Quarterly report pursuant to Section 13 or 15(d)

Long-Term Loan

v3.20.2
Long-Term Loan
3 Months Ended
Mar. 31, 2020
Long-term Loan [Abstract]  
Long-term Loan

NOTE 9 - 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 March 31, 2020 are as follows:

 

Twelve months ending March 31,   (Unaudited)  
2021   $ 12,555  
2022     12,555  
2023     12,555  
2024     12,555  
2025     2,092  
Total installment payments     52,312  
Less: Imputed interest     (9,423 )
Present value of long-term loan     42,889  
Current portion     (8,774 )
Non-current portion   $ 34,115