Abvc Biopharma, Inc. (ABVC) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

SEC Filings

ABVC Quarterly Reports

American Brivision

CIK: 743532 Ticker: ABVC

Exhibit 99.1


ABVC Biopharma Announces Fiscal Year 2021 Financial and Operational Results


FREMONT, CA, March 31, 2022 -- ABVC BioPharma, Inc. (Nasdaq: ABVC), a biotechnology company specializing in botanically based solutions that seeks to deliver high efficacy with low toxicity for improved health outcomes, today announced its financial and operating results for the fiscal year ended December 31, 2021.


Full Year 2021 Financial Results

All comparisons are made on a year-over-year basis.


Revenues. We generated $355,797 and $483,045 in revenues for the year ended December 31, 2021 and 2020, respectively. The decrease of $127,248, or approximately 26%, was primarily caused by the decrease in contract services due to the impact of the COVID-19 pandemic.
Operating Expenses. Our operating expenses were $12,056,679 in the year ended December 31, 2021, as compared to $8,970,105 in the year ended December 31, 2020. Such increase in operating expenses was mainly attributable to the increase in stock-based compensation and selling, general and administrative expenses by $2,632,427 which relates to costs in conjunction with our public offering and our recent stock issuances, as well as increasing research and development expenses of $454,147 to continue to develop our pipeline.
Other Income (Expense). Other income was $495,141 for the year ended December 31, 2021, as compared to other expense of $2,308,160 for the year ended December 31, 2020. The increase was principally caused by an increase in foreign currency exchange income, government PPP forgiveness and a decrease in impairment loss and loss on investment in equity securities. Loss on impairment was $0 for the year ended December 31, 2021, compared to $961,217 for the year ended December 31, 2020.
Net Loss. Net loss was $12,035,851 for the year ended December 31, 2021, compared to $10,593,584 for the year ended December 31, 2020. The Company’s net loss increased by $1,442,267, or approximately 14%, during the year ended December 31, 2021, from the year ended December 31, 2020.
Working Capital. Working capital as of December 31, 2021 was $5,932,808, compared to $1,328,575 as of December 31, 2020, for an increase of $4,604,233, primarily as a result of an increase in net cash from financing activities. The net cash provided by financing activities increased by $427,707 due to the issuance of common stock partially offset by offering costs, repayment of convertible notes and repayment of short-term loans during the year ended December 31, 2021.
Cash and Cash Equivalents. The Company considers highly liquid investments with maturities of three months or less, when purchased, to be cash equivalents. As of December 31, 2021 and 2020, the Company’s cash and cash equivalents amounted to $5,828,548 and $4,273,208, respectively.


Fourth Quarter 2021 Highlights


Vitargus® received the 2021 “National Innovation and Renewal of Diligence” award from the Institute for Biotechnology and Medicine Industry (IBMI) of Taiwan.
ABVC selected two additional clinical sites in Thailand to participate in the Phase II, Part 2 clinical study of Vitargus®.
BioKey, a wholly-owned subsidiary of the Company, took advantage of existing technology to produce a dietary supplement derived from the maitake mushroom. Research has shown that consuming certain amounts of the maitake mushroom tends to lower the risk of heart disease and provide immune system support. In addition, BioKey entered into a three-year distribution agreement with Define Biotech Co. Ltd. The agreement grants Define Biotech the exclusive right to distribute this new dietary supplement in China and Taiwan in exchange for a commitment to purchase $3 million worth of the new product over the three-year period.


“We are delighted with our remarkable accomplishments and meaningful progress in 2021,” said Dr. Howard Doong, M.D., Ph.D., Chief Executive Officer of ABVC BioPharma. “I am pleased that the CSR for the Phase II clinical study of our major depressive disorder (MDD) drug was received by the US FDA without comments. The study demonstrated material improvement in both efficacy and safety, compared to existing medications available. As such, we will seek a Phase III partner in 2022 to further prove the statistical significance of our MDD results. In addition, Vitargus, a gel we developed to make retina reattachment surgery more comfortable for the patient, has shown advantages over existing devices available to surgeons, prompting us to start a self-funded pivotal trial phase in 2022. We remain excited about our ongoing research initiatives and look forward to expanding our product pipeline in the future.”





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, it is focused on utilizing its licensed technology to conduct proof-of-concept trials through Phase II of the clinical development process at world-famous research institutions (such as Stanford University, University of California at San Francisco, and Cedars-Sinai Medical Center). For Vitargus®, the Company intends to conduct the clinical trials through Phase III at various locations throughout the globe. 


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. 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 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.




