Quarterly report pursuant to Section 13 or 15(d)

Long-Term Loan

v3.19.3
Long-Term Loan
9 Months Ended
Sep. 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 September 30, 2019 are as follows:

 

Twelve months ending September 30,   (Unaudited)  
2020   $ 12,232  
2021     12,232  
2022     12,232  
2023     12,232  
2024     8,154  
Total installment payments     57,082  
Less: Imputed interest     (11,317 )
Present value of long-term loan     45,765  
Current portion     8,150  
Non-current portion   $ 37,615