Leases |
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| LEASES | NOTE 11 — LEASES
The Company has various operating leases for clinics and office spaces. The lease agreements do not specify an explicit interest rate. The Company’s management believes that the interest rate of 6.6% and 5.5% was the most indicative rate of the Company’s borrowing cost for the calculation of the present value of the lease payments.
As of December 31, 2024 and 2023, the right-of-use assets totaled $98,570, and $283,847, respectively.
As of December 31, 2024 and 2023, lease liabilities consist of the following:
The following is a schedule of future minimum payments under operating leases as of December 31, 2024:
Other lease information is as follows:
As of December 31, 2024 and 2023, there were $98,570 and $283,847 right of use (“ROU”) assets and $118,757 and $326,107 lease liabilities based on the present value of the future minimum rental payments of leases, respectively. The Company’s management believes that using an incremental borrowing rate of the minimum loan rate and the Hong Kong Dollar Best Lending Rate (“BLR”) minus 0.125% was the most indicative rate of the Company’s borrowing cost for the calculation of the present value of the lease payments; the rate used by the Company was 6.6% and 5.5% respectively. |
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