| Schedule of Related Parties 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 | | 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 and 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. Shuling Jiang, is the Chairman of Keypoint; and a member of board of directors of the Company and BioLite Inc, and a member of board of directors of BioFirst; a director and beneficial owner of more than 10% of the ABVC’s outstanding common stock 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. Eugene Jiang is a member of board of directors of BioFirst. Mr. Chang-Jen Jiang is Mr. Tsung-Shann Jiang’s sibling and the director of the Company, and a member of board of directors of BioFirst. Ms. Mei-Ling Jiang is Ms. Shuling Jiang’s sibling. | | BioLite Japan | | Entity controlled by controlling beneficiary shareholder of ABVC | | BioHopeKing Corporation (“BHK”) | | Entity controlled by controlling beneficiary shareholder of ABVC | | AiBtl (Holding) BioPharma, Inc. (“AiBtl Holding”) | | Founding shareholder of AiBtl BioPharma Inc. | | Jaimes Vargas Russman | | CEO of AiBtl BioPharma Inc. | | Lion Arts Promotion, Inc. (“Lion Arts”) | | Entity controlled by the Jiangs. | Due from related party- Current
| | |
March 31, | | |
December 31, | |
| | |
2026 | | |
2025 | |
| BioFirst (1) | |
$ | 165,014 | | |
$ | 761,017 | |
| Rgene (2) | |
| 2,310 | | |
| 2,347 | |
| Director (3) | |
| - | | |
| 24 | |
| Total | |
$ | 167,324 | | |
$ | 763,388 | |
Due from related parties- Non-current, net
| | |
March 31, | | |
December 31, | |
| | |
2026 | | |
2025 | |
| BioFirst (Australia) (4) | |
$ | 839,983 | | |
$ | 839,983 | |
| BioHopeKing Corporation (5) | |
| 123,363 | | |
| 120,210 | |
| Total | |
| 963,346 | | |
| 960,193 | |
| Less: allowance for expected credit losses accounts | |
| (963,346 | ) | |
| (960,193 | ) |
| Net | |
$ | - | | |
$ | - | |
| (1) | On December 31, 2023, BioLite Taiwan entered into a loan agreement with BioFirst, with a principal amount of $337,707, which bears interest at 12% per annum for the use of working capital. During the year ended December 31, 2024, the Company entered into another loan agreement with BioFirst, with a principal amount of $347,883, which bears interest at 12% per annum for the use of working capital. In 2025, the Company entered several loan agreements with BioFirst, in the aggregate of $1,406,022. These loans bear 12% per annum, with the term of 12 months. During 2025, the Company also received around $203,026 repayment. The funds were used to support BioFirst’ daily operations. As of March 31, 2026 and December 31, 2025, the outstanding loan balance were $0 and $761,017, respectively; accrued interest was $0 and $212,839, respectively. All the outstanding principal and interests were collected in February 2026. The balance $165,014 represents the receivables for operating purpose. |
| (2) |
As of March 31, 2026 and December 31, 2025, the Company has other receivables amounted $2,310 and $2,347,
respectively, from Rgene due to daily operations. |
| |
|
| (3) |
The director paid certain operating expenses on behalf of the Company. |
| (4) | On July 1, 2020, the Company entered into a loan agreement with BioFirst (Australia) for $361,487 to properly record R&D cost and tax refund allocation based on co-development contract executed on July 24, 2017. The loan was originally set to be mature on September 30, 2021 with an interest rate of 6.5% per annum, but on September 7, 2021, the Company entered into a loan agreement with BioFirst (Australia) for $67,873 to meet its new project needs. On July 27, 2021, the Company repaid a loan 249,975 to BioFirst (Australia). On December 1, 2021, the Company entered into a loan agreement with BioFirst (Australia) for $250,000 to increase the cost for upcoming projects. The loan will be matured on November 30, 2022 with an interest rate of 6.5% per annum. In 2022, the Company entered into several loan agreements with BioFirst (Australia) for a total amount of $507,000 to increase the cost for upcoming projects. During the first quarter of 2023, the Company entered into several loan agreements with BioFirst (Australia) for a total amount of $88,091 to increase the cost for upcoming projects. During the second quarter of 2023, the Company entered into several loan agreements with BioFirst (Australia) for a total amount of $25,500 to increase the cost for upcoming projects. All the loans period was twelve months with an interest rate of 6.5% per annum. For accounting purpose, the due from and due to related party balances was being net off. As of March 31, 2026 and December 31, 2025, the outstanding loan balances and allocated research fee were both amounted to $681,185, and accrued interest balances were both amounted $158,798. 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. The Company stopped accruing interest income recognizing such losses. |
| (5) | On February 24, 2015, BioLite Taiwan and BioHopeKing Corporation (the
“BHK”) entered into a co-development agreement, (the “BHK Co-Development Agreement”, see Note 4). 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 March 31, 2026 and December 31, 2025, due from BHK was both NTD 3,941,299 (approximately$123,363 and $120,210, respectively).
The business conditions of BHK deteriorated and as a result, the Company recognized expected credit losses of NTD 3,941,299 as of December
31, 2024. No recovery was made during the three months ended March 31, 2026. |
Amount due to related parties consisted of the
following as of the periods indicated:
| | |
March 31, | | |
December 31, | |
| | |
2026 | | |
2025 | |
| The Jiangs (1) | |
$ | 277 | | |
$ | 300 | |
| Shareholders (2) | |
| - | | |
| - | |
| ForSeeCon (3) | |
| - | | |
| 70,000 | |
| OncoX (3) | |
| - | | |
| 35,404 | |
| Total | |
$ | 277 | | |
$ | 105,704 | |
| (1) | Since 2019, the Jiangs advanced funds to the Company for working capital purposes. As of March 31, 2026 and December 31, 2025, the outstanding balance due to the Jiangs amounted to $277 and $300, respectively. These loans bear no interest and are due on demand. In addition, during year ended 2025, the Company purchased a piece of land in Taiwan from Shuling Jiang, as discussed in Note 5. |
| (2) | Since 2018, the Company’s shareholders have advanced funds to the Company for working capital purposes. The advances bear interest rates around 12% per annum. As of December 31, 2025, the Company repaid all the principal. Interest expense in connection with these loans were $4,963 for the three months ended March 31, 2025. |
| (3) | As of March 31, 2026 and December 31, 2025, the funds received from
ForSeeCon and OncoX were initially designated for their payments of licensing fees. Upon further review, management determined that these
funds did not meet the fund-raising covenant requirements under licensing agreement. Accordingly, the Company will subsequently return
these funds to ForSeeCon and OncoX. In January 2026, the Company returned the fund to ForSeeCon and OncoX, |
|