v3.25.2
NON-CURRENT LIABILITIES
 6 Months Ended
Jun. 30, 2025
Non-current Liabilities  
NON-CURRENT LIABILITIES

NOTE 7. NON-CURRENT LIABILITIES

 

Operating Lease Liabilities – Non-Current Portion

 

As disclosed, we acquired 51% of the outstanding shares of ASG on March 27, 2024. These acquired operating leases were valued on the date of acquisition using the present value of the lease payments remaining from the date acquired and an estimated incremental borrowing rate of 8%. As of June 30, 2025, we had a non-current portion of lease liabilities of $172,651.

 

The following is a summary of future lease payments required under the lease agreements:

SCHEDULE OF FUTURE LEASE PAYMENTS  

   DUSTER   X TRAIL   KICKS   URWAN   MICROBUS   SUNNY   ASX   YARIS   KICKS NEW   RENAULT NEW   MERCEDES BENZ G580   Total 
Year 2025   2,231    3,088    4,558    9,473    7,969    4,790    2,656    2,175    2,141    2,202    17,652    58,933 
Year 2026   4,738    6,558    9,680    20,118    16,924    10,173    2,295    1,120    4,546    4,676    37,486    118,313 
Year 2027   2,088    4,074    6,013    8,868    7,460    6,320    0    0    4,923    5,064    40,598    85,407 
Year 2028   0    0    0    0    0    0    0    0    3,959    3,146    21,545    28,650 
Total   9,058    13,719    20,251    38,458    32,352    21,282    4,951    3,295    15,568    15,087    117,281    291,303 

 

 

Supplemental Information as of June 30, 2025:

SCHEDULE OF SUPPLEMENTAL INFORMATION  

   DUSTER   X TRAIL   KICKS   URWAN   MICROBUS   SUNNY   ASX   YARIS   KICKS NEW   RENAULT NEW   MERCEDES BENZ G580   Total 
RoU Assets   8,363    12,749    18,819    35,509    29,871    19,777    4,396    2,907    15,132    14,571    117,281    279,375 
Lease Liability   9,058    13,719    20,251    38,458    32,352    21,282    4,951    3,295    15,568    15,087    117,281    291,303 
Current   4,553    6,301    9,301    19,331    16,262    9,775    4,951    3,295    4,368    4,493    36,021    118,652 
Non Current   4,505    7,418    10,950    19,127    16,090    11,507    -    -    11,200    10,594    81,260    172,651 

 

Weighted average remaining lease term (in years)   2.26 
Weighted average discount rate   8%

 

Other Payables – Long term

 

In connection with the ASG Acquisition, we acquired long-term bank debt totaling $357,577. As of June 30, 2025, total long-term borrowings outstanding were $89,625.

 

The Company acquired a 51% interest in Al Shola Gas on March 27, 2024, with the issuance of a $9,000,000 note payable and $1,000,000 in cash. The payable is due as follows: $9 million in National Exchange-listed stock or cash to be paid to the Seller, of which $3,375,000 is the non-current portion.

  

Other Payables Non-current  June 30,
2025		   December 31,
2024		 
Payable to Shareholders of Al Shola Gas   3,375,000    4,500,000 
Bank Borrowings – Non – Current   89,625    116,039 
Total   3,464,625    4,616,039