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Lease obligations | 12 Months Ended
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Dec. 31, 2024
Lease obligations |
Lease obligations | Note 12: Lease obligations The Group has operating leases primarily for office space. The Group’s leases have remaining lease terms of several months to 18 months. Based on present value of future minimum rental payments of the lease as if the adoption date, using an effective interest rate of 5%, which is determined using an local banks incremental borrowing rate. The components of lease expense are as follows:
|  | Years ended December 31, |
|  | 2024 |  |  | 2023 |
|  | US$’000 |  |  | US$’000 |
Operating lease cost |  |  | 187 |  |  |  | 76 |
Short-term lease cost |  |  | 8 |  |  |  | 220 |
Total lease cost |  |  | 195 |  |  |  | 296 |
Supplemental consolidated cash flow information related to leases is as follows:
|  | Years ended December 31, |
|  | 2024 |  |  | 2023 |
|  | US$’000 |  |  | US$’000 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  |  | 173 |  |  |  | 285 |
Right-of-use assets obtained in exchange for lease obligations (noncash): |  |  |  |  |  |  |  |
Operating leases |  |  | - |  |  |  | - |
Supplemental consolidated balance sheet information related to leases is as follows:
|  | December 31, |
|  | 2024 |  |  | 2023 |
|  | US$’000 |  |  | US$’000 |
Operating leases |  |  |  |  |  |
Operating lease right-of-use assets |  |  | 101 |  |  |  | 233 |
Current portion of long-term operating lease obligations |  |  | 83 |  |  |  | 170 |
Long-term operating lease obligations, net of current maturities |  |  | 9 |  |  |  | 44 |
|  |  | 92 |  |  |  | 214 |
Weighted average remaining lease term |  |  |  |  |  |  |  |
Operating leases |  | 3 months |  |  | 3 months |
Weighted average discount rate |  |  |  |  |  |  |  |
Operating leases |  |  | 5 | % |  |  | 5.45 | %
Maturities of lease liabilities are as follows:
|  | Operating leases |
|  | US$’000 |
Year ending December 31, |  |  |
2025 |  |  | 77 |
2026 |  |  | 17 |
Total lease payments |  |  | 94 |
Less: imputed interest |  |  | (2 | )
Total |  |  | 92 |
The amortization expenses were US164,000 and US$160,000 for the years ended December 31, 2024, and 2023, respectively.
ZHEJIANG TIANLAN |
Lease obligations |
Lease obligations |
3. | Lease obligations
The Group has operating leases primarily for office space. The Group’s lease have remaining lease terms of several months to 33 months. The components of lease expense are as follows:
|  | Years ended December 31, |
|  | 2024 |  |  | 2023 |
|  | RMB’000 |  |  | RMB’000 |
Operating lease cost: |  |  |  |  |  |
Amortization of right-of-use assets |  |  | 141 |  |  |  | - |
Interest on lease liabilities included under cost of revenue and selling and administrative expenses |  |  | 16 |  |  |  | - |
Total operating lease cost |  |  | 157 |  |  |  | - |
Supplemental consolidated cash flow information related to leases is as follows:
|  | Years ended December 31, |
|  | 2024 |  |  | 2023 |
|  | RMB’000 |  |  | RMB’000 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Finance cash flows from operating leases |  |  | 440 |  |  |  | - |
Right-of-use assets obtained in exchange for lease obligations (noncash): |  |  |  |  |  |  |  |
Operating leases |  |  | - |  |  |  | - |
Supplemental consolidated balance sheet information related to leases is as follows:
|  | December 31, |
|  | 2024 |  |  | 2023 |
|  | RMB’000 |  |  | RMB’000 |
Operating leases |  |  |  |  |  |
Right-of-use assets, at cost |  |  | 2,529 |  |  |  | - |
Accumulated amortization |  |  | (141 | ) |  |  | - |
Right-of-use assets, net |  |  | 2,388 |  |  |  | - |
Current portion of operating lease |  |  | 563 |  |  |  | - |
Non-current portion of operating lease |  |  | 1,542 |  |  |  |  |
Total operating lease liabilities |  |  | 2,105 |  |  |  | - |
Weighted average remaining lease term |  |  |  |  |  |  |  |
operating leases |  | 33 months |  |  |  | - |
Weighted average discount rate |  |  |  |  |  |  |  |
Operating leases |  |  | 3.6 | % |  |  | - |

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- References No definition available. + Details
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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 840 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/840/tableOfContent + Details
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