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Bank Loans | 6 Months Ended
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Jun. 30, 2024
Bank Loans [Abstract] |
BANK LOANS | 9. BANK LOANS
(1) | Short-term bank loan consists of the following:
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
|  | (Unaudited) |  |  |  |
Cathay United Bank |  | $ | 231,000 |  |  | $ | 245,250 |
CTBC Bank |  |  | 616,000 |  |  |  | 654,000 |
Total |  | $ | 847,000 |  |  | $ | 899,250 |
Cathay United Bank On June 28, 2016, BioLite Taiwan and Cathay United Bank entered into a one-year bank loan agreement (the “Cathay United Loan Agreement”) in a credit limit amount of NT$7,500,000, equivalent to $231,000. 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 1.31%. The prime rate is based on term deposit saving interest rate of Cathay United Bank. The Company renews the agreement with the bank every year. On September 6, 2022, BioLite Taiwan extended the Cathay United Loan Agreement with the same principal amount of NT$7,500,000, equivalent to $231,000 for one year, which is due on September 6, 2023. On September 6, 2023, BioLite Taiwan extended the Cathay United Loan Agreement with the same principal amount of NT$7,500,000, equivalent to $231,000 for one year, which is due on September 6, 2024. As of June 30, 2024 and December 31, 2023, the effective interest rates per annum was 2.99% and 2.87%, respectively. The loan is collateralized by the building and improvement of BioLite Taiwan, and is also personal guaranteed by the Company’s chairman. Interest expenses were $1,752 and $1,745 for the three months ended June 30, 2024 and 2023, respectively. Interest expenses were $3,488 and $3,394 for the six months ended June 30, 2024 and 2023, respectively. CTBC Bank On June 12, 2017 and July 19, 2017, BioLite Taiwan and CTBC Bank entered into two short-term saving secured bank loan agreements (the “CTBC Loan Agreements”) in a credit limit amount of NT$10,000,000, equivalent to $308,000, and NT$10,000,000, equivalent to $308,000, 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. The Company renews the agreement with the bank every year. The loan balances bear interest at a fixed rate of 2.5% 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’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. Interest expenses were $3,882 and $4,098 for the three months ended June 30, 2024 and 2023, respectively. Interest expenses were $7,846 and $7,929 for the six months ended June 30, 2024 and 2023, respectively.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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