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Bank Loans | 9 Months Ended
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Sep. 30, 2024
Bank Loans [Abstract] |
BANK LOANS | 9. BANK LOANS Short-term bank loan consists of the following:
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
|  | (Unaudited) |  |  |  |
Cathay United Bank |  | $ | 236,250 |  |  | $ | 245,250 |
CTBC Bank |  |  | 630,000 |  |  |  | 654,000 |
Total |  | $ | 866,250 |  |  | $ | 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 NTD7,500,000, equivalent to $236,250. The term started June 28, 2016 with maturity date of one year. 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 and the next renewal date is September 6, 2025. As of September 30, 2024 and December 31, 2023, the effective interest rates per annum was 3.01% 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 $1,755 and $1,742 for the three months ended September 30, 2024 and 2023, respectively. Interest expenses were $5,275 and $5,136 for the nine months ended September 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 NTD 10,000,000, equivalent to $315,000 for each loan. Both two loans with the same maturity date on January 19, 2018 and was combined into one agreement with a total credit limit of NTD 20,000,000, equivalent to $630,000, equivalent to $ in February 2018. The Company renews the agreement with the bank every year, and the next renewal date is February 28, 2025. The loan balances bear interest at a fixed rate of 2.5% per annum, and is secured by the money deposited in a savings account with the CTBC Bank. This loan was also 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 $3,747 and $3,752 for the three months ended September 30, 2024 and 2023, respectively. Interest expenses were $11,668 and $11,681 for the nine months ended September 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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