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Leases | 9 Months Ended
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Sep. 30, 2023
Leases [Abstract] |
Leases | Note 12 – Leases Leases are classified as operating leases or finance leases in accordance with ASC 842. The Company’s operating leases mainly related to the rights to use building and office facilities. For leases with terms greater than 12 months, the Company records the related asset and liability at the present value of lease payments over the term. Certain leases include rental escalation clauses, renewal options and/or termination options, which are factored into the Company’s determination of lease payments when appropriate.
|  | September 30, 2023 |  |  | December 31, 2022 |
Weighted average discount rate: |  |  |  |  |  |
Operating lease |  |  | 5.25 years |  |  |  | N/A |
Weighted average discount rate: |  |  |  |  |  |  |  |
Operating lease |  |  | 4.24 | % |  |  | N/A |
The balances for the operating leases where the Group is the lessee are presented as follows within the consolidated balance sheets:
|  | September 30, 2023 |  |  | December 31, 2022 |
Operating lease right-of-use assets, net |  |  |  |  |  |
Operating lease |  |  | 1,683,518 |  |  |  | - |
Lease liabilities |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  |  | 324,162 |  |  |  | - |
Non-current portion of operating lease liabilities |  |  | 1,388,238 |  |  |  | - |
|  |  | 1,712,400 |  |  |  | - |
Future lease payments under operating leases as of September 30, 2023 were as follows:
|  | Operating Leases |
FY2024 |  |  | 344,768 |
FY2025 |  |  | 383,632 |
FY2026 |  |  | 391,305 |
FY2027 |  |  | 399,131 |
FY2028 |  |  | 407,114 |
Total lease payments |  |  | 1,925,949 |
Less: imputed interest |  |  | 213,549 |
Present value of lease liabilities (1) |  |  | 1,712,400 |
(1) | Present value of future operating lease payments consisted of current portion of operating lease liabilities and non-current portion of operating lease liabilities, amounting to $324,162 and $1,388,238 for the nine months ended September 30, 2023, respectively.

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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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