v3.25.2
Operating Lease (Tables)
 6 Months Ended
Jun. 30, 2025
Lessee Disclosure [Abstract]  
Schedule of Leases by Balance Sheet Location
The following table provides a summary of leases by balance sheet location as of June 30, 2025 and December 31, 2024:
 
Assets/liabilities
 
June 30,
2025
 
 
 
 
December 31,
2024
 
 
Assets
 
 
 
 
 
 
 
 
Operating lease right-of-use assets
 
$
1,648,594
 
 
$
1,822,266
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Operating lease liability - current
 
$
370,800
 
 
$
355,754
 
Operating lease liability - non-current
 
 
1,277,794
 
 
 
1,466,512
 
Total lease liabilities
 
$
1,648,594
 
 
$
1,822,266
 
Schedule of information related to operating leases
Cash flow information related to operating leases consists of the following:
 
 
 
For the six
months
ended June
30, 2025
 
 
 
 
For the six
months
Ended June
30, 2024
 
 
Cash paid for amounts included in the measurement of operating lease liabilities
 
$
217,428
 
 
$
17,534
 
Right-of-use assets obtained in exchange for new lease obligations:
 
 
-
 
 
 
-
 
Schedule of Operating Lease Expenses
The operating lease expenses for the six months ended June 30, 2025 and 2024 were as follows:
 
Lease Cost
 
Classification
 
 
For the
six
months
ended
June 30,
2025
 
 
 
 
 
 
 
 
For the
six
months
ended
June 30,
2024
 
 
 
 
Operating lease expense
 
General and administrative expenses
 
 
$
217,428
 
 
$
17,534
 
Schedule of Operating Lease Liabilities
Maturities of operating lease liabilities as of June 30, 2025 were as follows:
 
Maturity of Lease Liabilities
 
Operating
Leases
 
 
Within one year
 
 
221,426
 
Within a period of more than one year but not more than two years
 
$
439,278
 
Within a period of more than two year but not more than three years
 
 
428,376
 
Within a period of more than three year but not more than four years
 
 
441,227
 
Within a period of more than four years but not more than five years
 
 
299,976
 
More than five years
 
 
-
 
Total lease commitment
 
$
1,830,283
 
Less: interest
 
 
(181,689
)
Present value of lease payments
 
$
1,648,594
 
Schedule of Lease Term and Discount Rate
Lease liabilities include lease and non-lease component such as management fee.
 
Lease Term and Discount Rate
 
June 30,
2025
 
 
 
 
December 31,
2024
 
 
Weighted-average remaining lease term (years)
 
 
 
 
 
 
 
 
 
 
Operating leases
 
 
4.50
 
 
 
 
 
4.57
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average discount rate (%)
 
 
 
 
 
 
 
 
 
 
Operating leases
 
 
5
%
 
 
5
%