via NewMediaWire – ABVC BioPharma, Inc. (NASDAQ: ABVC)
("Company"): Today, a biotechnology company specializing in
botanically based solutions that deliver high efficacy and low
toxicity to improve health outcomes announced its financial and
operating results for the third quarter of 2023. These results,
including the financial statements included herein, can be found in
the Company's Quarterly Report on Form 10-Q that was filed earlier
today with the Securities and Exchange Commission
Third Quarter 2023 Financial
Results
All comparisons are made on a year-over-year
basis.
Shareholders' Equity
On February 23, 2023, the Company entered into a
securities purchase agreement with Lind Global Fund II, LP
("Lind"), according to which the Company issued Lind a secured,
convertible note in the principal amount of $3,704,167 for a
purchase price of $3,175,000, that is convertible into shares of
the Company's common stock at an initial conversion price of $1.05
per share, subject to adjustment. The Company also issued Lind a
common stock purchase warrant to purchase up to 5,291,667 shares of
the Company's common stock at an initial exercise price of $1.05
per share, subject to adjustment. During the period ended September
30, 2023, the Company has been repaying Lind with securities for
614,912 shares, totaling $1,814,800. During July 2023, the warrant
exercise price was reset to $3.5 under the issuance of common stock
about securities purchase agreement on July 2023. As of September
30, 2023, the warrant has not yet been exercised.
On July 27, 2023, the Company entered a certain
securities purchase agreement. Relating to the offer and sale of
300,000 shares of common stock, par value $0.001 per share, and
200,000 pre-funded warrants, at an exercise price of $0.001 per
share, in a registered direct offering. According to the Purchase
Agreement, the Company agreed to sell the Shares and Pre-funded
Warrants at a per-share purchase price of $3.50 for gross proceeds
of $1,750,000 before deducting any estimated offering expenses. On
August 1, 2023, the pre-funded warrants were exercised.
On August 14, 2023, the Company entered a
cooperation agreement with Zhonghui. The Company acquired 20% of
the ownership of a property and the parcel of the land owned by
Zhonghui in Leshan, Sichuan, China. During the third quarter of
2023, the Company issued to Zhonghui an aggregate of 370,000 shares
of the Company's common stock at a per-share price of $20.
As mentioned earlier, the equity is before the
reverse stock split in 2023.
As of September 30, 2023, the Company achieved a
total of shareholders' equity of $9.10M and, therefore, believes it
has regained compliance with NASDAQ's shareholders' equity
requirement.
- Revenues. We generated $15,884 and
$42,269 in revenues for the three months ended September 30, 2023
and 2022, respectively. The revenue decrease was due to the
completion of ongoing projects and awaiting new drug approval.
- Operating Expenses. Operating
Expenses decreased by $1,606,226, or 43%, to $2,141,143 for the
three months ended September 30, 2023, from $3,747,369 for the
three months ended September 30, 2022. Such a decrease in operating
expenses was mainly attributable to decreased selling, general and
administrative expenses, and research and development expenses,
since research and development projects have been dormant. At the
same time, the Company awaits results for further development while
being offset by the increase in stock-based compensation.
- Other Income (expense). Other
expense was $1,214,206 for the three months ended September 30,
2023, compared to other expense of $56,461 for the three months
ended September 30, 2022. The change was principally caused by the
increase in interest expense and the loss on foreign exchange
changes, while being offset by the increase in interest income for
the three months ended September 30, 2023, and the decrease in
other expenses for the three months ended September 30, 2022.
- Net Loss. The net loss was
$3,368,080 for the three months ended September 30, 2023, compared
to $3,776,524 for the three months ended September 30, 2022,
representing a decrease of $408,444, or 11%.
- Cash and Cash Equivalents. The
Company considers highly liquid investments with maturities of
three months or less to be cash equivalents when purchased. As of
September 30, 2023, and December 31, 2022, the Company's cash and
cash equivalents amounted to $500,069 and $85,265,
respectively.
