Short-Term Loan |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Short-Term Loan [Abstract] | |
| Short-term Loan | NOTE 13 - Short-term Loan
In June 2021, the Company entered into a loan agreement in the amount of $1,263,823 (NT $40,000,000) with a non-related party. This loan, which carries no interest, was originally set to mature on July 16, 2021, and further renewed the maturity date to March 16, 2023 with update the loan amount to $914,913 (NTD 30,000,000) with no interest. As of December 31, 2025 and 2024, the outstanding loan balance was $956,328 (NTD 30,000,000) and $914,913 (NTD 30,000,000), respectively. This loan is collateralized by 3,500,000 shares of Ejectt stock owned by the Company.
The temporary fundings as of December 31, 2025 and 2024, were $4,200,501 (NTD 131,769,729) and $4,149,787 (NTD 136,071,529), respectively. These loans were made by multiple individual lenders arranged by Well Thrive Limited, a shareholder of the Company that entered into an agreement with the Company (and another lender) pursuant to which Well Thrive Limited agreed to provide $10 million in lending to the Company (the “Loan Commitment”). The terms of Well Thrive Limited’s commitment under the Loan Commitment were amended on March 1, 2023 to provide that, to support the Company, Well Thrive Limited would fulfill one-half of its Loan Commitment (thus, $5 million) by making itself, or by arranging from others, loans on an interest free, no fixed maturity date basis. All of the above temporary fundings that has been loaned to the Company by induvial lenders arranged by Well Thrive Limited has been on such basis. The Company plans to repay the temporary fundings as promptly as feasible given its overall obligations and in light of its repayment plans made in light of managing its working capital. The Company is also in discussion with Well Thrive about possible debt equity swaps for the Loans following closing of the planned Merger with IXAQ.
On November 29, 2021, the Company entered into a credit loan agreement (the “Credit Loan Agreement”) with Mega International Commercial Bank Co., Ltd. (“Mega”). Pursuant to the Credit Loan Agreement, Mega agreed to provide a facility of NTD 2,000,000 (approximately USD 62,500). The facility bears interest at an annual rate of 2.9% and is repayable in 48 monthly installments. The agreement includes a one-year grace period during which no payments were required, with repayments commencing in 2022 and scheduled to conclude in 2026. As of December 31, 2025 and 2024, the outstanding balance under the Credit Loan Agreement was $14,610 and $29,226, respectively.
During the year ended December 31, 2023, the entire balance of Zero Coupon Bond (see Note 14) was tendered for redemption. Therefore, the related conversion feature was paused and forfeited until the payment of the redemption is fully settled or upon the expiration of the agreement, while the amount owed to the Zero Coupon Bond holder is reclassified as an ordinary short-term loan, and continued to accrued interest until full repayment. As of December 31, 2024, the remaining balance of $2,178,324 including unpaid interest owed on the bonds, plus any additional accrued interest, pertained to above mentioned Zero Coupon Bond.
On December 2, 2025, the maturity date of the Zero Coupon Bond, the Company repaid $1,792,022 including unpaid interest owed on the bonds, plus any additional accrued interest, by cash and the bank guarantee issued by BG Bank (see Note 14). The Company borrowed $1,782,704 from BG Bank under a guarantee agreement dated November 26, 2020, pursuant to which BG Bank agreed to settle any remaining balance, including unpaid interest owed on the bonds, on behalf of the Company. The Company is obligated to repay to BG Bank for amounts paid on its behalf, together with interest at annual rate of 5% from the date of payment. In addition, BG Bank charges i) a default penalty at an annual rate of 10% for amounts outstanding for less than six months, or 20% for amounts outstanding for more than six months, and ii) a service fee on the principal at an annual rate of 1%. As of December 31, 2025, the loan under the guarantee agreement was $1,782,704. On April 23, 2024, the Company entered into a premium finance agreement with First Insurance Funding to finance its annual directors and officers insurance. Pursuant to the agreement, First Insurance Funding agreed to the unpaid balance of $93,500 of the total premiums, taxes and fees of $110,000. The loan bears interest at an annual rate of 9.45% and is payable in ten monthly installments of $9,760. As of December 31, 2025 and 2024, the outstanding balance under this agreement was $0 and $29,126, respectively.
On March 4, 2025, the Company entered into a loan agreement in the amount of NT $17,663,728 (approximately $0.6 million) with a non-related party. This loan, which carried no interest, was set to mature on September 21, 2025. As of December 31, 2025, the outstanding loan balance was $563,077 (NT$ 17,663,728).
Other than the short-term loan mentioned above, the Company had additional borrowings from several third parties totaling $527,208 and $47,600 as of December 31, 2025 and 2024, respectively. These loans are interest-free and payable on demand. |