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RIGHT-OF-USE ASSETS | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2024 | Dec. 31, 2023
Right-of-use Assets |  |
RIGHT-OF-USE ASSETS | 11. RIGHT-OF-USE ASSETS The Company leases office and restaurant premises under non-cancelable operating lease agreements, with an option to renew the leases. Per the new lease standard ASC 842-10-55, these leases are treated as operating leases. Management determined the loan interest rate of 4.75% is the weighted average discount rate for the lease that began in 2018. The rental expense for the six months ended June 30, 2024 and 2023 was $52,864 and $57,678, respectively. All leases are on a fixed payment basis. None of the leases include contingent rentals. Rights-of-use assets, net consisted of the following: SCHEDULE OF RIGHTS-TO-USE LEASE ASSETS
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Leased properties under operating lease |  | $ | 287,223 |  |  |  | 293,991 |
Less: accumulated amortization |  |  | (220,757 | ) |  |  | (174,935 | )
Right-of-use assets |  | $ | 66,466 |  |  |  | 119,056 |
The Company does not have any variable lease costs. Cash payment made under the lease agreements is $60,262 and $54,967 for the six months ended June 30, 2024 and 2023, respectively. The weighted-average remaining lease term is 0.67 and 1.16 years as of June 30, 2024 and December 31, 2023. Interest expense was $2,653 and $5,390 for the six months ended June 30,2024 and 2023 respectively. SCHEDULE OF FUTURE LEASE COMMITMENTS Future lease commitments
2024 |  | $ | 60,767 |
Year 1 |  | $ | 60,767 |
2025 |  |  | 20,256 |
Year III |  |  | 20,256 |
Total Lease Payments |  | $ | 81,023 |
Less: imputed interest |  | $ | (1,395 | )
Present value of lease liabilities |  | $ | 79,628 |
Lease liabilities - Current |  | $ | 79,628 |
Lease liabilities – Non current |  |  | - |
Amortization expense was recognized as lease expense in general and administrative expense. Non-cash portion of amortization expense was $42,056 and $51,877 for the six months ended June 30, 2024 and 2023, respectively. The estimated amortization expenses for each of the five succeeding years is as follows: SCHEDULE OF ESTIMATED AMORTIZATION EXPENSES
Year ending |  | Amortization expense |
2024 |  |  | 49,850 |
2025 |  |  | 16,616 |
Total |  | $ | 66,466 |
On February 23, 2022, Shenzhen Bao’an Industrial Investment Group Co., Ltd(“Bao’an Industrial Investment”) entered a lease with Meiwu Shenzhen to lease our executive offices to us for a lease term from March 1, 2022 to February 28, 2025, at a monthly net rent of RMB49,743.65 (approximately, $7,802) from March 1, 2022 to February 28, 2023, a monthly net rent of RMB52,230.83 (approximately, $8,192) from March 1, 2023 to February 29, 2024 and a monthly net rent of RMB54,844.64 (approximately, $8,602) from March 1, 2024 to February 28, 2025. MEIWU TECHNOLOGY COMPANY LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | 11. RIGHT-OF-USE ASSETS The Company leases office and restaurant premises under non-cancelable operating lease agreements, with an option to renew the leases. Per the new lease standard ASC 842-10-55, these leases are treated as operating leases. Management determined the loan interest rate of 4.75% is the weighted average discount rate for the lease that began in 2018. The rental expense for the years ended December 31, 2023, 2022 and 2021 was $110,130, $96,356 and $315,516, respectively. All leases are on a fixed payment basis. None of the leases include contingent rentals. Rights-of-use assets, net consisted of the following: SCHEDULE OF RIGHTS-TO-USE LEASE ASSETS
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Leased properties under operating lease |  | $ | 293,991 |  |  |  | 337,084 |
Less: accumulated amortization |  |  | (174,935 | ) |  |  | (109,481 | )
Right-of-use assets |  | $ | 119,056 |  |  |  | 227,603 |
The Company does not have any variable lease costs. Cash payment made under the lease agreements is $113,981, $80,045 and $329,952 for the years ended December 31, 2023, 2022 and 2020, respectively. The weighted-average remaining lease term is 1.16 and 2.17 years as of December 31, 2023 and 2022. Interest expense was $9,303, $9,631 and $22,320 for the years ended December 31,2023,2022 and 2021 respectively. SCHEDULE OF FUTURE LEASE COMMITMENTS Future lease commitments
2024 |  | $ | 123,438 |
Year 2 |  | $ | 123,438 |
2025 |  |  | 20,733 |
Year 3 |  |  | 20,733 |
Total Lease Payments |  | $ | 144,171 |
Less: imputed interest |  | $ | (4,124 | )
Present value of lease liabilities |  | $ | 140,047 |
Lease liabilities - Current |  | $ | 119,434 |
Lease liabilities - Non current |  |  | 20,613 |
Amortization expense was recognized as lease expense in general and administrative expense. Non-cash portion of amortization expense was $102,322, $278,957 and $14,436 for the years ended December 31, 2023, 2022 and 2021, respectively. The estimated amortization expenses for each of the five succeeding years is as follows: SCHEDULE OF ESTIMATED AMORTIZATION EXPENSES
Year ending December 31, |  | Amortization expense |
2024 |  |  | 102,048 |
2025 |  |  | 17,008 |
Total |  | $ | 119,056 |
On February 23, 2022, Shenzhen Bao’an Industrial Investment Group Co., Ltd(“Bao’an Industrial Investment”) entered a lease with Meiwu Shenzhen to lease our executive offices to us for a lease term from March 1, 2022 to February 28, 2025, at a monthly net rent of RMB49,743.65 (approximately, $7,802) from March 1, 2022 to February 28, 2023, a monthly net rent of RMB52,230.83 (approximately, $8,192) from March 1, 2023 to February 29, 2024 and a monthly net rent of RMB54,844.64 (approximately, $8,602) from March 1, 2024 to February 28, 2025. MEIWU TECHNOLOGY COMPANY LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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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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