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Long-Term Investments | 9 Months Ended
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Sep. 30, 2024
Long-Term Investments [Abstract] |
LONG-TERM INVESTMENTS | 6. LONG-TERM INVESTMENTS
(1) | The ownership percentages of each investee are listed as follows:
|  | Ownership percentage |  |  |
|  | September 30, |  |  | December 31, |  |  | Accounting
Name of investee |  | 2024 |  |  | 2023 |  |  | 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
ForSeeCon Corporation (see Note 10) |  |  | 19.78 | % |  |  | -% |  |  | Cost Method
BioFirst Corporation (see Note 10) |  |  | 18.68 | % |  |  | 18.68 | % |  | Equity Method
OncoX BioPharma, Inc. (see Note 10) |  |  | 24.97 | % |  |  | -% |  |  | Equity Method
Rgene Corporation (see Note 10) |  |  | 26.65 | % |  |  | 26.65 | % |  | Equity Method
(2) | The extent the investee relies on the company for its business are summarized as follows:
Name of investee |  | 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
ForSeeCon Corporation |  | Collaborating with the Company to develop and commercialize ophthalmic medical devices (referring to Note 4, Collaborative Agreements)
OncoX BioPharma, Inc. |  | Collaborating with the Company to develop and commercialize single-herb botanical drug for treatment of certain diseases (referring to Note 4, Collaborative Agreements)
BioFirst Corporation |  | Loaned from investee and provides research and development support service
Rgene Corporation |  | Collaborating with the Company to develop and commercialize drugs
BioLite Japan K.K. |  | Prepaid investment for a Joint Venture
(3) | Long-term investment mainly consists of the following:
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | (Unaudited) |  |  |  |
Non-marketable Cost Method Investments, net |  |  |  |  |  |
Braingenesis Biotechnology Co., Ltd. |  | $ | 6,948 |  |  | $ | 7,213 |
Genepharm Biotech Corporation |  |  | 21,213 |  |  |  | 22,021 |
BioHopeKing Corporation |  |  | 787,999 |  |  |  | 818,018 |
ForSeeCon Corporation (See Note 4) |  |  | - |  |  |  | - |
Sub total |  |  | 816,160 |  |  |  | 847,252 |
Equity Method Investments, net |  |  |  |  |  |  |  |
BioFirst Corporation (a) |  |  | 1,517,744 |  |  |  | 1,680,488 |
Rgene Corporation (b) |  |  | - |  |  |  | - |
Total |  | $ | 2,333,904 |  |  | $ | 2,527,740 |
(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, 2024 and December 31, 2023, the Company owns 18.68% and 18.68% 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 September 30, 2024, the amount of prepayment for long-term investments in BioFirst is $1,124,842.
(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, 2024 and December 31, 2023, the Company owns 26.65% and 26.65% Common Stock shares of Rgene, respectively.
(c) | BioLite Japan K.K. (BioLite JP)
In October 2021, the Company, Lucidaim Co., Ltd., a Japanese corporation (“Lucidaim,” together with the Company, the “Shareholders”), and BioLite Japan K.K., a Japanese corporation (“BioLite JP”) entered into a Joint Venture Agreement. BioLite JP is a private limited company incorporated on December 18, 2018. The business of the joint venture is the research and development of drugs, medical device and digital media, investment, fund running and consulting, distribution and marketing of supplements carried on by BioLite JP and its subsidiaries in Japan, or any other territory or businesses. At the date of the Agreement, BioLite JP has 10,000 ordinary shares authorized, with 3,049 ordinary shares issued and outstanding (the “Ordinary Shares”). Pursuant to the Agreement and the related share transfer agreement, Lucidaim shall own 1,555 Ordinary Shares (51%) and the Company shall own 1,494 Ordinary Shares (49%). The Company paid $150,000 towards the setup of the joint venture; BioLite Japan’s other shareholder also paid $150,000 after the Letter of Intent was signed. This prepayment is booked in prepayment for investment. The Company is in the process of converting the prepayment to the ownership and expects to complete within next six months.
(4) | Disposition of long-term investment
During the nine months ended September 30, 2024 and 2023, 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, |
|  | 2024 |  |  | 2023 |
|  | (Unaudited) |
Share of equity method investee losses |  | $ | 146,942 |  |  | $ | - |

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
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