XML 32 R21.htm IDEA: XBRL DOCUMENT
v3.24.3

Leases | 9 Months Ended
--- | ---
Sep. 30, 2024
Leases [Abstract] |
Leases | Note 13 – 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.
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | (unaudited) |  |  |  |
Weighted average remaining lease term: |  |  |  |  |  |
Operating lease |  |  | 4.01 years |  |  |  | 4.81 years |
Weighted average discount rate: |  |  |  |  |  |  |  |
Operating lease |  |  | 7.50 | % |  |  | 7.56 | %
The balances for the operating leases where the Company is the lessee are presented as follows within the unaudited interim consolidated balance sheets:
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | (unaudited) |  |  |  |
Operating lease right-of-use assets, net |  |  |  |  |  |
Operating lease |  | $ | 1,453,125 |  |  | $ | 1,561,058 |
Lease liabilities |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  |  | 406,414 |  |  |  | 358,998 |
Non-current portion of operating lease liabilities |  |  | 1,181,309 |  |  |  | 1,317,678 |
|  | $ | 1,587,723 |  |  | $ | 1,676,676 |
Future lease payments under operating leases as of September 30, 2024 were as follows:
|  | Operating Leases |
Remainder of FY2024 |  | $ | 154,836 |
FY2025 |  |  | 449,915 |
FY2026 |  |  | 393,261 |
FY2027 |  |  | 401,127 |
FY2028 |  |  | 409,149 |
FY2029 |  |  | 34,605 |
Total lease payments |  | $ | 1,842,893 |
Less: imputed interest |  |  | 255,170 |
Present value of lease liabilities (1) |  | $ | 1,587,723 |
| (1) | As of September 30, 2024, 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 $406,414 and $1,181,309, respectively.
Lease expense for all the Company’s operating leases for the three and nine months ended September 30, 2024 were $133,586 and $381,791, respectively. Lease expense for all the Company’s operating leases for the three and nine months ended September 30, 2023 were $65,034.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration