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Property and Equipment, Net
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET

NOTE 7 – PROPERTY AND EQUIPMENT, NET

 

As of December 31, 2021 and 2020, property and equipment consisted of the following:

 

   Useful life  December 31,
2021		   December 31,
2020		 
Office equipment and furniture  3 - 5 Years  $166,979   $142,482 
Leasehold improvement  The lesser of remaining lease term or 2 - 3 Years   92,358    90,246 
Software  1 - 3 Years   13,018    12,721 
Finance lease right-of-use asset  4 Years   165,242    
-
 
       437,597    245,449 
Less: accumulated depreciation      (170,164)   (142,567)
      $267,433   $102,882 

 

For the years ended December 31, 2021, 2020 and 2019, depreciation expense amounted to $40,130, $54,576 and $25,839, respectively, all of which were included in operating expenses.

 

The Company entered into a finance vehicle lease in 2021 and the finance lease right-of-use asset with a net carrying amount of $161,111 as of December 31, 2021 was included in property and equipment, net. Finance lease liabilities was nil as of December 31, 2021. The Company made cash payments of $163,301 for finance lease liabilities during the year ended December 31, 2021, which is included within the financing activities section on the consolidated statements of cash flows.