ABVC BioPharma Files Q1 2024 10-Q Report

TL;DR

ABVC BioPharma filed its Q1 2024 10-Q. Check financials.

AI Summary

ABVC BioPharma, Inc. filed its quarterly report on Form 10-Q for the period ended March 31, 2024. The company, incorporated in Nevada, is involved in the pharmaceutical preparations industry. Its principal executive offices are located at 44370 Old Warm Springs Blvd., Fremont, CA 94538.

Why It Matters

This filing provides investors with an update on ABVC BioPharma's financial performance and operational status for the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing basic company information and financial reporting, not indicating immediate high risk.

Key Players & Entities

• ABVC BioPharma, Inc. (company) — Registrant
• March 31, 2024 (date) — Quarterly period end date
• 44370 Old Warm Springs Blvd. (address) — Principal executive office address
• Fremont, CA 94538 (address) — Principal executive office city, state, zip
• Nevada (location) — State of incorporation

FAQ

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share ABVC The Nasdaq Stock Market
• $0 — es of common stock, par value per share $0.001, issued and outstanding. TABLE OF

Filing Documents

• ea0205718-10q_abvcbio.htm (10-Q) — 1108KB
• ea020571801ex31-1_abvcbio.htm (EX-31.1) — 10KB
• ea020571801ex31-2_abvcbio.htm (EX-31.2) — 10KB
• ea020571801ex32-1_abvcbio.htm (EX-32.1) — 5KB
• ea020571801ex32-2_abvcbio.htm (EX-32.2) — 5KB
• 0001213900-24-044731.txt ( ) — 6921KB
• abvc-20240331.xsd (EX-101.SCH) — 71KB
• abvc-20240331_cal.xml (EX-101.CAL) — 43KB
• abvc-20240331_def.xml (EX-101.DEF) — 341KB
• abvc-20240331_lab.xml (EX-101.LAB) — 598KB
• abvc-20240331_pre.xml (EX-101.PRE) — 345KB
• ea0205718-10q_abvcbio_htm.xml (XML) — 746KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Unaudited Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Unaudited Consolidated 2 Unaudited Consolidated 3 Unaudited Consolidated 4 Notes to Unaudited Consolidated

Financial Statements

Financial Statements 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 3. Quantitative and Qualitative Disclosures About Market Risk 67 Item 4.

Controls and Procedures

Controls and Procedures 67 PART II OTHER INFORMATION 68 Item 1.

Legal Proceedings

Legal Proceedings 68 Item 1A.

Risk Factors

Risk Factors 6 8 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 68 Item 3. Defaults Upon Senior Securities 68 Item 4. Mine Safety Disclosures 68 Item 5. Other Information 68 Item 6. Exhibits 69

Signatures

Signatures 73 i CAUTIONARY NOTE ON FORWARD LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "Report") contains "forward-looking statements" which discuss matters that are not historical facts. Because they discuss future events or conditions, forward-looking statements may include words such as "anticipate," "believe," "estimate," "intend," "could," "should," "would," "may," "seek," "plan," "might," "will," "expect," "predict," "project," "forecast," "potential," "continue" and negatives thereof or similar expressions. Forward-looking statements speak only as of the date they are made, are based on various underlying assumptions and current expectations about the future and are not guarantees. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievement to be materially different from the results of operations or plans expressed or implied by such forward-looking statements. We cannot predict all of the risks and uncertainties. Accordingly, such information should not be regarded as representations that the results or conditions described in such statements or that our objectives and plans will be achieved and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. These forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors. Many of those factors are outside of our control and could cause actual results to differ materially from the results expressed or implied by those forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those specifically addressed under the headings "Risks Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. ABVC BIOPHARMA, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current Assets Cash and cash equivalents $ 30,489 $ 60,155 Restricted cash 628,513 656,625 Accounts receivable, net 1,530 1,530 Accounts receivable – related parties, net 10,463 10,463 Due from related parties – current 887,937 747,573 Short-term investments 75,916 79,312 Prepaid expense and other current assets 159,602 101,051 Total Current Assets 1,794,450 1,656,709 Property and equipment, net 7,949,150 7,969,278 Operating lease right-of-use assets 708,023 809,283 Long-term investments 2,474,514 2,527,740 Deferred tax assets, net - - Prepaid expenses – non-current 75,416 78,789 Security deposits 60,644 62,442 Prepayment for long-term investments 1,274,842 1,274,842 Due from related parties – non-current, net 123,363 113,516 Total Assets $ 14,460,402 $ 14,492,599 LIABILITIES AND EQUITY Current Liabilities Short-term bank loans $ 860,750 $ 899,250 Accrued expenses and other current liabilities 4,050,845 3,696,380 Contract liabilities 79,500 79,500 Taxes payables 108,110 112,946 Operating lease liabilities – current portion 389,870 401,826 Due to related parties 301,972 173,132 Convertible notes payable – third parties, net 842,567 569,456 Total Current Liabilities 6,633,614 5,932,490 Tenant security deposit 21,680 21,680 Operating lease liability – non-current portion 318,153 407,457 Total Liabilities 6,973,447 6,361,627 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, 100,000,000 authorized, 10,698,315 and 7,940,298 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively (1) 10,698 7,940 Additional paid-in capital 86,029,237 82,636,9

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. ORGANIZATION AND DESCRIPTION OF BUSINESS ABVC BioPharma, Inc. (the "Company"), formerly known as American BriVision (Holding) Corporation, a Nevada corporation, through the Company's operating entity, American BriVision Corporation ("BriVision"), which was incorporated in July 2015 in the State of Delaware, engages in biotechnology to fulfill unmet medical needs and focuses on the development of new drugs and medical devices derived from plants. BriVision develops its pipeline by carefully tracking new medical discoveries or medical device technologies in research institutions in the Asia-Pacific region. Pre-clinical, disease animal model and Phase I safety studies are examined closely by the Company to identify drugs that BriVision believes demonstrate efficacy and safety. Once a drug appears to be a good candidate for development and ultimately commercialization, BriVision licenses the drug or medical device from the original researchers and begins to introduce the drugs clinical plan to highly respected principal investigators in the United States, Australia and Taiwan to conduct a Phase II clinical trial. At present, clinical trials for the Company's drugs and medical devices are being conducted at such world-famous institutions as including Stanford University, University of California San Fransisco (UCSF) and Cedar Sinai Medical Centre (CSMC). BriVision had no predecessor operations prior to its formation on July 21, 2015. 2. LIQUIDITY AND GOING CONCERN The accompanying unaudited interim consolidated financial statements have been prepared in conformity with U.S. GAAP which contemplates continuation of the Company on a going concern basis. The going concern basis assumes that assets are realized, and liabilities are settled in the ordinary course of business at amounts disclosed in the unaudited interim consolidated financial statements. The Company's ability to continue as a going concern depe

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