Leases |
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| LEASES | NOTE 13 — LEASES
The Company has various operating leases for office space, warehouse and photocopiers. The lease agreements do not specify an explicit interest rate. The Company’s management believes that the Hong Kong Dollar Best Lending Rate (“BLR”) was the most indicative rate of the Company’s borrowing cost for the calculation of the present value of the lease payments; the rate used by the Company as quoted by the BLR was 6.125% (2023: 5.0%).
As of December 31, 2023 and 2024, the right-of-use assets totaled $59,245 and $130,134, respectively.
As of December 31, 2023 and 2024, lease liabilities consist of the following:
During the years ended December 31, 2022, 2023 and 2024, the Company incurred total operating lease expenses of $330,599, $120,626 and $104,351, respectively.
Other lease information is as follows:
The following is a schedule of future minimum payments under operating leases as of December 31, 2024:
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