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Leases | 12 Months Ended
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Dec. 31, 2024
Leases |
Leases | Note 11 – Leases The Group has several operating leases for factory facilities and offices. The Group’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The rental expense for the years ended December 31, 2024, 2023 and 2022 was $136,063, $258,193 and $270,357, respectively. Supplemental balance sheet information related to operating leases was as follows:
|  | December 31, |  |  | December 31, |
|  | 202 4 |  |  | 202 3 |
Right-of-use assets, net |  | $ | 1,060,426 |  |  | $ | 1,232,323 |
Operating lease liabilities - current |  |  | 139,222 |  |  |  | 163,343 |
Operating lease liabilities - non-current |  |  | 919,781 |  |  |  | 1,073,205 |
Total operating lease liabilities |  | $ | 1,059,003 |  |  | $ | 1,236,548 |
The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of December 31, 2024 and 2023
|  | December 31, |  |  | December 31, |
|  | 202 4 |  |  | 202 3 |
Weighted average remaining lease term (years) |  |  | 6.95 |  |  |  | 7.77 |
Weighted average discount rate |  |  | 3.85 | % |  |  | 4.50 | %
The following is a schedule of maturities of lease liabilities as of December 31, 2024:
Twelve months ending December 31, |  |  |
2025 |  | $ | 175,528 |
2026 |  |  | 172,651 |
2027 |  |  | 169,713 |
2028 |  |  | 169,713 |
2029 |  |  | 169,713 |
Thereafter |  |  | 339,425 |
Total future minimum lease payments |  |  | 1,196,743 |
Less: Imputed interest |  |  | 137,740 |
Total |  | $ | 1,059,003 |

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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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- References No definition available. + Details
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