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Short-Term Loans | 12 Months Ended
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Dec. 31, 2024
Short-Term Loans [Abstract] |
SHORT-TERM LOANS | 9. SHORT-TERM LOANS
(1) | Short-term loans consists of the following:
|  | December 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Cathay United Bank |  | $ | 200,252 |  |  | $ | 245,250 |
CTBC Bank |  |  | 610,000 |  |  |  | 654,000 |
Other individual |  |  | 30,000 |  |  |  | - |
Total |  | $ | 840,252 |  |  | $ | 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 NTD 7.5 million, equivalent to $228,750. 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, and the next renewal date is September 6, 2025. As of December 31, 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. During the year ended December 31, 2024, the Company made payments of the loan in total of NTD 934,366, equivalent to $29,152. Interest expenses were $6,891 and $6,856 for the years ended December 31, 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 million, equivalent to $327,500, and NTD 10 million, equivalent to $327,500, 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, 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 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 $15,557 and $15,610 for the years ended December 31, 2024 and 2023, respectively. Other individual – Third party On March 21, 2024, the Company issued an unsecured promissory note to a third party for the proceeds of $30,000. The note bears interest rate of 12% per annum and matures on March 21, 2025, or upon the occurrence of an event of default. Interest expenses were $2,811 for the year ended December 31, 2024.

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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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