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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | NOTE 9 - Leases The Company had four operating leases (Flywheel’s office leases in Taiwan) as of December 31, 2024. The leased assets in Flywheel are presented as operating lease right-of-use assets. HOUR LOOP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2024 and 2023 The table below reconciles the fixed component of the undiscounted cash flows for each of the first five years and the total remaining years to the operating lease liabilities recorded in the statements of financial position as of December 31, 2024: Schedule of Operating Leases Cost
|  | Flywheel |  |  | Flywheel |  |  | Flywheel |  |  | Flywheel |
|  | February 2023 |  |  | March 2024 |  |  | June 2024 |  |  | August 2024 |
Initial lease term |  | to March 2025 |  |  | to June 2025 |  |  | to May 2025 |  |  | to July 2025 |
Initial recognition of operating lease right-of-use assets |  | $ | 28,652 |  |  | $ | 123,107 |  |  | $ | 52,434 |  |  | $ | 73,175 |
Weighted-average remaining lease term at December 31, 2024 |  |  | 0.17 |  |  |  | 0.5 |  |  |  | 0.42 |  |  |  | 0.58 |
Weighted-average discount rate at December 31, 2024 |  |  | 3.20 | % |  |  | 3.20 | % |  |  | 3.33 | % |  |  | 3.33 | %
Operating lease liabilities-current as of December 31, 2024 and 2023 were $114,540 and $82,269, respectively. Operating lease liabilities-non-current as of December 31, 2024 and 2023 were $-0- and $2,363, respectively. The operating lease right-of-use assets balance as of December 31, 2024 and 2023, were $111,409 and $83,946, respectively. For the years ended December 31, 2024 and 2023, the amortization of the operating lease right-of-use asset was $211,348 and $387,446, respectively. These amounts were recorded in general and administrative expenses. Additionally, for the years ended December 31, 2024 and 2023, the Company made lease payments of $208,843 and $386,224, respectively, which were included in the operating cash flows statements. The future minimum lease payment schedule for all operating leases as of December 31, 2024, is as disclosed below. Schedule of Operating Lease Liabilities
For the Year Ending December 31, |  | Amount |
2025 |  | $ | 115,652 |
2026 |  |  | - |
2027 |  |  | - |
2028 and thereafter |  |  | - |
Total minimum lease payments |  |  | 115,652 |
Less: effect of discounting |  |  | (1,112 | )
Present value of the future minimum lease payment |  |  | 114,540 |
Less: operating lease liabilities-current |  |  | (114,540 | )
Total operating lease liabilities-non-current |  | $ | - |
HOUR LOOP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2024 and 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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