LEASES |
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| LEASES | NOTE 9 – LEASES
The Company has various operating leases for office space. The lease agreements do not specify an explicit interest rate. The Company’s management believes that the Hong Kong Dollar Best Lending Rate (“BLR”) minus 2.25% (interest rate of short-term bank loans as mentioned in note 9) 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 was 3.625% and 2.75% as of December 31, 2024 and 2023, respectively.
As of December 31, 2024 and 2023, the right-of-use assets totaled $258,967 and $34,143, respectively.
As of December 31, 2024 and 2023, lease liabilities consist of the following:
During the years ended December 31, 2024 and 2023, the Company incurred total operating lease expenses of $64,419 and $67,794, respectively.
Other lease information is as follows:
The following is a schedule of future minimum payments under operating leases as of December 31:
VS MEDIA HOLDINGS LIMITED AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (Stated in US Dollars, except for number of shares)
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