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Operating Lease

12 Months Ended

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, 2023 and 2022:

Assets/liabilities		December 31,  2023				December 31,  2022
Assets
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, 2023 and 2022 were as follows:

Lease Cost		Classification		December 31,   2023				December 31,   2022
Operating lease expense		General and administrative expenses		$	43,154			$	27,340

Maturities of operating lease liabilities as of December 31, 2023 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, 2023 were as follows:

12 months ending December 31,
2023		$	18,584
Total lease payments		$	18,584

Lease Term and Discount Rate		December 31,  2023				December 31,  2022
Weighted-average remaining lease term (years)
Operating leases			2.92				0.67
Weighted-average discount rate (%)
Operating leases			5	%			5	%

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- References

No definition available.

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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

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