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LEASES

12 Months Ended

Dec. 31, 2022

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