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LEASE | 12 Months Ended
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Dec. 31, 2024
Lessee Disclosure [Abstract] |
Lease | 18. Lease Operating leases The Group’s leases consist of operating leases for corporate offices, data centers, and other facilities. The Group determines if an arrangement is a lease at inception. Some lease agreements contain lease and non-lease components, which the Group choose to account for as separate components. The allocation of the consideration between the lease and the non-lease components is based on the relative stand-alone prices of lease components included in the lease contracts. As of December 31, 2024, the Group had no long-term leases that were classified as a financing lease. As of December 31, 2024, the operating leases that have not yet commenced is immaterial. The arrangements of remaining lease terms are one y ear to four years. Total lease expenses for the year ended December 31, 2023 and 2024 was US$6,337,447 and US$5,688,809, which were recorded in occupancy, depreciation and amortization on the consolidated statements of comprehensive income (loss). The Group classifies operating lease payments as cash outflows for operating activities in the statement of cash flows. The Group presents the reduction in the carrying amount of the right-of-use assets and the change in operating lease liabilities as two adjustments to net income and changes in net assets in the reconciliation of net income to net cash flows from operating activities. The following table presents balances reported in the consolidated balance sheets related to the Group’s leases:
|  | For the years ended December 31, |
|  | 2023 |  |  | 2024 |
|  | US$ |  |  | US$ |
Operating lease right-of-use assets |  |  | 9,067,885 |  |  |  | 10,880,673 |
Operating lease liabilities |  |  | 8,911,017 |  |  |  | 10,056,251 |
The following table presents operating lease expenses and short-term lease expenses reported in the consolidated statements of comprehensive income (loss) related to the Group’s leases:
|  | For the years ended December 31, |
|  | 2023 |  |  | 2024 |
|  | US$ |  |  | US$ |
Operating lease expenses |  |  | 5,681,600 |  |  |  | 5,168,034 |
Short-term lease expenses |  |  | 655,847 |  |  |  | 520,775 |
A summary of supplemental information related to operating leases is as follows:
|  | For the years ended December 31, |
|  | 2023 |  |  | 2024 |
|  | US$ |  |  | US$ |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows used in operating leases |  |  | 6,357,265 |  |  |  | 6,319,923 |
Non-cash right-of-use assets in exchange for new lease obligations: |  |  |  |  |  |
Operating leases |  |  | 1,021,178 |  |  |  | 6,748,032 |
Weighted average remaining lease term: |  |  |  |  |  |
Operating leases |  | 4 years |  |  | 4 years |
Weighted average discount rate: |  |  |  |  |  |
Operating leases |  | 5.3% |  |  | 4.8% |
18. Lease (Continued) Operating leases (Continued) The following is a maturity analysis of the annual undiscounted cash flows for the annual periods ended December 31:
|  | 2024 |
|  | US$ |
Years ending December 31: |  |  |
2025 |  |  | 4,576,442 |
2026 |  |  | 3,958,840 |
2027 |  |  | 1,896,985 |
2028 |  |  | 325,244 |
2029 and after |  |  | — |
Total undiscounted operating lease payments |  |  | 10,757,511 |
Less: imputed interest |  |  | (701,260 | )
Present value of operating lease liabilities |  |  | 10,056,251 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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