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Lease | 9 Months Ended
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Sep. 30, 2023
Lease |
Lease | Note 11 – Lease The Company recorded its operating lease expense of $104,156 and $280,311 for the nine months ended September 30, 2023 and 2022, respectively. This is included in general and administrative expenses. On December 7, 2021, Focus Shenzhen entered into a thirty-eight month commercial lease with a third party for an approximately 5,895 square foot office space. The lease commenced on December 25, 2021 and was scheduled to end on February 28, 2025. The monthly rent was RMB70,097 (approximately $9,610) with approximately an 11.1% to 12.5% increase rate in each additional year. The incremental borrowing rate for a lease is the rate of interest the Company would have to pay on a collateralized basis to borrow an amount equal to the lease payments for the asset under similar terms, which is 10%. Lease expense for this lease is recognized on a straight-line basis over the lease term. This lease was terminated on February 22, 2023. On January 16, 2023, Focus Shenzhen entered into a thirty-six month commercial lease with a third party for an approximately 2,017 square foot office space. The lease commenced on February 1, 2023 and will end on January 31, 2026. The monthly rent is RMB29,974 (approximately $4,109) with approximately an 11.1% to 12.5% increase rate in each additional year. The incremental borrowing rate for a lease is the rate of interest the Company would have to pay on a collateralized basis to borrow an amount equal to the lease payments for the asset under similar terms, which is 10%. Lease expense for this lease is recognized on a straight-line basis over the lease term. On February 22, 2023, Focus Shenzhen entered into a thirty-six month commercial lease with a third party for an approximately 3,449 square foot office space. The lease commenced on March 31, 2023 and will end on February 28, 2026. The monthly rent is RMB35,246 (approximately $4,832) with approximately an 11.1% to 12.5% increase rate in each additional year. The incremental borrowing rate for a lease is the rate of interest the Company would have to pay on a collateralized basis to borrow an amount equal to the lease payments for the asset under similar terms, which is 10%. Lease expense for this lease is recognized on a straight-line basis over the lease term. Operating lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. As of September 30, 2023 and December 31, 2022, operating lease right-of-use assets and lease liabilities were as follows:
Schedule of operating right-of-use asset and liability |  |  |  |  |  |
|  | September 30, 2023 |  |  | December 31, 2022 |
Operating lease right-of-use assets |  | $ | 264,650 |  |  | $ | 353,074 |
Amortization |  |  | (49,750 | ) |  |  | (99,738 | )
Operating lease right-of-use assets, net |  | $ | 214,900 |  |  | $ | 253,336 |
Lease liabilities, current portion |  | $ | 84,036 |  |  | $ | 113,058 |
Lease liabilities, less current portion |  | $ | 122,959 |  |  | $ | 165,952 |
Lease term and discount rate:
Schedule of lease term and discount rate |  |  |  |  |  |
|  | September 30, 2023 |  |  | December 31, 2022 |
Weighted average remaining lease term |  |  |  |  |  |  |  |
Operating lease |  |  | 2.33 to 2.50 years |  |  |  | 2.17 years |
Weighted average discount rate |  |  |  |  |  |  |  |
Operating lease |  |  | 10% |  |  |  | 10% |
The minimum future lease payments are as follows:
Schedule of maturity of lease payments |  |  |
|  | Amount |
Year ending December 31, 2023 |  | $ | 9,862 |
Year ending December 31, 2024 |  |  | 101,544 |
Year ending December 31, 2025 |  |  | 111,114 |
Year ending December 31, 2026 |  |  | 8,219 |
Total minimum lease payment |  |  | 230,739 |
Less: imputed interest |  |  | (23,744 | )
Present value of future minimum lease payments |  | $ | 206,995 |

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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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