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Right-of-Use Assets and Operating Lease Liabilties
 12 Months Ended
Dec. 31, 2023
Right-Of-Use Assets And Operating Lease Liabilties [Abstract]  
RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILTIES
11. RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILTIES

 

The carrying amounts of right-of-use assets are as below:

 

   2023   2022 
Balance at January 1,  $4,171,409   $2,364,993 
New leases   522,578    2,956,201 
Termination of a lease   (19,786)   - 
Depreciation expense   (2,006,421)   (1,066,662)
Exchange difference   20,428    (83,123)
Balance at December 31,  $2,688,208   $4,171,409 

 

The total operating lease liabilities are as below:

 

   As of December 31, 
   2023   2022 
Current portion  $1,239,066   $1,774,192 
Non-current portion   1,455,857    2,340,075 
Operating lease liabilities  $2,694,923   $4,114,267 

 

Lease liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate. The weighted average incremental borrowing rate applied to new leases during year 2023, 2022 and 2021 was 4.23%, 3.52% and 3.49%, respectively.

 

During the years ended December 31, 2023, 2022 and 2021, interest expense of $114,583, $89,470 and $109,848 arising from lease liabilities was included in finance costs, respectively. Depreciation expense related to right-of-use assets was $2,006,421, $1,066,662 and $2,279,722, respectively during the years ended December 31, 2023, 2022 and 2021.