations of Biolite JP. The directors shall not be entitled to any renumeration for their services as a director and each
Shareholder can remove and replace the director he/she/it appointed. If a Shareholder sells or disposes of all of its Ordinary Shares,
the Shareholder-appointed director must tender his/her resignation. The Agreement also sets forth certain corporate actions that must
be pre-approved by all Shareholders (the &#8220;<B>Reserved Matters</B>&#8221;). If the Shareholders are unable to make a decision on
any Reserved Matter, then either Shareholder can submit a deadlock notice to the other shareholder, 5 days after which they must refer
the matter to each Shareholder&#8217;s chairman and use good faith to resolve the dispute. If such dispute is not resolved within 10 days
thereafter, then either Shareholder can offer to buy all of the other Shareholder&#8217;s Ordinary Shares for cash at a specified price;
if there is not affirmative acceptance of the sale, the sale shall proceed as set forth in the sale offer.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of the Shareholders maintains a pre-emptive
right to purchase such number of additional Ordinary Shares as would allow such Shareholder to maintain its ownership percentage in Biolite
JP if Biolite JP issues any new Ordinary Shares. However, the Agreement provides that the Company shall lose its pre-emptive rights under
certain conditions. The Shareholders also maintain a right of first refusal if the other Shareholder receives an offer to buy such shareholder&#8217;s
Ordinary Shares.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Agreement also requires Biolite JP to obtain
a bank facility in the amount of JPY 30,460,000 (approximately USD272,000), for its initial working capital purposes. Pursuant to the
Agreement, each Shareholder agrees to guarantee such bank facility if the bank requires a guarantee. Accordingly, the Company may be
liable for the bank facility in an amount up to JPY 14,925,400 (approximately USD134,000), which represents 49% of the maximum bank facility.
The Agreement further provides that Biolite JP shall issue annual dividends at the rate of at least 1.5% of Biolite JP&#8217;s profits,
if it has sufficient cash to do so.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Agreement, the Company and Biolite
JP agree to use their best efforts to execute the License Agreement by the end of December 2021. The Company agreed that any negotiation
on behalf of Biolite JP regarding the terms of the License Agreement shall be handled by the directors appointed by Lucidaim. If the
Company and such Lucidaim directors do not reach agreement on the terms, Biolite JP may at its sole discretion determine not to execute
the License Agreement without any liability to the Company.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Agreement contains non-solicitation and non-compete
clauses for a period of 2 years after a Shareholder or its subsidiaries ceases to be a Shareholder, with such restrictive covenants limited
to business within the ophthalmologic filed or central neurological field. Any rights to intellectual property that arise from Biolite
JP&#8217;s activities, shall belong to Biolite JP.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Agreement contains standard indemnification
terms, except that no indemnifying party shall have any liability for an individual liability unless it exceeds JPY 500,000 (approximately
USD4,500) and until the aggregate amount of all liabilities exceeds JPY 2,000,000 (approximately USD18,000) and then only to the extent
such liability exceed such limit.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><DIV>

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    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company paid $150,000 towards the setup of
the joint venture and BioLite Japan&#8217;s other shareholder paid $150,000 after the Letter of Intent was signed.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Agreement shall continue for 10 years, unless
earlier terminated and shall continue until terminated by: (i) either party by giving the other party at least 6 months written notice,
until the end of the 10 years, after which the parties can terminate at any time or (ii) or by written agreement of all Shareholders,
in which case it shall terminate automatically on the date upon which all Ordinary Shares are owned by one Shareholder. The Agreement
also allows a Shareholder to terminate the agreement upon certain defaults committed by another Shareholder, as set forth in the Agreement.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This was a&#160;<I>related</I>&#160;<I>party</I>&#160;transaction
and was conducted at arm&#8217;s length. In addition to the Company&#8217;s board of directors providing approval for the Company to
enter into the Agreement, the Company&#8217;s audit committee approved the Company&#8217;s entry into the Agreement. The Board believes
that this joint venture will enhance the Company&#8217;s ability to provide therapeutic solutions to significant unmet medical needs
and to develop innovative botanical drugs to treat central nervous system (&#8220;CNS&#8221;) and oncology/ hematology diseases. The
Company&#8217;s Board of Directors believes that the joint venture has the potential to provide the Company with access to additional
early-stage product candidates that it would not otherwise have access to and to introduce the Company to early-stage opportunities,
and therefore the Board believes the joint venture is in the best interest of the Company and its shareholders.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#160;</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Recent PPP</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 14, 2020, the Company received a loan
in the amount of $124,400 under the Paycheck Protection Program (&#8220;PPP&#8221;) administered by the United States Small Business
Administration (the &#8220;SBA&#8221;) from East West Bank. According to the Coronavirus Aid, Relief, and Economic Security Act (the
&#8220;Cares Act&#8221;), PPP loan provides for forgiveness of up to the full principal amount and accrued interest if the funds are
used for payroll costs, interest on mortgages, rent, and utilities. However, at least 60% of the forgiven amount must have been used
for payroll. The loan was granted pursuant to a promissory note dated April 14, 2020 issued by the Company, which matures on April 13,
2022 and bears interest at a rate of 1.00% per annum. The Company will pay the principal in one payment of all outstanding principal
plus all accrued unpaid interest on that date that is two years after the date of the promissory note. On March 15, 2021 the US Government
approved our application of the loan forgiveness program, so there will be no obligation to pay back this loan.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 29, 2021, BioKey&#160;received a loan
in the amount of $132,331 under the Paycheck Protection Program (&#8220;PPP&#8221;) administered by the United States Small Business
Administration (the &#8220;SBA&#8221;) from East West Bank. According to the Coronavirus Aid, Relief, and Economic Security Act (the
&#8220;Cares Act&#8221;), PPP loan provides for forgiveness of up to the full principal amount and accrued interest if the funds are
used for payroll costs, interest on mortgages, rent, and utilities. However, at least 60% of the forgiven amount must have been used
for payroll. The loan was granted pursuant to a promissory note dated January 27, 2021 issued by the Company, which matures on January
28, 2026 and bears interest at a rate of 1.00% per annum. The Company will pay the principal in one payment of all outstanding principal
plus all accrued unpaid interest on that date that is five years after the date of the promissory note. In addition, on September 28,
2021, the US Government approved our application of the loan forgiveness program, so there will be no obligation to pay back this loan.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 7, 2021, the Company received a loan
in the amount of $104,167 under the Paycheck Protection Program (&#8220;PPP&#8221;) administered by the United States Small Business
Administration (the &#8220;SBA&#8221;) from Cathay Bank. According to the Coronavirus Aid, Relief, and Economic Security Act (the &#8220;Cares
Act&#8221;), PPP loan provides for forgiveness of up to the full principal amount and accrued interest if the funds are used for payroll
costs, interest on mortgages, rent, and utilities. However, at least 60% of the forgiven amount must have been used for payroll. The
loan was granted pursuant to a promissory note dated February 7, 2021 issued by the Company, which matures on February 6, 2026 and bears
interest at a rate of 1.00% per annum. The Company will pay the principal in one payment of all outstanding principal plus all accrued
unpaid interest on that date that is five years after the date of the promissory note. In addition, on November 15, 2021, the US Government
approved our application of the loan forgiveness program, so there will be no obligation to pay back this loan.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><DIV>

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    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Recent Research Results</B>&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 23, 2019, the Company announced its internal
Phase II clinical study results of ABV-1504 for Major Depression Disorder (&#8220;MDD&#8221;). The clinical study results showed that
PDC-1421, the active pharmaceutical ingredient of ABV-1504, met the pre-specified primary endpoint of the Phase II clinical trial and
significantly improved the symptoms of MDD.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Phase II clinical study was a randomized,
double-blind, placebo-controlled, multi-center trial, in which 60 adult patients with confirmed moderate to severe MDD were treated with
PDC-1421 in either low dose (380 mg) or high dose (2 x 380 mg) compared with placebo administration, three times a day for six weeks.
PDC-1421 high dose (2 x 380 mg) met the pre-specified primary endpoint by demonstrating a highly significant 13.2-point reduction in
the Montgomery-&#197;sberg Depression Rating Scale (MADRS) total score by Intention-To-Treat (ITT) analysis, averaged over the 6-week
treatment period (overall treatment effect) from baseline, as compared to 9.2-point reduction of the placebo group. By Per-Protocol (PP)
analysis, PDC-1421 showed a dose dependent efficacy toward MDD in which high dose (2 x 380 mg) gave 13.4-point reduction in MADRS total
score from baseline and low dose (380 mg) gave 10.4-point reduction as compared to a 8.6-point in the placebo group. The Company has
decided to use the high dose formula in the Phase III clinical trial of ABV-1504.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 9, 2020 the Company issued a full
clinical study report (CSR) of Vitargus&#174; First-in-Human Phase I Clinical Trial<I>.&#160;</I>The safety and preliminary efficacy findings
from this study, combined with the unique properties of Vitargus&#174; (BFC-1401), are supportive of further development for its use during
vitrectomy surgery in patients requiring vitreous replacement.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The study was an open label, Phase I study undertaken
at a single study center in Sydney, Australia. A total of 11&#160;participants were enrolled for the study in which each participant
had been diagnosed with either (1) a complex or rhegmatogenous retinal detachment or chronic retinal detachment with failure of gas or
silicone oil treatment or (2) a vitreous hemorrhage that requires vitrectomy surgery. The study found that Vitargus&#174; was well-tolerated
as a vitreous substitute without any apparent toxicity to ocular tissues. Further, there was no indication of an increased overall safety
risk with Vitargus&#174;.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 2, 2022 the Company received the formal approval from Central
Research Ethics Committee (CREC) of The National Research Council of Thailand for Vitargus&#174; Phase II Study Protocol (ABV-1701-02)
to be conducted at Ramathibodi Hospital, Mahidol University and Srinagarind Hospital, Khon Kaen University of Thailand. The Phase II clinical
study entitled &#8220;A Prospective Multi-Site Randomized Controlled Clinical Investigation of the Safety and Effectiveness of the ABV1701
Ocular Endotamponade (OE)&#8221; will be &#160;&#160;initiated in Thailand. In parallel, Vitargus Phase II Study protocol documents are
being reviewed by the Australian Bellberry <FONT>Human Research Ethics&#160;Committee (HREC). Upon approval,
the </FONT>Clinical Trial Notification (CTN) of the study will be applied from Australian Therapeutic Goods Administration (TGA) for its
clinical initiation in Australia.</P><DIV>



