v3.25.2
Leases
12 Months Ended
Dec. 31, 2024
Leases  
Leases

Note 11 – Leases

 

The Group has several operating leases for factory facilities and offices. The Group’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The rental expense for the years ended December 31, 2024, 2023 and 2022 was $136,063, $258,193 and $270,357, respectively. 

 

Supplemental balance sheet information related to operating leases was as follows:

 

 

 

December 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Right-of-use assets, net

 

$1,060,426

 

 

$1,232,323

 

 

 

 

 

 

 

 

 

 

Operating lease liabilities - current

 

 

139,222

 

 

 

163,343

 

Operating lease liabilities - non-current

 

 

919,781

 

 

 

1,073,205

 

Total operating lease liabilities

 

$1,059,003

 

 

$1,236,548

 

 

The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of December 31, 2024 and 2023

 

 

 

December 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Weighted average remaining lease term (years)

 

 

6.95

 

 

 

7.77

 

Weighted average discount rate

 

 

3.85%

 

 

4.50%

 

The following is a schedule of maturities of lease liabilities as of December 31, 2024:

 

Twelve months ending December 31,

 

 

 

2025

 

$175,528

 

2026

 

 

172,651

 

2027

 

 

169,713

 

2028

 

 

169,713

 

2029

 

 

169,713

 

Thereafter

 

 

339,425

 

Total future minimum lease payments

 

 

1,196,743

 

Less: Imputed interest

 

 

137,740

 

Total

 

$1,059,003