Quarterly report pursuant to Section 13 or 15(d)

Short-term Loans

v3.21.2
Short-term Loans
6 Months Ended
Jun. 30, 2021
Short-term Loans [Abstract]  
Short-term Loans

NOTE 10 - Short-term Loans

 

In 2020, the Company entered into a loan agreement in the amount of $423,225 with the Company’s insurance service provider in order to pay the Company’s insurance premium. The loan matures on September 25, 2021 with an annual interest rate of 3.3%. Under this loan agreement, the Company is required to make the installment payment monthly. The installment liability as of June 30, 2021 was $111,582.

 

Additionally, in June 2021, the Company entered into a loan agreement in the amount of $1,433,177 (NT $40,000,000) (unaudited) with a non-related party. This loan, which carries no interest, originally matured on July 16, 2021 and the Company agreed to put 4,000,000 shares of Yuanjiu stocks as collateral. As of August 20, 2021, the Company has repaid $179,147 (NT $5,000,000) (unaudited) of the outstanding loan and the two parties signed the amendment agreement to extend the loan repayment date to September 16, 2021.