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Long-Term Investments
 12 Months Ended
Dec. 31, 2023
Long-Term Investments [Abstract]  
LONG-TERM INVESTMENTS

6. LONG-TERM INVESTMENTS

  

(1) The ownership percentages of each investee are listed as follows:

 

   Ownership percentage    
   December 31,   December 31,   Accounting
Name of related party  2023   2022   treatments
Braingenesis Biotechnology Co., Ltd.   0.17%   0.17%  Cost Method
Genepharm Biotech Corporation   0.67%   0.67%  Cost Method
BioHopeKing Corporation   5.90%   5.90%  Cost Method
BioFirst Corporation   18.68%   15.51%  Equity Method
Rgene Corporation   26.65%   26.65%  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 the 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:

 

   December 31,
2023		   December 31,
2022		 
Non-marketable Cost Method Investments, net        
Braingenesis Biotechnology Co., Ltd.  $7,213   $7,169 
Genepharm Biotech Corporation   22,021    21,887 
BioHopeKing Corporation   818,018    813,014 
Subtotal   847,252    842,070 
Equity Method Investments, net          
BioFirst Corporation(a)   1,680,488    
-
 
Rgene Corporation(b)   
-
    
-
 
Total  $2,527,740   $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 December 31, 2023 and 2022, the Company owns 18.68% and 15.51% common stock shares of BioFirst, respectively.    The Company made a prepayment for equity investment in BioFirst to purchase additional shares to be issued by BioFirst in the aggregate amount of $2,688,578, 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 was $1,895,556, which is a portion of the prepayment as of December 31, 2022, and was converted into 994,450 shares of BioFirst stock. As of December 31, 2023, the amount of prepayment for long-term investments in Biofirst is $1,124,842.

 

Summarized financial information for the Company’s equity method investee, BioFirst, is as follows:

 

Balance Sheet

 

   December 31,
2023		   December 31,
2022		 
Current Assets  $1,451,877   $1,543,151 
Non-current Assets   686,206    739,472 
Current Liabilities   2,286,058    2,663,051 
Non-current Liabilities   347,193    103,447 
Stockholders’ Equity   (495,168)   (483,874)

 

Statement of operation

 

   Year Ended
December 31,		 
   2023   2022 
Net sales  $734   $30,162 
Gross profit   289    8,239 
Net loss   (1,194,797)   (1,274,539)
Share of losses from investments accounted for using the equity method   (221,888)   
-
 

 

(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 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 December 31, 2023 and 2022, the Company owns 26.65% and 26.65% common stock shares of Rgene, respectively.

  

Summarized financial information for the Company’s equity method investee, Rgene, is as follows:

 

Balance Sheets

 

   December 31,
2023		   December 31,
2022		 
Current Assets  $50,538   $68,302 
Non-current Assets   250,716    303,893 
Current Liabilities   2,591,960    2,478,868 
Non-current Liabilities   811    2,441 
Shareholders’ Deficit   (2,291,517)   (2,481,309)

 

Statement of operations

 

   Year Ended
December 31,		 
   2023   2022 
Net sales  $
         -
   $
        -
 
Gross Profit   
-
    
-
 
Net loss   (291,522)   (1,550,123)
Share of loss from investments accounted for using the equity method   
-
    
-
 

  

(4) Disposition of long-term investment

 

During the years ended December 31, 2023 and 2022, there is no disposition of long-term investment.

 

(5)Loss on investment in equity securities

 

The components of loss on investment in equity securities for each period were as follows:

 

   Year Ended
December 31,		 
   2023   2022 
Share of equity method investee losses  $(221,888)  $
       -