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Leases | 3 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
LEASES | NOTE 10 - LEASES The Company has leases for certain office and production facilities in the PRC which are classified as operating leases. The leases contain payment terms for fixed amounts. Options to extend are recognized as part of the lease liabilities and recognized as right of use assets when management estimates to renew the lease. There are no residual value guarantees, no variable lease payments, and no restrictions or covenants imposed by leases. The discount rate used in measuring the lease liabilities and right-of-use assets was determined by reviewing the Company’s incremental borrowing rate at the initial measurement date. For the three months ended March 31, 2024 and 2023, operating lease cost was $19,401 and $19,787, respectively and cash paid for amounts included in the measurement of lease liabilities for operating cash flows from operating leases was $20,127 and $20,060, respectively. As of March 31, 2024 and December 31, 2023, the Company reported right-of-use assets of $97,006 and $116,610, respectively and liabilities of $98,292 and $117,637, respectively. As of March 31, 2024, its operating leases had a weighted average remaining lease term of 1.25 years and a weighted average discount rate of 3.55%. Minimum lease payments for the Company’s operating lease liabilities were as follows for the twelve month periods ended March 31:
2024 |  | $ | 80,507 |
2025 |  | $ | 20,127 |
Total undiscounted cash flows |  |  | 100,634 |
Less: Imputed interest |  |  | (2,342 | )
|  |  | 98,292 |
Less: Operating lease liabilities, current portion |  |  | (78,284 | )
Operating lease liabilities, net of current portion |  | $ | 20,008 |
The Company has leases with terms less than one year for certain provincial sales offices that are not material.

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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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