Lease |
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| LEASE | 17. LEASE
Supplemental balance sheet information related to the operating lease was as follows:
The weighted average remaining lease terms and discount rates for the operating lease as of December 31, 2024 were as follows:
Remaining lease term and discount rate:
During the six months ended December 31, 2024 and 2023, the Company incurred total operating lease expenses of $320,863 and $43,390, respectively. Of the total lease expenses during the six months ended December 31, 2024, $296,564 was offset against gross rental income, as the Company acted in an agency capacity by subleasing the leased property to a third party for the same leasing period.
During the six months ended December 31, 2024, the Company signed two lease contracts, pursuant to which, the Company leased 167,473 square meters of apartment in Xiamen till November 29, 2043 and 200 square meters of office in Beijing till November 29, 2027, respectively. The leased apartment located at Jinyuanxili Jimei District, Xiamen, Fujian, China, were fully leased out to a third party. The leased office located at 3-218B, No.5, Tangjiachun, Guangqumen Road, Chaoyao District, Beijing, China was used as the Company’s office.
As of December 31, 2024, the future minimum rent payable under the non-cancellable operating lease for fiscal years ending December 31 were:
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