</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 9, 2020 the Company issued a full
clinical study report (CSR) of its ABV-1505 Phase II Part I clinical trial conducted at the University of California, San Francisco (UCSF)
for the treatment of adult Attention-Deficit Hyperactivity Disorder (ADHD).</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Phase II Part I clinical study for treating
ADHD found that the PDC-1421 Capsule was safe, well tolerated and efficacious during its treatment and the follow-up period with six
adult patients. For the primary endpoints, the percentages of improvement in Adult Attention-Deficit/Hyperactivity Disorder Rating Scale-Investigator
Rated-IV (ADHD-RS-IV) score from baseline to 8 weeks treatment were 83.3% (N=5) in the Intention-To-Treat (ITT) population and 80.0%
(N=4) in the Per-Protocol (PP) population. Both low and high doses of PDC-1421 Capsule met the primary end points by passing the required
40% population in ADHD-RS-IV test scores.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Overall, the results from this study, which demonstrate
the therapeutic value of PDC-1421, support further clinical development of ABV-1505 for the treatment of adult ADHD.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 12, 2022, the Company announced the enrollment
progress in the Phase II Part II clinical study of the company&#8217;s ADHD medicine (ABV-1505). Since the first-treated subject reported
on May 10, 2022, a total of twenty-two (22) subjects have been enrolled in the study from a total of thirty-two subjects screened. One
of the enrolled participants from the three arms has completed the 8-week treatment per study design. The study, a randomized, double-blind,
placebo-controlled study entitled &#8220;A Phase II Tolerability and Efficacy Study of PDC-1421 Treatment in Adult Patients with Attention-Deficit
Hyperactivity Disorder (ADHD), Part II, is expected to eventually involve approximately 100 patients. Five prestigious research hospitals
in Taiwan and the research hospital at the University of California, San Francisco are participating in the study which is a continuation
of the Phase II part 1 study of ABV-1505 completed successfully at UC, San Francisco and accepted by the U.S. Food &amp; Drug Administration
in October of 2020.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 4, 2020, we executed an amendment
to our collaboration agreement with BioFirst to add BFC-1403 Intraocular Irrigation Solution and BFC-1404 Corneal Storage Solution to
our agreement. BFC-1404 is utilized during a corneal transplant procedure to replace a damaged or diseased cornea while BFC-1403 has
broader utilization during a variety of ocular procedures.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Initially the Company will focus on BFC-1404,
a solution utilized to store a donor cornea prior to either penetrating keratoplasty (full thickness cornea transplant) or endothelial
keratoplasty (back layer cornea transplant). Designated ABV-2002 under the Company&#8217;s product identification system, the solution
is comprised of a specific poly amino acid that protects ocular tissue from damage caused by external osmolarity exposure during pre-surgery
storage. The specific polymer in ABV-2002 can adjust osmolarity to maintain a range of 330 to 390 mOsM thereby permitting hydration within
the corneal stroma during the storage period. Stromal hydration results in (a) maintaining acceptable corneal transparency and (b) prevents
donor cornea swelling. ABV-2002 also contains an abundant phenolic phytochemical found in plant cell walls that provides antioxidant
antibacterial properties and neuroprotection.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Early testing by BioFirst indicates that ABV-2002
may be more effective for protecting the cornea and retina during long-term storage than other storage media available today and can
be manufactured at lower cost. Categorized as a Class I Medical Device which has the lowest risk to patients, the Company intends to
submit a Premarket Notification 510(K) submission to the FDA before the end of 2021 to demonstrate the device is at least as safe and
effective as current products on the market.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><DIV>

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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I><FONT STYLE="text-decoration: underline">Public Offering &amp; Financings</FONT></I></B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Financing in May 2022</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 11, 2022, the Company and an institutional investor entered
into certain securities purchase agreement relating to the offer and sale of 2,000,000 shares of common stock, par value $0.001 per share
in a registered direct offering. Pursuant to the Offering, the Company also issued 5-year warrants to purchase 2,000,000 shares of Common
Stock, exercisable at a price of $2.45 per share to the Purchasers. The sale and offering of the shares and the warrants pursuant to such
securities purchase agreement was implemented as a takedown off the Company&#8217;s shelf registration statement on Form S-3, as amended
(File No. 333-260588), which became effective on November 29, 2021. WallachBeth Capital LLC and ViewTrade Securities, Inc. acted as co-placement
agents for the aforementioned offering of the shares and warrants. The Company paid to the co-placement agents an aggregate cash fee equal
to 8% of the aggregate sales price of the securities sold and issued them warrants to purchase up to 160,000 shares of Common Stock, on
the same terms as the warrants issued to the institutional investor.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Financing in August 2021</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 5, 2021, the Company closed its public
offering (the &#8220;Public Offering&#8221;) of 1,100,000 units (the &#8220;Units&#8221;), with each Unit consisting of one share of
the Company&#8217;s common stock, one Series A warrant (the &#8220;Series A Warrants&#8221;) to purchase one share of common stock at
an exercise price equal to $6.30 per share, exercisable until the fifth anniversary of the issuance date, and one Series B warrant (the
&#8220;Series B Warrants,&#8221; and together with the Series A Warrants, the &#8220;Public Warrants&#8221;) to purchase one share of
common stock at an exercise price equal to $10.00 per share, exercisable until the fifth anniversary of the issuance date; the exercise
price of the Public Warrants are subject to certain adjustment and cashless exercise provisions as described therein. The Company completed
the Public Offering pursuant to its registration statement on Form S-1 (File No. 333-255112), originally filed with the Securities and
Exchange Commission (the &#8220;SEC&#8221;) on April 8, 2021 (as amended, the &#8220;Original Registration Statement&#8221;), that the
SEC declared effective on August 2, 2021 and the registration statement on Form S-1 (File No. 333-258404) that was filed and automatically
effective on August 4, 2021 (the &#8220;S-1MEF,&#8221; together with the Original Registration Statement, the &#8220;Registration Statement&#8221;).
The Units were priced at $6.25 per Unit, before underwriting discounts and offering expenses, resulting in gross proceeds of $6,875,000.
The Public Offering was conducted on a firm commitment basis.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Financing in November 2020</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 11, 2020, we conducted a closing
with regard to certain securities purchase agreements (the &#8220;<B>SPAs</B>&#8221;) dated October 23, 2020, separately with two non-U.S.
investors (the &#8220;<B>Investors</B>&#8221;). Each of the Investors agreed to purchase and the Company agreed to sell to each of the
Investors 1,111,112 shares of the Company&#8217;s Common Stock, and warrants (the &#8220;<B>November Warrants</B>&#8221;) to purchase
1,111,112 shares of Common Stock, for a purchase price of $2,500,000. The November Warrants are exercisable upon issuance and will expire
three years from the date of issuance. The initial exercise price of the November Warrants is $6.00, subject to stock, splits, stock
dividend and other similar events. In addition, when the closing price of the Common Stock equals or exceeds $9.00 per share for twenty
Trading Days (as defined in the SPAs) during any thirty-day period, the Company shall have the right to require the Investors to exercise
all or any portion of the November Warrants for a cash exercise. The aggregate net proceeds were $5,000,000. The Company and the Investors
further agreed to amend the terms of the SPA to permit the closing of the offering to occur on a rolling basis.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company paid the following fees to a FINRA
member firm in connection with such offering: (i) a cash&#160;success fee of $175,000 and (ii) warrants to purchase a number of shares
of Common Stock equal to 7% of the number of shares of Common Stock sold in the Offering, at an exercise price per share equal to $6.00
subject to adjustment (the &#8220;<B>Comp Warrants</B>&#8221;). The Comp Warrants are exercisable on a cashless basis, at the holder&#8217;s
discretion.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Financing in October 2020</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 23, 2020, we entered into a Securities
Purchase Agreement (the &#8220;<B>October SPA</B>&#8221;) with one accredited investor. Pursuant to the October SPA, the Company sold
and issued a convertible promissory note (the &#8220;<B>October Note</B>&#8221;) in the principal amount of $2,500,000 to the investor
and received the payment from such investor on October 30, 2020.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The October Note was issued on October 23, 2020 and the maturity date
of the October Note is the twenty-four (24) month anniversary from the issuance date (the &#8220;<B>Maturity Date</B>&#8221;). Upon the
Maturity Date, the Company shall pay to the holder, in cash, an amount representing all outstanding principal amount and accrued and unpaid
interest under the October Note. The October Note bears an interest rate of ten percent (10%) per annum and may be convertible into shares
of the Company&#8217;s common stock at a fixed conversion price of $2.25 per share. The holder of the October Note may elect to convert
part or all of the outstanding balance of the October Note from the issuance date until the Maturity Date. The Company may prepay the
outstanding amount at any time, in whole or in part. On May 17, 2021, the parties to the October SPA signed Amendment No. 1 to Promissory
Note (the &#8220;Amendment&#8221;). Pursuant to the Amendment, the Note shall also be automatically converted into shares of the Company&#8217;s
common stock immediately following the Company&#8217;s receipt of conditional approval to list its common stock on the NASDAQ stock market,
if and when the Company receives such approval, at a conversion price equal to $2.25 per share. On July 21, 2021, The Company converted
its convertible promissory note &#160;&#160;totaling $2,500,000 into 1,111,112 shares of the Company&#8217;s common stock and warrants.</P><DIV>



</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><DIV>

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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the October Note and pursuant to the terms of an
agreement entered into between the Company and a FINRA member firm, such firm shall receive (i) a cash success fee of $78,750 and (ii)
upon conversion of the October Note, warrants equal to 7.0% of the number of shares of Common Stock received by the investor at the time
of conversion (&#8220;<B>Note Warrants</B>&#8221;). The warrants are exercisable on a cashless basis, at the holder&#8217;s discretion.
As of the date of this filing, the cash success fee was paid, while the principal amount and related interest is due to be paid.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The issuance and sale of the Common Stock, the
Investor Warrants, Comp Warrants, Note Warrants and the shares of Common Stock underlying the Investor Warrants, the Comp Warrants and
the October Note were made in reliance on an exemption from registration contained in either&#160;Regulation D&#160;or&#160;Regulation
S&#160;of the&#160;Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Financing in May 2020</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2020, the Company received capital contributions of approximately
$1,602,040 in cash from 40 investors through private placements with the terms specifying a purchase price of $2.25 per share and a free
warrant attached to each Common stock that was purchased. The exercise price of the warrant will be at $6.00 with a mandatory exercise
price of $9.00.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the terms of an agreement entered
into between the Company and a FINRA member firm, such firm shall receive (i) a cash success fee of $60,831.65 (ii) a warrant to purchase
37,852 shares of Common Stock with an exercise price of $2.25 per share, and (iii) a warrant to purchase 37,852 shares of Common Stock
with an exercise price of $6.00 per share.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Financing in April 2020</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 21, 2020, the Company entered into three note agreements
with existing note investors who executed the agreements in 2018. These three investors are Guoliang Yu and Yingfei Wei Family Trust,
Keypoint Technology Ltd., and Yoshinobu Odaira. The new agreements bear the same terms as that of other note investors who executed the
contract in 2019. On April 5, 2020, the Company entered into exchange agreements with such note holders. Pursuant to the exchange agreements,
the Holders agreed to deliver the Notes to the Company for cancellation, of which the aggregate principal amount plus accrued interest
expenses are $931,584, and the Company agreed to issue to the Holders an aggregate of 506,297 shares of the Company&#8217;s common stock
and warrants to purchase 506,297 shares of the Company&#8217;s common stock.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 28, 2019 and September 4, 2019, the Company issued convertible
promissory notes in the aggregate principal amount plus accrued interest expenses of $515,196 to Kuo, Li Shen, Chang, Ping Shan, Lin,
Shan Tyan, and Liu, Ching Hsuan. On April 20, 2020, the Company entered into separate exchange agreements with each note holder. Pursuant
to the exchange agreements, the note holders agreed to cancel the notes and the Company agreed to issue to the holders an aggregate of
289,438 shares of the Company&#8217;s common stock and warrants to purchase 289,438 shares of the Company&#8217;s common stock.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#160;</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Strategy</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Key elements of our business strategy include:</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advancing
to the pivotal trial phase of ABV-1701 Vitargus&#174; for the treatments of Retinal Detachment or Vitreous Hemorrhage, which we expect
to generate revenues in the future.</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><DIV>

