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REAL ESTATE PROPERTIES FOR LEASE, NET | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2024 | Dec. 31, 2023
Real Estate [Abstract] |  |
REAL ESTATE PROPERTIES FOR LEASE, NET | 9. REAL ESTATE PROPERTIES FOR LEASE, NET Real estate properties for lease, net consisted of the followings: REAL ESTATE PROPERTY FOR LEASE
|  | December 31, 2023 |  |  | June 30, 2024 |
|  | As of |
|  | December 31, 2023 |  |  | June 30, 2024 |
|  |  |  |  | (Unaudited) |
Plant |  | $ | 2,294,868 |  |  | $ | 1,157,052 |
Land use right |  |  | 293,199 |  |  |  | 147,828 |
Less: accumulated depreciation and amortization |  |  | (349,490 | ) |  |  | (205,004 | )
Total real estate property for lease, net |  | $ | 2,238,577 |  |  | $ | 1,099,876 |
Depreciation expense of the plant were US$64,646 and US$27,513 for the six months ended June 30, 2023 and 2024, respectively. Amortization expense of land use right were US$3,534 and US$1,489 for the six months ended June 30, 2023 and 2024, respectively. As of June 30, 2024, minimum future real estate lease income on non-cancelable leases subsequent to June 30, 2024, in the aggregate and foreach of the five succeeding fiscal years and thereafter, are as follows: SCHEDULE OF MINIMUM FUTURE REAL ESTATE LEASE INCOME
For the fiscal years ending December 31, |  | Amount |
Remainder of 2024 |  | $ | 48,767 |
2025 |  |  | 4,673 |
thereafter |  |  | 9,345 |
Total |  | $ | 62,785 |
MKDWELL TECH INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (In U.S. dollars, except share and per share data) | 9. REAL ESTATE PROPERTIES FOR LEASE, NET Real estate properties for lease, net consisted of the followings: REAL ESTATE PROPERTY FOR LEASE
|  | 2022 |  |  | 2023 |
|  | As of December 31, |
|  | 2022 |  |  | 2023 |
Plant |  | $ | 2,616,767 |  |  | $ | 2,294,868 |
Land use right |  |  | 346,081 |  |  |  | 293,199 |
Less: accumulated depreciation and amortization |  |  | (278,784 | ) |  |  | (349,490 | )
Total real estate property for lease, net |  | $ | 2,684,064 |  |  | $ | 2,238,577 |
The decrease in the balance of real estate property for lease, net attribute to a decrease in leasehold area from 7,777 square meters as of December 31, 2022 to 6,780 square meters as of December 31, 2023 resulting from the expiration of two lease contracts in 2023. Depreciation expense of the plant were US$116,985 and US$107,721 for the years ended December 31, 2022 and 2023, respectively. Amortization expense of land use right were US$6,753 and US$5,878 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)
9. | REAL ESTATE PROPERTIES FOR LEASE, NET - Continued
As of December 31, 2023, minimum future real estate lease income on non-cancelable leases subsequent to December 31, 2023, in the aggregate and foreach of the five succeeding fiscal years and thereafter, are as follows: SCHEDULE OF MINIMUM FUTURE REAL ESTATE LEASE INCOME
For the fiscal years ended December 31, |  | Amount |
2024 |  |  | 45,190 |
thereafter |  |  | - |
Total |  | $ | 45,190 |

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent + Details
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