ABVC BioPharma (ABVC) 10-Q/A 22 Feb 17 2016 Q2 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Mar. 31, 2016	May 16, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	American BriVision (Holding) Corp
Entity Central Index Key	1,173,313
Amendment Flag	true
Amendment Description	Explanatory Note American BriVision (Holding) Corporation(together with its subsidiary, the “Company” sometimes referred to as “we”, “us” or “our”) is filing this amendment (this “Amendment” or “Form 10-Q/A”) to its Quarterly Report on Form 10-Q for the period ended March 31, 2016, originally filed on May 16, 2016, as amended on May 17, 2016, (the “Original Form 10-Q”) to reflect the restatement of its consolidated financial statements for the period ended March 31, 2016, and related disclosures described below. The restatement of the Original Form 10-Q reflected in this Amendment corrects errors principally related to accrual of $10,000,000 of payable and related expense as set forth in the Collaborative Agreement dated December 29, 2015 (“Collaborative Agreement”), as amended, with BioLite, Inc (“Biolite”) in the consolidated financial statements, and revises the disclosure of related parties transactions and commitments and contingencies. Concurrently with the filing of this Amendment, we are also filing an amendment to our Annual Report on Form 10-K for the fiscal year ended September 30, 2016, as well as Quarterly Report on Form 10-Q for the period ended June 30, 2016 to reflect the restatement of our consolidated financial statements, which reflects the correction of the same type of error with respect to such periods. No other sections were affected, but for the convenience of the reader, this report on Form 10-Q/A restates in its entirety, as amended, our Original Form 10-Q. This report on Form 10- Q/A is presented as of the filing date of the Original Form 10-Q and does not reflect events occurring subsequent to the date of the Original Form 10-Q. Background of Restatement We noted that there was a delay of accrual for the two payments in total of $10,000,000 as set forth in the Collaborative Agreement : 1) 3.5% of total payment related to the upfront payment shall be made upon the execution of the Collaborative Agreement; and 2) 6.5% of the total payment shall be made upon the first IND submission (which was submitted in March 2016). The Company restated the consolidated financial statements in order to record the related liability and expense in the correct period, as well as providing necessary revision for the footnotes of related parties transactions and commitments and contingencies to reflect a more accurate disclosure. Items Amended by this Amendment This Amendment reflects the results of the work described above and includes the restatement of our consolidated financial statements for the period ended March 31, 2016. For the convenience of the reader, this Amendment sets forth the Original Form 10-Q, as modified and superseded where necessary to reflect the restatement, and as otherwise specifically indicated. Specifically, the following item included in the Original Form 10-Q is amended by this Amendment: - Part I, Item 1, Financial Statements - Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations
Current Fiscal Year End Date	--09-30
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		208,758,987

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 30, 2016	Sep. 30, 2015
Current assets
Cash	$ 872,639	$ 994,830
Prepayment		3,815
Total Current Assets	872,639	998,645
Deposit	3,815	3,815
Total Assets	876,454	1,002,460
Liabilities and Equity
Other payable		300,000
Due to related party	10,000,000	22,517
Due to shareholder	5,723	46,586
Total Liabilities	10,005,723	369,103
Commitments and Contingencies
Stockholders' equity
Common Stock 360,000,000 authorized at $0.001 par value; shares issued and outstanding 208,758,821 and 3,113,856 at March 31, 2016 and September 30, 2015	208,759	166,274
Additional paid-in capital	1,087,721	1,132,685
Subscription receivable		(350,000)
Accumulated deficit	(10,425,749)	(315,602)
Total equity (deficit)	(9,129,269)	633,357
Total liabilities and equity (deficit)	$ 876,454	$ 1,002,460

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Mar. 30, 2016	Sep. 30, 2015
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized	360,000,000	360,000,000
Common stock, shares issued	208,758,821	208,758,821
Common stock, shares outstanding	3,113,856	3,113,856

