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Leases | 12 Months Ended
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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.

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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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