| Leases |
Note
11 – Leases
Classification
related to operating and finance leases on the consolidated balance sheet consists of the following:
Schedule
of operating and finance leases assets and liabilities
| | |
2024 | | |
2023 | |
| | |
As of December 31, | |
| | |
2024 | | |
2023 | |
| Lease assets and liabilities | |
| | | |
| | |
| Operating lease assets, net | |
$ | 16,603 | | |
$ | 21,725 | |
| Finance lease assets, net | |
| 40,454 | | |
| 89,282 | |
| | |
| | | |
| | |
| Operating lease liabilities-current | |
$ | 9,223 | | |
$ | 21,385 | |
| Operating lease liabilities-noncurrent | |
| 7,564 | | |
| 1,596 | |
| Operating lease liabilities-total | |
$ | 16,787 | | |
$ | 22,981 | |
| | |
| | | |
| | |
| Finance lease liabilities-current | |
$ | 11,053 | | |
$ | 10,146 | |
| Finance lease liabilities-noncurrent | |
| 56,559 | | |
| 65,520 | |
| Finance lease liabilities-total | |
$ | 67,612 | | |
$ | 75,666 | |
Components
of lease cost, weighted average remaining lease terms and discount rates of operating and finance leases consist of the following:
Schedule
of lease cost, weighted average remaining lease terms and discount rates of operating and finance leases
| | |
2024 | | |
2023 | | |
2022 | |
| | |
Years Ended December 31, | |
| | |
2024 | | |
2023 | | |
2022 | |
| Lease expenses | |
| | | |
| | | |
| | |
| Operating lease expenses - SG&A portion | |
$ | 21,874 | | |
$ | 23,089 | | |
$ | 49,184 | |
| Finance lease expenses | |
| | | |
| | | |
| | |
| Depreciation expense of leased assets | |
| 50,426 | | |
| 17,625 | | |
| 21,019 | |
| Interest expense of finance lease | |
$ | 3,420 | | |
$ | 2,306 | | |
$ | 1,315 | |
| | |
| | | |
| | | |
| | |
| Other Information | |
| | | |
| | | |
| | |
| Cash paid for amounts included in the measurement of lease liabilities | |
| | | |
| | | |
| | |
| Operating cash flows - operating leases | |
$ | 22,959 | | |
$ | 23,039 | | |
$ | 45,952 | |
| Operating cash flows - finance leases | |
| 3,420 | | |
| 2,306 | | |
| 1,315 | |
| Financing cash flows - finance leases | |
$ | 10,216 | | |
$ | 41,328 | | |
$ | 26,698 | |
| | |
| | | |
| | | |
| | |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | |
$ | 15,359 | | |
$ | - | | |
$ | 41,626 | |
| | |
| | | |
| | | |
| | |
| Weighted average remaining lease term (in years) | |
| | | |
| | | |
| | |
| Operating leases | |
| 1.01 | | |
| 1.00 | | |
| 2.00 | |
| Finance leases | |
| 5.41 | | |
| 3.25 | | |
| 0.92 | |
| | |
| | | |
| | | |
| | |
| Average discount rate | |
| | | |
| | | |
| | |
| Operating leases | |
| 7.74 | % | |
| 5.77 | % | |
| 5.77 | % |
| Finance leases | |
| 4.67 | % | |
| 4.63 | % | |
| 4.63 | % |
Future
minimum payments under operating and finance leases consist of the following:
Schedule
of future
minimum payments under operating and finance leases
| | |
Operating Leases | | |
Finance Leases | |
| Future minimum lease payments | |
| | | |
| | |
| Year December 31, 2025 | |
$ | 10,263 | | |
$ | 13,975 | |
| Year December 31, 2026 | |
| 7,888 | | |
| 13,975 | |
| Year December 31, 2027 | |
| - | | |
| 13,975 | |
| Year December 31, 2028 | |
| - | | |
| 13,975 | |
| Year December 31, 2029 | |
| - | | |
| 13,975 | |
| Thereafter | |
| - | | |
| 6,597 | |
| Total | |
$ | 18,151 | | |
$ | 76,472 | |
| Less: Interest | |
| (1,364 | ) | |
| (8,860 | ) |
| Present value of lease liabilities | |
$ | 16,787 | | |
$ | 67,612 | |
TMD
Energy Limited
Notes
to Consolidated Financial Statements
For
the Years Ended December 31, 2024, 2023 and 2022
|