</DIV><!-- Field: Page; Sequence: 54; Value: 1 --><DIV>
    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Focusing
on licensing ABV-1504 for the treatment of major depressive disorder, MDD, after the successful completion of its Phase II clinical trials.</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Completing
Phase II, Part 2 clinical trial for ABV-1505 for the treatment of attention deficit hyperactivity disorder, ADHD.</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Out
licensing drug candidates and medical device candidates to major pharmaceutical companies for phase III and pivotal clinical trials,
as applicable, and further marketing if approved by the FDA.</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We plan to augment our core research and development
capability and assets by conducting Phase I and II clinical trials for investigational new drugs and medical devices in the fields of
CNS, Hematology/Oncology and Ophthalmology.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our management team has extensive experiences across a wide range of
new drug and medical device development, and we have in-licensed new drug and medical device candidates from large research institutes
and universities in both the U.S. and Taiwan. Through an assertive product development approach, we expect that we will build a substantial
portfolio of Oncology/ Hematology, CNS and Ophthalmology products. We primarily focus on Phase I and II research of new drug candidates
and out license the post-Phase-II products to pharmaceutical companies; we do not expect to devote substantial efforts and resources to
building the disease-specific distribution channels.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Business Objectives</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is operating its core business based
on collaborative activities that can generate current and future revenues through research, development and/or commercialization joint
venture agreements. The terms of these agreements typically include payment to the Company related to one or more of the following:</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">nonrefundable
upfront license fees,</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">development
and commercial milestones,</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">partial
or complete reimbursement of research and development costs and</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each type of payments results in revenue except
for revenue from royalties on net sales of licensed products, which are classified as royalty revenues. To date, we have not received
any royalty revenues. Revenue is recognized upon satisfaction of a performance obligation by transferring control of a good or service
to the joint venture partner.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As part of the accounting for these arrangements,
the Company applies judgment to determine whether the performance obligations are distinct and develop assumptions in determining the
stand-alone selling price for each distinct performance obligation identified in the collaboration agreements. To determine the stand-alone
selling price, the Company relies on assumptions which may include forecasted revenues, development timelines, reimbursement rates for
R&amp;D personnel costs, discount rates and probabilities of technical and regulatory success.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company had multiple deliverables under the collaborative agreements,
including deliverables relating to grants of technology licenses, regulatory and clinical development, and marketing activities. Estimation
of the performance periods of the Company&#8217;s deliverables requires the use of management&#8217;s judgment. Significant factors considered
in management&#8217;s evaluation of the estimated performance periods include, but are not limited to, the Company&#8217;s experience
in conducting clinical development, regulatory and manufacturing activities. The Company reviews the estimated duration of its performance
periods under its collaborative agreements on an annual basis, and makes any appropriate adjustments on a prospective basis. Future changes
in estimates of the performance period under its collaborative agreements could impact the timing of future revenue recognition.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><DIV>

</DIV><!-- Field: Page; Sequence: 55; Value: 1 --><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a license to the Company&#8217;s intellectual property is determined
to be distinct from the other performance obligations identified in an arrangement, the Company recognizes revenue from the related nonrefundable
upfront payments based on the relative standalone selling price prescribed to the license compared to the total selling price of the arrangement.
The revenue is recognized when the license is transferred to the collaboration partners and the collaboration partners are able to use
and benefit from the license. To date, the receipt of nonrefundable upfront fees was solely for the compensation of past research efforts
and contributions made by the Company before the collaborative agreements were entered into and does not relate to any future obligations
and commitments made between the Company and the collaboration partners in the collaborative agreements.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) Milestone payments</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is eligible to receive milestone
payments under the collaborative agreement with collaboration partners based on achievement of specified development, regulatory and
commercial events. Management evaluated the nature of the events triggering these contingent payments, and concluded that these events
fall into two categories: (a) events which involve the performance of the Company&#8217;s obligations under the collaborative agreement
with collaboration partners, and (b) events which do not involve the performance of the Company&#8217;s obligations under the collaborative
agreement with collaboration partners.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The former category of milestone payments consists
of those triggered by development and regulatory activities in the territories specified in the collaborative agreements. Management
concluded that each of these payments constitute substantive milestone payments. This conclusion was based primarily on the facts that
(i) each triggering event represents a specific outcome that can be achieved only through successful performance by the Company of one
or more of its deliverables, (ii) achievement of each triggering event was subject to inherent risk and uncertainty and would result
in additional payments becoming due to the Company, (iii) each of the milestone payments is nonrefundable, (iv) substantial effort is
required to complete each milestone, (v) the amount of each milestone payment is reasonable in relation to the value created in achieving
the milestone, (vi) a substantial amount of time is expected to pass between the upfront payment and the potential milestone payments,
and (vii) the milestone payments relate solely to past performance. Based on the foregoing, the Company recognizes any revenue from these
milestone payments in the period in which the underlying triggering event occurs.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iii) Multiple Element Arrangements</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company evaluates multiple element arrangements
to determine (1) the deliverables included in the arrangement and (2) whether the individual deliverables represent separate units of
accounting or whether they must be accounted for as a combined unit of accounting. This evaluation involves subjective determinations
and requires management to make judgments about the individual deliverables and whether such deliverables are separate from other aspects
of the contractual relationship. Deliverables are considered separate units of accounting provided that: (i) the delivered item(s) has
value to the customer on a standalone basis and (ii) if the arrangement includes a general right of return relative to the delivered
item(s), delivery or performance of the undelivered item(s) is considered probable and substantially within its control. In assessing
whether an item under a collaboration has standalone value, the Company considers factors such as the research, manufacturing, and commercialization
capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. The Company also
considers whether its collaboration partners can use the other deliverable(s) for their intended purpose without the receipt of the remaining
element(s), whether the value of the deliverable is dependent on the undelivered item(s), and whether there are other vendors that can
provide the undelivered element(s).</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognizes arrangement consideration
allocated to each unit of accounting when all of the revenue recognition criteria in ASC 606 are satisfied for that particular unit of
accounting. In the event that a deliverable does not represent a separate unit of accounting, the Company recognizes revenue from the
combined unit of accounting over the Company&#8217;s contractual or estimated performance period for the undelivered elements, which
is typically the term of the Company&#8217;s research and development obligations. If there is no discernible pattern of performance
or objectively measurable performance measures do not exist, then the Company recognizes revenue under the arrangement on a straight-line
basis over the period the Company is expected to complete its performance obligations. Conversely, if the pattern of performance in which
the service is provided to the customer can be determined and objectively measurable performance measures exist, then the Company recognizes
revenue under the arrangement using the proportional performance method. Revenue recognized is limited to the lesser of the cumulative
amount of payments received or the cumulative amount of revenue earned, as determined using the straight-line method or proportional
performance method, as applicable, as of the period ending date.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><DIV>

</DIV><!-- Field: Page; Sequence: 56; Value: 1 --><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the inception of an arrangement that includes
milestone payments, the Company evaluates whether each milestone is substantive and at risk to both parties on the basis of the contingent
nature of the milestone. This evaluation includes an assessment of whether: (1) the consideration is commensurate with either the Company&#8217;s
performance to achieve the milestone or the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting
from its performance to achieve the milestone, (2) the consideration relates solely to past performance and (3) the consideration is
reasonable relative to all of the deliverables and payment terms within the arrangement. The Company evaluates factors such as the scientific,
clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone and the level of effort and
investment required to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining
whether a milestone satisfies all of the criteria required to conclude that a milestone is substantive. Milestones that are not considered
substantive are recognized as earned if there are no remaining performance obligations or over the remaining period of performance, assuming
all other revenue recognition criteria are met.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iv) Royalties and Profit-Sharing Payments</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the collaborative agreement with the collaboration
partners, the Company is entitled to receive royalties on sales of products, which is at certain percentage of the net sales. The Company
recognizes revenue from these events based on the revenue recognition criteria set forth in ASC 606. Based on those criteria, the Company
considers these payments to be contingent revenues, and recognizes them as revenue in the period in which the applicable contingency
is resolved.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues Derived from Research and Development
Activities Services &#8212; Revenues related to research and development and regulatory activities are recognized when the related services
or activities are performed, in accordance with the contract terms. The Company typically has only one performance obligation at the
inception of a contract, which is to perform research and development services. The Company may also provide its customers with an option
to request that the Company provides additional goods or services in the future, such as active pharmaceutical ingredient, API, or IND/NDA/ANDA/510K
submissions. The Company evaluates whether these options are material rights at the inception of the contract. If the Company determines
an option is a material right, the Company will consider the option a separate performance obligation.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company is entitled to reimbursement from
its customers for specified research and development expenses, the Company accounts for the related services that it provides as separate
performance obligations if it determines that these services represent a material right. The Company also determines whether the reimbursement
of research and development expenses should be accounted for as revenues or an offset to research and development expenses in accordance
with provisions of gross or net revenue presentation. The Company recognizes the corresponding revenues or records the corresponding
offset to research and development expenses as it satisfies the related performance obligations.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company then determines the transaction price
by reviewing the amount of consideration the Company is eligible to earn under the contracts, including any variable consideration. Under
the outstanding contracts, consideration typically includes fixed consideration and variable consideration in the form of potential milestone
payments. At the start of an agreement, the Company&#8217;s transaction price usually consists of the payments made to or by the Company
based on the number of full-time equivalent researchers assigned to the project and the related research and development expenses incurred.
The Company does not typically include any payments that the Company may receive in the future in its initial transaction price because
the payments are not probable. The Company would reassess the total transaction price at each reporting period to determine if the Company
should include additional payments in the transaction price.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company receives payments from its customers
based on billing schedules established in each contract. Upfront payments and fees may be recorded as advance from customers upon receipt
or when due, and may require deferral of revenue recognition to a future period until the Company performs its obligations under these
arrangements. Amounts are recorded as accounts receivable when the right of the Company to consideration is unconditional. The Company
does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period
between payment by the customers and the transfer of the promised goods or services to the customers will be one year or less.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><DIV>

