NOTE
7 — LEASES
The
Company has multiple lease agreements for offices, shops and beauty equipment. The Company’s lease agreements do not contain any
material residual value guarantees or material restrictive covenants.
The
following table includes supplemental cash flow and non-cash information related to leases:
SCHEDULE OF SUPPLEMENTAL CASH FLOWS INFORMATION RELATED TO LEASES
| | |
2025 | | |
2024 | |
| | |
As of June 30, | |
| | |
2025 | | |
2024 | |
| Cash paid of amounts included in the measurement of lease liabilities: | |
| | | |
| | |
| Operating cash outflows for operating leases | |
$ | (814,637 | ) | |
$ | (1,093,819 | ) |
| Financing cash outflows for finance leases | |
| - | | |
| (2,994 | ) |
| Right-of-use assets obtained in exchange for lease obligations: | |
| | | |
| | |
| Operating lease liabilities | |
$ | 1,149,384 | | |
$ | 608,040 | |
| Finance lease liabilities | |
| - | | |
| - | |
The
weighted average remaining lease terms and discount rates for all of operating lease and finance leases as of June 30, 2025 and
2024 are as follows:
SCHEDULE
OF WEIGHTED REMAINING LEASE TERM AND DISCOUNT RATES
| | |
As of June 30, | |
| | |
2025 | | |
2024 | |
| Weighted-average remaining lease term (years): | |
| | | |
| | |
| Operating lease | |
| 1.84
years | | |
| 0.74
years | |
| Finance lease | |
| 0 years | | |
| 0
years | |
| | |
| | | |
| | |
| Weighted average discount rate: | |
| | | |
| | |
| Operating lease | |
| 3.49 | % | |
| 3.51 | % |
| Finance lease | |
| N/A | % | |
| 8.25 | % |
The
following is a schedule of maturities of operating and finance lease liabilities as of June 30, 2025:
SCHEDULE OF MATURITIES OF OPERATING AND FINANCE LEASE LIABILITIES
Operating
leases
| Twelve months ending June 30, | |
| |
| 2026 | |
$ | 711,336 | |
| 2027 | |
| 700,893 | |
| 2028 and after | |
| 52,185 | |
| Total future minimum lease payments | |
| 1,464,414 | |
| Less: imputed interest | |
| (53,276 | ) |
| Present value of operating lease liabilities | |
$ | 1,411,138 | |
| Less: current portion | |
| (673,681 | ) |
| Non-current portion | |
$ | 737,457 | |
|