| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES Basis of Presentation The accompanying consolidated unaudited
financial statements have been prepared in accordance with the generally accepted accounting principles in the United States of
America (the “U.S. GAAP”). All significant intercompany transactions and account balances have been eliminated. 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. Fiscal Year The Company changed its fiscal year from
the period beginning on October 1 st th st st th Use of Estimates The preparation of financial statements
in conformity with accounting principles generally accepted in the United States of America 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. Reclassifications Certain classifications have been made
to the prior year financial statements to conform to the current year presentation. The reclassification had no impact on previously
reported net loss or accumulated deficit. Forward Stock split On March 21, 2016, the Board of Directors
and the majority of the shareholders 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 its authorized shares of common stock, par value $0.001 per share, to 360,000,000,
which was effective on April 8, 2016. As a result, all shares outstanding for all periods have been retroactively restated to reflect
Company’s 1 to 3:141 forward stock split. Fair Value Measurements The Company applies the provisions of FASB
ASC Topic 820, “Fair Value Measurements and Disclosures” (the “ASC 820”), 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, 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 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. The carrying values of certain assets and
liabilities of the Company, such as cash and cash equivalents, accounts receivable, due from related parties, accrued expenses,
and due to related parties approximate fair value due to their relatively short maturities. The carrying value of the Company’s
convertible notes payable and accrued interest approximates their fair value as the terms of the borrowing are consistent with
current market rates. 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 September 30, 2018 and
December 31, 2017, the Company’s cash and cash equivalents amounted to $4,389 and $93,332, respectively. The
Company’s cash deposits are held in financial institutions located in both Taiwan and the United States of America
where there are currently regulations mandated on obligatory insurance of bank accounts. The Company believes these financial
institutions are of high credit quality. Concentration of Credit Risk The Company’s financial instruments
that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and
temporary cash investments in high quality credit institutions, but these investments may be in excess of Taiwan Central Deposit
Insurance Corporation and the U.S. Federal Deposit Insurance Corporation’s insurance limits. The Company does not enter into
financial instruments for hedging, trading or speculative purposes. Receivable from Collaboration Partners Receivable from collaboration partners
is stated at carrying value less estimates made for doubtful receivables. An allowance for impairment of receivable from collaboration
partners is established if the collection of a receivable becomes doubtful. Such receivable becomes doubtful when there is objective
evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. Significant
financial difficulties of the debtor, probability that the debtor will enter into bankruptcy or financial reorganization, and default
or delinquency in payments are considered indicators that the receivable is impaired. The amount of the allowance is the difference
between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective
interest rate. An impairment loss is recognized in the statement of operations, as are subsequent recoveries of previous impairments. Research and Development Expenses The Company accounts for R&D costs
in accordance with FASB ASC 730, “Research and Development” (the “ASC 730”). Research and development expenses
are charged to expense as incurred unless there is an alternative future use in other research and development projects or otherwise.
Research and development expenses are comprised of costs incurred in performing research and development activities, including
personnel-related costs, share-based compensation, and facilities-related overhead, outside contracted services including clinical
trial costs, manufacturing and process development costs for both clinical and preclinical materials, research costs, upfront and
development milestone payments under collaborative agreements and other consulting services. Non-refundable advance payment for
goods and services that will be used in future research and development activities are expensed when the activity has been performed
or when the goods have been received rather than when the payment is made. In instances where the Company enters into agreements
with third parties to provide research and development services, costs are expensed as services are performed. Amounts due under
such arrangements may be either fixed fee or fee for service, and may include upfront payments, monthly payments, and payments
upon the completion of milestones or receipt of deliverables. Stock-based Compensation The Company measures expense associated
with all employee stock-based compensation awards using a fair value method and recognizes such expense in the consolidated financial
statements on a straight-line basis over the requisite service period in accordance with FASB ASC Topic 718 “Compensation-Stock
Compensation”. Total employee stock-based compensation expenses were $0 for the three and nine months ended September 30,
2018 and 2017. The Company accounted for stock-based compensation to non-employees in accordance with FASB ASC Topic
718 “Compensation-Stock Compensation” and FASB ASC Topic 505-50 “Equity-Based Payments to Non-Employees”
which requires that the cost of services received from non-employees is measured at fair value at the earlier of the performance
commitment date or the date service is completed and recognized over the period the service is provided. Total non-employee stock-based