</DIV><!-- Field: Page; Sequence: 57; Value: 1 --><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Examples of collaborative agreements the Company
has entered into are as follows:</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Collaborative agreements with BHK</FONT></B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February and December of 2015, BioLite, Inc. entered into a total of three joint venture agreements with BioHopeKing to jointly develop
ABV-1501 for Triple Negative Breast Cancer (TNBC), ABV-1504 for MDD and ABV-1505 for ADHD. The agreements granted marketing rights to
BioHopeKing for certain Asian countries in return for a series of milestone payments totaling $10 million in cash and equity of BioHopeKing
or equity securities owned by BioHopeKing.</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The milestone payments are determined by a schedule
of BioLite development achievements as shown below:</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Payment</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">Execution of BHK Co-Development Agreement</TD><TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,000,000</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Investigational New Drug (IND) Submission</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,000,000</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Phase II Clinical Trial Complete</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,000,000</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Initiation of Phase III Clinical Trial</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,000,000</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">New Drug Application (NDA) Submission</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,000,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">10,000,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&#160;</TD></TR>
  </TABLE><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December of 2015, BHK paid the initial cash payment of $1 million upon the execution of the BHK Agreement. The Company concluded that
certain deliverables are considered separate units of accounting as the delivered items have value to the customer on a standalone basis
and recognized this cash payment as collaboration revenue when all research, technical, and development data was delivered to BHK in
2015. The payment included compensation for past research efforts and contributions made by BioLite Taiwan before the BHK agreement was
signed and does not relate to any future commitments made by BioLite Taiwan and BHK in the BHK Agreement.</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2016, the Company received the second milestone payment of $1 million, and recognized collaboration revenue for the year ended
December 31, 2016. As of June 30, 2022, the Company had completed the phase II clinical trial for ABV-1504 MDD on October 31, 2019, but
has not yet completed the phase II clinical trial for ABV-1505 ADHD.</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the milestone payments, BioLite Taiwan is entitled to receive a royalty equal to 12% of BHK&#8217;s net sales related to
ABV-1501, ABV-1504 and ABV-1505 Products. As of June 30, 2022, the Company has not earned royalties under the BHK Co-Development Agreement.</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
BHK Co-Development Agreement will remain in effect for fifteen years from the date of first commercial sale of the Product in in Asia
excluding Japan.</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Co-Development agreement with Rgene Corporation,
a related party</FONT></B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 26, 2017, the Company entered into a co-development agreement
(the &#8220;Rgene Agreement&#8221;) with Rgene Corporation (the &#8220;Rgene&#8221;), a related party under common control by the controlling
beneficial shareholder of YuanGene Corporation and the Company (See Note 12). Pursuant to the Rgene Agreement, BriVision and Rgene agreed
to co-develop and commercialize ABV-1507 HER2/neu Positive Breast Cancer Combination Therapy, ABV-1703 Pancreatic Cancer Combination Therapy
and ABV-1527 Ovary Cancer Combination Therapy. Under the terms of the Rgene Agreement, Rgene is required to&#160;pay the Company $3,000,000
in cash or stock of Rgene with equivalent value by August 15, 2017 as compensation of BriVision&#8217;s past research efforts and contributions
made by BriVision before the Rgene Agreement was executed. The payment does not relate to any future milestones attained by BriVision.
In addition to $3,000,000, the Company is entitled to receive 50% of the future net licensing income or net sales profit earned by Rgene.
All development costs shall be equally shared by both BriVision and Rgene.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 1, 2017, the Company delivered all research,
technical data and development data to Rgene pursuant to the Rgene Agreement in return for a cash payment of $450,000 and 1,530,000 common
shares of Rgene stock valued at $2,550,000, which in 2018 was accounted for using the equity method long-term investment. On December
31, 2018, the Company determined to fully write off this investment based on the Company&#8217;s assessment of the severity and duration
of the impairment, and qualitative and quantitative analysis of the operating performance of the investee, adverse changes in market
conditions, the regulatory or economic environment, changes in operating structure of Rgene, additional funding requirements and Rgene&#8217;s
ability to remain in business. All research projects that were initiated will be managed and funded equally by the Company and Rgene.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and Rgene signed an amendment to
the Rgene Agreement on November 10, 2020, pursuant to which both parties agreed to delete AB-1507 HER2/neu Positive Breast Cancer Combination
Therapy and AB-1527 Ovary Cancer Combination Therapy and add ABV-1519 EGFR Positive Non-Small Cell Lung Cancer Combination Therapy and
ABV-1526 Large Intestine / Colon / Rectal Cancer Combination Therapy to the products to be co-developed and commercialized. Other provisions
of the Rgene Agreement remain in full force and effect.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 10, 2022, the Company expanded its co-development
partnership with Rgene. On that date, BioKey, ABVC has entered into a Clinical Development Service Agreement with Rgene to guide three
Rgene drug products, RGC-1501 for the treatment of Non-Small Cell Lung Cancer (NSCLC), RGC-1502 for the treatment of pancreatic cancer
and RGC 1503 for the treatment of colorectal cancer patients, through completion of Phase II clinical studies under the U.S. FDA IND regulatory
requirements. Under the terms of the new Services Agreement, BioKey is eligible to receive payments totaling $3.0 million over a 3-year
period with each payment amount to be determined by certain regulatory milestones obtained during the agreement period. The Service Agreement
shall remain in effect until the expiration date of the last patent and automatically renew for 5 more years unless terminated earlier
by either party with six months written notice. Either party may terminate the Service Agreement for cause by providing 30 days written
notice.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Collaborative agreement with BioFirst Corporation,
a related party</FONT></B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 24, 2017, the Company entered into a
collaborative agreement (the &#8220;BioFirst Agreement&#8221;) with BioFirst Corporation, a corporation incorporated under the laws of
Taiwan (&#8220;BioFirst&#8221;), pursuant to which BioFirst granted the Company global licensing rights to medical use of ABV-1701 Vitreous
Substitute for Vitrectomy. BioFirst is a related party to the Company because a controlling beneficiary shareholder of YuanGene Corporation
and the Company is a Director and shareholders of BioFirst (See Note 12).</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the BioFirst Agreement, the Company
and BioFirst will co-develop and commercialize BFC-1401. The Company will pay BioFirst a total amount of $3,000,000 in cash or stock
of the Company before September 30, 2018 as payment in full for BioFirst&#8217;s past research efforts and contributions made by BioFirst
before the BioFirst Agreement was executed. The Company is entitled to receive 50% of any future net licensing revenue or net profit
associated with Vitargus&#174;. All development cost will be equally shared by both BriVision and BioFirst.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 25, 2017, BioFirst delivered all
research, technical, data and development data to the Company. For the year ended September 30, 2017, the Company determined to fully
expense the entire amount of $3,000,000 since the related licensing rights do not have alternative future uses. According to ASC 730-10-25-1,
absent alternative future uses the acquisition of product rights to be used in research and development activities must be charged to
research and development expenses immediately. Hence, the entire amount of $3,000,000 is fully expensed as research and development expense
during the year ended September 30, 2017.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 30, 2019, the Company entered into a Stock
Purchase Agreement (the &#8220;Purchase Agreement&#8221;) with BioFirst. Pursuant to the Purchase Agreement, the Company issued 428,571
shares of the Company&#8217;s common stock to BioFirst as payment for $3,000,000 owed by the Company to BioFirst in connection with the
BioFirst Agreement.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 5, 2019, the Company entered into a
second Stock Purchase Agreement with BioFirst whereby the Company issued 414,702 shares of the Company&#8217;s common stock to BioFirst
as repayment in full for a loan in the amount of $2,902,911 provided to BriVision from BioFirst.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 4, 2020, the Company executed an amendment
to the BioFirst Agreement with BioFirst to add ABV-2001 Intraocular Irrigation Solution and ABV-2002 Corneal Storage Solution to the agreement.
ABV-2002 is utilized during a corneal transplant procedure to replace a damaged or diseased cornea while ABV-2001 has broader utilization
during a variety of ocular procedures.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Initially the Company will focus on ABV-2002,
a solution utilized to store a donor cornea prior to either penetrating keratoplasty (full thickness cornea transplant) or endothelial
keratoplasty (back layer cornea transplant). ABV-2002 is a solution comprised of a specific poly amino acid that protects ocular tissue
from damage caused by external osmolarity exposure during pre-surgery storage. The specific polymer in ABV-2002 can adjust osmolarity
to maintain a range of 330 to 390 mOsM thereby permitting hydration within the corneal stroma during the storage period. Stromal hydration
results in (a) maintaining acceptable corneal transparency and (b) prevents donor cornea swelling. ABV-2002 also contains an abundant
phenolic phytochemical found in plant cell walls that provides antioxidant antibacterial properties and neuroprotection.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Early testing by BioFirst indicates that ABV-2002
may be more effective for protecting the cornea and retina during long-term storage than other storage media available today and can be
manufactured at lower cost. Categorized as a lower risk Class I Medical Device, the Company intends to submit a Premarket Notification
510(K) submission to the FDA before the end of 2021 to demonstrate the device is at least as safe and effective as current products on
the market.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Co-Development agreement with BioLite Japan
K.K.</FONT></B>&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 6, 2021 (the &#8220;<B>Completion Date</B>&#8221;),
the Company, Lucidaim Co., Ltd., a Japanese corporation (&#8220;<B>Lucidaim</B>,&#8221; together with the Company, the &#8220;<B>Shareholders</B>&#8221;),
and BioLite Japan K.K., a Japanese corporation (&#8220;<B>Biolite&#8221;</B>) entered into a Joint Venture Agreement (the &#8220;<B>Agreement</B>&#8221;).
Biolite is a private limited company (a Japanese&#160;<I>Kabushiki Kaisha</I>) incorporated on December 18, 2018 and at the date of the
Agreement has 10,000 ordinary shares authorized, with 3,049 ordinary shares issued and outstanding (the &#8220;<B>Ordinary Shares</B>&#8221;).
Immediately prior to the execution of the Agreement, Lucidaim owned 1,501 ordinary shares and the Company owned the 1,548 ordinary shares.
The Shareholders entered into the joint venture to formally reduce to writing their desire to invest in and operate Biolite as a joint
venture. The business of the joint venture shall be the research and development of drugs, medical device and digital media, investment,
fund running and consulting, distribution and marketing of supplements carried on by Biolite and its subsidiaries in Japan, or any other
territory or businesses as may from time to time be agreed by an amendment to the Agreement. The closing of the transaction is conditioned
upon the approval and receipt of all necessary government approvals, which have been received.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Agreement and the related share
transfer agreement, the Company shall transfer 54 of its Ordinary Shares to Lucidaim for no consideration, such that following the transfer,
Lucidaim shall own 1,555 Ordinary Shares (51%) and the Company shall own 1,494 Ordinary Shares (49%). Also pursuant to the Agreement,
there shall be 3 directors of Biolite, consisting of 1 director appointed by the Company and 2 appointed by Lucidiam. The Company shall
appoint Eugene Jiang, the Company&#8217;s current Chairman and Chief Business Officer and Lucidaim shall appoint Michihito Onishi; the
current director of Biolite, Toru Seo (who is also a director of BioLite Japan&#8217;s other shareholder), is considered the second Lucidaim
director. The Agreement further provides that the Company and Biolite shall assign the research collaboration and license agreement between
them to Biolite or prepare the same (the &#8220;<B>License Agreement</B>&#8221;). The aforementioned transactions occurred on the Completion
Date.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As per the Agreement, the Shareholders shall supervise
and manage the business and operations of Biolite. The directors shall not be entitled to any renumeration for their services as a director
and each Shareholder can remove and replace the director he/she/it appointed. If a Shareholder sells or disposes of all of its Ordinary
Shares, the director such Shareholder appointed must tender his/her resignation. The Agreement also sets forth certain corporate actions
that must be pre-approved by all Shareholders (the &#8220;<B>Reserved Matters</B>&#8221;). If the Shareholders are unable to make a decision
on any Reserved Matter, then either Shareholder can submit a deadlock notice to the other shareholder, 5 days after which they must refer
the matter to each Shareholder&#8217;s chairman and use good faith to resolve the dispute. If such dispute is not resolved within 10 days
thereafter, then either Shareholder can offer to buy all of the other Shareholder&#8217;s Ordinary Shares for cash at a specified price;
if there is not affirmative acceptance of the sale, the sale shall proceed as set forth in the sale offer.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P><DIV>

