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Subsequent Events
3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Subsequent Events [Abstract]    
SUBSEQUENT EVENTS

14. SUBSEQUENT EVENTS

 

On April 4, 2023, the Company entered into a loan agreement with BioLite for $57,000 to increase the cost for upcoming projects. The loan matures on April 3, 2024 with an interest rate of 6.5% per annum.

 

On April 4, 2023, the Company entered into a loan agreement with BioFirst for $89,500 to increase the cost for upcoming projects. The loan matures on April 3, 2024 with an interest rate of 6.5% per annum.

 

The Company has evaluated subsequent events and transactions that occurred after March 31, 2023 up through the date the Company issued these unaudited consolidated financial statements on May 15, 2023. All subsequent events requiring recognition as of March 31, 2023 have been incorporated into these unaudited consolidated financial statements and there are no other subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.”

19. SUBSEQUENT EVENTS 

 

On January 3, 2023, the Company issued 223,411 common shares to a consultant for providing consulting services on listing to NASDAQ in 2021.

 

On January 14, 2023, BioLite Taiwan extended the CTBC Loan Agreement with the same principal amount of NT$20,000,000, equivalent to $650,000 for six months, which is due on July 14, 2023.

 

On February 23, 2023, the Company entered into a securities purchase agreement with Lind Global Fund II, LP (“Lind”), pursuant to which the Company issued Lind a secured, convertible note in the principal amount of $3,704,167, for a purchase price of $3,175,000, that is convertible into shares of the Company’s common stock at an initial conversion price of $1.05 per share, subject to adjustment. The Company also issued Lind a common stock purchase warrant to purchase up to 5,291,667 shares of the Company’s common stock at an initial exercise price of $1.05 per share, subject to adjustment. Subsequently on February 23, 2023, the bank loan from Cathay Bank was fully repaid.

 

The Company has assessed all events from December 31, 2022, up through March 31, 2023, which is the date that these consolidated financial statements are available to be issued, Other than the events disclosed above, no other subsequent events have occurred that would require recognition or disclosure in the Company's consolidated financial statements.