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Finance Lease Liabilities
 12 Months Ended
Dec. 31, 2023
Finance Lease Liabilities [Abstract]  
FINANCE LEASE LIABILITIES
16. FINANCE LEASE LIABILITIES

 

   As of December 31, 
   2023   2022 
Current portion  $108,597   $398,136 
Non-current portion   218,996    233,550 
Finance lease liabilities  $327,593   $631,686 

 

For the years ended December 31, 2023, 2022 and 2021, interest expense was $28,126, $51,070 and $84,794, respectively.

 

The minimum lease payments under finance lease agreements are as follows:

 

   As of December 31, 
   2023   2022 
Within 1 year  $126,042   $423,514 
After 1 year but within 5 years   236,293    253,448 
Less: Finance charges   (34,742)   (45,276)
Present value of finance lease liabilities, net  $327,593   $631,686 

 

Finance lease assets comprise primarily vehicles and office equipment as follow:

 

   As of December 31, 
   2023   2022 
Cost  $655,371   $1,571,075 
Less: Accumulated depreciation   (215,038)   (564,844)
Net book value  $440,333   $1,006,231