Recent Operational
Highlights
Neurology
The MDD Phase II trials for ABV-1504 were
completed successfully with good tolerance to the drug, and no
serious adverse effects were reported. The product is ready for an
End-of-Phase 2 meeting with the FDA to finalize the protocol for
Phase III trials. At the same time, we commenced the ADHD Phase IIb
trials at the University of California, San Francisco (UCSF) and
another five sites in Taiwan. The trials are heading for the
interim report, which we expect to complete by the end of 2023.
ABV-1601 for MDD in cancer patients has completed Phase I study
preparation, including the Site Initiation Visit (SIV).
On July 31, 2023, ABVC signed a legally binding
term sheet with a Chinese pharmaceutical company, Xinnovation
Therapeutics Co., Ltd, for the exclusive licensing of ABV-1504 for
Major Depressive Disorder (MDD) and ABV-1505 for
Attention-Deficit/Hyperactivity Disorder in mainland China. Under
this agreement, Xinnovation will hold exclusive rights to develop,
manufacture, market, and distribute our innovative drugs for MDD
and ADHD in the Chinese market and shall bear the costs for
clinical trials and product registration in China. We are
negotiating definitive agreements with Xinnovation and are excited
that the licensing deal carries a possible aggregate income of $20
million for ABVC if all expected sales are made.
In November 2023, each of ABVC and one of its
subsidiaries, BioLite, Inc. ("BioLite"), entered into a multi-year,
global licensing agreement with AIBL for the Company and BioLites's
CNS drugs with the indications of MDD (Major Depressive Disorder)
and ADHD (Attention Deficit Hyperactivity Disorder) (the "Licensed
Products"). The potential license will cover the Licensed Products'
clinical trial, registration, manufacturing, supply, and
distribution rights. The Licensed Products for MDD and ADHD, owned
by ABVC and BioLite, were valued at $667M by a third-party
evaluation. The parties are determined to collaborate on the global
development of the Licensed Products. The parties are also working
to strengthen new drug development and business collaboration,
including technology, interoperability, and standards development.
As per each of the respective agreements, each of ABVC and BioLite
shall receive 23 million shares of AIBL stock at $10 per share, and
if certain milestones are met, $3,500,000 and royalties equaling 5%
of net sales, up to $100 million.
Ophthalmology
Vitargus®, a vitreous substitute, is a
groundbreaking, advanced-staged R&D product that we believe
will be the first biodegradable hydrogel used in retinal detachment
surgery. Vitargus® has completed the feasibility study in Australia
and was approved by the Australian Therapeutic Goods Administration
(TGA) to initiate the next trial phase in two participating sites.
This is vital to obtaining final regulatory approval for Vitargus®
in Australia.
The Science Park Administration in Taiwan
approved ABVC's plan to set up a pilot Good Manufacturing Practice
(GMP) facility to produce Vitargus® and to pursue the process
development work for manufacturing optimization. We are undertaking
this project, proposed by ABVC's Taiwan affiliate and
co-development partner, BioFirst Corporation, to upgrade the
Vitargus® manufacturing processes so it can ultimately handle the
global market supply. ABVC and BioFirst Corporation expect to
complete the facility's construction in Hsinchu Biomedical Science
Park, Taiwan, in 2024.
Oncology/Hematology
The United States Food & Drug Administration
(US FDA) approved the Investigational New Drug (IND) application
for the proposed clinical investigation of BLEX 404, the primary
active ingredient in ABV-1519, for advanced inoperable or
metastatic EGFR-mutated non-small cell lung cancer. This treatment
is being co-developed by BioKey, Inc. ("BioKey") and by the Rgene
Corporation, Taiwan. The study is under review at the Taiwan FDA
for approval. This is the fourth IND approved by the US FDA for
BLEX 404. The previous three INDs are for the combination therapies
of triple-negative breast cancer, myelodysplastic syndromes (MDS),
and pancreatic cancer.
CDMO
BioKey, a wholly-owned subsidiary of the Company
based in Fremont, California, produces dietary supplements derived
from the maitake mushroom in tablet and liquid forms. BioKey has
entered the second year of the distribution agreement with Define
Biotech Co. Ltd. BioKey is currently set to produce an additional
$1 million worth of products for the global market. We continue to
work on distribution for the US and Canadian markets with Shogun
Maitake.