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	2 Months Ended	3 Months Ended	6 Months Ended
	Sep. 30, 2015	Mar. 31, 2016	Mar. 31, 2016
Income Statement [Abstract]
Revenues
Cost of sales		32	32
Gross loss		(32)	(32)
Operating expenses
Selling, general and administrative expenses	315,602	108,732	110,359
Research and development expenses		6,500,000	10,000,000
Net loss from operations	(315,602)	(6,608,732)	(10,110,359)
Other income(expense)
Other income		52	103
Interest income			141
Total Other Expenses		52	244
Loss from continuing operations before income taxes	(315,602)	(6,608,712)	(10,110,147)
Income taxes
Net loss	$ (315,602)	$ (6,608,712)	$ (4,507,799)
Basic and Diluted loss per share
Basic and diluted loss per share	$ 0	$ (0.03)	$ (0.05)
Weighted average number of shares outstanding basic and diluted	160,823,831	208,758,821	207,230,133

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)	2 Months Ended	6 Months Ended
	Sep. 30, 2015	Mar. 31, 2016
Cash flows from operating activities
Net loss from continuing operations	$ (315,602)	$ (4,507,799)
Adjustments to reconcile net loss to net cash used by operating activities:
(Increase) decrease in deposit	(3,815)
(Increase) decrease in prepayment	(3,815)	3,815
Increase (decrease) in other payable	300,000	(300,000)
Increase (decrease) in due to related party	22,517	9,977,483
Net cash used in operating activities	(517)	(428,849)
Cash flows from investing activities
Net cash provided by (used in) investing activities
Cash flows from financing activities
(Decrease) increase in due to shareholder	46,586	(43,342)
Proceeds from subscription receivable		350,000
Proceeds from issuance of shares	948,959
Net cash provided by financing activities	995,545	306,658
Net increase(decrease) in cash	994,830	(122,191)
Cash, beginning of period		994,830
Cash, end of period	994,830	872,639
Supplemental disclosure of cash flow information
Interest paid
Income taxes paid

Organization and Description of

Organization and Description of Business	6 Months Ended
	Mar. 31, 2016
Organization and Description of Business [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	1. ORGANIZATION AND DESCRIPTION OF BUSINESS American BriVision (Holding) Corporation (the “Company” or “Holding entity”), a Nevada corporation, thru the Company’s operating entity, American BriVision Corporation (“BriVision”), which was incorporated in July 2015 in the State of Delaware, engages in biotechnology and focuses on the development of new drugs and innovative medical devices to fulfill unmet medical needs. The business model of the Company is to integrate research achievements from world-famous institutions (such as Memorial Sloan Kettering Cancer Center (“MSKCC”) and MD Anderson Cancer Center), conduct clinical trials of translational medicine for Proof of Concept (“POC”), out-license to international pharmaceutical companies, and exploit global markets. REVERSE MERGER On February 8, 2016, a Share Exchange Agreement (“Share Exchange Agreement”) was entered into by and among American BriVision (Holding) Corporation (the “Company”), American BriVision Corporation (“BriVision”), Euro-Asia Investment & Finance Corp. Limited, a company incorporated under the laws of Hong Kong Special Administrative Region of Taiwan (“Euro-Asia”), being the owners of record of 52,336,000 shares of common stock of the Company, and the owners of record of all of the issued share capital of BriVision (the “BriVision Stock”). Pursuant to the Share Exchange Agreement, upon surrender by the BriVision Shareholders and the cancellation by BriVision of the certificates evidencing the BriVision Stock as registered in the name of each BriVision Shareholder, and pursuant to the registration of the Company in the register of members maintained by BriVision as the new holder of the BriVision Stock and the issuance of the certificates evidencing the aforementioned registration of the BriVision Stock in the name of the Company, the Company should issue 52,936,583 shares (the “AcquisitionStock”) (subject to adjustment for fractionalized shares as set forth below) of the Company’s common stock to the BriVision Shareholders (or their designees), and 51,945,225 shares of the Company’s common stock owned by Euro-Asia should be cancelled and retired to treasury. The Acquisition Stock collectively should represent 79.70% of the issued and outstanding common stock of the Company immediately after the Closing, in exchange for the BriVision Stock, representing 100% of the issued share capital of BriVision. As a result of the exchange of the BriVision Stock for the Acquisition Stock (the “Share Exchange”), BriVision became a wholly owned subsidiary (the “Subsidiary”) of the Company and there was a change of control of the Company following the closing. There were no warrants, options or other equity instruments issued in connection with the share exchange agreement. As a result of the consummation of the Share Exchange, BriVision is now our wholly-owned subsidiary and its shareholders own approximately 79.70% of our issued and outstanding common stock. Following the Share Exchange, we have abandoned our prior business plan and we are now pursuing BriVision’s historical businesses and proposed businesses, which focus on the development of new drugs and innovative medical devices to fulfill unmet medical needs. The business model of the Company is to integrate research achievements from world-famous institutions, conduct clinical trials of translational medicine for Proof of Concept (“POC”), out-license to international pharmaceutical companies, and exploit global markets. Accounting Treatment of the Reverse Merger For financial reporting purposes, the Share Exchange represents a “reverse merger” rather than a business combination and BriVision is deemed to be the accounting acquirer in the transaction. The Share Exchange is being accounted for as a reverse-merger and recapitalization. BriVision is the acquirer for financial reporting purposes and the Company is the acquired company. Consequently, the assets and liabilities and the operations that will be reflected in the historical financial statements prior to the Share Exchange will be those of BriVision and will be recorded at the historical cost basis of BriVision, and the consolidated financial statements after completion of the Share Exchange will include the assets and liabilities of the Company and BriVision, and the historical operations of BriVision and operations of the Combined Company from the closing date of the Share Exchange.

