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Lease | 9 Months Ended
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Sep. 30, 2024
Lease [Abstract] |
LEASE | 15. LEASE On November 20, 2017, Xi’an TCH entered into a lease for its office from December 1, 2017 through November 30, 2020. The monthly rent was RMB 36,536 ($5,600) with quarterly payment in advance. This lease expired in November 2020. The Company entered a new lease for the same location from January 1, 2021 through December 31, 2023 with monthly rent of RMB 36,536 ($5,600), to be paid every half year in advance. Upon expiration of the lease, the Company entered a new lease agreement for the same location from January 1, 2024 through December 31, 2026 with monthly rent of RMB 36,536 ($5,600), to be paid every half year in advance. The Company’s operating ROU assets and lease liabilities were as follows:
|  | September 30, 2024 |  |  | December 31, 2023 |
Right-of-use assets, net |  | $ | 139,604 |  |  | $ | - |
Current operating lease liabilities |  |  | 61,394 |  |  |  | - |
Non-current operating lease liabilities |  |  | 62,568 |  |  |  | - |
Total lease liabilities |  | $ | 123,962 |  |  | $ | - |
The components of lease costs, lease term and discount rate with respect of the office lease with an initial term of more than 12 months are as follows:
|  | Nine Months Ended |
|  | September 30, 2024 |
Operating lease cost – amortization of operating lease right-of-use asset |  | $ | 45,280 |
Operating lease cost – interest expense on lease liability |  | $ | 974 |
Weighted Average Remaining Lease Term - Operating leases |  |  | 2.25 |
Weighted Average Discount Rate - Operating leases |  |  | 5 | %
|  | Nine Months Ended |
|  | September 30, 2023 |
Operating lease cost – amortization of operating lease right-of-use asset |  | $ | 46,107 |
Operating lease cost – interest expense on lease liability |  | $ | 769 |
Weighted Average Remaining Lease Term - Operating leases |  |  | 0.25 |
Weighted Average Discount Rate - Operating leases |  |  | 5 | %
|  | Three Months Ended |
|  | September 30, 2024 |
Operating lease cost – amortization of operating lease right-of-use asset |  | $ | 15,113 |
Operating lease cost – interest expense on lease liability |  | $ | 288 |
|  | Three Months Ended |
|  | September 30, 2023 |
Operating lease cost – amortization of operating lease right-of-use asset |  | $ | 15,244 |
Operating lease cost – interest expense on lease liability |  | $ | - |
The following is a schedule, by years, of maturities of the office lease liabilities as of September 30, 2024:
For the year ended September 30, 2025, |  | $ | 62,568 |
For the year ended September 30, 2026 |  |  | 62,568 |
Total undiscounted cash flows |  |  | 125,136 |
Less: imputed interest |  |  | (1,174 | )
Present value of lease liabilities |  | $ | 123,962 |
Employment Agreement On May 6, 2022, the Company entered another employment agreement with Mr. Shi for 24 months with monthly salary of RMB 18,000 ($2,500). The Company will grant the CFO no less than 5,000 shares of the Company’s common stock annually; however, as of this report date, the Board of Directors and Compensation Committee have not approved the number of shares to be given to the CFO, nor any stock reward agreement has been signed. On May 6, 2024, the Company entered another employment agreement with Mr. Shi for 24 months with monthly salary of RMB 18,000 ($2,500). The Company will grant the CFO no less than 5,000 shares of the Company’s common stock annually; however, as of this report date, the Board of Directors and Compensation Committee have not approved the number of shares to be given to the CFO, nor any stock reward agreement has been signed.

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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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