On the regulatory services front for our
clients, we received two ANDA approvals from the US FDA. We have a
three-year contract, worth up to $3 million, for clinical
development services between BioKey and Rgene Corporation. With
this base, we are actively developing BioKey as a contract
research, development, and manufacturing organization (CRDMO) to
become a one-stop solution for pharmaceutical services. We also
established BioKey (Cayman), Inc. to attract strategic investors to
aid BioKey in getting listed on the Taiwan Stock Exchange.
Strategic Investments
ABVC entered a cooperation agreement with
Zhonghui United Technology (Zhonghui) Group Co., Ltd. and its
affiliated enterprises to develop a large-scale health and wellness
base in Chengdu, China. The anticipated partnership aims to
establish an integrated platform to facilitate collaborations
between researchers and industry leaders. ABVC issued 370,000
shares of common stock to Zhonghui at $20 per share in
consideration for a 20% ownership of certain property owned by
Zhonghui, estimated at $37 million by a third-party valuation
company, and another piece of land Zhonghui currently owns in that
same area. The parties are waiting for the Chinese government's
final asset ownership certification over these properties. Still,
based on the cooperation agreement, Zhonghui does maintain the
right to replace these properties with suitable replacements
acceptable to ABVC.
On July 27, 2023, we entered a definitive
securities purchase agreement with a single institutional investor
to purchase $1.75 million worth of our common stock and pre-funded
warrants in a registered direct offering. Under the terms of the
securities purchase agreement, the Company sold 300,000 shares of
common stock and 200,000 pre-funded warrants. The purchase price
per share of common stock is $3.50, and the purchase price for the
pre-funded warrants is identical to the purchase price for a share
of common stock, less the exercise price of $0.01 per share.
Nasdaq Compliance
The Company has regained compliance with Nasdaq
Marketplace Rules relating to maintaining a minimum $1.00 bid price
and believes it regained compliance with the $2.5 million minimum
shareholders equity requirements, as explained above.
As per Nasdaq Marketplace Rules, the Company had
to present evidence on closing bid price of at least $1.00 per
share for ten consecutive trading days, which it completed on
August 08, 2023.
"We are delighted with our remarkable
accomplishments and meaningful progress in 2023, and look forward
to upcoming reports to end 2023 on a positive note," said Uttam
Patil, Ph.D., Chief Executive Officer of ABVC BioPharma. "I am
pleased with ABV-1505 (ADHD) Phase II, part II study making
substantial progress at five Taiwan study sites and UCSF and
expecting to be completed in 2023, Phase I studies of ABV-1601 for
treating depression in cancer patients being initiated at CSMC in
the US, and the progress of End-of-Phase II meeting preparation for
ABV-1504 (MDD) with Dr. Maurizio Fava and Dr. Thomas Laughren of
Clinical Trials Network and Institute (CTNI). In addition, ABV-1701
Vitargus®, a hydrogel we developed to make retina reattachment
surgery more comfortable and successful for patients, has shown
advantages over existing devices available to surgeons in a Phase I
clinical study completed in Australia in 2018, indicating a
promising outcome from the Phase II trials. We remain excited about
our ongoing research initiatives and look forward to expanding our
product pipeline."
About ABVC BioPharma
ABVC BioPharma is a clinical-stage
biopharmaceutical company with an active pipeline of six drugs and
one medical device (ABV-1701/Vitargus®) under development. For its
drug products, the Company utilizes in-licensed technology from its
network of world-renowned research institutions to conduct
proof-of-concept trials through Phase II of clinical development.
The Company's network of research institutions includes Stanford
University, University of California at San Francisco, and
Cedars-Sinai Medical Center. For Vitargus®, the Company intends to
conduct global clinical trials through Phase III.
