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v3.25.1

LEASES | 3 Months Ended
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Mar. 31, 2025
Leases |
LEASES | NOTE 13 – LEASES The Company entered into a lease agreement for the period of October 2018 to November 2023. At inception, management had included the renewal period from November 2023 to November 2028 within the initial recognition of the related right of use assets and lease liabilities, as it was reasonably expected, at the time, that the renewal option would be exercised. The Company determined that the new lease required measurement and recognition of the lease liability and right-of-use assets of $313,301. The lease is classified as an operating lease. No incentives were included in the lease. On July 25, 2024, the Company entered into and closed the Scienture Merger Agreement. Pursuant to the Scienture Merger Agreement, the Company acquired right of use asset value of $61,578 and right of use liability of $61,886 on the acquisition date together with all the assets and liabilities of Scienture. The table below reconciles the fixed component of the undiscounted cash flows for and the total remaining years to the lease liabilities recorded in the consolidated balance sheet as of March 31, 2025. Supplemental balance sheet information related to leases are as follows: SCHEDULE OF BALANCE SHEET INFORMATION RELATED TO LEASES
|  | March 31, 2025 |  |  | December 31, 2024 |
Weighted-average remaining lease term (in years) |  |  | 3.23 |  |  |  | 3.48 |
Weighted-average discount rate |  |  | 10.90 | % |  |  | 10.90 | %
SCHEDULE OF FUTURE MINIMUM PAYMENTS FOR OPERATING LEASE LIABILITIES
Future lease obligations |  |  |
2025 remaining |  | $ | 62,777 |
2026 |  |  | 73,084 |
2027 |  |  | 56,919 |
2028 |  |  | 48,612 |
Total minimum lease payments |  |  | 241,392 |
Less: effect of discounting |  |  | (36,630 | )
Present value of future minimum lease payments |  |  | 204,762 |
Less: current obligation under lease |  |  | 65,843 |
Long-term lease obligations |  | $ | 138,919 |
For the three months ended March 31, 2025, and 2024, total operating lease expense was $36,402 and $12,840, respectively, which is included in general and administrative expenses in the unaudited condensed consolidated statements of operations.

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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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