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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of the Shareholders maintains a pre-emptive
right to purchase such number of additional Ordinary Shares as would allow such Shareholder to maintain its ownership percentage in Biolite
if Biolite issues any new Ordinary Shares. However, the Agreement provides that the Company shall lose its pre-emptive rights under certain
conditions. The Shareholders also maintain a right of first refusal if the other Shareholder receives an offer to buy such shareholder&#8217;s
Ordinary Shares.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Agreement also requires Biolite to obtain
a bank facility in the amount of JPY 30,460,000 (approximately USD272,000), for its initial working capital purposes. Pursuant to the
Agreement, each Shareholder agrees to guarantee such bank facility if the bank requires a guarantee. Accordingly, the Company may be liable
for the bank facility in an amount up to JPY 14,925,400 (approximately USD134,000), which represents 49% of the maximum bank facility.
The Agreement further provides that Biolite shall issue annual dividends at the rate of at least 1.5% of Biolite&#8217;s profits, if it
has sufficient cash to do so.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Agreement, the Company and Biolite
agree to use their best efforts to execute the License Agreement by the end of December 2021. The Company agreed that any negotiation
on behalf of Biolite regarding the terms of the License Agreement shall be handled by the directors appointed by Lucidaim. If the Company
and such Lucidaim directors do not reach agreement on the terms, Biolite may at its sole discretion determine not to execute the License
Agreement without any liability to the Company.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Agreement contains non-solicitation and non-compete
clauses for a period of 2 years after a Shareholder or its subsidiaries ceases to be a Shareholder, with such restrictive covenants limited
to business within the ophthalmologic filed or central neurological field. Any rights to intellectual property that arise from Biolite&#8217;s
activities, shall belong to Biolite.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Agreement contains standard indemnification
terms, except that no indemnifying party shall have any liability for an individual liability unless it exceeds JPY 500,000 (approximately
USD4,500) and until the aggregate amount of all liabilities exceeds JPY 2,000,000 (approximately USD18,000) and then only to the extent
such liability exceed such limit.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company paid $150,000 towards the setup of
the joint venture; BioLite Japan&#8217;s other shareholder also paid $150,000 after the Letter of Intent was signed.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Agreement shall continue for 10 years, unless
earlier terminated. The Agreement also allows a Shareholder to terminate the agreement upon certain defaults committed by another Shareholder,
as set forth in the Agreement.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This was a&#160;related&#160;party&#160;transaction.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2021, the Company received $4,244,452
in gross proceeds from the exercise of warrants issued in the Company&#8217;s August 3, 2021, public offering of securities. Investors
exercised a total of 673,405 Series A warrants at a price of $6.30 per share, and 200 Series B warrants at a price of $10 per share.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Agreement with BioLite, Inc.</FONT></B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#160;</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company entered into a Collaborative Agreement
with BioLite, Inc., a company incorporated under the laws of Taiwan, and a subsidiary of the Company, (&#8220;BioLite&#8221;) on December
29, 2015, and then entered into two addendums to such agreement (as amended and revised, (the &#8220;Agreement&#8221;). The majority shareholder
of BioLite is one of the Company&#8217;s subsidiaries, the Company&#8217;s Chairman is a director of BioLite and Dr. Jiang, the Company&#8217;s
Chief Strategy Officer and a director, is the Chairman of BioLite.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Agreement, the Company acquired
the sole licensing rights to develop and commercialize for therapeutic purposes six compounds from BioLite. In accordance with the terms
of the Agreement, the Company shall pay BioLite (i) milestone payments of up to $100 million in cash and equity of the Company or equity
securities owned by it at various stages on a schedule dictated by BioLite&#8217;s achievements of certain milestones, as set forth in
the Agreement (the &#8220;Milestone Payments&#8221;) and (ii) a royalty payment equal to 5% of net sales of the drug products when ABV-1501
is approved for sale in the licensed territories. If BioLite fails to reach any of the milestones in a timely manner, it may not receive
the rest of the payments from the Company. According to the Agreement, after Phase II clinical trials are completed, 15% of the Milestone
Payment becomes due and shall be paid in two stages: (i) 5% no later than December 31, 2021 (the &#8220;December 2021 Payment&#8221;)
and (ii) 10% no later than December 31, 2022. On February 12, 2022, the Company&#8217;s Board of Directors determined that the December
2021 Payment, which is equal to $5,000,000, shall be paid via the cancellation of certain outstanding debt, in the amount of $5,000,000,
that BioLite owes the Company as of December 31, 2021. On February 22, 2022, the parties entered into an amendment to the Agreement allowing
the Company to make all payments due under the Agreement via the forgiveness of debt, in equal value, owed by BioLite to the Company.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P><DIV>

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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This was a related party transaction and was conducted
at arm&#8217;s length. In addition to the Company&#8217;s board of directors approving the modification of terms of the Agreement, the
Company&#8217;s audit committee approved them too. The Board believes it is in the Company&#8217;s best interest to cancel outstanding
debt and apply it to the December 2021 Payment.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following such approval, the Company and BioLite
entered into an amendment to the Agreement reflecting the modified payment method.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BioKey Revenues</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to collaborative agreements, ABVC
earns revenue through its wholly-owned BioKey subsidiary which provides a wide range of Contract Development &amp; Manufacturing Organization
(&#8220;CDMO&#8221;) services including API characterization, pre-formulation studies, formulation development, analytical method development,
stability studies, IND/NDA/ANDA/510K submissions, and manufacturing clinical trial materials (from Phase I through Phase III) and commercial
manufacturing of pharmaceutical products.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, BioKey provides a variety of regulatory
services tailored to the needs of its customers, which include proofreading and regulatory review of submission documents related to formulation
development, clinical trials, marketed products, generics, nutraceuticals and OTC products and training presentations. In addition to
supporting ABVC&#8217;s new drug development, BioKey submits INDs, NDAs, ANDAs, and DMFs to the FDA, on ABVC&#8217;s behalf in compliance
with new electronic submission guidelines of the FDA.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><FONT STYLE="text-decoration: underline">Impact of COVID-19 Outbreak</FONT></B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 30, 2020, the World Health Organization
declared the coronavirus outbreak a &#8220;Public Health Emergency of International Concern&#8221; and on March 10, 2020, declared it
to be a pandemic. Actions taken around the world to help mitigate the spread of the coronavirus include restrictions on travel,  quarantines
in certain areas, and forced closures for certain types of public places and businesses. The coronavirus and actions taken to mitigate
it have had and are expected to continue to have an adverse impact on the economies and financial markets of many countries, including
the geographical area in which the Company operates. While the closures and limitations on movement, domestically and internationally,
are expected to be temporary, if the outbreak continues on its current trajectory the duration of the supply chain disruption could reduce
the availability, or result in delays, of materials or supplies to and from the Company, which in turn could materially interrupt the
Company&#8217;s business operations. Given the speed and frequency of the continuously evolving developments with respect to this pandemic,
the Company cannot reasonably estimate the magnitude of the impact to its consolidated results of operations. We have taken every precaution
possible to ensure the safety of our employees.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the COVID-19 pandemic, our revenues for
the fiscal 2020 and 2021 were significantly impacted. As we have not seen a stronger signal to indicate that overall global economies
will be back to normal in the first half of fiscal 2022, our business&#8217;s overall revenue stream may be impacted further until the
restrictions of COVID-19 can be released, after which we expect the Company can resume normal operations.&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The&#160;COVID-19&#160;pandemic, including variants,
has adversely affected, and is expected to continue to adversely affect, elements of our CDMO business sector. The COVID-19&#160;pandemic
government-imposed restrictions constrained researcher access to labs globally. These constraints limited scientific discovery capacity
and we observed that demand in those labs fell well below historic levels. As constraints on social distancing were gradually lifted around
the world recently, labs have been able to increase research activity. While we believe that underlying demand is still not yet at&#160;pre-COVID-19&#160;levels
since lab operations remain below their normal capacity, we are hopeful that the vaccination programs that are underway combined with
policy changes planned for the summer will further increase research activity and support a return to&#160;pre-COVID-19&#160;demand levels
worldwide.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The global pandemic of COVID-19 continues to evolve
rapidly, and we will continue to monitor the situation closely, including its potential effect on our plans and timelines.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, it is reasonably possible that estimates
made in the financial statements have been, or will be, materially and adversely impacted in the near term as a result of these conditions,
including losses on inventory; impairment losses related to goodwill and other long-lived assets and current obligations.&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Summary of Critical Accounting Policies</B>&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Basis of Presentation</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements
have been prepared in accordance with the generally accepted accounting principles in the United States of America (the &#8220;U.S. GAAP&#8221;).
All significant intercompany transactions and account balances have been eliminated.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This basis of accounting involves the application
of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred.
The Company&#8217;s financial statements are expressed in U.S. dollars.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P><DIV>

</DIV><!-- Field: Page; Sequence: 62; Value: 1 --><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-decoration: underline">Fiscal Year</FONT>&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company changed its fiscal year from the period
beginning on October 1st and ending on September 30th to the period beginning on January 1st and ending on December 31st, beginning January
1, 2018. All references herein to a fiscal year prior to December 31, 2017 refer to the twelve months ended September 30th of such year.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Use of Estimates</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated
financial statements and the amount of revenues and expenses during the reporting periods. Actual results could differ materially from
those results.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Inventory</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventory consists of raw materials, work-in-process,
finished goods, and merchandise. Inventories are stated at the lower of cost or market and valued on a moving weighted average cost basis.
Market is determined based on net realizable value. The Company periodically reviews the age and turnover of its inventory to determine
whether any inventory has become obsolete or has declined in value, and incurs a charge to operations for known and anticipated inventory
obsolescence.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Forward Stock Split</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 21, 2016, the Board of Directors of the
Company approved an amendment to Articles of Incorporation to implement a forward split at a ratio of 1 to 3.141 and increase the number
of our authorized shares of Common Stock, par value $0.001 per share, to 360,000,000, which was effective on April 8, 2016.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Stock Reverse Split</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 12, 2019, the Board of Directors of the
Company by unanimous written consent in lieu of a meeting approved to i) effect a stock reverse split at the ratio of 1-for-18 (the &#8220;Reverse
Split&#8221;) of both the authorized common stock of the Company (the &#8220;Common Stock&#8221;) and the issued and outstanding Common
Stock and ii) to amend the articles of incorporation of the Company to reflect the Reverse Split. The Board approved and authorized the
Reverse Split without obtaining approval of the Company&#8217;s shareholders pursuant to Section 78.207 of Nevada Revised Statutes. On
May 3, 2019, the Company filed a certificate of amendment to the Company&#8217;s articles of incorporation (the &#8220;Amendment&#8221;)
to effect the Reverse Split with the Secretary of State of Nevada. The Financial Industry Regulatory Authority (&#8220;FINRA&#8221;) informed
the Company that the Reverse Split was effective on May 8, 2019. All shares and related financial information in this Form 10-Q reflect
this 1-for-18 reverse stock split.&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-decoration: underline">Fair Value Measurements</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FASB ASC 820, &#8220;Fair Value Measurements&#8221;
defines fair value for certain financial and nonfinancial assets and liabilities that are recorded at fair value, establishes a framework
for measuring fair value and expands disclosures about fair value measurements. It requires that an entity measure its financial instruments
to base fair value on exit price, maximize the use of observable units and minimize the use of unobservable inputs to determine the exit
price. It establishes a hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy increases
the consistency and comparability of fair value measurements and related disclosures by maximizing the use of observable inputs and minimizing
the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect the
assumptions market participants would use in pricing the assets or liabilities based on market data obtained from sources independent
of the Company. Unobservable inputs are inputs that reflect the Company&#8217;s own assumptions about the assumptions market participants
would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy prioritizes
the inputs into three broad levels based on the reliability of the inputs as follows:</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1 - Inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the
measurement date. Valuation of these instruments does not require a high degree of judgment as the valuations are based on quoted prices
in active markets that are readily and regularly available.</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable as of the measurement date, such
as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable
or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3 - Valuations based on inputs that are unobservable and not corroborated by market data. The fair value for such assets and liabilities
is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions
a market participant would use in pricing the asset or liability.</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P><DIV>

