Exhibit 10.23


 


[Translation of the Original Copy]


 


Letter from Taiwan Cooperative Bank Jianguo
Branch


 


	 	Address: No. 77 Xinyi Road, Section 3, Taipei City
	 	Contact: Zhenyi Huang
	 	Tel: 
	 	Fax:


 


To: Yao-Teh International Recreation Co., Ltd.


Issue Date: November 1, 2017


Issue Number: HEJIN JIANGUO NO. 1060004247


Document Category: Regular


Confidential Class, Decryption conditions or Confidentiality
period: n/a


Exhibit: See below


 


		Subject:	The Branch hereby approves the proposal submitted on October 26, 2017 by Mr. Fun-Ming Lo and Yao-Teh
International Recreation Co., Ltd. (“Yao-Teh”) respecting the repayments of Yao-Teh’s loan owed to Taiwan Cooperative
Bank. The proposal application is attached herein as Exhibit A.



 


		Statement:	Our decision is made in accordance with proposal as settlement with Yao-Teh submitted on October
26, 2017.



 


Original
copy: Mr. Fun-Ming Lo and Yao-Teh International Recreation Co., Ltd.


Duplicate
copy: District Center of the Second District, Bei City


 


The proposal is approved and issued by
the Branch Manager in accordance with the Branch’s responsibility.


 


Sealed by Sulan Huang, the Branch Manager


 




     


     


    

 


Exhibit A


 


The Applicant, Fun-Ming Lo, was the Representative
of Yao-Teh International Recreation Co., Ltd. (hereinafter referred to as “Yao-Teh”). In 1990s, Mr. Fun-Ming Lo on
behalf of Yao-Teh borrowed funds from our Branch and acted as a guarantor of such loan. The principal and interest had been repaid
accordingly until October 1995 when the principal and interests were not paid in time and the repayment ceased due to various controllable
reasons. As of the date herein, the principal amount of the loan is NTD 89,313,959.00 (approximately $2,958,971 U.S. dollars),
and the accrued interest together with penalty accrued since October 11, 1995 are unpaid. To show Applicant’s commitment
to repay the loan, the Branch accepts the following terms and conditions of restructuring the loan:


 


		I.	The principal amount shall be:



NTD 89,313,959 (approximately
$2,958,971 U.S. dollars). The Applicant shall pay NTD 2 million (approximately $66,303 U.S. dollars) on December 15, 2017, and
starting from January 1st, 2018, the Applicant shall make the payment on a monthly basis in the amount of NTD 1 million
(approximately $33,151) for five consecutive months. Then from June 1st, 2018, the Applicant shall make payments in
an amount of NTD 1.5 million (approximately $49,755) on a monthly basis for fifty-five consecutive months except that the last
payment shall be made in the amount of NTD 1,313,959 (approximately $43,559). The Applicant shall issue six checks for the monthly
payments in advance.


 


		II.	The Accrued Interest and penalty part:



The amount of the accrued interest
from October 11, 1995 to October 25, 2017 is reduced to NTD 59,101,371 (approximately $1,956,846 U.S. dollars) from the original
amount of NTD 193,064,480 (approximately $6,400,386 U.S. dollars) calculated based on the interest rate of 9.8%. The amount of
penalty is reduced to NTD 10,016,622 (approximately $332,251 U.S. dollars) from the original amount of NTD 32,720,964 (approximately
$1,083,391 U.S. dollars) based on the interest rate of 1.96%. The total amount of the accrued interest and penalty is reduced to
NTD 69,117,993 (approximately $2,292,643 U.S. dollars).


 


		III.	Before the Applicant makes all the payments, if the Yao-Teh has enough cash to pay the total outstanding
balance in one time, Yao-Teh may renegotiate with the Taiwan Cooperative Bank about the terms of the repayment of such balance.



 


When the terms stated herein
are approved, the Applicant shall comply with the terms immediately. If the repayments are not made in accordance with this application
letter, the Applicant is sued or forced to pay its liabilities to other creditors, or declared bankruptcy by a third party, the
Applicant shall immediately lose the benefits brought by this application letter, all the outstanding loan shall be deemed due
and the Branch may immediately demand repayments in accordance with the terms of the original loan contract.


 


The Applicant acknowledges that
all the contracts relating to the original loan with the Branch remain effective before the outstanding balance of this restructured
loan is fully repaid.


 




     


     


    

 


	Taiwan Cooperative Bank	Signed and sealed 
	 	 
	 	Applicant (and Guarantor): Yao-Teh International Recreation Co., Ltd.
	 	Representative:  Fun-Ming Lo
	 	Unified number: 22954579
	 	Address: No. 106 Zhouzi St., 4th Floor, Neihu District, Taipei City
	 	Tel: 26582502


 


Republic of China October 26, 2017