2023 Q3 Form 10-Q Financial Statement

#000121390023067113 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $15.88K $6.109K $312.9K
YoY Change -62.42% -98.05% 895.07%
Cost Of Revenue $29.61K $72.98K $8.367K
YoY Change 175.71% 772.25% 1195.2%
Gross Profit -$13.73K -$66.87K $304.5K
YoY Change -143.55% -121.96% 888.77%
Gross Profit Margin -86.44% -1094.65% 97.33%
Selling, General & Admin $1.182M $1.387M $1.593M
YoY Change -63.25% -12.94% 29.32%
% of Gross Profit 523.11%
Research & Development $141.3K $514.4K $532.8K
YoY Change -53.74% -3.44% 48.46%
% of Gross Profit 174.97%
Depreciation & Amortization $7.459K $6.997K $5.490K
YoY Change 15.43% 27.45% 86.73%
% of Gross Profit 1.8%
Operating Expenses $2.141M $2.127M $2.351M
YoY Change -42.86% -9.54% 13.79%
Operating Profit -$2.155M -$2.194M -$2.047M
YoY Change -42.01% 7.18% 0.56%
Interest Expense $1.219M $114.8K $14.76K
YoY Change 863.07% 677.56% -82.15%
% of Operating Profit
Other Income/Expense, Net -$1.214M -$39.69K $17.08K
YoY Change 2050.52% -332.42% -122.18%
Pretax Income -$3.369M -$2.234M -$2.030M
YoY Change -10.69% 10.04% -3.92%
Income Tax -$999.00 $81.70K -$82.45K
% Of Pretax Income
Net Earnings -$3.318M -$2.264M -$1.859M
YoY Change -10.46% 21.76% -5.71%
Net Earnings / Revenue -20885.9% -37052.07% -594.19%
Basic Earnings Per Share -$0.82 -$0.68 -$0.06
Diluted Earnings Per Share -$0.82 -$0.68 -$0.06
COMMON SHARES
Basic Shares Outstanding 3.951M shares 33.08M shares 31.31M shares
Diluted Shares Outstanding 4.055M shares 3.309M shares 31.31M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $568.6K $176.1K $2.993M
YoY Change -59.42% -94.12% 223.66%
Cash & Equivalents $500.1K $99.29K $2.911M
Short-Term Investments $68.52K $76.79K $82.76K
Other Short-Term Assets $764.0K $790.9K $2.629M
YoY Change -18.18% -69.92% 69.62%
Inventory $21.86K
Prepaid Expenses
Receivables $1.530K $12.36K $289.5K
Other Receivables $535.0K $526.2K $3.713M
Total Short-Term Assets $2.494M $2.129M $9.789M
YoY Change -14.11% -78.25% 169.85%
LONG-TERM ASSETS
Property, Plant & Equipment $7.954M $564.3K $597.3K
YoY Change 1303.43% -5.52% -72.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.677M $831.7K $870.6K
YoY Change 228.05% -4.46% -20.55%
Other Assets $1.636M $3.510M $1.231M
YoY Change -66.95% 185.19% -40.64%
Total Long-Term Assets $14.10M $7.192M $3.993M
YoY Change 86.05% 80.1% -24.9%
TOTAL ASSETS
Total Short-Term Assets $2.494M $2.129M $9.789M
Total Long-Term Assets $14.10M $7.192M $3.993M
Total Assets $16.59M $9.320M $13.78M
YoY Change 58.31% -32.38% 54.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.085K
YoY Change -58.71%
Accrued Expenses $3.558M $3.441M $1.247M
YoY Change 196.15% 175.99% -43.39%
Deferred Revenue $79.50K
YoY Change
Short-Term Debt $852.5K $882.8K $1.574M
YoY Change -54.32% -43.92% -14.54%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.363M $5.773M $3.646M
YoY Change 37.72% 58.34% -16.69%
LONG-TERM LIABILITIES
Long-Term Debt $1.654M $3.300M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $512.8K $614.8K $956.3K
YoY Change -42.58% -35.71% -27.36%
Total Long-Term Liabilities $2.167M $3.915M $956.3K
YoY Change 142.63% 309.37% -76.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.363M $5.773M $3.646M
Total Long-Term Liabilities $2.167M $3.915M $956.3K
Total Liabilities $7.530M $9.687M $4.602M
YoY Change 57.29% 110.5% -38.68%
SHAREHOLDERS EQUITY
Retained Earnings -$62.31M -$58.99M -$46.34M
YoY Change 24.52% 27.31%
Common Stock $4.823K $3.308K $32.31K
YoY Change -85.22% -89.76%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.100M $9.100M $9.100M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $9.100M -$379.3K $9.334M
YoY Change
Total Liabilities & Shareholders Equity $16.59M $9.320M $13.78M
YoY Change 58.31% -32.38% 54.08%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$3.318M -$2.264M -$1.859M
YoY Change -10.46% 21.76% -5.71%
Depreciation, Depletion And Amortization $7.459K $6.997K $5.490K
YoY Change 15.43% 27.45% 86.73%
Cash From Operating Activities -$1.356M -$899.8K -$3.429M
YoY Change 164.04% -73.76% 137.49%
INVESTING ACTIVITIES
Capital Expenditures $21.20K $0.00 -$22.03K
YoY Change -587.36% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$53.16K -$440.6K $0.00
YoY Change -96.5% -100.0%
Cash From Investing Activities -$74.36K -$440.6K -$22.03K
YoY Change -95.12% 1899.91% -84.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.652M -31.59K 3.664M
YoY Change 173.66% -100.86% -3232.64%
NET CHANGE
Cash From Operating Activities -1.356M -899.8K -3.429M
Cash From Investing Activities -74.36K -440.6K -22.03K
Cash From Financing Activities 1.652M -31.59K 3.664M
Net Change In Cash 220.8K -1.372M 212.5K
YoY Change -115.4% -745.53% -112.5%
FREE CASH FLOW
Cash From Operating Activities -$1.356M -$899.8K -$3.429M
Capital Expenditures $21.20K $0.00 -$22.03K
Free Cash Flow -$1.378M -$899.8K -$3.407M
YoY Change 170.46% -73.59%

Facts In Submission

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us-gaap Earnings Per Share Basic
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us-gaap Depreciation
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us-gaap Depreciation
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abvc Stock Based Compensation For Non Employees
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us-gaap Provision For Other Losses
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Prepaid Expenses Other
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us-gaap Increase Decrease In Security Deposits
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us-gaap Increase Decrease In Due From Related Parties
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us-gaap Increase Decrease In Due From Related Parties
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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us-gaap Increase Decrease In Customer Advances
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us-gaap Increase Decrease In Due To Related Parties
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us-gaap Increase Decrease In Due To Related Parties
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Machinery And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Stock Issued During Period Value Issued For Services
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us-gaap Share Based Compensation
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us-gaap Profit Loss
