Operating Lease

12 Months Ended

Dec. 31, 2022

6. OPERATING LEASE

The Company leases its offices under non-cancelable operating lease agreements. These leases expire through 2025 and are renewable upon negotiation.

The operating lease right-of-use assets and the operating lease liabilities as of December 31, 2021 and 2022 were as follows:


	As of December 31,
	2021		2022
	US$		US$
Operating lease right-of-use assets		857,474		1,950,364

Operating lease liabilities, current		472,734		858,452
Operating lease liabilities, non-current		195,596		744,612
Total operating lease liabilities		668,330		1,603,064

Cash paid for amounts included in the measurement of operating lease liabilities for the year ended December 31, 2021 and 2022 was US$720,610 and US$1,075,939, respectively.

The operating lease cost and short-term lease cost for the year ended December 31, 2021 and 2022 were as follows:


	For the Year Ended December 31,
	2021		2022
	US$		US$
Operating lease cost		971,854		908,008
Short-term lease cost		425,129		1,032,818
Total lease cost		1,396,983		1,940,826

The weighted average remaining lease term as of December 31, 2022 was 2.32 years, and the weighted average discount rate of the operating leases was 4.5%.

Maturities of operating lease liabilities as of December 31, 2022 were as follows:


	December 31, 2022
	US$
2023		879,972
2024		718,770
2025 and thereafter		84,292
Total undiscounted lease payments		1,683,034
Less: imputed interest		(79,970	)
Total operating lease liabilities		1,603,064

As of December 31, 2021 and 2022, the Group had US$350,118 and US$234,841 of short-term lease commitments under non-cancellable operating leases, respectively.