Corrections to Previously Issue

Corrections to Previously Issued Consolidated Financial Statements	6 Months Ended
	Mar. 31, 2016
Corrections to Previously Issued Consolidated Financial Statements [Abstract]
CORRECTIONS TO PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS	2. CORRECTIONS TO PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS The Company discovered that it had erroneously stated that the research and development expenses were $0 and $0 for the three and six months ended March 31, 2016. Instead, our research and development expenses were $6,500,000 and $10,000,000 for the three and six months ended March 31, 2016. The following tables present the effect of the correction discussed above and other adjustments on selected line items of our previously reported consolidated financial statements as of and for the period ended March 31, 2016. As of and for the Period Ended Previously Adjustments Restated Consolidated Statements of Balance Sheets Due to related party - 10,000,000 10,000,000 Accumulated deficit (425,749 ) (10,000,000 ) (10,425,749 ) Consolidated Statements of Operations and Comprehensive Loss For the three months ended March 31, 2016 Research and development expenses - 6,500,000 6,500,000 Net Loss (108,712 ) (6,500,000 ) (6,608,712 ) Basic and diluted loss per share (0.00 ) (0.03 ) (0.03 ) For the six months ended March 31, 2016 Research and development expenses - 10,000,000 10,000,000 Net Loss (110,1470 (10,000,000 ) (10,110,147 ) Basic and diluted loss per share (0.00 ) (0.05 ) (0.05 )

