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Long-Term Investments | 9 Months Ended
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Sep. 30, 2023
Long-Term Investments [Abstract] |
LONG-TERM INVESTMENTS | 5. LONG-TERM INVESTMENTS
(1) | The ownership percentages of each investee are listed as follows:
|  | Ownership percentage |  |  |
|  | September 30, |  |  | December 31, |  |  | Accounting
Name of related party |  | 2023 |  |  | 2022 |  |  | treatments
Braingenesis Biotechnology Co., Ltd. |  |  | 0.22 | % |  |  | 0.22 | % |  | Cost Method
Genepharm Biotech Corporation |  |  | 0.92 | % |  |  | 0.92 | % |  | Cost Method
BioHopeKing Corporation |  |  | 8.03 | % |  |  | 8.03 | % |  | Cost Method
BioFirst Corporation |  |  | 23.53 | % |  |  | 21.77 | % |  | Equity Method
Rgene Corporation |  |  | 28.85 | % |  |  | 28.85 | % |  | Equity Method
(2) | The extent the investee relies on the company for its business are summarized as follows:
Name of related party |  | The extent the investee relies on the Company for its business
Braingenesis Biotechnology Co., Ltd. |  | No specific business relationship
Genepharm Biotech Corporation |  | No specific business relationship
BioHopeKing Corporation |  | Collaborating with the Company to develop and commercialize drugs
BioFirst Corporation |  | Loaned from investee and provides research and development support service
Rgene Corporation |  | Collaborating with the Company to develop and commercialize drugs
(3) | Long-term investment mainly consists of the following:
|  | September 30, 2023 |  |  | December 31, 2022 |
|  | (Unaudited) |  |  |  |
Non-marketable Cost Method Investments, net |  |  |  |  |  |
Braingenesis Biotechnology Co., Ltd. |  | $ | 6,838 |  |  | $ | 7,169 |
Genepharm Biotech Corporation |  |  | 20,876 |  |  |  | 21,887 |
BioHopeKing Corporation |  |  | 775,491 |  |  |  | 813,014 |
Sub total |  |  | 803,205 |  |  |  | 842,070 |
Equity Method Investments, net |  |  |  |  |  |  |  |
BioFirst Corporation |  |  | 1,874,190 |  |  |  | - |
Rgene Corporation |  |  | - |  |  |  | - |
Total |  | $ | 2,677,395 |  |  | $ | 842,070 |
(a) | BioFirst Corporation (the “BioFirst”):
The Company holds an equity interest in BioFirst Corporation, accounting for its equity interest using the equity method to accounts for its equity investment as prescribed in ASC 323, Investments—Equity Method and Joint Ventures (“ASC 323”). Equity method adjustments include the Company’s proportionate share of investee’s income or loss and other adjustments required by the equity method. As of September 30, 2023 and December 31, 2022, the Company owns 23.53% and 21.77% common stock shares of BioFirst, respectively. The Company made a prepayment for equity investment in BioFirst to purchase additional 317,000 shares to be issued by BioFirst in the aggregate amount of $618,150, recorded as prepayment for long-term investments as of December 31, 2022. On July 19, 2023, the Company successfully completed the registration process for this Investment. The initial prepayment amounted to $589,620, transferred into 317,000 shares. In addition, The Company also converted a loan of $1,284,570 into 677,450 shares of BioFirst. Summarized financial information for the Company’s equity method investee, BioFirst, is as follows: Balance Sheets
|  | September 30, 2023 |  |  | December 31, 2022 |
|  | (Unaudited) |  |  |  |
Current Assets |  | $ | 1,690,060 |  |  | $ | 1,543,152 |
Non-current Assets |  |  | 651,221 |  |  |  | 739,472 |
Current Liabilities |  |  | 2,236,708 |  |  |  | 2,663,051 |
Non-current Liabilities |  |  | 366,634 |  |  |  | 103,447 |
Stockholders’ Equity (Deficit) |  |  | (262,061 | ) |  |  | (483,874 | )
Statement of Operations
|  | Nine months Ended September 30, |
|  | 2023 |  |  | 2022 |
|  | (Unaudited) |
Net sales |  | $ | 739 |  |  | $ | 23,079 |
Gross profit |  |  | 291 |  |  |  | 5,747 |
Net loss |  |  | (986,181 | ) |  |  | (993,643 | )
Share of losses from investments accounted for using the equity method |  |  | - |  |  |  | - |
(b) | Rgene Corporation (the “Rgene”)
Both Rgene and the Company are under common control by Dr. Tsung-Shann Jiang, the CEO and Chairman of the BioLite Inc. Since Dr. Tsung-Shann Jiang is able to exercise significant influence, but not control, over the Rgene, the Company determined to use the equity method to account for its equity investment as prescribed in ASC 323, Investments—Equity Method and Joint Ventures (“ASC 323”). Equity method adjustments include the Company’s proportionate share of investee’s income or loss and other adjustments required by the equity method. As of September 30, 2023 and December 31, 2022, the Company owns 28.85% and 28.85% Common Stock shares of Rgene, respectively. On March 31, 2023, Dr. Tsung-Shann Jiang has been elected to become the Chairman of Rgene. Summarized financial information for the Company’s equity method investee, Rgene, is as follows: Balance Sheets
|  | September 30, 2023 |  |  | December 31, 2022 |
|  | (Unaudited) |  |  |  |
Current Assets |  | $ | 56,091 |  |  | $ | 68,302 |
Non-current Assets |  |  | 239,594 |  |  |  | 303,893 |
Current Liabilities |  |  | 2,407,204 |  |  |  | 2,478,868 |
Non-current Liabilities |  |  | 1,465 |  |  |  | 2,441 |
Shareholders’ Deficit |  |  | (2,112,984 | ) |  |  | (2,109,114 | )
Statement of Operations
|  | Nine months Ended September 30, |
|  | 2023 |  |  | 2022 |
|  | (Unaudited) |
Net sales |  | $ | - |  |  | $ | - |
Gross Profit |  |  | - |  |  |  | - |
Net loss |  |  | (231,445 | ) |  |  | (450,995 | )
Share of loss from investments accounted for using the equity method |  |  | - |  |  |  | - |
(4) | Disposition of long-term investment
During the nine months ended September 30, 2023 and 2022, there is no disposition of long-term investment.
(5) | Losses on Equity Investments
The components of losses on equity investments for each period were as follows:
|  | Nine months Ended September 30, |
|  | 2023 |  |  | 2022 |
|  | (Unaudited) |
Share of equity method investee losses |  | $ | - |  |  | $ | - |

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