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LEASES | 12 Months Ended
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Dec. 31, 2023
Leases |
LEASES | 10. LEASES The Company had entered into an operating lease agreement for factories located in Taiwan, and two financing leases agreements for vehicles. SCHEDULE OF OPERATING AND FINANCE LEASE RIGHT-OF-USE ASSETS
|  | 2022 |  |  | 2023 |
|  | As of December 31, |
|  | 2022 |  |  | 2023 |
Operating lease right-of-use assets, net |  | $ | 182,764 |  |  | $ | 125,009 |
Operating lease liabilities, current |  |  | 58,203 |  |  |  | 61,099 |
Operating lease liabilities, non-current |  |  | 124,561 |  |  |  | 63,910 |
Total operating lease liabilities |  | $ | 182,764 |  |  | $ | 125,009 |
|  | 2022 |  |  | 2023 |
|  | As of December 31, |
|  | 2022 |  |  | 2023 |
Financing lease right-of-use assets, net |  | $ | 46,058 |  |  | $ | 8,523 |
Finance lease liabilities, current |  |  | 47,244 |  |  |  | - |
Total financing lease liabilities |  | $ | 47,244 |  |  | $ | - |
The components of lease expense were as follows within the consolidated statements of comprehensive loss: SCHEDULE OF LEASE EXPENSE
|  | 2022 |  |  | 2023 |
|  | For the years ended December 31, |
|  | 2022 |  |  | 2023 |
Operating lease: |  |  |  |  |  |  |  |
Operating lease expense |  | $ | 67,290 |  |  | $ | 64,361 |
Short-term lease expense |  |  | 938 |  |  |  | 1,204 |
Total operating lease expenses |  | $ | 68,228 |  |  | $ | 65,565 |
Financing leases: |  |  |  |  |  |  |  |
Amortization expense |  | $ | 26,463 |  |  | $ | 25,150 |
Interest expense |  |  | 2,850 |  |  |  | 1,299 |
Total financing lease expenses |  | $ | 29,313 |  |  | $ | 26,449 |
Total lease expenses |  | $ | 97,541 |  |  | $ | 92,014 |
For the years ended December 31, 2022 and 2023, cash paid for operating leases were US$67,290 and US$64,361, and financing leases were US$29,038 and US$18,398, respectively. The disposal gain was nil and US$18,994 for the years ended December 31, 2022 and 2023, respectively. MKDWELL TECH INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In U.S. dollars, except share and per share data)
10. | LEASES - Continued
Supplemental balance sheet information related to leases was as follows: SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO OPERATING LEASES
|  | As of December 31, |
|  | 2022 |  |  | 2023 |
Weighted average discount rate: |  |  |  |  |  |
Operating lease |  |  | 4.51 | % |  |  | 4.51 | %
Financing lease |  |  | 4.65 | % |  |  | - |
Weighted average remaining lease term: |  |  |  |  |  |  |  |
Operating lease |  |  | 36 months |  |  |  | 24 months |
Financing lease |  |  | 8 months |  |  |  | -* |
As of December 31, 2023, the future minimum rent payable under non-cancelable operating and financing leases were: SCHEDULE OF FUTURE MINIMUM RENT PAYABLE UNDER NON-CANCELABLE OPERATING AND FINANCING LEASES
For the fiscal years ended December 31, |  | Amount |
2024 |  | $ | 65,480 |
2025 |  |  | 65,480 |
thereafter |  |  | - |
Total lease payments |  |  | 130,961 |
Less: imputed interest |  |  | (5,952 | )
Total operating and financing lease liabilities, net of interest |  | $ | 125,009 |

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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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