2023 Q1 Form 10-K Financial Statement

#000121390023025554 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $128.3K $589.0K $969.8K
YoY Change 399.89% 65.54% 172.56%
Cost Of Revenue $60.24K $265.4K $286.4K
YoY Change 3070.32% 5114.34% 5527.01%
Gross Profit $68.04K $323.6K $683.4K
YoY Change 186.35% -7.74% 94.85%
Gross Profit Margin 53.04% 54.94% 70.47%
Selling, General & Admin $1.273M $1.961M $6.068M
YoY Change -78.37% -82.26% -45.1%
% of Gross Profit 1870.7% 605.97% 887.89%
Research & Development $335.0K $1.496M $2.693M
YoY Change -6.79% 49.01% 168.32%
% of Gross Profit 492.36% 462.26% 394.14%
Depreciation & Amortization $6.493K $6.440K $23.80K
YoY Change 20.02% 97.55% 98.49%
% of Gross Profit 9.54% 1.99% 3.48%
Operating Expenses $1.974M $3.457M $15.80M
YoY Change -68.37% -71.33% 31.03%
Operating Profit -$1.906M -$3.133M -$15.11M
YoY Change -69.35% -73.24% 29.12%
Interest Expense $56.66K -$358.8K $294.0K
YoY Change 91.88% 1202.72% -1167.42%
% of Operating Profit
Other Income/Expense, Net $8.954K $63.86K -$400.2K
YoY Change -39.13% -87.78% -176.56%
Pretax Income -$1.897M -$3.538M -$15.51M
YoY Change -69.27% -68.44% 38.39%
Income Tax $962.9K $797.8K
% Of Pretax Income
Net Earnings -$1.824M -$4.864M -$16.42M
YoY Change -70.04% -62.12% 27.92%
Net Earnings / Revenue -1421.74% -825.81% -1693.5%
Basic Earnings Per Share -$0.06 -$0.52
Diluted Earnings Per Share -$0.06 -$0.15 -$0.50
COMMON SHARES
Basic Shares Outstanding 33.08M shares 32.63M shares 31.66M shares
Diluted Shares Outstanding 33.08M shares 30.15M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.213M $161.1K $161.1K
YoY Change -56.89% -97.29% -97.29%
Cash & Equivalents $1.135M $85.27K $85.27K
Short-Term Investments $78.01K $75.80K $75.80K
Other Short-Term Assets $1.005M $1.457M $1.457M
YoY Change -50.01% -25.29% -25.29%
Inventory $0.00
Prepaid Expenses
Receivables $124.1K $98.33K $855.7K
Other Receivables $520.0K $513.8K $513.8K
Total Short-Term Assets $3.480M $2.987M $2.987M
YoY Change -56.43% -68.96% -68.96%
LONG-TERM ASSETS
Property, Plant & Equipment $571.6K $574.0K $1.735M
YoY Change -71.15% 9.15% -13.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $849.8K $842.1K $842.1K
YoY Change -6.02% -9.72% -9.72%
Other Assets $3.489M $4.291M $4.291M
YoY Change 192.38% 275.62% 275.62%
Total Long-Term Assets $7.255M $6.868M $6.868M
YoY Change 77.87% 68.63% 68.63%
TOTAL ASSETS
Total Short-Term Assets $3.480M $2.987M $2.987M
Total Long-Term Assets $7.255M $6.868M $6.868M
Total Assets $10.73M $9.855M $9.855M
YoY Change -11.04% -28.05% -28.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $2.763M $2.910M $3.279M
YoY Change 73.08% 123.68% 98.97%
Deferred Revenue $10.99K
YoY Change
Short-Term Debt $902.0K $1.894M $1.894M
YoY Change -43.97% 15.47% 15.47%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.075M $5.820M $5.820M
YoY Change 38.52% 57.61% 57.61%
LONG-TERM LIABILITIES
Long-Term Debt $3.207M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $718.9K $799.8K $799.8K
YoY Change -30.98% -29.56% -29.56%
Total Long-Term Liabilities $3.926M $799.8K $799.8K
YoY Change 276.85% -29.56% -29.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.075M $5.820M $5.820M
Total Long-Term Liabilities $3.926M $799.8K $799.8K
Total Liabilities $9.000M $6.619M $6.757M
YoY Change 93.98% 37.11% 39.19%
SHAREHOLDERS EQUITY
Retained Earnings -$56.73M -$54.90M
YoY Change 42.68%
Common Stock $33.08K $32.86K
YoY Change 13.59%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.100M $9.100M
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $1.670M $3.099M $3.099M
YoY Change
Total Liabilities & Shareholders Equity $10.73M $9.855M $9.855M
YoY Change -11.04% -28.05% -28.05%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$1.824M -$4.864M -$16.42M
YoY Change -70.04% -62.12% 27.92%
Depreciation, Depletion And Amortization $6.493K $6.440K $23.80K
YoY Change 20.02% 97.55% 98.49%
Cash From Operating Activities -$1.498M -$461.1K -$7.398M
YoY Change -49.98% -77.58% -2.62%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $90.00 $119.7K
YoY Change -100.0% -783.95%
Acquisitions
YoY Change
Other Investing Activities -$83.20K -$1.602M
YoY Change 100.05% 103.18%
Cash From Investing Activities -$83.28K -$1.722M
YoY Change 100.24% 113.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.664M
YoY Change
Debt Paid & Issued, Net $1.000M
YoY Change
Cash From Financing Activities $2.207M -253.5K $4.014M
YoY Change -105.96% -59.84%
NET CHANGE
Cash From Operating Activities -$1.498M -461.1K -$7.398M
Cash From Investing Activities -83.28K -$1.722M
Cash From Financing Activities $2.207M -253.5K $4.014M
Net Change In Cash $400.2K -797.9K -$5.173M
YoY Change -112.96% -137.02% -425.0%
