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Leases

9 Months Ended

Sep. 30, 2023

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.