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CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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us-gaap Stock Issued During Period Value Issued For Services
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us-gaap Share Based Compensation
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us-gaap Profit Loss
ProfitLoss
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CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2023Q2 abvc Net Loss
NetLoss
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abvc Net Loss
NetLoss
4212455 usd
CY2023Q2 us-gaap Capital
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CY2023Q2 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
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CY2023Q2 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Reclassifications of Prior Year Presentation</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain prior year unaudited consolidated balance sheet and unaudited consolidated cash flow statement amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.</p>
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">The preparation of financial statements in conformity with accounting principles generally accepted 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 unaudited 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"> </p>
CY2016Q1 us-gaap Stockholders Equity Note Stock Split
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forward split at a ratio of 1 to 3.141
CY2016Q1 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.001
CY2016Q1 us-gaap Excess Stock Shares Authorized
ExcessStockSharesAuthorized
360000000 shares
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
99290 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
85265 usd
CY2023Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
642899 usd
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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">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">The Company performs 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. The Company determines 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>
us-gaap Health Care Organization Allowance For Doubtful Accounts Percentage Of Accounts Receivable
HealthCareOrganizationAllowanceForDoubtfulAccountsPercentageOfAccountsReceivable
0.9728 pure
CY2022 us-gaap Health Care Organization Allowance For Doubtful Accounts Percentage Of Accounts Receivable
HealthCareOrganizationAllowanceForDoubtfulAccountsPercentageOfAccountsReceivable
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CY2022Q4 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
TemporaryEquityAggregateAmountOfRedemptionRequirement
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CY2022Q3 abvc Principal Amount
principalAmount
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abvc Impairment Of Equity Investments
ImpairmentOfEquityInvestments
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abvc Impairment Of Equity Investments
ImpairmentOfEquityInvestments
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abvc Schedule Of Ownership Percentages Of Investee Table Text Blocks
ScheduleOfOwnershipPercentagesOfInvesteeTableTextBlocks
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ownership percentages of each investee are listed as follows:</span><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">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 style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">June 30,</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="border-bottom: Black 1.5pt solid; font-weight: bold">Name of related party</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">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>
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ShortTermBorrowings
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abvc Labour Pension Fund Percentage
LabourPensionFundPercentage
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abvc Percentage Of Monthly Contributions
PercentageOfMonthlyContributions
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CY2023Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
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CY2022Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
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us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
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us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
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abvc Stock Based Compensation For Employees
StockBasedCompensationForEmployees
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abvc Stock Based Compensation For Employees
StockBasedCompensationForEmployees
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CY2023Q2 abvc Stock Based Compensation For Employees
StockBasedCompensationForEmployees
0 usd
CY2022Q2 abvc Stock Based Compensation For Employees
StockBasedCompensationForEmployees
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CY2023Q2 abvc Stock Based Compensation For Nonemployees
StockBasedCompensationForNonemployees
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CY2022Q1 abvc Stock Based Compensation For Nonemployees
StockBasedCompensationForNonemployees
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abvc Stock Based Compensation For Non Employees
StockBasedCompensationForNonEmployees
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abvc Stock Based Compensation For Non Employees
StockBasedCompensationForNonEmployees
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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">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>
abvc Defined Benefit Plan Funded Percentages
DefinedBenefitPlanFundedPercentages
0.50 pure
CY2023Q2 abvc Nonmarketable Cost Method Investments Net
NonmarketableCostMethodInvestmentsNet
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CY2022Q4 abvc Nonmarketable Cost Method Investments Net
NonmarketableCostMethodInvestmentsNet
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abvc Milestone Payments Royalty Percentage
MilestonePaymentsRoyaltyPercentage
0.12 pure
CY2018Q4 abvc Co Dev Agreement Description
CoDevAgreementDescription
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 $1.64 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.