FREE CASH FLOW
Cash From Operating Activities -$1.498M -$461.1K -$7.398M
Capital Expenditures $0.00 $90.00 $119.7K
Free Cash Flow -$1.498M -$461.2K -$7.518M
YoY Change -48.38% -77.57% -0.82%

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CY2021 us-gaap Increase Decrease In Accounts Receivable
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CY2022 us-gaap Increase Decrease In Security Deposits
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CY2021 us-gaap Increase Decrease In Security Deposits
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CY2021 us-gaap Increase Decrease In Due From Related Parties
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CY2021 us-gaap Increase Decrease In Inventories
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CY2021 us-gaap Increase Decrease In Accounts Payable
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CY2022 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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CY2021 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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CY2021 us-gaap Increase Decrease In Other Receivables
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CY2022 abvc Increasedecrease In Security Deposit Received
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CY2022 us-gaap Increase Decrease In Due To Related Parties
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CY2021 us-gaap Increase Decrease In Due To Related Parties
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Payments To Acquire Investments
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
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CY2021 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022 us-gaap Payments To Acquire Longterm Investments
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CY2021 us-gaap Payments To Acquire Longterm Investments
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Proceeds From Issuance Of Common Stock
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CY2021 us-gaap Proceeds From Issuance Of Common Stock
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Fiscal Period
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Fiscal Year</span> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company changed its fiscal year from the period beginning on October 1st and ending on September 30th to the period beginning on January 1st and ending on December 31st, beginning January 1, 2018. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 us-gaap Interest Paid Net
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CY2021 us-gaap Interest Paid Net
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CY2022 us-gaap Income Taxes Paid
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CY2021 abvc Common Shares Issued For Debt Conversion
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CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2021 us-gaap Stock Issued During Period Value New Issues
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CY2021 us-gaap Stock Issued During Period Value Issued For Services
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CY2021 us-gaap Stock Issued During Period Value Conversion Of Units
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CY2021 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2021 abvc Stock Issued During Period Value Share Based Compensation Services
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CY2021 abvc Cumulative Transaction Adjustments
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CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022 us-gaap Stock Issued During Period Value New Issues
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CY2022 us-gaap Stock Issued During Period Value Issued For Services
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CY2022 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2022 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
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CY2022 us-gaap Profit Loss
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CY2022 abvc Cumulative Transaction Adjustments
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CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022 us-gaap Stockholders Equity Note Stock Split
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Pursuant to the Merger, all of the issued and outstanding common shares of BriVision were converted, at an exchange ratio of 0.2536-for-1, into an aggregate of 166,273,921 (52,936,583 pre-stock split) common shares of the Company and BriVision had become a wholly owned subsidiary of the Company.