Forward-Looking Statements
Clinical trials are in early stages, and there
is no guarantee that any specific outcome will be achieved. This
press release contains "forward-looking statements." Such
statements may be preceded by the words "intends," "may," "will,"
"plans," "expects," "anticipates," "projects," "predicts,"
"estimates," "aims," "believes," "hopes," "potential," or similar
words. Forward-looking statements are not guarantees of future
performance, are based on certain assumptions, and are subject to
various known and unknown risks and uncertainties, many of which
are beyond the Company's control, and cannot be predicted or
quantified, and, consequently, actual results may differ materially
from those expressed or implied by such forward-looking statements.
None of the outcomes expressed herein are guaranteed. Such risks
and uncertainties include, without limitation, risks and
uncertainties associated with (i) our inability to manufacture our
product candidates on a commercial scale on our own, or in
collaboration with third parties; (ii) difficulties in obtaining
financing on commercially reasonable terms; (iii) changes in the
size and nature of our competition; (iv) loss of one or more key
executives or scientists; and (v) difficulties in securing
regulatory approval to proceed to the next level of the clinical
trials or to market our product candidates. More detailed
information about the Company and the risk factors that may affect
the realization of forward-looking statements is set forth in the
Company's filings with the Securities and Exchange Commission
(SEC), including the Company's Annual Report on Form 10-K and its
Quarterly Reports on Form 10-Q. Investors are urged to read these
documents free of charge on the SEC's website at
http://www.sec.gov. The Company assumes no obligation to publicly
update or revise its forward-looking statements as a result of new
information, future events or otherwise.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of that
state or jurisdiction.
Contact:Tom MastersonEmail: tmasterson@allelecomms.com
ABVC
BIOPHARMA, INC. AND SUBSIDIARIES |
CONSOLIDATED
BALANCE SHEETS |
|
|
|
|
|
|
|
|
|
|
|
September
30, |
|
December
31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
(Unaudited) |
|
|
|
ASSETS |
|
|
|
|
|
Current Assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
500,069 |
|
|
$ |
85,265 |
|
Restricted cash and cash equivalents |
|
620,868 |
|
|
|
1,306,463 |
|
Accounts receivable, net |
|
1,530 |
|
|
|
98,325 |
|
Accounts receivable - related parties, net |
|
624,373 |
|
|
|
757,343 |
|
Due from related party - Current |
|
535,046 |
|
|
|
513,819 |
|
Short-term Investment |
|
68,521 |
|
|
|
75,797 |
|
Prepaid expense and other current assets |
|
143,127 |
|
|
|
150,235 |
|
Total Current Assets |
|
2,493,534 |
|
|
|
2,987,247 |
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
7,953,936 |
|
|
|
573,978 |
|
Operating lease right-of-use assets |
|
899,817 |
|
|
|
1,161,141 |
|
Long-term investments |
|
2,677,395 |
|
|
|
842,070 |
|
Deferred tax assets |
|
34,256 |
|
|
|
117,110 |
|
Prepaid expenses - noncurrent |
|
128,898 |
|
|
|
135,135 |
|
Security deposits |
|
44,259 |
|
|
|
58,838 |
|
Prepayment for long-term investments |
|
1,429,016 |
|
|
|
2,838,578 |
|
Due from related parties - noncurrent |
|
930,396 |
|
|
|
1,141,378 |
|
Total Assets |
$ |
16,591,507 |
|
|
$ |
9,855,475 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
Short-term bank loans |
$ |
852,500 |
|
|
$ |
1,893,750 |
|
Accrued expenses and other current liabilities |
|
3,558,213 |
|
|
|
2,909,587 |