</DIV><!-- Field: Page; Sequence: 63; Value: 1 --><DIV>
    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying values of certain assets and liabilities
of the Company, such as cash and cash equivalents, restricted cash, accounts receivable, due from related parties, inventory, prepaid
expenses and other current assets, accounts payable, accrued liabilities, and due to related parties, approximate fair value due to their
relatively short maturities. The carrying value of the Company&#8217;s short-term bank loan, convertible notes payable, and accrued interest
approximates their fair value as the terms of the borrowing are consistent with current market rates and the duration to maturity is short.
The carrying value of the Company&#8217;s long-term bank loan approximates fair value because the interest rates approximate market rates
that the Company could obtain for debt with similar terms and maturities.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Cash and Cash Equivalents</FONT>&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company considers highly liquid investments
with maturities of three months or less, when purchased, to be cash equivalents. As of June 30, 2022 and December 31, 2021, the Company&#8217;s
cash and cash equivalents amounted $2,910,613 and $5,828,548, respectively. Some of the Company&#8217;s cash deposits are held in financial
institutions located in Taiwan where there is currently regulation mandated on obligatory insurance of bank accounts. The Company believes
this financial institution is of high credit quality.</P><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Restricted Cash Equivalents</FONT>&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Restricted cash equivalents primarily consist
of cash held in a reserve bank account in Taiwan. As of June 30, 2022 and December 31, 2021, the Company&#8217;s restricted cash equivalents
amounted $688,633&#160;and $736,667, respectively.</P><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Concentration of Credit Risk</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s financial instruments that
are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and temporary
cash investments in high quality credit institutions, but these investments may be in excess of Taiwan Central Deposit Insurance Corporation
and the U.S. Federal Deposit Insurance Corporation&#8217;s insurance limits. The Company does not enter into financial instruments for
hedging, trading or speculative purposes.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Revenue Recognition</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the fiscal year 2018, the Company adopted
Accounting Standards Codification (&#8220;ASC&#8221;), Topic 606 (ASC 606), Revenue from Contracts with Customers, using the modified
retrospective method to all contracts that were not completed as of January 1, 2018, and applying the new revenue standard as an adjustment
to the opening balance of accumulated deficit at the beginning of 2018 for the cumulative effect. The results for the Company&#8217;s
reporting periods beginning on and after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and
continue to be reported under the accounting standards in effect for the prior period. Based on the Company&#8217;s review of existing
collaborative agreements as of January 1, 2018, the Company concluded that the adoption of the new guidance did not have a significant
change on the Company&#8217;s revenue during all periods presented.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to ASC 606, the Company recognizes revenue
when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the Company expects
to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines is within
the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance
obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations
in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step
model to contracts when it is probable that the Company will collect the consideration the Company is entitled to in exchange for the
goods or services the Company transfers to the customers. At inception of the contract, once the contract is determined to be within the
scope of ASC 606, the Company assesses the goods or services promised within each contract, determines those that are performance obligations,
and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price
that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-decoration: underline">Property and Equipment</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&#160;</I></B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment is carried at cost net
of accumulated depreciation. Repairs and maintenance are expensed as incurred. Expenditures that improve the functionality of the related
asset or extend the useful life are capitalized. When property and equipment is retired or otherwise disposed of, the related gain or
loss is included in operating income. Leasehold improvements are depreciated on the straight-line method over the shorter of the remaining
lease term or estimated useful life of the asset. Depreciation is calculated on the straight-line method, including property and equipment
under capital leases, generally based on the following useful lives:</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; text-align: justify">&#160;</TD>
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    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Estimated&#160;Life<BR>
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  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
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  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
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  </TABLE><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P><DIV>

</DIV><!-- Field: Page; Sequence: 64; Value: 1 --><DIV>
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    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Impairment of Long-Lived Assets</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has adopted Accounting Standards Codification
subtopic 360-10, Property, Plant and Equipment (&#8220;ASC 360-10&#8221;). ASC 360-10 requires that long-lived assets and certain identifiable
intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount of an asset may not be recoverable. The Company evaluates its long-lived assets for impairment annually or more often if events
and circumstances warrant. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring
losses, or a forecasted inability to achieve break-even operating results over an extended period. Should impairment in value be indicated,
the carrying value of intangible assets will be adjusted, based on estimates of future discounted cash flows resulting from the use and
ultimate disposition of the asset. ASC 360-10 also requires assets to be disposed of be reported at the lower of the carrying amount or
the fair value less costs to sell.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Long-term Equity Investment</FONT>&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company acquires the equity investments to
promote business and strategic objectives. The Company accounts for non-marketable equity and other equity investments for which the Company
does not have control over the investees as:</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity
method investments when the Company has the ability to exercise significant influence, but not control, over the investee. Its proportionate
share of the income or loss is recognized monthly and is recorded in gains (losses) on equity investments.</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-marketable
cost method investments when the equity method does not apply.</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Significant judgment is required to identify whether
an impairment exists in the valuation of the Company&#8217;s non-marketable equity investments, and therefore the Company considers this
a critical accounting estimate. Its yearly analysis considers both qualitative and quantitative factors that may have a significant impact
on the investee&#8217;s fair value. Qualitative analysis of its investments involves understanding the financial performance and near-term
prospects of the investee, changes in general market conditions in the investee&#8217;s industry or geographic area, and the management
and governance structure of the investee. Quantitative assessments of the fair value of its investments are developed using the market
and income approaches. The market approach includes the use of comparable financial metrics of private and public companies and recent
financing rounds. The income approach includes the use of a discounted cash flow model, which requires significant estimates regarding
the investees&#8217; revenue, costs, and discount rates. The Company&#8217;s assessment of these factors in determining whether an impairment
exists could change in the future due to new developments or changes in applied assumptions.&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-decoration: underline">Other-Than-Temporary Impairment</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s long-term equity investments
are subject to a periodic impairment review. Impairments affect earnings as follows:</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
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equity securities include the consideration of general market conditions, the duration and extent to which the fair value is below cost,
and our ability and intent to hold the investment for a sufficient period of time to allow for recovery of value in the foreseeable future.
The Company also considers specific adverse conditions related to the financial health of, and the business outlook for, the investee,
which may include industry and sector performance, changes in technology, operational and financing cash flow factors, and changes in
the investee&#8217;s credit rating. The Company records other-than-temporary impairments on marketable equity securities and marketable
equity method investments in gains (losses) on equity investments.</FONT></TD>
</TR></TABLE><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><DIV>

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    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></P></DIV><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-decoration: underline">Goodwill</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company evaluates goodwill for impairment
annually or more frequently when an event occurs or circumstances change that indicate the carrying value may not be recoverable. In testing
goodwill for impairment, the Company may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that
the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment indicates that goodwill impairment
is more likely than not, the Company performs a two-step impairment test. The Company tests goodwill for impairment under the two-step
impairment test by first comparing the book value of net assets to the fair value of the reporting units. If the fair value is determined
to be less than the book value or qualitative factors indicate that it is more likely than not that goodwill is impaired, a second step
is performed to compute the amount of impairment as the difference between the estimated fair value of goodwill and the carrying value.
The Company estimates the fair value of the reporting units using discounted cash flows. Forecasts of future cash flows are based on our
best estimate of future net sales and operating expenses, based primarily on expected category expansion, pricing, market segment share,
and general economic conditions.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company completed the required testing of
goodwill for impairment as of June 30, 2022, and determined that goodwill was impaired because of the current financial condition of the
Company and the Company&#8217;s inability to generate future operating income without substantial sales volume increases, which are highly
uncertain. Furthermore, the Company anticipates future cash flows indicate that the recoverability of goodwill is not reasonably assured.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Research and Development Expenses</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for the cost of using licensing
rights in research and development cost according to ASC Topic 730-10-25-1. This guidance provides that absent alternative future uses
the acquisition of product rights to be used in research and development activities must be charged to research and development expenses
when incurred.&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for R&amp;D costs in accordance
with Accounting Standards Codification (&#8220;ASC&#8221;) 730, Research and Development (&#8220;ASC 730&#8221;). Research and development
expenses are charged to expense as incurred unless there is an alternative future use in other research and development projects or otherwise.
Research and development expenses are comprised of costs incurred in performing research and development activities, including personnel-related
costs, facilities-related overhead, and outside contracted services including clinical trial costs, manufacturing and process development
costs for both clinical and preclinical materials, research costs, and other consulting services. Non-refundable advance payment for goods
and services that will be used in future research and development activities are expensed when the activity has been performed or when
the goods have been received rather than when the payment is made. In instances where the Company enters into agreements with third parties
to provide research and development services, costs are expensed as services are performed.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Post-retirement and post-employment benefits</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&#160;</I></B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s subsidiaries in Taiwan adopted
the government mandated defined contribution plan pursuant to the Labor Pension Act (the &#8220;Act&#8221;) in Taiwan. Such labor regulations
require that the rate of contribution made by an employer to the Labor Pension Fund per month shall not be less than 6% of the worker&#8217;s
monthly salaries. Pursuant to the Act, the Company makes monthly contribution equal to 6% of employees&#8217; salaries to the employees&#8217;
pension fund. The Company has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee
benefits, which were expensed as incurred, were $3,309 and $2,859 for the three months ended June 30, 2022 and 2021, respectively. <FONT>&#160;The
total amounts for such employee benefits, which were expensed as incurred, were $6,646 and $5,362 for the six months ended June 30, 2022
and 2021, respectively.</FONT> Other than the above, the Company does not provide any other post-retirement or post-employment benefits.</P><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Stock-based Compensation</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company measures expense associated with all
employee stock-based compensation awards using a fair value method and recognizes such expense in the consolidated financial statements
on a straight-line basis over the requisite service period in accordance with FASB ASC Topic 718 &#8220;Compensation-Stock Compensation&#8221;.
Total employee stock-based compensation expenses were $0 for the three and six months ended June 30, 2022 and 2021.</P><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounted for stock-based compensation
to non-employees in accordance with FASB ASC Topic 718 &#8220;Compensation-Stock Compensation&#8221; and FASB ASC Topic 505-50 &#8220;Equity-Based
Payments to Non-Employees&#8221; which requires that the cost of services received from non-employees is measured at fair value at the
earlier of the performance commitment date or the date service is completed and recognized over the period the service is provided. Total
non-employee stock-based compensation expenses were $225,740 and $475,740 for the three months ended June 30, 2022 and 2021, respectively.
Total non-employee stock-based compensation expenses were $4,917,743 and $701,480 for the six months ended June 30, 2022 and 2021, respectively.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Beneficial Conversion Feature</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&#160;</I></B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, the Company may issue convertible
notes that may contain an imbedded beneficial conversion feature. A beneficial conversion feature exists on the date a convertible note
is issued when the fair value of the underlying common stock to which the note is convertible into is in excess of the remaining unallocated
proceeds of the note after first considering the allocation of a portion of the note proceeds to the fair value of the warrants, if related
warrants have been granted. The intrinsic value of the beneficial conversion feature is recorded as a debt discount with a corresponding
amount to additional paid in capital. The debt discount is amortized to interest expense over the life of the note using the effective
interest method.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P><DIV>

