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Related Parties Transactions (Tables) | 9 Months Ended
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Sep. 30, 2024
Related Parties Transactions [Abstract] |
Schedule of Related Parties of the Company with whom Transactions | The related parties of the Company with whom transactions are reported in these financial statements are as follows:
Name of entity or Individual |  | Relationship with the Company and its subsidiaries
BioFirst Corporation (the “BioFirst”) |  | Entity controlled by controlling beneficiary shareholder of YuanGene
BioFirst (Australia) Pty Ltd. (the “BioFirst (Australia)”) |  | 100% owned by BioFirst; Entity controlled by controlling beneficiary shareholder of YuanGene
Rgene Corporation (the “Rgene”) |  | Shareholder of the Company; Entity controlled by controlling beneficiary shareholder of YuanGene; the Chairman of Rgene is Mr. Tsung-Shann Jiang
ForSeeCon Corporation (the “FEYE”) |  | Cost method investment
OncoX BioPharma Inc. |  | Equity method investment
YuanGene Corporation (the “YuanGene”) |  | Controlling beneficiary shareholder of the Company
GenePharm Inc. (the “GenePharm”) |  | Dr. George Lee, Board Director of BioKey, is the Chairman of GenePharm.
The Jiangs |  | Mr. Tsung-Shann Jiang, the controlling beneficiary shareholder of the Company; the Chairman of Rgene; the Chairman and CEO of the BioLite Holding Inc. and BioLite Inc. and the President and a member of board of directors of BioFirst
|  | Ms. Shu-Ling Jiang, Mr. Tsung-Shann Jiang’s wife, and a member of board of directors of BioLite Inc.
|  | Mr. Eugene Jiang is Mr. and Ms. Jiang’s son. Mr. Eugene Jiang is the chairman, and majority shareholder of the Company and a member of board of directors of BioLite Inc.
|  | Mr. Chang-Jen Jiang is Mr. Tsung-Shann Jiang’s sibling and the director of the Company.
|  | Ms. Mei-Ling Jiang is Ms. Shu-Ling Jiang’s sibling.
BioLite Japan |  | Entity controlled by controlling beneficiary shareholder of ABVC
BioHopeKing Corporation (“BHK”) |  | Entity controlled by controlling beneficiary shareholder of ABVC
Schedule of Licensing Agreement and Related Amendment with FEYE | During the three and nine months ended September 30, 2024, the Company received $180,000 and $296,000, respectively, pursuant to the licensing agreement and related amendment with FEYE, and recognized $180,000 and $296,000 revenue correspondingly. In addition, the Company received $200,000 during the three and nine months ended September pursuant to the licensing agreement with OncoX, and recognized revenue correspondingly. Please refer to Note 4, Collaborative Agreements for details.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |  |  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (Unaudited) |  |  | (Unaudited) |  |  | (Unaudited) |  |  | (Unaudited) |
OncoX |  | $ | 200,000 |  |  | $ | - |  |  | $ | 200,000 |  |  | $ | - |
FEYE |  |  | 180,000 |  |  | $ | - |  |  |  | 296,000 |  |  | $ | - |
Total |  | $ | 380,000 |  |  | $ | - |  |  | $ | 496,000 |  |  | $ | - |
Schedule of Accounts Receivable Due from Related Parties | Accounts receivable due from related parties consisted of the following as of the periods indicated:
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
|  | (Unaudited) |  |  |  |
Rgene |  | $ | 10,463 |  |  | $ | 10,463 |
Total |  | $ | 10,463 |  |  | $ | 10,463 |
Schedule of Due from Related Parties - Current | Due from related-party - Current
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
|  | (Unaudited) |  |  |  |
Rgene (1) |  | $ | 559,489 |  |  | $ | 541,486 |
BioFirst (2) |  |  | 644,873 |  |  |  | 206,087 |
Total |  | $ | 1,204,362 |  |  | $ | 747,573 |
Due from related parties - Non-Current
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
|  | (Unaudited ) |  |  |  |
BioFirst (Australia) (3) |  | $ | 839,983 |  |  | $ | 839,983 |
BioHopeKing Corporation (4) |  |  | 124,151 |  |  |  | 113,516 |
Total |  |  | 964,134 |  |  |  | 953,499 |
Less: allowance for expected credit losses accounts |  |  | (839,983 | ) |  |  | (839,983 | )
Net |  | $ | 124,151 |  |  | $ | 113,516 |
(1) | On June 16, 2022, the Company entered into a one-year convertible loan with Rgene, with a principal amount of $1,000,000 to Rgene which bears interest at 5% per annum for the use of working capital that, if fully converted, would result in ABVC owning an additional 6.4% of Rgene. The Company may convert the Note at any time into shares of Rgene’s common stock at either (i) a fixed conversion price equal to $1.00 per share or (ii) 20% discount of the stock price of the then most recent offering, whichever is lower; the conversion price is subject to adjustment as set forth in the Note. The Note includes standard events of default, as well as a cross default provision pursuant to which a breach of the Service Agreement will trigger an event of default under the convertible note if not cured after 5 business days of written notice regarding the breach is provided.
