Quarterly report pursuant to Section 13 or 15(d)

Long-term Loan

v3.21.2
Long-term Loan
6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Long-term Loan

NOTE 11 - 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, 2021 are as follows:

 

Twelve months ending June 30,   (Unaudited)  
2022   $ 13,608  
2023     13,608  
2024     12,474  
Total installment payments     39,690  
Less: Imputed interest     (5,244 )
Present value of long-term loan     34,446  
Current portion     (10,732 )
Non-current portion   $ 23,714