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying audited financial statements and related notes have been prepared in accordance with generally accepted accounting principles in the United States of America(U.S. GAAP). This basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred. The Company’s financial statements are expressed in U.S. dollars. The condensed financial statements include all adjustments that, in the opinion of management, are necessary in order to make the financial statements not misleading. Certain information and footnote disclosure normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted. The results of operations for the periods ended March 31, 2016 are not necessarily indicative of the operating results for the full year. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amount of revenues and expenses during the reporting periods. Actual results could differ materially from those results. Forward Stock split On March 21, 2016, the Board of Directors of the Company approved an amendment to Articles of Incorporation to effect a forward split at a ratio of 1 to 3:141 and increase the number of our authorized shares of common stock, par value $0.001 per share, to 360,000,000, which was effective on April 8, 2016. The amendment to Articles of Incorporation was approved by the majority of the shareholders of the Company. See Note 4 for more details. Fair Value Measurements The Company applies the provisions of ASC Subtopic 820-10, “Fair Value Measurements”, for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements. ASC 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. ASC 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes three levels of inputs that may be used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: ● Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value. There were no assets or liabilities measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 as of September 30, 2015. 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 March 31, 2016, the Company’s cash and cash equivalents amounted $872,639. As of September 30, 2015, the Company’s cash and cash equivalents amounted $994,830. All of the Company’s cash deposit is held in a financial institution located in PRC where there is currently regulation mandated on obligatory insurance of bank accounts. The Company believes this financial institution is of high credit quality. Income Taxes The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The evaluation of a tax position is a two-step process. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigations based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the year incurred. No significant penalties or interest relating to income taxes have been incurred during the period from July 21, 2015 (inception) to September 30, 2015. GAAP also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosures and transition. Recent Accounting Pronouncements From time to time, new accounting standards are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. The recent accounting standards are not expected to have a material impact on the consolidated financial statements upon adoption.

Related Parties Transactions

Related Parties Transactions	6 Months Ended
	Mar. 31, 2016
Related Parties Transactions [Abstract]
RELATED PARTIES TRANSACTIONS	4. RELATED PARTIES TRANSACTIONS As of March 31, 2016 and September 30, 2015, the amount due to a related party, BioLite, Inc (“Biolite”) was $10,000,000 and $22,517, respectively. As of March 31, 2016 and September 30, 2015, the amount due to shareholder, YuanGene Corporation, was $5,723 and $46,586, respectively.

Equity

Equity	6 Months Ended
	Mar. 31, 2016
Equity [Abstract]
EQUITY	5. EQUITY During October 2015, $350,000 of subscription receivable was fully collected from the shareholders. On March 21, 2016, the Board of Directors of the Company approved an amendment to Articles of Incorporation to effect a forward split at a ratio of 1 to 3:141 (the “Forward Stock Split”) and increase the number of our authorized shares of common stock, par value $0.001 per share, to 360,000,000, which was effective on April 8, 2016. The amendment to Articles of Incorporation was approved by the majority of the shareholders of the Company

