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Lease

12 Months Ended

Dec. 31, 2023

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