Quarterly report pursuant to Section 13 or 15(d)

Long-Term Loan

v3.19.2
Long-Term Loan
6 Months Ended
Jun. 30, 2019
Long-term Loan [Abstract]  
Long-term Loan

NOTE 8 - Long-term Loan

 

The Company has a car loan credit line of NT$1,500,000 (approximately US$48,371), which matures on May 21, 2024, from a Taiwan financing company with annual interest rate of 9.7%. The installment payment plan is 60 months to pay off the balance on the 21st of each month. Future installment payments as of June 30, 2019 are as follows:

 

Twelve months ending June 30,

 

     

(Unaudited)

 
2020   $ 12,248  
2021     12,248  
2022     12,248  
2023     12,248  
2024     11,226  
Total installment payments   60,218  
Less: Imputed interest     (12,476 )
Present value of long-term loan   47,742  
Current portion     7,964  
Non-current portion   $ 39,778