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Lease | 12 Months Ended
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Dec. 31, 2023
Lease [Abstract] |
LEASE | 14. LEASE As of December 31, 2023, the Group has two long-term operating leases for laboratories and clinic with remaining terms expiring from 2024 through 2026 and a weighted average remaining lease term of 1.9 years. Weighted average discount rates used in the calculation of the operating lease liability is 8%.
|  | For the year ended December 31, 2023 |  |  | For the year ended December 31, 2022 |
Lease cost |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |
Depreciation |  | $ | - |  |  | $ | 47,818 |
Interest on lease liabilities |  |  | - |  |  |  | 1,435 |
Operating lease cost |  |  | 252,345 |  |  |  | 349,031 |
Short-term lease cost |  |  | 65,221 |  |  |  | 85,598 |
Variable lease cost |  |  | - |  |  |  | - |
Sublease income |  |  | - |  |  |  | - |
Total lease cost |  | $ | 317,566 |  |  | $ | 483,882 |
Other information |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 389,365 |  |  | $ | 369,505 |
Financing cash flows from finance leases |  |  | - |  |  |  | 49,358 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  | 338,525 |  |  |  | 549,596 |
Weighted-average remaining lease term – finance leases |  |  | - |  |  |  | - |
Weighted-average remaining lease term – operating leases |  |  | 1.9 years |  |  |  | 1.1 years |
Weighted-average discount rate – finance leases |  |  | - | % |  |  | 2.5 | %
Weighted-average discount rate – operating leases |  |  | 8.0 | % |  |  | 8.0 | %
For the year ended December 31, 2023, an impairment loss of $200,916 on right-of-use assets was recognized in other operating expenses as the Group considered that the carrying amount of a right-of-use asset related to a lease of clinic may not be recoverable. Additionally, the Group early terminated a lease agreement for a right-of-use asset relating to an office, which resulted in a recognized loss on early termination of the right-of-use asset totaling $31,030 in other operating expenses. For the years ended December 31, 2022 and 2021, the Group did not recognize any impairment losses and loss on disposal of right-of-use assets. The maturity analysis of operating leases liabilities as of December 31, 2023 is as follows:
|  | December 31, 2023 |
Remaining periods ending December 31, |  |  |
2024 |  | $ | 120,824 |
2025 |  |  | 97,541 |
2026 |  |  | 24,573 |
Total future undiscounted cash flow |  |  | 242,938 |
Less: Discount on operating lease liabilities |  |  | (18,221 | )
Present value of operating lease liabilities |  |  | 224,717 |
Less: Current portion of operating lease liabilities |  |  | (125,232 | )
Non-current portion of operating lease liabilities |  | $ | 99,485 |

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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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