XML 42 R23.htm IDEA: XBRL DOCUMENT v3.24.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases

Note 14 – Leases

 

Leases are classified as operating leases or finance leases in accordance with ASC 842 Leases. 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.

 

   December 31,
2023		   December 31,
2022
Weighted average remaining lease term:       
Operating lease   4.81 years  
N/A
         
Weighted average discount rate:        
Operating lease   7.56% 
N/A

 

The balances for the operating leases where the Group is the lessee are presented as follows within the consolidated balance sheets:

 

   December 31,
2023		   December 31,
2022		 
Operating lease right-of-use assets, net        
Operating lease  $1,561,058   $
         -
 
           
Lease liabilities          
Current portion of operating lease liabilities   358,998    
-
 
Non-current portion of operating lease liabilities   1,317,678    
-
 
   $1,676,676   $
-
 

 

Future lease payments under operating leases as of December 31, 2023 were as follows:

 

   Operating Leases 
     
FY2024  $412,267 
FY2025   386,829 
FY2026   394,566 
FY2027   402,457 
FY2028   410,506 
Total lease payments  $2,006,625 
Less: imputed interest   329,949 
Present value of lease liabilities (1)  $1,676,676 

 

(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 $358,998 and $1,317,678, respectively, for the year ended December 31, 2023.