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Mar. 31, 2016
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	6. COMMITMENTS AND CONTINGENCIES Collaborative agreement On December 29, 2015, American BriVision Corporation entered into a Collaborative Agreement with BioLite Inc., a related party, pursuant to which BioLite granted the Company sole licensing rights for drug and therapeutic use of five products: BLI-1005 CNS-Major Depressive Disorder; BLI-1008 CNS-Attention Deficit Hyperactivity Disorder; BLI-1401-1 Anti-Tumor Combination Therapy-Solid Tumor with Anti-PD-1; BLI-1401-2 Anti-Tumor Combination Therapy-Triple Negative Breast Cancer; and BLI-1501 Hematology-Chronic Lymphocytic Leukemia, in USA and Canada. Under the Collaborative Agreement, BriVision should pay a total of $100,000,000 in cash or stock of BriVision with equivalent value, according to the following schedule: ● upfront payment shall upon the signing of this Collaborative Agreement: 3.5% of total payment. After receiving upfront payment from BriVision, BioLite has to deliver all data to BriVision in one week. upon the first IND submission, BriVision shall pay, but no later than December 15, 2016: 6.5% of total payment. After receiving second payment from BriVision, BioLite has to deliver IND package to BriVision in one week. ● at the completion of first phase II clinical trial, BriVision shall pay, but no later than September 15, 2017: 15% of total payment. After receiving third payment from BriVision, BioLite has to deliver phase II clinical study report to BriVision in three months. ● upon the phase III IND submission, BriVision shall pay, but no later than December 15, 2018: 20% of total payment. After receiving forth payment from BriVision, BioLite has to deliver IND package to BriVision in one week. ● at the completion of phase III, BriVision shall pay, but no later than September 15, 2019:25% of total payment. After receiving fifth payment from BriVision, BioLite has to deliver phase III clinical study report to BriVision in three months. ● upon the NDA submission, BriVision shall pay, but no later than December 15, 2020, BriVision shall pay: 30% of total payment. After receiving sixth payment from BriVision, BioLite has to deliver NDA package to BriVision in one week. Pursuant to the Collaborative Agreement, an upfront payment of $3,500,000 (the “Milestone Payment”), which is 3.5% of total payments due under the Collaborative Agreement, was to be paid by the Company upon signing of that agreement. $3,500,000 was wholly recorded as accounts payable as of March 31, 2016. On May 6, 2016, we and BioLite agreed to amend the Collaborative Agreement, through entry into the Milestone Payment Agreement, whereby we have agreed to pay the Milestone Payment to BioLite $2,600,000 in cash and $900,000 in newly issued shares of our common stock, at the price of $1.60 per share, for an aggregate number of 562,500 shares. The cash payment and shares issuance were completed in June 2016. Pursuant to the Collaborative Agreement,6.5% of total payment, $6,500,000 shall be made upon the first IND submission which was submitted in March 2016. $6,500,000 was wholly recorded as accounts payable as of March 31, 2016. This Collaborative Agreement shall, once signed by both Parties, remain in effect for fifteen years as of the first commercial sales of the Product in the Territory and automatically renew for five more years unless either party gives the other party six month written notice of termination prior to the expiration date of the term. The Company determined to fully expense the entire amount of $10,000,000 since currently the related licensing rights do not have alternative future uses. . According to ASC 730-10-25-1, absent alternative future uses the acquisition of product rights to be used in research and development activities must be charged to research and development expenses immediately. Hence the entire amount is fully expensed as research and development expense.

Summary of Significant Accoun12

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying audited financial statements and related notes have been prepared in accordance with generally accepted accounting principles in the United States of America(U.S. GAAP). This basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred. The Company’s financial statements are expressed in U.S. dollars. The condensed financial statements include all adjustments that, in the opinion of management, are necessary in order to make the financial statements not misleading. Certain information and footnote disclosure normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted. The results of operations for the periods ended March 31, 2016 are not necessarily indicative of the operating results for the full year.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amount of revenues and expenses during the reporting periods. Actual results could differ materially from those results.
Forward Stock split	Forward Stock split On March 21, 2016, the Board of Directors of the Company approved an amendment to Articles of Incorporation to effect a forward split at a ratio of 1 to 3:141 and increase the number of our authorized shares of common stock, par value $0.001 per share, to 360,000,000, which was effective on April 8, 2016. The amendment to Articles of Incorporation was approved by the majority of the shareholders of the Company. See Note 4 for more details.
Fair Value Measurements	Fair Value Measurements The Company applies the provisions of ASC Subtopic 820-10, “Fair Value Measurements”, for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements. ASC 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. ASC 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes three levels of inputs that may be used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: ● Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value. There were no assets or liabilities measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 as of September 30, 2015.
Cash and Cash Equivalents	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 March 31, 2016, the Company’s cash and cash equivalents amounted $872,639. As of September 30, 2015, the Company’s cash and cash equivalents amounted $994,830. All of the Company’s cash deposit is held in a financial institution located in PRC where there is currently regulation mandated on obligatory insurance of bank accounts. The Company believes this financial institution is of high credit quality.
Income Taxes	Income Taxes The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The evaluation of a tax position is a two-step process. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigations based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the year incurred. No significant penalties or interest relating to income taxes have been incurred during the period from July 21, 2015 (inception) to September 30, 2015. GAAP also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosures and transition.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting standards are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. The recent accounting standards are not expected to have a material impact on the consolidated financial statements upon adoption.

