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Lease (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Lease [Abstract] |
Schedule of Operating Leases have Remaining Lease Terms | The Company’s operating leases have remaining lease terms of up to approximately five years.
|  | June 30, 2024 |  |  | December 31, 2023 |
|  | (Unaudited) |  |  |  |
ASSETS |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 607,001 |  |  | $ | 809,283 |
LIABILITIES |  |  |  |  |  |  |  |
Operating lease liabilities (current) |  |  | 378,199 |  |  |  | 401,826 |
Operating lease liabilities (non-current) |  |  | 228,802 |  |  |  | 407,457 |
Schedule of Company’s Lease Expenses | The following provides details of the Company’s lease expenses:
|  | Three Months Ended June 30, |
|  | 2024 |  |  | 2023 |
|  | (Unaudited) |
Operating lease expenses |  | $ | 100,685 |  |  | $ | 97,577 |
|  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |
|  | (Unaudited) |
Operating lease expenses |  | $ | 199,187 |  |  | $ | 191,876 |
Other information related to leases is presented below:
|  | Six months Ended June 30, |
|  | 2024 |  |  | 2023 |
|  | (Unaudited) |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 199,187 |  |  | $ | 191,876 |
|  | June 30, 2024 |  |  | December 31, 2023 |
Weighted Average Remaining Lease Term: |  |  |  |  |  |
Operating leases |  |  | 1.1 years |  |  |  | 1.73 years |
Weighted Average Discount Rate: |  |  |  |  |  |  |  |
Operating leases |  |  | 1.4 | % |  |  | 1.5 | %
Schedule of Minimum Future Annual Payments Under Non-Cancellable Leases | The minimum future annual payments under non-cancellable leases during the next five years and thereafter, at rates now in force, are as follows:
|  | Operating leases |
2024 (excluding six months ended June 30, 2024) |  | $ | 201,371 |
2025 |  |  | 350,615 |
2026 |  |  | 56,916 |
2027 |  |  | - |
2028 |  |  | - |
Thereafter |  |  | - |
Total future minimum lease payments, undiscounted |  |  | 608,902 |
Less: Imputed interest |  |  | (1,901 | )
Present value of future minimum lease payments |  | $ | 607,001 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of components of income from operating lease. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-6A + Details
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