CY2022Q2 abvc Amount Received
AmountReceived
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CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3878435 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3313990 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3304457 usd
CY2023Q2 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
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CY2022Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
573978 usd
CY2023Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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CY2022Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5491 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
10902 usd
CY2023Q2 us-gaap Equity Method Investments
EquityMethodInvestments
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CY2022Q4 us-gaap Equity Method Investments
EquityMethodInvestments
842070 usd
abvc Purchase Additional Shares
PurchaseAdditionalShares
317000 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent
0.2885 pure
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent
0.2885 pure
CY2023Q1 us-gaap Payments For Previous Acquisition
PaymentsForPreviousAcquisition
3175000 usd
CY2023Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
1.05
CY2023Q1 us-gaap Shares Issued
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5291667 shares
CY2023Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.05
CY2023Q2 us-gaap Debt Instrument Fee Amount
DebtInstrumentFeeAmount
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abvc Percentage Of Average Amount
PercentageOfAverageAmount
0.90 pure
abvc Percentage Of Cash Permium
PercentageOfCashPermium
0.05 pure
CY2023Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
882750 usd
CY2022Q3 abvc Principal Amount
principalAmount
240750 usd
CY2022Q3 us-gaap Debt Instrument Term
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P1Y
CY2019Q1 us-gaap Debt Instrument Repurchased Face Amount
DebtInstrumentRepurchasedFaceAmount
1000000 usd
CY2019Q1 us-gaap Debt Instrument Interest Rate Effective Percentage
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0.05 pure
CY2020Q2 abvc Received Loan Amount
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350000 usd
CY2020Q4 abvc Received Loan Amount
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350000 usd
CY2021Q4 abvc Principal Amount
principalAmount
650000 usd
CY2022 abvc Outstanding Balance
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CY2023Q2 abvc Accounts Receivable Due From Related Parties
AccountsReceivableDueFromRelatedParties
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CY2022Q4 abvc Accounts Receivable Due From Related Parties
AccountsReceivableDueFromRelatedParties
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CY2023Q2 abvc Due From Related Parties Current Amount
DueFromRelatedPartiesCurrentAmount
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CY2022Q4 abvc Due From Related Parties Current Amount
DueFromRelatedPartiesCurrentAmount
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CY2023Q2 abvc Due From Other Related Parties Noncurrent Amount
DueFromOtherRelatedPartiesNoncurrentAmount
1285804 usd
CY2022Q4 abvc Due From Other Related Parties Noncurrent Amount
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1141378 usd
CY2022Q2 abvc Aggregate Principal Amount
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1000000 usd
CY2022Q2 abvc Bears Interest
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0.05 pure
CY2022Q2 abvc Working Capital Percentage
WorkingCapitalPercentage
0.064 pure
CY2022Q2 abvc Gross Proceeds
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4220000 usd
CY2022Q2 us-gaap Professional And Contract Services Expense
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556075 usd
CY2022Q2 abvc Warrants Term
WarrantsTerm
P5Y
CY2022Q2 abvc Description Of Conversion Price
DescriptionOfConversionPrice
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.
us-gaap Shortterm Debt Average Outstanding Amount
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500000 usd
CY2022 us-gaap Shortterm Debt Average Outstanding Amount
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500000 usd
us-gaap Accounts Receivable Noncurrent Accrued Interest Writeoff
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26126 usd
CY2022 us-gaap Accounts Receivable Noncurrent Accrued Interest Writeoff
AccountsReceivableNoncurrentAccruedInterestWriteoff
13819 usd
CY2022 abvc Loan Agreement Total Amount
LoanAgreementTotalAmount
507000 usd
CY2023Q2 abvc Interest Rate
InterestRate
0.065 pure
CY2023Q2 abvc Due Amount
DueAmount
111434 usd
CY2022Q4 abvc Due Amount
DueAmount
112822 usd
abvc Schedule Of Related Party Transactions Amount Due To Related Party
ScheduleOfRelatedPartyTransactionsAmountDueToRelatedParty
Amount due to related parties consisted of the following as of the periods indicated:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <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">June 30,</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <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">(Unaudited)</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </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">495,753</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">188,753</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">BioFirst (Australia)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">313,606</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">275,901</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">The Jiangs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,789</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,789</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Due to shareholders</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">149,586</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">151,450</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; padding-left: 0.125in">Total</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">978,734</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">635,893</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table>
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