LEASES |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| LEASES | NOTE 5 - LEASES
On November 1, 2023, the Company entered into a lease agreement to rent a storage facility in Hong Kong for a two-year term at an annual rental of HK$17,900 (approximately $2,315) per month and HK$35,800 (approximately $4,600) as a security deposit. These payments were paid by a minority stockholder on behalf of the Company (see Note 4). The lease expires in December 2025.
In accordance with ASC 842, the Company recognized operating lease ROU assets and lease liabilities, which had balances as follows:
Future minimum lease payments under operating leases at June 30, 2024, were as follows:
The Company recognized total lease expenses of $13,890 and $13,140 for the six months ended June 30, 2024 and 2023, respectively and $6,945 and $6,570 for the three months ended June 30, 2024 and 2023, respectively. |
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