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Leases | 6 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
LEASES | 10. LEASES The Company has operating lease arrangements for office premises in Hong Kong, California and Malaysia. These leases typically have terms of two to five years. Leases with an initial term of 12 months or less are not presented as right-of-use assets on the consolidated balance sheet and are expensed over the lease term. All other lease assets and lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. The balances for the right-of-use assets and lease liabilities where the Company is the lessee are presented as follow:
|  | As of June 30, |  |  | As of December 31, |
|  | 2023 |  |  | 2023 |
Operating lease right-of-use assets |  | $ | 4,061,617 |  |  | $ | 3,969,437 |
Operating lease liabilities – current |  | $ | 944,525 |  |  | $ | 1,244,565 |
Operating lease liabilities – non-current |  |  | 3,356,232 |  |  |  | 3,067,909 |
Total |  | $ | 4,300,757 |  |  | $ | 4,312,474 |
As of December 31, 2023, the maturities of our lease liabilities (excluding short-term leases) are as follows:
|  | As of December 31, 2023 |
January 1, 2024 to December 31, 2024 |  | $ | 1,539,981 |
January 1, 2025 to December 31, 2025 |  |  | 1,543,278 |
January 1, 2026 to December 31, 2026 |  |  | 1,258,333 |
January 1, 2027 to December 31, 2027 |  |  | 564,731 |
Total future lease payments |  |  | 4,906,323 |
Less: imputed interest |  |  | (593,849 | )
Total lease liabilities |  | $ | 4,312,474 |
The Company incurred lease costs, which include the payment of short-term leases, of $369,185 and $335,678 on the Company’s unaudited condensed consolidated statements of operations and comprehensive loss for the three months ended December 31, 2022 and 2023, respectively. The Company incurred lease costs, which include the payment of short-term leases, of $758,735 and $734,991 on the Company’s unaudited condensed consolidated statements of operations and comprehensive loss for the three and six months ended December 31, 2022 and 2023, respectively. The Company made payments of $300,640 and $379,600 under the lease agreements during the three months ended December 31, 2022 and 2023, respectively. The Company made payments of $540,030 and $712,421 under the lease agreements during the three and six months ended December 31, 2022 and 2023, respectively. The weighted-average remaining lease term related to the Company’s lease liabilities as of June 30, 2023 and December 31, 2023 was 4 years and 3.2 years, respectively. The discount rate related to the Company’s lease liabilities as of both June 30, 2023 and December 31, 2023 was 8%. The discount rates are generally based on estimates of the Company’s incremental borrowing rate, as the discount rates implicit in the Company’s leases cannot be readily determined.

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- Definition Tabular disclosure for lessee's operating leases. Includes, but is not limited to, description of lessee's operating lease, existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 840 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481440/840-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 840 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 40 -Subparagraph (Note 3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481418/840-10-55-40 Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 840 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481501/840-20-50-1 Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482425/460-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 840 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481501/840-20-50-2 + Details
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