Lucy Peng
Phone: +1 646-677-1872








   December 31,   December 31, 
   2021   2020 
Current Assets        
Cash and cash equivalents  $5,828,548   $4,273,208 
Restricted cash and cash equivalents   736,667    728,163 
Accounts receivable, net   280,692    159,712 
Accounts receivable - related parties, net   145,399    143,435 
Due from related parties   1,286,618    696,255 
Inventory, net   25,975    - 
Short-term investments   108,147    - 
Prepayment for long-term investments   684,720    - 
Prepaid expense and other current assets   528,354    172,193 
Total Current Assets   9,625,120    6,172,966 
Property and equipment, net   525,881    514,834 
Operating lease right-of-use assets   1,471,899    1,772,747 
Goodwill, net   -    - 
Long-term investments   932,755    1,190,727 
Deferred tax assets   981,912    1,790,597 
Prepaid expenses - noncurrent   119,309    119,315 
Security deposits   41,157    45,519 
Total Assets  $13,698,033   $11,606,705 
Current Liabilities          
Accounts payable  $-   $23,044 
Short-term bank loans   1,640,000    1,629,000 
Short term loan   -    100,000 
Notes payable   -    106,800 
Accrued expenses and other current liabilities   1,300,803    2,118,854 
Advance from customers   10,985    12,070 
Operating lease liability – current portion   347,100    316,178 
Due to related parties   393,424    288,445 
Convertible notes payable - related parties, current portion   -    250,000 
Total Current Liabilities   3,692,312    4,844,391 
Paycheck Protection Program Loan Payable   -    124,400 
Tenant security deposit   10,580    19,280 
Operating lease liability – noncurrent portion   1,124,799    1,456,567 
Convertible notes payable - noncurrent portion   -    2,500,000 
Total Liabilities   4,827,691    8,944,638 
Preferred stock, $0.001 par value, 20,000,000 authorized, nil shares issued and outstanding   -    - 
Common stock, $0.001 par value, 100,000,000 authorized, 28,926,322 and 24,420,526 shares issued and outstanding   28,926    24,420 
Additional paid-in capital   58,113,667    40,751,807 
Stock subscription receivable   (2,257,400)   (3,160,360)
Accumulated deficit   (38,481,200)   (25,642,387)
Accumulated other comprehensive income   539,660    564,860 
Treasury stock   (9,100,000)   (9,100,000)
Total Stockholders’ equity   8,843,653    3,438,340 
Noncontrolling Interest   26,689    (776,273)
Total Equity   8,870,342    2,662,067 
Total Liabilities and Equity  $13,698,033   $11,606,705 









Year Ended December 31,

   2021   2020 
Revenue  $355,797   $483,045 
Cost of revenue   5,086    18,716 
Gross profit   350,711    464,329 
Operating expenses          
Selling, general and administrative expenses   5,746,119    4,273,468 
Research and development expenses   1,003,805    549,658 
Stock based compensation   5,306,755    4,146,979 
Total operating expenses   12,056,679    8,970,105 
Loss from operations   (11,705,968)   (8,505,776)
Other income (expense)          
Interest income   43,196    71,045 
Interest expense   (227,210)   (405,032)
Operating sublease income   134,576    20,071 
Operating sublease income - related parties   4,800    4,800 
Impairment loss   -    (961,217)
Investment loss   -    (40,589)
Gain/Loss on foreign exchange changes   426,316    (3,275)
Gain/Loss on investment in equity securities   (269,844)   (1,168,733)
Other income (expense)   22,409    174,770 
Government grant income   360,898    - 
Total other income (expenses)   495,141    (2,308,160)
Loss before provision for income tax   (11,210,827)   (10,813,936)
Provision for income tax expense (benefit)   825,024    (220,352)
Net loss   (12,035,851)   (10,593,584)
Net loss attributable to noncontrolling interests   802,962    (802,420)
Net loss attributed to ABVC and subsidiaries   (12,838,813)   (9,791,164)
Foreign currency translation adjustment   (25,200)   (98,893)
Comprehensive loss  $(12,864,013)  $(9,890,057)
Net loss per share:          
Basic and diluted  $(0.51)  $(0.50)
Weighted average number of common shares outstanding:          
Basic and diluted   25,053,522    19,715,559 









   2021   2020 
Cash flows from operating activities        
Net loss  $(12,035,851)  $(10,593,584)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation   11,993    37,142 
Stock based compensation   5,306,755    4,146,979 
Gain/Loss on investment in equity securities   269,844    1,168,733 
Government grant income   (360,898)   - 
Other non-cash income and expenses   -    (15,360)
Investment loss   -    1,001,806 
Deferred tax   824,199    (223,201)
Changes in operating assets and liabilities:          
Decrease (increase) in accounts receivable   (120,980)   3,696 
Decrease (increase) in prepaid expenses and other current assets   (357,276)   (15,778)
Decrease (increase) in due from related parties   (595,037)   20,645 
Decrease (increase) in inventory   (25,830)   - 
Increase (decrease) in accounts payable   (23,044)   (951)
Increase (decrease) in accrued expenses and other current liabilities   (173,151)   (359,822)
Increase (decrease) in advanced from others   (1,085)   (1,015)
Increase (decrease) in due to related parties   (317,358)   266,791 
Net cash used in operating activities   (7,597,719)   (4,563,919)
Cash flows from investing activities          
Net proceeds from sale of investment   -    147,804 
Purchase of investments   (107,547)   - 
Purchase of equipment   (17,503)   - 
Loan to related parties   -    (373,235)
Prepayment for equity investment   (680,916)     
Net cash used in investing activities   (805,966)   (225,431)
Cash flows from financing activities          
Issuance of common stock   11,119,452    7,615,331 
Payment for offering costs   (850,429)   - 
Proceeds from convertible notes   -    2,500,000 
Repayment of convertible notes   (306,836)   - 
Repayment of short-term loan   (100,000)   - 
Repayment of notes payable   (107,400)   - 
Repayment of short-term bank loan   -    (350,000)
Proceeds from short-term loan   -    100,000 
Proceeds from long-term loan   236,498    124,400 
Proceeds from (repayments of) short term borrowings from third parties   4,265    (480,989)
Proceeds from borrowings from related parties   -    72,704 
Repayment of long-term bank loans   -    (13,603)
Net cash provided by financing activities   9,995,550    9,567,843 
Effect of exchange rate changes on cash and cash equivalents and restricted cash   (28,021)   62,435 
Net increase in cash and cash equivalents and restricted cash   1,563,844    4,840,928 
Cash and cash equivalents and restricted cash          
Beginning   5,001,371    160,443 
Ending  $6,565,215   $5,001,371 
Supplemental disclosure of cash flows          
Cash paid during the year for:          
Interest expense paid  $333,873   $208,556 
Income taxes paid  $-   $- 
Non-cash financing and investing activities          
Common shares issued for debt conversion  $2,693,548   $1,717,051 






The following information was filed by American Brivision (ABVC) on Thursday, March 31, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside American Brivision's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Operations And Comprehensive Loss (Unaudited)
Consolidated Statements Of Stockholders??? Equity (Deficit) (Unaudited)
Accounting Policies, By Policy (Policies)
Bank Loans
Bank Loans (Details)
Bank Loans (Details) - Schedule Of Short-Term Bank Loan
Bank Loans (Tables)
Business Combination
Business Combination (Details)
Business Combination (Details) - Schedule Of Assets Acquired And Liabilities Assumed Based On Fair Value
Business Combination (Tables)
Collaborative Agreements
Collaborative Agreements (Details)
Convertible Notes Payable
Convertible Notes Payable (Details)
Equity (Details)
Equity (Details) - Schedule Of Converted Amount Of Debt And Shares
Equity (Tables)
Inventory (Details) - Schedule Of Inventory
Inventory (Tables)
Lease (Details) - Schedule Of Minimum Future Annual Payments Under Non-Cancellable Leases
Lease (Details) - Schedule Of Operating Lease Arrangements
Lease (Details) - Schedule Of Supplemental Information Related To Operating Leases
Lease (Tables)
Long-Term Investments
Long-Term Investments (Details)
Long-Term Investments (Details) - Schedule Of Balance Sheets
Long-Term Investments (Details) - Schedule Of Equity Investments
Long-Term Investments (Details) - Schedule Of Extent The Investee Relies
Long-Term Investments (Details) - Schedule Of Long-Term Investment
Long-Term Investments (Details) - Schedule Of Ownership Percentages Of Investee
Long-Term Investments (Details) - Schedule Of Statements Of Operation
Long-Term Investments (Tables)
Loss Per Share
Loss Per Share (Details) - Schedule Of Loss Per Share
Loss Per Share (Tables)
Notes Payable
Notes Payable (Details)
Organization And Description Of Business
Organization And Description Of Business (Details)
Paycheck Protection Program Loan Payable
Paycheck Protection Program Loan Payable (Details)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Details) - Schedule Of Property And Equipment
Property And Equipment (Tables)
Related Parties Transactions
Related Parties Transactions (Details)
Related Parties Transactions (Details) - Schedule Of Accounts Receivable Due From Related Parties
Related Parties Transactions (Details) - Schedule Of Amount Due From Related Parties
Related Parties Transactions (Details) - Schedule Of Amount Due To Related Parties
Related Parties Transactions (Details) - Schedule Of Related Party Transactions
Related Parties Transactions (Tables)
Short-Term Loan
Short-Term Loan (Details)
Stock Options
Stock Options (Details)
Stock Options (Details) - Schedule Of Fair Value Of Stock Options Granted
Stock Options (Details) - Schedule Of Options Issued And Outstanding
Stock Options (Tables)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Details) - Schedule Of Property And Equipment Useful Lives
Summary Of Significant Accounting Policies (Tables)

Material Contracts, Statements, Certifications & more

American Brivision provided additional information to their SEC Filing as exhibits

Ticker: ABVC
CIK: 1173313
Form Type: 10-Q Quarterly Report
Accession Number: 0001213900-22-027157
Submitted to the SEC: Mon May 16 2022 4:32:03 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Pharmaceutical Preparations

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