Corrections to Previously Iss13

Corrections to Previously Issued Consolidated Financial Statements (Tables)	6 Months Ended
	Mar. 31, 2016
Corrections to Previously Issued Consolidated Financial Statements [Abstract]
Schedule of corrections and consolidated financial statements	As of and for the Period Ended Previously Adjustments Restated Consolidated Statements of Balance Sheets Due to related party - 10,000,000 10,000,000 Accumulated deficit (425,749 ) (10,000,000 ) (10,425,749 ) Consolidated Statements of Operations and Comprehensive Loss For the three months ended March 31, 2016 Research and development expenses - 6,500,000 6,500,000 Net Loss (108,712 ) (6,500,000 ) (6,608,712 ) Basic and diluted loss per share (0.00 ) (0.03 ) (0.03 ) For the six months ended March 31, 2016 Research and development expenses - 10,000,000 10,000,000 Net Loss (110,1470 (10,000,000 ) (10,110,147 ) Basic and diluted loss per share (0.00 ) (0.05 ) (0.05 )

Organization and Description 14

Organization and Description of Business (Details) - shares	Feb. 08, 2016	Feb. 17, 2016
Organization and Description of Business (Textual)
Common stock issued pre-stock split		50,000
Share Exchange Agreement [Member]
Organization and Description of Business (Textual)
Common stock issued pre-stock split	52,336,000
Share Exchange Agreement 1 [Member]
Organization and Description of Business (Textual)
Common stock issued pre-stock split	52,936,583
Share Exchange Agreement 2 [Member]
Organization and Description of Business (Textual)
Common stock issued pre-stock split	51,945,225
Percentage of common shares issued and outstanding	79.70%
Percentage of issued share capital	100.00%

Corrections to Previously Iss15

Corrections to Previously Issued Consolidated Financial Statements (Details) - USD ($)	2 Months Ended	3 Months Ended	6 Months Ended
	Sep. 30, 2015	Mar. 31, 2016	Mar. 31, 2016	Mar. 30, 2016
Consolidated Statements of Balance Sheets
Due to related party	$ 22,517			$ 10,000,000
Accumulated deficit	(315,602)			$ (10,425,749)
Consolidated Statements of Operations and Comprehensive Loss
Research and development expenses		$ 6,500,000	$ 10,000,000
Net Loss	$ (315,602)	$ (6,608,712)	$ (4,507,799)
Basic and diluted loss per share	$ 0	$ (0.03)	$ (0.05)
Previously Reported [Member]
Consolidated Statements of Balance Sheets
Due to related party
Accumulated deficit		(425,749)	(425,749)
Consolidated Statements of Operations and Comprehensive Loss
Research and development expenses
Net Loss		$ (108,712)	$ (1,101,470)
Basic and diluted loss per share		$ 0	$ 0
Restated [Member]
Consolidated Statements of Balance Sheets
Due to related party		$ 10,000,000	$ 10,000,000
Accumulated deficit		(10,425,749)	(10,425,749)
Consolidated Statements of Operations and Comprehensive Loss
Research and development expenses		6,500,000	10,000,000
Net Loss		$ (6,608,712)	$ (10,110,147)
Basic and diluted loss per share		$ (0.03)	$ (0.05)
Adjustments [Member]
Consolidated Statements of Balance Sheets
Due to related party		$ 10,000,000	$ 10,000,000
Accumulated deficit		(10,000,000)	(10,000,000)
Consolidated Statements of Operations and Comprehensive Loss
Research and development expenses		6,500,000	10,000,000
Net Loss		$ (6,500,000)	$ (10,000,000)
Basic and diluted loss per share		$ (0.03)	$ (0.05)

