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LEASE | 12 Months Ended
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Dec. 31, 2024
Lease |
LEASE | 20. LEASE Lease commitments The Company adopted ASC 842 for ASL’s office space lease and sales and training center as the lease commencement date upon the acquisition of ASL. The Company’s lease commitments are as follows: On June 1, 2023, upon the expiry of the two-years lease for its office space, the Company entered into a new three-years lease with the same landlord who had earlier leased the same office space to the Company since April 1, 2020. The Company recognized lease liabilities of approximately $283,220, with a corresponding right-of-use (“ROU”) asset in the same amount based on the present value of the future minimum rental payments of the lease, using an effective interest rate of 5.5%, which was determined using the Company’s estimated incremental borrowing rate. On September 1, 2023, upon the expiry of the two-years lease for its office space and sales training center, the Company entered into a new three-years lease with the same landlord who had earlier leased the same office space and sales training center to the Company since April 1, 2020. The Company recognized lease liabilities of approximately $126,093 with a corresponding right-of-use (“ROU”) asset in the same amount based on the present value of the future minimum rental payments of the lease, using an effective interest rate of 5.5%, which was determined using the Company’s estimated incremental borrowing rate. On October 1, 2023, upon the expiry of the two-years lease for an apartment to serve as staff accommodation, the Company entered into a new two-years lease with the same landlord who had earlier leased the same apartment to the Company since October 1, 2021. The Company recognized lease liabilities of approximately $8,940 with a corresponding right-of-use (“ROU”) asset in the same amount based on the present value of the future minimum rental payments of the lease, using an effective interest rate of 5.5%, which was determined using the Company’s estimated incremental borrowing rate. On December 18, 2023, the Company leased non-commercial vehicle as lessee under finance leases with 5 years lease terms. The Company recognized finance lease liabilities of approximately $78,824, using an effective interest rate of 8.63%, which was determined using the incremental borrowing rate. On July 11, 2024, the Company leased non-commercial vehicle as lessee under finance leases with 5 years lease terms. The Company recognized finance lease liabilities of approximately $72,772, using an effective interest rate of 4.42%, which was determined using the incremental borrowing rate. SCHEDULE OF LEASE COST
Components of leases |  | As of December 31, 2024 |  |  | As of December 31, 2023 |
Operating lease cost |  |  | 155,828 |  |  |  | 157,370 |
Amortization of finance lease asset |  | $ | 29,445 |  |  |  | 13,094 |
Interest on finance lease liabilities |  |  | 7,267 |  |  |  | 275 |
Weighted average remaining lease term (years) |  |  |  |  |  |  |  |
Operating lease |  |  | 1.49 |  |  |  | 2.48 |
Finance lease |  |  | 4.34 |  |  |  | 5.00 |
Weighted average discount rate |  |  |  |  |  |  |  |
Operating lease |  |  | 5.5 | % |  |  | 5.5 | %
Finance lease |  |  | 6.7 | % |  |  | 8.6 | %
The five-year maturity of the Company’s operating and finance lease liabilities is as follow: SCHEDULE OF LEASE COMMITMENTS
Twelve Months Ending December 31, 2024 |  | Operating lease liabilities |  |  | Finance lease liabilities |
2025 |  | $ | 158,800 |  |  | $ | 29,950 |
2026 |  |  | 76,652 |  |  |  | 29,950 |
2027 |  |  | - |  |  |  | 29,950 |
2028 |  |  | - |  |  |  | 29,950 |
Thereafter |  |  | - |  |  |  | 42,623 |
Total lease payments |  |  | 235,452 |  |  |  | 162,422 |
Less: interest |  |  | (9,657 | ) |  |  | (25,436 | )
Present value of lease liabilities |  | $ | 225,795 |  |  | $ | 136,985 |
The Company also leased one office and operation center, and one shophouses with an expiring term of twelve months or less, which were classified as operation leases. Since the lease terms for these leases were twelve months or less, a lessee is permitted to elect not to recognize lease assets and liabilities. The Company has elected not to recognize lease assets and liabilities on these leases. As of December 31, 2024, the Company’s commitment for minimum lease payment under these operating leases within the next twelve months were $45,979. Short term lease cost for the years ended December 31, 2024 and 2023 were $65,608 and $39,825 respectively. AGAPE ATP CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Currency expressed in United States Dollars (“US$”), except for number of shares)

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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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