|
Advance from customers |
|
79,501 |
|
|
|
10,985 |
|
Operating lease liability – current portion |
|
392,666 |
|
|
|
369,314 |
|
Due to related parties |
|
480,196 |
|
|
|
359,992 |
|
Total Current Liabilities |
|
5,363,076 |
|
|
|
5,543,628 |
|
|
|
|
|
|
|
|
|
Tenant security deposit |
|
5,680 |
|
|
|
7,980 |
|
Operating lease liability – noncurrent portion |
|
507,151 |
|
|
|
791,827 |
|
Convertible notes payable – third parties |
|
1,654,004 |
|
|
|
- |
|
Total Liabilities |
|
7,529,911 |
|
|
|
6,343,435 |
|
|
|
|
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
Preferred stock, $0.001 par value, 20,000,000 authorized, nil
shares issued and outstanding |
|
- |
|
|
|
- |
|
Common stock, $0.001 par value, 10,000,000 authorized, 4,823,043
and 3,286,190 shares issued and outstanding as of September 30,
2023 and December 31, 2022, respectively |
|
4,823 |
|
|
|
3,286 |
|
Additional paid-in capital |
|
80,662,290 |
|
|
|
67,937,050 |
|
Stock subscription receivable |
|
(677,220 |
) |
|
|
(1,354,440 |
) |
Accumulated deficit |
|
(62,309,161 |
) |
|
|
(54,904,439 |
) |
Accumulated other comprehensive income |
|
519,123 |
|
|
|
517,128 |
|
Treasury stock |
|
(9,100,000 |
) |
|
|
(9,100,000 |
) |
Total Stockholders’ equity |
|
9,099,855 |
|
|
|
3,098,585 |
|
Noncontrolling Interest |
|
(38,259 |
) |
|
|
137,554 |
|
Total Equity |
|
9,061,596 |
|
|
|
3,236,139 |
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
$ |
16,591,507 |
|
|
$ |
9,579,574 |
|
|
|
|
|
|
|
|
|
ABVC
BIOPHARMA, INC. AND SUBSIDIARIES |
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
(UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
$ |
15,884 |
|
|
$ |
42,269 |
|
|
$ |
150,265 |
|
|
$ |
380,789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
29,614 |
|
|
|
10,741 |
|
|
|
162,831 |
|
|
|
21,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
(13,730 |
) |
|
|
31,528 |
|
|
|
(12,566 |
) |
|
|
359,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
1,182,093 |
|
|
|
3,216,146 |
|
|
|
3,841,633 |
|
|
|
6,000,055 |
|
Research and development expenses |
|
141,310 |
|
|
|
305,483 |
|
|
|
990,731 |
|
|
|
1,197,669 |
|
Stock based compensation |
|
817,740 |
|
|
|
225,740 |
|
|
|
1,409,969 |
|
|
|
5,143,483 |
|
Total operating expenses |
|
2,141,143 |
|
|
|
3,747,369 |
|
|
|
6,242,333 |
|
|
|
12,341,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(2,154,873 |
) |
|
|
(3,715,841 |
) |
|
|
(6,254,899 |
) |
|
|
(11,981,422 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
40,246 |
|
|
|
48,165 |
|
|
|
147,998 |
|
|
|
127,354 |
|
Interest expense |
|
(1,218,624 |
) |
|
|
(126,537 |
) |
|
|
(1,390,039 |
) |
|
|
(159,507 |
) |
Operating sublease income |
|
(3,000 |
) |
|
|
21,597 |
|
|
|
53,900 |
|
|
|
78,523 |
|
Gain/Loss on foreign exchange changes |
|
(25,059 |
) |
|
|
(177 |
) |
|
|
(55,625 |
) |
|
|
17,865 |
|
Other (expense) income |
|
(7,769 |
) |
|
|
491 |
|
|
|
(1,174 |
) |
|
|
(59,381 |
) |
Total other (expense) income |
|
(1,214,206 |
) |
|
|
(56,461 |
) |
|
|
(1,244,940 |
) |
|
|
4,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before provision for income tax |
|
(3,369,079 |
) |
|
|
(3,772,302 |
) |
|
|
(7,499,839 |
) |
|
|
(11,976,568 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for (benefit from) income tax |
|
(999 |
) |
|
|
4,222 |
|
|
|
80,696 |
|
|
|
(165,096 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(3,368,080 |
) |
|
|
(3,776,524 |
) |
|
|
(7,580,535 |
) |
|
|
(11,811,472 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to noncontrolling interests |
|
(50,564 |
) |
|
|
(71,660 |
) |
|
|
(175,813 |
) |
