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Leases

12 Months Ended

Dec. 31, 2023

Note 7 — Leases

The Company has operating leases primarily for corporate offices, warehouses and showrooms. As of December 31, 2023, the Company’s leases have remaining lease terms up to 9.4 years.

The Company also purchased an operating lease land from a common control affiliate for manufacturing purpose, which has remaining lease term up to 50 years and can be extended for another 50 years for $1.

For the years ended December 31, 2023, and 2022, the total lease expenses was $2,581,542 and $1,239,353 respectively.

The table below presents the operating lease related assets and liabilities recorded on the Company’s consolidated balance sheets:


	As of		As of
	December 31, 2023		December 31, 2022
	USD		USD

Operating lease right-of-use assets	$	15,203,576	$	9,815,572
Operating lease liabilities – current	$	1,595,998	$	1,543,031
Operating lease liabilities – noncurrent		13,674,452		7,847,317
Total operating lease liabilities	$	15,270,450	$	9,390,348

Information relating to the lease term and discount rate are as follows:


	As of	As of
	December 31, 2023	December 31, 2022

Weighted-average remaining lease term
Operating leases	9.4 years	7.9 years
Weighted-average discount rate
Operating leases	5.7%	4.7%

As of December 31, 2023, the maturities of operating lease liabilities were as follows:


For the 12 months ending December 31,
2024	$	2,428,743
2025		2,605,218
2026		2,669,007
2027		2,658,505
2028		2,267,101
Thereafter		7,108,025
Total lease payments		19,736,599
Less: imputed interest		(4,466,149)
Present value of lease liabilities	$	15,270,450