Corrections to Previously Iss16

Corrections to Previously Issued Consolidated Financial Statements (Details Textual) - USD ($)	2 Months Ended	3 Months Ended	6 Months Ended
	Sep. 30, 2015	Mar. 31, 2016	Mar. 31, 2016
Corrections to Previously Issued Consolidated Financial Statements (Textual)
Research and Development Expense		$ 6,500,000	$ 10,000,000
Previously Reported [Member]
Corrections to Previously Issued Consolidated Financial Statements (Textual)
Research and Development Expense
Restated [Member]
Corrections to Previously Issued Consolidated Financial Statements (Textual)
Research and Development Expense		6,500,000	10,000,000
Adjustments [Member]
Corrections to Previously Issued Consolidated Financial Statements (Textual)
Research and Development Expense		$ 6,500,000	$ 10,000,000

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Details) - USD ($)	Mar. 21, 2016	Sep. 30, 2015	Mar. 31, 2016	Mar. 31, 2016	Mar. 30, 2016	Jul. 20, 2015
Summary of Significant Accounting Policies (Textual)
Forward split ratio	1 to 3:141
Common stock, authorized		360,000,000			360,000,000
Income tax expense
Common stock, par value		$ 0.001			$ 0.001
Cash and cash equivalents amounted		$ 994,830	$ 872,639	$ 872,639	$ 872,639

Related Parties Transactions (D

Related Parties Transactions (Details) - USD ($)	Mar. 30, 2016	Sep. 30, 2015
Related Parties Transactions (Textual)
Amount received from BriVision	$ 10,000,000	$ 22,517
Due to shareholder, YuanGene Corporation	$ 5,723	$ 46,586

Equity (Details)

Equity (Details) - USD ($)	Mar. 21, 2016	Mar. 30, 2016	Oct. 30, 2015	Sep. 30, 2015
Equity (Textual)
Subscription receivable			$ 350,000	$ 350,000
Description of forward split	1 to 3:141
Common Stock, authorized		360,000,000		360,000,000
Common stock, par value		$ 0.001		$ 0.001

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) - USD ($)	May 06, 2016	Sep. 30, 2015	Mar. 31, 2016	Mar. 30, 2016	Dec. 29, 2015
Commitments and Contingencies (Textual)
Amount received from BriVision		$ 22,517		$ 10,000,000
Common stock newly issued, shares		6,650,957	2,031,423
Collaborative Agreement [Member]
Commitments and Contingencies (Textual)
Description of payment settlement schedule			● upfront payment shall upon the signing of this Collaborative Agreement: 3.5% of total payment. After receiving upfront payment from BriVision, BioLite has to deliver all data to BriVision in one week. upon the first IND submission, BriVision shall pay, but no later than December 15, 2016: 6.5% of total payment. After receiving second payment from BriVision, BioLite has to deliver IND package to BriVision in one week. ● at the completion of first phase II clinical trial, BriVision shall pay, but no later than September 15, 2017: 15% of total payment. After receiving third payment from BriVision, BioLite has to deliver phase II clinical study report to BriVision in three months. ● upon the phase III IND submission, BriVision shall pay, but no later than December 15, 2018: 20% of total payment. After receiving forth payment from BriVision, BioLite has to deliver IND package to BriVision in one week. ● at the completion of phase III, BriVision shall pay, but no later than September 15, 2019:25% of total payment. After receiving fifth payment from BriVision, BioLite has to deliver phase III clinical study report to BriVision in three months. ● upon the NDA submission, BriVision shall pay, but no later than December 15, 2020, BriVision shall pay: 30% of total payment. After receiving sixth payment from BriVision, BioLite has to deliver NDA package to BriVision in one week.
Amount received from BriVision					$ 100,000,000
Upfront payments			$ 3,500,000
Percentage of payments under collaborative agreement			3.50%
Licensing rights			$ 3,500,000
Collaborative Agreement [Member] | Subsequent Event [Member]
Commitments and Contingencies (Textual)
Milestone payments to BioLite in cash	$ 2,600,000
Common stock newly issued, value	$ 900,000
Common stock newly issued, shares	562,500
Share price	$ 1.60
Collaborative Agreement One [Member]
Commitments and Contingencies (Textual)
Percentage of payments under collaborative agreement			6.50%
Accounts payable			$ 6,500,000