CY2017Q1 abvc Percentage Of Common Shares Issued And Outstanding
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CY2022 abvc Company Reported
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CY2022Q4 us-gaap Capital
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CY2022Q3 us-gaap Derivative Collateral Right To Reclaim Cash
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CY2022 us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Use of Estimates</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amount of revenues and expenses during the reporting periods. Actual results could differ materially from those results.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p>
CY2016Q1 us-gaap Temporary Equity Par Or Stated Value Per Share
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CY2016Q1 us-gaap Excess Stock Shares Authorized
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2022 us-gaap Concentration Risk Credit Risk
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Concentration of Credit Risk</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and temporary cash investments in high quality credit institutions, but these investments may be in excess of Taiwan Central Deposit Insurance Corporation and the U.S. Federal Deposit Insurance Corporation’s insurance limits. The Company does not enter into financial instruments for hedging, trading or speculative purposes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We perform ongoing credit evaluation of our customers and requires no collateral. An allowance for doubtful accounts is provided based on a review of the collectability of accounts receivable. We determine the amount of allowance for doubtful accounts by examining its historical collection experience and current trends in the credit quality of its customers as well as its internal credit policies. Actual credit losses may differ from our estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2022 us-gaap Health Care Organization Allowance For Doubtful Accounts Percentage Of Accounts Receivable
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0.7189 pure
CY2021 us-gaap Health Care Organization Allowance For Doubtful Accounts Percentage Of Accounts Receivable
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0.3338 pure
CY2022 abvc Total Revenues
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0.9322 pure
CY2021 abvc Total Revenues
TotalRevenues
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CY2022 abvc Impairment Of Equity Investments
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0 usd
CY2020 abvc Impairment Of Equity Investments
ImpairmentOfEquityInvestments
0 usd
CY2022 abvc Labour Pension Fund Percentage
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0.06 pure
CY2022 abvc Percentage Of Monthly Contributions
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0.06 pure
CY2022 us-gaap Defined Benefit Plan Service Cost
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13031 usd
CY2021 us-gaap Defined Benefit Plan Service Cost
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CY2022 abvc Stock Based Compensation For Employees
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CY2021 abvc Stock Based Compensation For Employees
StockBasedCompensationForEmployees
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CY2022 abvc Stock Based Compensation For Nonemployees
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CY2021 abvc Stock Based Compensation For Nonemployees
StockBasedCompensationForNonemployees
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CY2022 abvc Beneficial Conversion Feature
BeneficialConversionFeature
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Beneficial Conversion Feature</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, the Company may issue convertible notes that may contain an imbedded beneficial conversion feature. A beneficial conversion feature exists on the date a convertible note is issued when the fair value of the underlying common stock to which the note is convertible into is in excess of the remaining unallocated proceeds of the note after first considering the allocation of a portion of the note proceeds to the fair value of the warrants, if related warrants have been granted. The intrinsic value of the beneficial conversion feature is recorded as a debt discount with a corresponding amount to additional paid in capital. The debt discount is amortized to interest expense over the life of the note using the effective interest method.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2022 abvc Defined Benefit Plan Funded Percentages
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0.50 pure
CY2022 abvc Milestone Payments Royalty Percentage
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0.12 pure
CY2018Q4 abvc Co Dev Agreement Description
CoDevAgreementDescription
On December 24, 2018, the Company received the remaining balance of $2,550,000 in the form of newly issued shares of Rgene’s Common Stock, at the price of NT$50 (approximately equivalent to $1.60 per share), for an aggregate number of 1,530,000 shares, which accounted for equity method long-term investment as of December 31, 2018. During the year ended December 31, 2018, the Company has recognized investment loss of $549.