</DIV><!-- Field: Page; Sequence: 66; Value: 1 --><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-decoration: underline">Income Taxes</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.2pt">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for income taxes using the
asset and liability approach which allows the recognition and measurement of deferred tax assets to be based upon the likelihood of realization
of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary
differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax
purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will expire before the Company
is able to realize their benefits, or future deductibility is uncertain.&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under ASC 740, a tax position is recognized as
a benefit only if it is&#160;&#8220;more likely than not&#8221;&#160;that the tax position would be sustained in a tax examination, with
a tax examination being presumed to occur. The evaluation of a tax position is a two-step process. The first step is to determine whether
it is more-likely-than-not that a tax position will be sustained upon examination, including the resolution of any related appeals or
litigations based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not
threshold to determine the amount of benefits recognized in the financial statements. A tax position is measured at the largest amount
of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to
meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met.
Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent
financial reporting period in which the threshold is no longer satisfied. Penalties and interest incurred related to underpayment of income
tax are classified as income tax expense in the year incurred. No significant penalty or interest relating to income taxes has been incurred
for the six months ended June 30, 2022 and 2021. GAAP also provides guidance on de-recognition, classification, interest and penalties,
accounting in interim periods, disclosures and transition.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 22, 2017, the SEC issued Staff Accounting
Bulletin (&#8220;SAB 118&#8221;), which provides guidance on accounting for tax effects of the Tax Act. SAB 118 provides a measurement
period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740.
In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Act for which the accounting under ASC
740 is complete. To the extent that a company&#8217;s accounting for certain income tax effects of the Tax Act is incomplete but it is
able to determine a reasonable estimate, it must record a provisional estimate to be included in the financial statements. If a company
cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of
the provision of the tax laws that were in effect immediately before the enactment of the Tax Act. While the Company is able to make reasonable
estimates of the impact of the reduction in corporate rate and the deemed repatriation transition tax, the final impact of the Tax Act
may differ from these estimates, due to, among other things, changes in our interpretations and assumptions, additional guidance that
may be issued by the I.R.S., and actions the Company may take. The Company is continuing to gather additional information to determine
the final impact.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Valuation of Deferred Tax Assets</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A valuation allowance is recorded to reduce the
Company&#8217;s deferred tax assets to the amount that is more likely than not to be realized. In assessing the need for the valuation
allowance, management considers, among other things, projections of future taxable income and ongoing prudent and feasible tax planning
strategies. If the Company determines that sufficient negative evidence exists, then it will consider recording a valuation allowance
against a portion or all of the deferred tax assets in that jurisdiction. If, after recording a valuation allowance, the Company&#8217;s
projections of future taxable income and other positive evidence considered in evaluating the need for a valuation allowance prove, with
the benefit of hindsight, to be inaccurate, it could prove to be more difficult to support the realization of its deferred tax assets.
As a result, an additional valuation allowance could be required, which would have an adverse impact on its effective income tax rate
and results. Conversely, if, after recording a valuation allowance, the Company determines that sufficient positive evidence exists in
the jurisdiction in which the valuation allowance was recorded, it may reverse a portion or all of the valuation allowance in that jurisdiction.
In such situations, the adjustment made to the deferred tax asset would have a favorable impact on its effective income tax rate and results
in the period such determination was made.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Loss Per Share of Common Stock</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company calculates net loss per share in accordance
with ASC Topic 260, &#8220;Earnings per Share&#8221;. Basic loss per share is computed by dividing the net loss by the weighted average
number of common shares outstanding during the period. Diluted loss per share is computed similar to basic loss per share except that
the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common
stock equivalents had been issued and if the additional common shares were dilutive. Diluted earnings per share excludes all dilutive
potential shares if their effect is anti-dilutive.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Commitments and Contingencies</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has adopted ASC Topic 450 &#8220;Contingencies&#8221;
subtopic 20, in determining its accruals and disclosures with respect to loss contingencies. Accordingly, estimated losses from loss contingencies
are accrued by a charge to income when information available before financial statements are issued or are available to be issued indicates
that it is probable that an asset had been impaired or a liability had been incurred at the date of the financial statements and the amount
of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency
is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably
possible that a material loss could be incurred.&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P><DIV>

</DIV><!-- Field: Page; Sequence: 67; Value: 1 --><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-decoration: underline">Foreign-currency Transactions</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the Company&#8217;s subsidiaries in Taiwan,
the foreign-currency transactions are recorded in New Taiwan dollars (&#8220;NTD&#8221;) at the rates of exchange in effect when the transactions
occur. Gains or losses resulting from the application of different foreign exchange rates when cash in foreign currency is converted into
New Taiwan dollars, or when foreign-currency receivables or payables are settled, are credited or charged to income in the year of conversion
or settlement. On the balance sheet dates, the balances of foreign-currency assets and liabilities are restated at the prevailing exchange
rates and the resulting differences are charged to current income except for those foreign currencies denominated investments in shares
of stock where such differences are accounted for as translation adjustments under the Statements of Stockholders&#8217; Equity (Deficit).</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Translation Adjustment</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accounts of the Company&#8217;s subsidiaries
in Taiwan were maintained, and their financial statements were expressed, in New Taiwan Dollar (&#8220;NT$&#8221;). Such financial statements
were translated into U.S. Dollars (&#8220;$&#8221; or &#8220;USD&#8221;) in accordance ASC 830, &#8220;Foreign Currency Matters&#8221;,
with the NT$ as the functional currency. According to the Statement, all assets and liabilities are translated at the current exchange
rate, shareholder&#8217;s deficit are translated at the historical rates and income statement items are translated at an average exchange
rate for the period. The resulting translation adjustments are reported under other comprehensive income (loss) as a component of shareholders&#8217;
equity (deficit).</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Recent Accounting Pronouncements</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In August 2020, the FASB issued ASU 2020-06, Debt
&#8212; Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging&#8212;Contracts in Entity&#8217;s Own Equity
(Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity&#8217;s Own Equity (&#8220;ASU 2020-06&#8221;). ASU
2020-06 simplifies the accounting for convertible debt by eliminating the beneficial conversion and cash conversion accounting models.
Upon adoption of ASU 2020-06, convertible debt, unless issued with a substantial premium or an embedded conversion feature that is not
clearly and closely related to the host contract, will no longer be allocated between debt and equity components. This modification will
reduce the issue discount and result in less non-cash interest expense in financial statements. ASU 2020-06 also updates the earnings
per share calculation and requires entities to assume share settlement when the convertible debt can be settled in cash or shares. For
contracts in an entity&#8217;s own equity, the type of contracts primarily affected by ASU 2020-06 are freestanding and embedded features
that are accounted for as derivatives under the current guidance due to a failure to meet the settlement assessment by removing the requirements
to (i) consider whether the contract would be settled in registered shares, (ii) consider whether collateral is required to be posted,
and (iii) assess shareholder rights. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted,
but no earlier than fiscal years beginning after December 15, 2020, and only if adopted as of the beginning of such fiscal year. The Company
is currently evaluating the impact that the standard will have on its consolidated financial statements.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2022, the FASB issued ASU 2022-02, Troubled
Debt Restructurings and Vintage Disclosures. This ASU eliminates the accounting guidance for troubled debt restructurings by creditors
that have adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments. This ASU also enhances the disclosure requirements
for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, the ASU
amends the guidance on vintage disclosures to require entities to disclose current period gross write-offs by year of origination for
financing receivables and net investments in leases within the scope of ASC 326-20. The ASU is effective for annual periods beginning
after December 15, 2022, including interim periods within those fiscal years. Adoption of the ASU would be applied prospectively. Early
adoption is also permitted, including adoption in an interim period. The Company is currently evaluating the impact that the standard
will have on its consolidated financial statements.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Estimates and Assumptions</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In preparing our consolidated financial statements,
we use estimates and assumptions that affect the reported amounts and disclosures. Our estimates are often based on complex judgments,
probabilities and assumptions that we believe to be reasonable, but that are inherently uncertain and unpredictable. We are also subject
to other risks and uncertainties that may cause actual results to differ from estimated amounts.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><DIV>

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    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Results of Operations &#8212; Three Months
Ended June 30, 2022 Compared to Three Months Ended June 30, 2021.</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents, for the three months
indicated, our consolidated statements of operations information.</P><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30,<BR> 2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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    <TD>&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Revenues.</I></B>&#160;We generated $312,860
and $31,441 in revenues for the three months ended June 30, 2022 and 2021, respectively. The increase in revenues was mainly due to the
revenue generated from the clinical development service agreement signed between BioKey and Rgene.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Operating Expenses.</I></B> Our operating
expenses have increased by $285,043, or 14%, to $2,351,353 for the three months ended June 30, 2022 from $2,066,310 for the three months
ended June 30, 2021. Such increase in operating expenses was mainly attributable to the increase in selling, general and administrative
expenses by $361,139 which relates to costs in conjunction with our recent stock issuance, and increase in research and development expenses
of $173,904 to continue developing our pipeline, while being offset by the decrease in stock-based compensation by $250,000.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Other Income (Expense). </I></B>Our other
income was $17,076 for the three months ended June 30, 2022, compared to $(77,005) for the three months ended June 30, 2021. The change
was principally caused by the increase in interest income and decrease&#160;in interest expense, as well as the loss on investment in
equity securities which occurred in the six months ended June 30, 2021.</P><DIV>
</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P><DIV>

</DIV><!-- Field: Page; Sequence: 69; Value: 1 --><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest income (expense), net, was $24,257 for
the three months ended June 30, 2022, compared to $(71,949) for the three months ended June 30, 2021. The increase of $96,206, or approximately
134%, was primarily due to the repayment of convertible notes payable during the year ended 2021.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Net Loss.</I></B>&#160;As a result of the
above factors, our net loss was $1,947,333 for the three months ended June 30, 2022 compared to $2,052,956 for the three months ended
June 30, 2021, representing a decrease of $105,623, or 5%.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#160;</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Results of Operations &#8212; Six Months Ended
June 30, 2022 Compared to Six Months Ended June 30, 2021.</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents, for the six months
indicated, our consolidated statements of operations information.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Revenues.</I></B>&#160;We
generated $338,520 and $294,591 in revenues for the six months ended June 30, 2022 and 2021, respectively. The increase in revenue was
mainly due to the clinical development service income from Rgene, a related party, which was partially offset by the decrease in CDMO
sector.</FONT>&#160;</P><DIV>



