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LEASES | 12 Months Ended
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Dec. 31, 2022
LEASES |
LEASES | 14. LEASES As of December 31, 2022, the Group has operating leases recorded on its consolidated balance sheet for certain office spaces that expire on various dates through 2024. The Group does not plan to cancel the existing lease agreements for its existing office spaces prior to their respective expiration dates. The Group’s lease arrangements have no renewal options, rent escalation clauses, restrictions or contingent rents and are all executed with third parties. All of the Group’s leases qualify as operating leases. Information related to operating leases as of December 31, 2022 is as follows: ​
​ | ​ | ​ | ​
​ |  | As of December 31, |
​ | ​ | 2022 |
​ |  | US$ | ​
Assets |  |  | ​
Operating lease right-of-use assets |  | 191,877 | ​
Liabilities |  |  | ​
Current portion of operating lease liabilities |  | 151,983 | ​
Operating lease liabilities |  | 53,834 | ​
Weighted average remaining lease term (years) |  | 1.3 | ​
Weighted average discount rate | ​ | 4.6 | %
​ Information related to operating lease activity during the year ended December 31, 2022 is as follows: ​
​ | ​ | ​
​ |  | For the Year Ended
​ | ​ | December 31, 2022
​ | ​ | US$
Operating lease rental expense |  |
Amortization of right-of-use assets |  | 283,276
Expense for short-term leases within 12 months |  | 34,729
Interest of lease liabilities |  | 20,259
​ |  | 338,264
​ Future annual minimum lease under non-cancelable operating leases with initial terms in excess of one year as of December 31, 2021 under ASC 840, Leases, were as follows: ​
​ | ​ | ​
​ | ​ | As of December 31,
​ | ​ | 2021
​ |  | US$
For the years ending: |  | ​
2022 |  | 412,754
2023 | ​ | 255,309
2024 |  | 70,367
Total |  | 738,430
​ Maturities of lease liabilities were as follows: ​
​ | ​ | ​
​ |  | As of December 31,
​ | ​ | 2022
​ | ​ | US$
2023 |  | 157,603
2024 |  | 54,823
Total undiscounted lease payments |  | 212,426
Less: imputed interest |  | (6,609)
Total lease liabilities |  | 205,817
​

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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