CY2021Q4 us-gaap Inventory Finished Goods
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CY2021Q4 us-gaap Inventory Raw Materials
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CY2021Q4 abvc Allowance For Inventory Valuation And Obsolescence Loss
AllowanceForInventoryValuationAndObsolescenceLoss
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CY2021Q4 us-gaap Inventory Gross
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2021Q4 us-gaap Property Plant And Equipment Gross
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Property Plant And Equipment Other Net
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CY2021Q4 us-gaap Property Plant And Equipment Other Net
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CY2022 us-gaap Depreciation Depletion And Amortization
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CY2021 us-gaap Depreciation Depletion And Amortization
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CY2022Q4 us-gaap Land And Land Improvements
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CY2021Q4 us-gaap Land And Land Improvements
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CY2022 abvc Schedule Of Ownership Percentages Of Investee Table Text Blocks
ScheduleOfOwnershipPercentagesOfInvesteeTableTextBlocks
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Ownership percentage</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">Accounting</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Name of related party</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">treatments</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Braingenesis Biotechnology Co., Ltd.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0.22</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0.22</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">Cost Method</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Genepharm Biotech Corporation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.92</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.92</td><td style="text-align: left">%</td><td> </td> <td style="text-align: center">Cost Method</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">BioHopeKing Corporation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.03</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.03</td><td style="text-align: left">%</td><td> </td> <td style="text-align: center">Cost Method</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">BioFirst Corporation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21.77</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21.77</td><td style="text-align: left">%</td><td> </td> <td style="text-align: center">Equity Method</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Rgene Corporation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28.85</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28.85</td><td style="text-align: left">%</td><td> </td> <td style="text-align: center">Equity Method</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b> </b></p>
CY2022Q4 abvc Nonmarketable Cost Method Investments Net
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CY2021Q4 abvc Nonmarketable Cost Method Investments Net
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CY2022Q4 us-gaap Equity Method Investments
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CY2021Q4 us-gaap Equity Method Investments
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CY2021 abvc Purchase Additional Shares
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CY2021Q4 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
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CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
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CY2021 us-gaap Income Loss From Equity Method Investments
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CY2021Q2 us-gaap Debt Instrument Convertible Conversion Price1
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CY2021Q3 abvc Convertible Promissory Note
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CY2021Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
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CY2022Q4 us-gaap Short Term Borrowings
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CY2021Q4 us-gaap Short Term Borrowings
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CY2021Q3 abvc Principal Amount
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CY2021Q3 abvc Principal Amount
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CY2021Q3 us-gaap Debt Instrument Term
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CY2022Q3 us-gaap Investment Owned Balance Principal Amount
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CY2022Q3 us-gaap Investment Owned Balance Principal Amount
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243750 usd
CY2022Q3 abvc Loan Agreement
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CY2017Q3 us-gaap Debt Instrument Maturity Date
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2019-07-18
CY2021Q3 us-gaap Debt Instrument Interest Rate Effective Percentage
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0.0168 pure
CY2022Q3 us-gaap Debt Instrument Face Amount
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20000000 twd
CY2022Q3 us-gaap Debt Instrument Face Amount
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650000 usd
CY2021Q3 us-gaap Derivative Fixed Interest Rate
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CY2019Q1 us-gaap Debt Instrument Face Amount
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CY2020Q2 abvc Received Loan Amount
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350000 usd
CY2020Q4 abvc Received Loan Amount
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350000 usd
CY2020Q2 abvc Loan From Paycheck Protection Program
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124400 usd
CY2020Q2 abvc Forgiven Amount Percentage Used For Payroll
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CY2021Q1 abvc Loan From Paycheck Protection Program
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132331 usd
CY2021Q1 abvc Forgiven Amount Percentage Used For Payroll
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0.60 pure
CY2021Q1 abvc Promissory Note Description
PromissoryNoteDescription
The loan was granted pursuant to a promissory note dated January 27, 2021 issued by the Company, which matures on January 28, 2026 and bears interest at a rate of 1.00% per annum. The Company will pay the principal in one payment of all outstanding principal plus all accrued unpaid interest on that date that is five years after the date of the promissory note.
