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Operating Lease | 12 Months Ended
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Dec. 31, 2023
Lessee Disclosure [Abstract] |
Operating Lease |
| 15. | OPERATING LEASE
The Company has operating leases for its office facilities. The lease is located at 9820 Dino Drive, Suite 110, Elk Grove, California, 95624, which consist of approximately 3,653 square meters. The Company's leases have remaining terms of approximately 37 months for a lease term commencing on August 1, 2020 and ending on August 31, 2023. The lease was renewed for additional 36 months . Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company does not separate non-lease components from the lease components to which they relate, and instead accounts for each separate lease and non-lease component associated with that lease component as a single lease component for all underlying asset classes. The following table provides a summary of leases by balance sheet location as of December 31, 202 3 and 202 2 :
Assets/liabilities |  | December 31, 202 3 |  |  | December 31, 202 2 |
A ssets |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 87,380 |  |  | $ | 18,240 |
Liabilities |  |  |  |  |  |  |  |
Operating lease liability - current |  | $ | 31,413 |  |  | $ | 18,240 |
Operating lease liability - non-current |  |  | 55,967 |  |  |  | - |
Total lease liabilities |  | $ | 87,380 |  |  | $ | 18,240 |
The operating lease expenses for the year ended December 31, 202 3 and 202 2 were as follows:
Lease Cost |  | Classification |  | December 31, 202 3 |  |  | December 31, 202 2 |  |
Operating lease expense |  | General and administrative expenses |  | $ | 43,154 |  |  | $ | 27,340 |  |
Maturities of operating lease liabilities as of December 31, 202 3 were as follows:
Maturity of Lease Liabilities |  | Operating Leases |
12 months ending December 31, |  |  |  |
2024 |  | $ | 35,069 |
2025 |  |  | 35,069 |
2026 |  |  | 23,379 |
Total lease payments |  | $ | 93,517 |
Less: interest |  |  | (6,137 | )
Present value of lease payments |  | $ | 87,380 |
Lease liabilities include lease and non-lease component such as management fee. Future minimum lease payments, which do not include the non-lease components, as of December 31, 202 3 were as follows:
12 months ending December 31, |  |  |  |
2023 |  | $ | 18,584 |
Total lease payments |  | $ | 18,584 |
Lease Term and Discount Rate |  | December 31, 202 3 |  |  | December 31, 202 2 |
Weighted-average remaining lease term (years) |  |  |  |  |  |  |  |
Operating leases |  |  | 2.92 |  |  |  | 0.67 |
Weighted-average discount rate (%) |  |  |  |  |  |  |  |
Operating leases |  |  | 5 | % |  |  | 5 | %

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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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