ABVC Biopharma Announces Fiscal Year 2021 Financial and Operational Results

ABVC BIOPHARMA, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS                       December 31,   December 31,       2021   2020 ASSETS             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                  LIABILITIES AND EQUITY             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                  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, 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