As of September 30, 2024 and December 31, 2023, the outstanding loan balance were $506,216 and $500,000, respectively; and accrued interest was $51,319 and $38,819, respectively. The Company expects to receive the repayment within next 12 months once Rgene receives the licensing fees from OncoX. As of September 30, 2024 and December 31, 2023, the Company has other receivables amounted $1,954 and $2,667, respectively, from Rgene due to daily operations.
(2) | On December 31, 2023, BioLite Taiwan entered into a loan agreement with BioFirst, with a principal amount of $348,779 (NTD 11,072,360) to BioFirst which bears interest at 12% per annum for the use of working capital. During the period ended September 30, 2024, the Company entered into another loan agreement with BioFirst, with a principal amount of $359,289 (NTD 11,406,000) to BioFirst which bears interest at 12% per annum for the use of working capital. As of September 30, 2024 and December 31, 2023, the outstanding loan balance were $606,323 (NTD 19,248,360) and $206,087 (NTD 6,302,360), respectively; accrued interest was $37,520 and $0, respectively. The Company has received $100,076 (NTD 3,230,000) repayment and expects to receive other repayment within next 12 months. As of September 30, 2024 and December 31, 2023, the Company has other receivables from BioFirst amounted $1,030 and $0, respectively, due to daily operations.
(3) | The balances mainly represent advances to BioFirst (Australia) for research and development purposes. The business conditions of BioFirst (Australia) deteriorated and, as a result, the Company recognized expected credit losses of $839,983 for the year ended December 31, 2023.
(4) | On February 24, 2015, BioLite Taiwan and BioHopeKing Corporation (the “BHK”) entered into a co-development agreement, (the “BHK Co-Development Agreement”, see Note 3). The development costs shall be shared 50/50 between BHK and the Company. Under the term of the agreement, BioLite issued relevant development cost to BHK. As of September 30, 2024 and December 31, 2023, due from BHK was $124,151 and $113,516, respectively.
Schedule of Amount Due to Related Parties | Amount due to related parties consisted of the following as of the periods indicated:
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
|  | (Unaudited) |  |  |  |
The Jiangs (1) |  | $ | 242,338 |  |  | $ | 19,789 |
Shareholders (2) |  |  | 176,772 |  |  |  | 152,382 |
Directors (3) |  |  | 160 |  |  |  | 961 |
Total |  | $ | 419,270 |  |  | $ | 173,132 |
(1) | Since 2019, the Jiangs advanced funds to the Company for working capital purpose. These loans bear interest rate of 0% to 1% per month, and are due on demand.
(2) | Since 2018, the Company’s shareholders have advanced funds to the Company for working capital purpose. The advances bear interest rate of 12% per annum. Interest expenses in connection with these loans were $11,836 and $5,015 for the three months ended September 30, 2024 and 2023, respectively, and were $21,973 and $15,082 for the nine months ended September 30, 2024 and 2023, respectively.
(3) | The Director of AiBtl has been paying on behalf of the company, for setup fees and certain operating expenses.

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