Note 8 - LEASE
The Company has no finance leases. The Company’s
leases primarily include office and retail store. The Company’s
operating leases have remaining lease terms of up to approximately 1.17 years.
| | |
December 31,
2024 | | |
December 31,
2023 | |
| ASSETS | |
| | | |
| | |
| Operating lease right-of-use assets | |
$ | 99,328 | | |
$ | 195,775 | |
| LIABILITIES | |
| | | |
| | |
| Operating lease liabilities - current | |
| 87,016 | | |
| 90,091 | |
| Operating lease liabilities - noncurrent | |
| 12,602 | | |
| 106,356 | |
Supplemental Information
The following provides details of the Company’s
lease expenses:
| | |
Year Ended December 31, | |
| | |
2024 | | |
2023 | | |
2022 | |
| Operating lease expenses | |
$ | 90,609 | | |
$ | 81,203 | | |
$ | 52,507 | |
Other information related to leases is presented
below:
| | | Year Ended December 31, | | | | | 2024 | | | 2023 | | | 2022 | | | Cash paid for amounts included in the measurement of operating lease liabilities | | | | | | | | | | | Operating cash flows from operating leases | | $ | 90,955 | | | $ | 80,540 | | | $ | 56,666 | | | Weighted Average Remaining Lease Term: | | | | | | | | | | | | | | Operating leases | | | 1.17 years | | | | 2.17 years | | | | 3.00 years | | | | | | | | | | | | | | | | | Weighted Average Discount Rate: | | | | | | | | | | | | | | Operating leases | | | 3.22 | % | | | 3.22 | % | | | 3.22 | % |
The minimum future annual payments under non-cancellable
leases during the next five years and thereafter, at rates now in force, are as follows:
| | |
Operating
leases | |
| 2025 | |
$ | 88,947 | |
| 2026 | |
| 12,687 | |
| Total future minimum lease payments, undiscounted | |
| 101,634 | |
| Less: Imputed interest | |
| (2,016 | ) |
| Present value of future minimum lease payments | |
$ | 99,618 | |
|