|
|
(252,171 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributed to ABVC and subsidiaries |
|
(3,317,516 |
) |
|
|
(3,704,864 |
) |
|
|
(7,404,722 |
) |
|
|
(11,559,301 |
) |
Foreign currency translation adjustment |
|
(15,082 |
) |
|
|
(190,019 |
) |
|
|
1,995 |
|
|
|
(426,579 |
) |
Comprehensive loss |
$ |
(3,332,598 |
) |
|
$ |
(3,894,883 |
) |
|
$ |
(7,402,727 |
) |
|
$ |
(11,985,880 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.82 |
) |
|
$ |
(1.14 |
) |
|
$ |
(2.08 |
) |
|
$ |
(3.71 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
4,055,345 |
|
|
|
3,257,912 |
|
|
|
3,555,474 |
|
|
|
3,119,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABVC
BIOPHARMA, INC. AND SUBSIDIARIES |
CONSOLIDATED
STATEMENTS OF CASH FLOWS |
(UNAUDITED) |
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
2022 |
|
Cash flows from operating activities |
|
|
|
|
|
Net loss |
|
$ |
(7,580,535 |
) |
|
$ |
(11,811,472 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
Depreciation |
|
20,949 |
|
|
|
17,364 |
|
Stock based compensation for non employees |
|
1,409,969 |
|
|
|
5,143,483 |
|
Provision for doubtful accounts |
|
38,500 |
|
|
|
521,955 |
|
Other non-cash income and expenses |
|
1,422,362 |
|
|
|
30,564 |
|
Deferred tax |
|
(35,719 |
) |
|
|
(31,247 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
Decrease (increase) in accounts receivable |
|
191,265 |
|
|
|
(31,909 |
) |
Decrease (increase) in prepaid expenses and deposits |
|
27,924 |
|
|
|
243,065 |
|
Decrease (increase) in tenant security deposit |
|
(2,300 |
) |
|
|
- |
|
Decrease (increase) in due from related parties |
|
189,755 |
|
|
|
(983,707 |
) |
Decrease in inventory |
|
- |
|
|
|
5,486 |
|
Increase (decrease) in accrued expenses and other current
liabilities |
648,626 |
|
|
|
(99,306 |
) |
Increase (decrease) in contract liabilities |
|
68,516 |
|
|
|
- |
|
Increase (decrease) in due to related parties |
|
(155,697 |
) |
|
|
58,402 |
|
Net cash used in operating activities |
|
(3,756,385 |
) |
|
|
(6,937,322 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
Purchase of equipment |
|
(21,201 |
) |
|
|
(119,603 |
) |
Increase in prepayment for long-term investments |
|
(493,158 |
) |
|
|
(1,518,793 |
) |
Net cash used in investing activities |
|
(514,359 |
) |
|
|
(1,638,396 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Issuance of common stock |
|
1,050,000 |
|
|
|
3,917,425 |
|
Proceeds from issuance of warrant |
|
2,429,028 |
|
|
|
- |
|
Proceeds from convertible notes payable – third parties |
|
1,352,512 |
|
|
|
- |
|
Proceeds from short-term loan |
|
- |
|
|
|
350,000 |
|
Repayment of short-term bank loans |
|
(1,000,000 |
) |
|
|
- |
|
Net cash provided by (used in) financing
activities |
|
3,831,540 |
|
|
|
4,267,425 |
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash
equivalents and restricted cash |
|
168,413 |
|
|
|
(286,775 |
) |
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents and restricted
cash |
|
(270,791 |
) |
|
|
(4,595,068 |
) |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents and restricted cash |
|
|
|
|
|
Beginning |
|
|
1,391,728 |
|
|
|
6,565,215 |
|
Ending |
|
|
$ |
1,120,937 |
|
|
$ |
1,970,147 |
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flows |
|
|
|
|
|
Cash paid during the year for: |
|
|
|
|
|
Interest expense paid |
$ |
27,525 |
|
|
$ |
161,741 |
|
Income taxes paid |
$ |
- |
|
|
$ |
1,600 |
|
|
|
|
|
|
|
|
|
|
|
ABVC BioPharma (NASDAQ:ABVC)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
ABVC BioPharma (NASDAQ:ABVC)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024