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LEASES
 12 Months Ended
Dec. 31, 2024
Leases  
LEASES

8. LEASES

 

Operating lease

 

As of December 31, 2024, the Company had operating lease for its office. The remaining lease terms are 1 year. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of December 31, 2024, the weighted average remaining lease term was 1 year (2023: two years) and the weighted average discount rate was 5.25% (2023: 5.52%). Cash paid for operating lease included in the operating cash flows is US$40,406 during the year.

 

The following table presents the operating lease related assets and liabilities recorded on the Company’s consolidated balance sheet.

        
   December 31, 
   2023   2024 
   US$’000   US$’000 
Right-of-use asset   259    259 
Accumulated depreciation   (186)   (222)
Right-of-use asset, net   73    37 

 

   December 31, 
   2023   2024 
   US$’000   US$’000 
Operating lease liabilities          
Current portion   36    37 
Non-current portion   38    – 
Total operating lease liabilities   74    37 

 

The following table summarizes the maturity of operating lease liabilities as of December 31, 2024:

    
   2024 
Future payment  US$’000 
2025   38 
Total   38 
Imputed interest   (1)
Present value of lease liabilities   37 

 

Finance lease

 

On July 17, 2023, the Company acquired a vehicle through a finance lease agreement. The agreement entails 60 monthly installments, with an interest rate of 5.43% per annum, based on principal amount of US$144,356. As of December 31, 2023 and 2024, the weighted average remaining lease term was 4.5 years and 3.5 years.

 

The following table presents the finance lease related assets and liabilities recorded on the Company’s consolidated balance sheets.

        
   December 31, 
   2023   2024 
   US$’000   US$’000 
Motor vehicle   239    239 
Accumulated depreciation   (24)   (48)
Motor vehicle, net   215    191 

 

   December 31, 
   2023   2024 
   US$’000   US$’000 
Finance lease liabilities          
Current portion   29    29 
Non-current portion   101    72 
Total finance lease liabilities   130    101 

 

The following table summarizes the maturity of finance lease liabilities as of December 31, 2024:

    
   2024 
   US$’000 
2025   33 
2026   33 
2027   33 
2028   16 
Total   115 
Imputed interest   (14)
Present value of lease liabilities   101