</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Operating Expenses.</I></B> Our operating
expenses have increased by $5,012,878, or 140%, to $8,593,838 for the six months ended June 30, 2022 from $3,580,960 for the six months
ended June 30, 2021. Such increase in operating expenses was mainly attributable to the increase in stock-based compensation and selling,
general and administrative expenses by $4,600,885 which relates to costs in conjunction with our recent stock issuance, as well as the
increase in research and development expenses of $411,993 to continue developing our pipeline.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P><DIV>

</DIV><!-- Field: Page; Sequence: 70; Value: 1 --><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Other Income (Expense)</I>.</B> Our other
income (expense), net was $61,315 for the six months ended June 30, 2022, compared to $(70,607) for the six months ended June 30, 2021.
The change was principally caused by the decrease&#160;in interest expense, as well as the loss on investment in equity securities and
government grant income which occurred in the six months ended June 30, 2021.</P><DIV>


</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest income (expense), net, was $46,219 for
the six months ended June 30, 2022, compared to $(149,649) for the six months ended June 30, 2021. The increase of $195,868, or approximately
131%, was primarily due to the repayment of convertible notes payable during the year ended 2021.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Government grant income totaled $0 for the six
months ended June 30, 2022, compared to $124,400 for the six months ended June 30, 2021, which was recorded as receipt of the first round
of PPP loan forgiveness.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Net Loss.</I></B>&#160;As a result of the
above factors, our net loss was $8,034,948 for the six months ended June 30, 2022 compared to $3,248,279 for the six months ended June
30, 2021, representing an increase of $4,786,669, or 147%.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Liquidity and Capital Resources</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-decoration: underline">Working Capital</FONT></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </TABLE><DIV>


</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cash Flow from Operating Activities</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the six months ended June 30, 2022 and 2021, the net cash used
in operating activities were $6,423,618 and $2,857,078, respectively. The increase in the amount used in operating activities of $3,566,540
was primarily due to the increased amount due from related parties, prepaid expenses and deposits and non-cash stock-based compensation
for nonemployees, and decreased accrued expenses and other current liabilities, investment loss, non-cash government grant income and
increase in net loss during the six months ended June 30, 2022.</P><DIV>


</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt"><B>&#160;</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cash Flow from Investing Activities</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the six months ended June 30, 2022 and 2021, the net cash used
in investing activities were $115,246 and $421,974 respectively.&#160;The decreases were mainly due to the prepayment for equity investment
during the six months ended June 30, 2021.</P><DIV>


</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cash Flow from Financing Activities</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the six months ended June 30, 2022 and 2021, the net cash provided
by (used in) financing activities were $3,663,925 and $(74,734), respectively. The increase in net cash provided by financing activities
was primarily due to the issuance of common stock, while there were no proceeds from and repayment of any loans or convertible notes during
the six months ended June 30, 2022.</P><DIV>


</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV><A NAME="a_009"></A></DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25pt"><B>ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK.</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a smaller reporting company, we are not required
to provide the information required by this item.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV><A NAME="a_010"></A></DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25pt"><B>ITEM 4. CONTROLS AND PROCEDURES.</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Evaluation of Disclosure Controls and Procedures&#160;</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the supervision and with the participation
of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of the design
and operation of our &#8220;disclosure controls and procedures,&#8221; as such term is defined in Rule 13a-15(e) or Rule 15d-15(e) promulgated
under the Exchange Act as of the end of the period covered by this report. Based upon that evaluation, our Chief Executive Officer and
Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of June 30, 2022 to provide reasonable
assurance that material information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in SEC rules and forms.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Changes in Internal Control over Financial
Reporting</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There has been no change in our internal control
over financial reporting during the six months ended June 30, 2022.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><DIV>

</DIV><!-- Field: Page; Sequence: 71; Value: 1 --><DIV>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><DIV><A NAME="a_011"></A></DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II. </B>- <B>OTHER INFORMATION</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><DIV><A NAME="a_012"></A></DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 1. LEGAL PROCEEDINGS.</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may be subject to, from time to time, various
legal proceedings relating to claims arising out of our operations in the ordinary course of our business. We are not currently a party
to any legal proceedings, the adverse outcome of which, individually or in the aggregate, would have a material adverse effect on the
business, financial condition, or results of operations of the Company</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV><A NAME="a_013"></A></DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 1A. RISK FACTORS.</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a smaller reporting company as defined
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&#160;</I></P><DIV>

</DIV><DIV><A NAME="a_014"></A></DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the period covered by this report, the
Company has not issued unregistered securities to any person, except as described below. None of these transactions involved any underwriters,
underwriting discounts or commissions, except as specified below, or any public offering, and, unless otherwise indicated below, the
Registrant believes that each transaction was exempt from the registration requirements of the&#160;Securities Act&#160;by virtue of
Section 4(a)(2) thereof and/or Rule&#160;506&#160;of&#160;Regulation D&#160;promulgated thereunder, and/or&#160;Regulation S&#160;promulgated
thereunder regarding offshore offers and sales. All recipients had adequate access, though their relationships with the Registrant, to
information about the Registrant.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 10, 2022, the Board approved the issuance
of 75,000 shares of common stock to Barlew Holdings, LLC pursuant to the consulting agreement by and between Barlew Holdings, LLC and
the Company dated July 1, 2022, and 250,000 shares of common stock to Inverlew Advisors, LLC, in accordance with the consulting agreement
by and between Inverlew Advisors, LLC and the Company dated July 1, 2022.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV><A NAME="a_015"></A></DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 3. DEFAULTS UPON SENIOR SECURITIES.</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV><A NAME="a_016"></A></DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 4. MINE SAFETY DISCLOSURES.</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><DIV>

</DIV><DIV><A NAME="a_017"></A></DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 5. OTHER INFORMATION.</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#160;</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None.</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><DIV><A NAME="a_018"></A></DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 6. EXHIBITS</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#160;</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following exhibits are filed herewith:</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>


</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000101489716000457/exhibit101.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share Exchange Agreement, dated February 8, 2016 (1)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000113789202000063/fex301ai.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Incorporation of the Company (2)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000113789202000063/fex302bl.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bylaws of the Company (3)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000161577416004635/s102891_4-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Amendment to Articles of Incorporation filed on March 21, 2016 (4)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000161577416007154/s104086_ex3-4.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Amendment to Articles of Incorporation filed on December 21, 2016 (5)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390020008785/ea120454ex3-1_americanbri.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Amendment to Articles of Incorporation filed on March 30, 2020 (6)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390021025389/f10q0321ex3-6_abvcbio.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Amendment to Articles of Incorporation filed on February 17, 2021 (29)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390020010040/ea121013ex4-1_american.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Warrant (7)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>4.2</TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390022025731/ea159780ex4-1_abvcbio.htm">Form of Investor Warrant dated May 16, 2022(32)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000101489716000457/exhibit102.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collaboration Agreement dated December 29, 2015 (8)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000161577416005823/s103448_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collaborative Agreement and Milestone Payment Agreement dated June 9, 2016 (9)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390017000304/f10k2016ex10iii_american.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Agreement with Kira Huang (10)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390017001707/f8k0217ex99i_americanbri.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Addendum to the Collaboration Agreement dated January 12, 2017 (11)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390017007869/f8k072417ex10i_americanbri.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collaboration Agreement with BioFirst dated July 24, 2017 (12)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390017005978/f8k052617ex99i_american.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Development Agreement with Rgene dated May 26, 2017 (13)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390017009853/f8k091517ex10-1_americanbriv.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Agreement with Dr. Howard Doong (14)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390017009853/f8k091517ex10-3_americanbriv.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Agreement with Dr. Chi-Hsin Richard King (15)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390020012685/f10k2019ex10-9_americanbriv.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Agreement with Chihliang An (25)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.10</FONT></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390019001553/f8k012119ex10-1_americanbri.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business Loan Agreement entered by and between Cathay Bank and American BriVision (Holding) Corporation (16)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390019001553/f8k012119ex10-2_americanbri.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promissory Note entered by American BriVision (Holding) Corporation (17)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.12</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390019001553/f8k012119ex10-3_americanbri.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Commercial Security Agreement (18)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.13</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390020010040/ea121013ex10-1_american.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Exchange Agreement entered into by and between the Company and non-US person (19)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.14</FONT></TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390020009167/ea120625ex10-2_americanbri.htm">Form of Exchange Agreement entered into by and between the Company and non-US person (20)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.15</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390020012685/f10k2019ex10-15_americanbriv.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Securities Purchase Agreement entered into by and between the Company and U.S. investors (21)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.16</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390020012685/f10k2019ex10-16_americanbriv.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Securities Purchase Agreement entered into by and between the Company and non-U.S. investors (22)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.17</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390021015729/f10k2020ex10-17_americanbriv.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated American BriVision (Holding) Corporation 2016 Equity Incentive (26)</FONT></A></TD></TR>
</TABLE><DIV>

</DIV><P STYLE="margin: 0">&#160;</P><DIV>

</DIV><P STYLE="margin: 0"></P><DIV>

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    </DIV><DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></P></DIV><DIV>
    </DIV><DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#160;</P></DIV><DIV>
    </DIV><!-- Field: /Page --><DIV>

</DIV><P STYLE="margin: 0">&#160;</P><DIV>

</DIV><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.18</FONT></TD>
    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 90%"><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390020035298/ea129411ex10-1_american.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Securities Purchase Agreement&#160;&#160;(27)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.19</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390020035298/ea129411ex10-2_american.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Convertible Promissory Note (27)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.20</FONT></TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390021031465/ea142391-ex10_3abvcbiopharma.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment No. 1 to Promissory Note (28)</FONT></A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.21</FONT></TD>
    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 90%"><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390021052090/ea148616ex10-1_abvcbiopharma.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint Venture Agreement between the Company, Lucidiam Co., Ltd. And BioLite Japan K.K. (30)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.22</FONT></TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390022027157/f10q0322ex10-22_abvcbio.htm">Amendment to the Collaboration Agreement dated December 29, 2015</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>10.23</TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390022033890/ea161846ex10-1_abvcbio.htm">Clinical Development Service Agreement with Rgene (portions of the exhibit have been omitted because they (i) are not material and (ii) is the type of information that the registrant treats as private or confidential.)(31)</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>10.24</TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390022033890/ea161846ex10-2_abvcbio.htm">Convertible Note issued to Regene, dated June 16, 2022(31)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>10.25</TD>
    <TD>&#160;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390022025731/ea159780ex1-1_abvcbio.htm">Form of Securities Purchase Agreement dated May 12, 2022 (32)</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.1</FONT></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390022048113/f10q0622ex31-1_abvcbio.htm">Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.+</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.2</FONT></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390022048113/f10q0622ex31-2_abvcbio.htm">Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.+</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.1</FONT></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390022048113/f10q0622ex32-1_abvcbio.htm">Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*+</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.2</FONT></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1173313/000121390022048113/f10q0622ex32-2_abvcbio.htm">Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*+</A></FONT></TD></TR>
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</DIV><DIV><A NAME="a_019"></A></DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</P><DIV>

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    <TD>&#160;</TD>
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    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Howard Doong</FONT></TD></TR>
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    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer<BR>
(Principal Executive Officer)</FONT></TD></TR>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: August 15, 2022</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Chihliang An</FONT></TD></TR>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chihliang An</FONT></TD></TR>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
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</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">72</P><DIV>

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><DIV>

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