compensation expenses were $7,575 and $132,110 for the three months ended September 30, 2018 and 2017, respectively. Total non-employee
stock-based compensation expenses were $23,401 and $138,038 for the nine months ended September 30, 2018 and 2017, respectively. Beneficial Conversion Feature From time to time, the Company may issue
convertible notes that may contain an imbedded beneficial conversion feature. A beneficial conversion feature exists on the date
a convertible note is issued when the fair value of the underlying common stock to which the note is convertible into is in excess
of the remaining unallocated proceeds of the note after first considering the allocation of a portion of the note proceeds to the
fair value of the warrants, if related warrants have been granted. The intrinsic value of the beneficial conversion feature is
recorded as a debt discount with a corresponding amount to additional paid in capital. The debt discount is amortized to interest
expense over the life of the note using the effective interest method. Income Taxes The Company accounts for income taxes using
the asset and liability approach which allows the recognition and measurement of deferred tax assets to be 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 expire before the Company is able to realize their benefits, or future deductibility is uncertain. Under FASB ASC Topic 740 “Income
Taxes”, 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 benefits
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 satisfied. Penalties and interest incurred related to underpayment of income tax are classified
as income tax expense in the year incurred. No significant penalty or interest relating to income taxes has been incurred for the
nine months ended September 30, 2018 and 2017. GAAP also provides guidance on de-recognition, classification, interest and penalties,
accounting in interim periods, disclosures and transition. On
December 22, 2017, the SEC issued Staff Accounting Bulletin (“SAB 118”), which provides guidance on accounting for
tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment
date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax
effects of those aspects of the Act for which the accounting under ASC 740 is complete. In March 2018, the FASB issued ASU 2018-05,
Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (SEC Update), Income Taxes (Topic 740). ASU 2018-05
provides guidance regarding the recording of tax impacts where uncertainty exists, in the period of adoption of the 2017 U.S. Tax
Cuts and Jobs Act (the “2017 Tax Act”). In accordance with this guidance, the Company’s financial results reflect
provisional amounts for those specific income tax effects of the 2017 Tax Act for which the accounting under ASC Topic 740 is incomplete
but a reasonable estimate could be determined. If a company cannot determine a provisional estimate to be included in the financial
statements, it should continue to apply ASC 740 on the basis of the provision of the tax laws that were in effect immediately before
the enactment of the Tax Act. While the Company is able to make reasonable estimates of the impact of the reduction in corporate
rate and the deemed repatriation transition tax, the final impact of the Tax Act may differ from these estimates, due to, among
other things, changes in its interpretations and assumptions, additional guidance that may be issued by the I.R.S., and actions
that the Company may take. The Company is continuing to gather additional information to determine the final impact. For the nine months ended September 30,
2018 and 2017, the Company’s income tax expense amounted $1,850 and $830, respectively. Loss Per Share of Common Stock The Company calculates net loss per share
in accordance with ASC Topic 260, “Earnings per Share”. Basic loss per share is computed by dividing the net loss by
the weighted average number of common shares outstanding during the period. Diluted loss per share is computed similar to basic
loss per share except that the denominator is increased to include the number of additional common shares that would have been
outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. Diluted
earnings per share excludes all dilutive potential shares if their effect is anti-dilutive. Commitments and Contingencies The Company has adopted ASC Topic 450 “Contingencies”
subtopic 20, in determining its accruals and disclosures with respect to loss contingencies. Accordingly, estimated losses from
loss contingencies are accrued by a charge to income when information available before financial statements are issued or are available
to be issued indicates that it is probable that an assets had been impaired or a liability had been incurred at the date of the
financial statements and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are
expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made
in the financial statements when it is at least reasonably possible that a material loss could be incurred. Recent Accounting Pronouncements In February 2016, the Financial
Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases
(Topic 842), which amends the existing accounting standards for leases. The new standard requires lessees to record a right-of-use
asset and a corresponding lease liability on the balance sheet (with the exception of short-term leases). For lessees, leases will
continue to be classified as either operating or financing in the income statement. This ASU becomes effective in the first quarter
of fiscal year 2019 and early adoption is permitted. This ASU is required to be applied with a modified retrospective approach
and requires application of the new standard at the beginning of the earliest comparative period presented. In July 2018, the FASB
issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements. In issuing ASU No. 2018-11, the FASB decided
to provide another transition method in addition to the existing transition method by allowing entities to initially apply the new
leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in
the period of adoption. The Company is currently evaluating the impact that ASU 2016-02 and ASU 2018-11 will
have on its condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-08,
Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) .
