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Operating Lease | 6 Months Ended
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Jun. 30, 2024
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 ended 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 June 3 0 , 2024 and December 31, 2023:
Assets/liabilities |  | June 3 0 , 2024 |  |  | December 31, 2023 |
Assets |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 71,870 |  |  | $ | 87,380 |
Liabilities |  |  |  |  |  |  |  |
Operating lease liability - current |  | $ | 32,207 |  |  | $ | 31,413 |
Operating lease liability - non-current |  |  | 39,663 |  |  |  | 55,967 |
Total lease liabilities |  | $ | 71,870 |  |  | $ | 87,380 |
Cash flow information related to operating leases consists of the following:
|  | For the six months ended June 3 0 , 2024 |  |  | For the six months Ended June 3 0 , 2023 |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 17,534 |  |  | $ | 13,938 |
Right-of-use assets obtained in exchange for new lease obligations: |  |  | - |  |  |  | - |
The operating lease expenses for the six months ended June 3 0 , 2024 and 2023 were as follows:
Lease Cost |  | Classification |  |  | For the three months ended June 3 0 , 2024 |  |  | For the three months ended June 3 0 , 2023 |
Operating lease expense |  | General and administrative expenses |  |  | $ | 17,534 |  |  | $ | 13,938 |
Maturities of operating lease liabilities as of June 3 0 , 2024 were as follows:
Maturity of Lease Liabilities |  | Operating Leases |
Within one year |  |  | 17,534 |
Within a period of more than one year but not more than two years |  | $ | 35,069 |
Within a period of more than two year but not more than three years |  |  | 23,379 |
Within a period of more than three year but not more than four years |  |  | - |
Within a period of more than four years but not more than five years |  |  | - |
More than five years |  |  | - |
Total lease commitment |  | $ | 75,982 |
Less: interest |  |  | (4,113 | )
Present value of lease payments |  | $ | 71,870 |
Lease liabilities include lease and non-lease component such as management fee.
Lease Term and Discount Rate |  | June 3 0 , 2024 |  |  | December 31, 2023 |
Weighted-average remaining lease term (years) |  |  |  |  |  |  |  |
Operating leases |  |  | 2. 42 |  |  |  | 2.92 |
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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