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OPERATING LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES | 6 Months Ended
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Jun. 30, 2025
OPERATING LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES |
OPERATING LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES | NOTE 5 – OPERATING LEASE RIGHT OF USE ASSETS AND LEASE LIABILITIES The Company has operating lease arrangements for office space, lab, and motor vehicles in Malaysia with a term between two and five years. The Company accounts for the lease and non-lease components of its leases as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The present value of the lease payments are discounted with rates ranging from 6.40% to 6.65% per annum. These rates are reference from base rate of Malayan Banking Berhad, the largest bank in Malaysia. As of June 30, 2025 and December 31, 2024, operating lease right-of-use assets as follows:
|  | As of |
|  | June 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Balance as of beginning of the period/year |  | $ | 215,243 |  |  | $ | 141,544 |
Add: Addition of right of use assets (1) |  |  | - |  |  |  | 145,736 |
Less: amortization (2) |  |  | (27,312 | ) |  |  | (48,983 | )
Less: lease termination (3) |  |  | - |  |  |  | (25,093 | )
Foreign translation differences |  |  | 12,353 |  |  |  | 2,039 |
Balance as of end of the period/year |  | $ | 200,284 |  |  | $ | 215,243 |
As of June 30, 2025 and December 31, 2024, operating lease liabilities as follows:
|  | As of |
|  | June 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Balance as of beginning of the period/year |  | $ | 210,557 |  |  | $ | 133,395 |
Add: addition of lease liabilities (1) |  |  | - |  |  |  | 145,736 |
Less: gross repayment |  |  | (32,176 | ) |  |  | (56,598 | )
Add: imputed interest (4) |  |  | 6,620 |  |  |  | 11,795 |
Less: lease termination (3) |  |  | - |  |  |  | (25,679 | )
Foreign translation differences |  |  | 12,155 |  |  |  | 1,908 |
Balance as of end of the year |  |  | 197,156 |  |  |  | 210,557 |
Less: lease liability current portion |  |  | (55,809 | ) |  |  | (50,816 | )
Lease liability non-current portion |  | $ | 141,347 |  |  | $ | 159,741 |
As of June 30, 2025 and December 31, 2024 the maturities of the operating lease obligation are as follows:
|  | As of |
|  | June 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Years ending June 30 and December 31: |  |  |  |  |  |
2025 |  |  | - |  |  |  | 62,939 |
2026 |  |  | 66,869 |  |  |  | 62,311 |
2027 |  |  | 62,198 |  |  |  | 55,403 |
2028 |  |  | 58,862 |  |  |  | 45,166 |
2029 |  |  | 32,205 |  |  |  | 12,848 |
2030 |  |  |  |  |  |  | - |
Total undiscounted cash flows |  |  | 220,134 |  |  |  | 238,667 |
Less: Interest imputed on lease liabilities |  |  | (22,978 | ) |  |  | (28,110 | )
Present value of lease liabilities |  | $ | 197,156 |  |  | $ | 210,557 |
(1) During the year ended December 31, 2024, the Company entered into a new operating lease of office space in Malaysia for 5 years. Additional right-of-use assets at $131,581 and lease liabilities at $131,581 were recognised upon the commencement of lease term. The Company also renewed the lease for the lab in Penang, Malaysia, for 2 years, with additional right-of-use assets of $14,155 and lease liabilities of $14,155 recognised upon the commencement of lease term. (2) The amortization of the operating lease right of use asset for the six month period ended June 30, 2025 and 2024 were $27,312 and $20,700, respectively. (3) The Company agreed to terminate its operating lease arrangement for office space in Malaysia effective August 31, 2024. Accordingly, at the date of termination of the operating lease, the Company expensed a right-of-use-asset, net of accumulated depreciation, of $25,094 and recorded a write-off of lease liability of $25,679, offset with deposit forfeited by landlord at $1,969, with a loss on lease termination recorded for $1,384.
|  | As of |
|  | June 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Supplemental Cash Flow Disclosures: |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Lease payment – operating leases |  | $ | (32,176 | ) |  | $ | (56,598 | )
Operating lease liabilities obtained in exchange for operating lease assets |  |  | - |  |  |  | 145,736 |
Other information: |  |  |  |  |  |  |  |
Weighted average remaining lease term for operating lease (years) |  |  | 3.92 |  |  |  | 4.42 |
Weighted average discount rate for operating lease |  |  | 6.65 | % |  |  | 6.65 | %
(4) Lease expenses for the six month period ended June 30, 2025 and 2024 were $33,932 and $25,296 respectively.

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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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