In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations
and Licensing . In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements
and Practical Expedients and ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of
SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF
Meeting . In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts
with Customers. In September 2017, the FASB issued ASU 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers
(Topic 606), Leases (Topic 840), and Leases (Topic 842). These amendments provide additional clarification and implementation guidance
on the previously issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments in ASU 2016-08 clarify
how an entity should identify the specified good or service for the principal versus agent evaluation and how it should apply the
control principle to certain types of arrangements. ASU 2016-10 clarifies the following two aspects of ASU 2014-09: identifying
performance obligations and licensing implementation guidance. ASU 2016-11 rescinds several SEC Staff Announcements that are codified
in Topic 605, including, among other items, guidance relating to accounting for consideration given by a vendor to a customer,
as well as accounting for shipping and handling fees and freight services. ASU 2016-12 provides clarification to Topic 606 on how
to assess collectability, present sales tax, treat noncash consideration, and account for completed and modified contracts at the
time of transition. ASU 2016-12 clarifies that an entity retrospectively applying the guidance in Topic 606 is not required to
disclose the effect of the accounting change in the period of adoption. Additionally, ASU 2016-20 clarifies certain narrow aspects
within Topic 606 including its scope, contract cost accounting, and disclosures. The new guidance requires enhanced disclosures,
including revenue recognition policies to identify performance obligations to customers and significant judgments in measurement
and recognition. The effective date and transition requirements for these amendments are the same as the effective date and transition
requirements of ASU 2014-09, which is effective for fiscal years, and for interim periods within those years, beginning after December
15, 2017. The Company is currently evaluating the overall impact that ASU 2014-09 and its related amendments will have on the Company’s
condensed consolidated financial statements. On December 22, 2017, the SEC issued Staff
Accounting Bulletin (“SAB 118”), which provides guidance on accounting for tax effects of the Tax Act. SAB 118 provides
a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting
under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Act for which
the accounting under ASC 740 is complete. In March 2018, the FASB issued ASU 2018-05, Amendments
to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (SEC Update), Income Taxes (Topic 740). ASU 2018-05 provides
guidance regarding the recording of tax impacts where uncertainty exists, in the period of adoption of the 2017 U.S. Tax Cuts and
Jobs Act (the “2017 Tax Act”). In February 2018, the FASB issued Accounting
Standards Update No. 2018-02 (“ASU 2018-02”), Income Statement - Reporting Comprehensive Income (Topic 220). The guidance
in ASU 2018-02 allows an entity to elect to reclassify the stranded tax effects related to the Tax Cuts and Jobs Act (the Tax Act)
of 2017 from accumulated other comprehensive income into retained earnings. ASU 2018-02 is effective for fiscal years beginning
after December 15, 2018, with early adoption permitted. The Company is currently evaluating the effect this standard will have
on its condensed consolidated financial statements. In
June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718), Improvements to Nonemployee Share-based Payments
(“ASU 2018-07”). This ASU expands the scope of Topic 718 to include share-based payment transactions for acquiring
goods and services from nonemployees. The effective date for the standard is for interim periods in fiscal years beginning after
December 15, 2018, with early adoption permitted, but no earlier than the Company's adoption date of Topic 606. U The
new guidance is required to be applied retrospectively with the cumulative effect recognized at the date of initial application.
The Company is currently evaluating the effect ASU 2018-07 will have on the condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13,
Fair Value Measurement (“Topic 820”): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value
Measurement (“ASU 2018-13”). The ASU modifies the disclosure requirements in Topic 820, Fair Value Measurement, by
removing certain disclosure requirements related to the fair value hierarchy, modifying existing disclosure requirements related
to measurement uncertainty and adding new disclosure requirements, such as disclosing the changes in unrealized gains and losses
for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting
period and disclosing the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements.
This ASU is effective for public companies for annual reporting periods and interim periods within those annual periods beginning
after December 15, 2019. The Company is currently evaluating the effect, if any, that the ASU 2018-13 will have on its financial
statements. |
