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Leases (Tables)
12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Operating Lease Right-of-Use Assets, Net

Operating lease right-of-use assets, net and operating lease liabilities consisted of the following:

 

As of December 31,

   

2024

 

2023

Operating lease right-of-use assets

 

10,393,154

 

 

11,372,614

 

Operating lease right-of-use assets – accumulated amortization

 

(4,971,918

)

 

(4,434,132

)

Operating lease right-of-use assets, net

 

5,421,236

 

 

6,938,482

 

     

 

   

 

Operating lease liabilities, current

 

2,060,022

 

 

2,172,368

 

Operating lease liabilities, non-current

 

3,911,466

 

 

5,255,281

 

Total operating lease liabilities

 

5,971,488

 

 

7,427,649

 

A summary of lease cost recognized in the Group’s consolidated statements of operations and comprehensive loss is as follows:

 

For the Years Ended
December 31,

   

2024

 

2023

Operating leases cost excluding short-term rental expense

 

$

2,437,633

 

$

2,529,180

Short-term lease cost

 

 

355,098

 

 

98,935

Total

 

$

2,792,731

 

$

2,628,115

Schedule of Maturity of Lease Liabilities Under Operating Leases

The following table summarizes the maturity of lease liabilities under operating leases as of December 31, 2024:

 

Operating
Leases

For the years ending December 31,

 

 

 

2025

 

$

2,299,231

2026

 

 

1,303,612

2027

 

 

588,220

2028

 

 

333,149

2029 and thereafter

 

 

2,794,794

Total lease payments

 

 

7,319,006

Less: imputed interest

 

 

1,347,518

Total

 

 

5,971,488

Less: current portion

 

 

2,060,022

Non-current portion

 

$

3,911,466