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Property and Equipment, Net
 12 Months Ended
Dec. 31, 2023
Property and Equipment, Net [Abstract]  
PROPERTY AND EQUIPMENT, NET

NOTE 8 – PROPERTY AND EQUIPMENT, NET

 

As of December 31, 2023 and 2022, property and equipment consisted of the following:

 

   Useful life  December 31,
2023		   December 31,
2022		 
Office equipment and furniture  3 - 5 Years  $143,545   $155,062 
Leasehold improvement  The lesser of remaining lease term or 2 - 3 Years   83,139    84,549 
Software  1 - 3 Years   11,719    11,917 
Finance lease right-of-use asset  4 Years   152,540    152,859 
       390,943    404,387 
Less: accumulated depreciation      (261,871)   (219,964)
      $129,072   $184,423 

 

For the years ended December 31, 2023, 2022 and 2021, depreciation expense amounted to $45,782, $66,428 and $40,130, 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 $65,077 and $103,998 as of December 31, 2023 and 2022, respectively, were included in property and equipment net. Finance lease liabilities were nil as of December 31, 2023 and 2022. 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.