CY2021Q1 abvc Loan From Paycheck Protection Programs
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104167 usd
CY2021Q1 abvc Forgiven Amount Percentage Used For Payroll
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CY2021Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
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0.01 pure
CY2019Q1 us-gaap Debt Instrument Interest Rate Effective Percentage
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CY2019Q1 abvc Working Capital
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3000000 twd
CY2019Q1 abvc Working Capital
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106800 usd
CY2022Q4 us-gaap Other Notes Payable
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CY2021Q4 us-gaap Other Notes Payable
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CY2022 us-gaap Interest Expense Other
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CY2021 us-gaap Interest Expense Other
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CY2020Q1 us-gaap Unsecured Debt
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CY2020Q3 us-gaap Short Term Debt Interest Rate Increase
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CY2021Q3 us-gaap Interest And Fee Income Other Loans
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the Company entered into a one-year convertible loan agreement 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 $1.00 per share or (ii) 20% discount of the stock price of the then most recent offering, whichever is lower; the conversion price is subject to adjustment as set forth in the Note. The Note includes standard events of default, as well as a cross-default provision pursuant to which a breach of the Service Agreement will trigger an event of default under the convertible note if not cured after 5 business days of written notice regarding the breach is provided.
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">BioFirst Corporation</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">188,753</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">40,878</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">BioFirst (Australia)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">275,901</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">132,443</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>AsiaGene</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-127">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,017</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>YuanGene</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-128">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,205</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">The Jiangs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,789</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,750</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Due to shareholders</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">151,450</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">168,131</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">635,893</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">393,424</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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In January 2021, WallachBeth entered into a consulting agreement with the Company pursuant to which the Company engaged WallachBeth to conduct due diligence and research work with respect to the Company.
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IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
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CY2022Q4 abvc Operating Leases Future Minimum Payment Due There After
OperatingLeasesFutureMinimumPaymentDueThereAfter
usd
CY2022 dei Amendment Flag
AmendmentFlag
false
CY2022 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2022 dei Entity Central Index Key
EntityCentralIndexKey
0001173313

Files In Submission

Name View Source Status
abvc-20221231_cal.xml Edgar Link unprocessable
abvc-20221231_lab.xml Edgar Link unprocessable
0001213900-23-025554-index-headers.html Edgar Link pending
0001213900-23-025554-index.html Edgar Link pending
0001213900-23-025554.txt Edgar Link pending
0001213900-23-025554-xbrl.zip Edgar Link pending
abvc-20221231.xsd Edgar Link pending
f10k2022ex10-6_abvcbiopharma.htm Edgar Link pending
f10k2022ex21-1_abvcbiopharma.htm Edgar Link pending
f10k2022ex3-2_abvcbiopharma.htm Edgar Link pending
f10k2022ex31-1_abvcbiopharma.htm Edgar Link pending
f10k2022ex31-2_abvcbiopharma.htm Edgar Link pending
f10k2022ex32-1_abvcbiopharma.htm Edgar Link pending
f10k2022ex32-2_abvcbiopharma.htm Edgar Link pending
f10k2022_abvcbiopharma.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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abvc-20221231_def.xml Edgar Link unprocessable
abvc-20221231_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
f10k2022_abvcbiopharma_htm.xml Edgar Link completed
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