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| LEASE | 19. LEASE
Lease commitments
On July 11, 2024, the Company leased non-commercial vehicle as lessee under finance leases with 5 years lease terms. The Company recognized finance lease liabilities of approximately $72,772, using an effective interest rate of 4.42%, which was determined using the incremental borrowing rate.
The five-year maturity of the Company’s operating and finance lease liabilities is as follow:
The Company also leases one office and operation center, one apartment and one shophouse with an expiring term of twelve months or less, which were classified as operating leases. Since the lease terms for these leases were twelve months or less, a lessee is permitted to elect not to recognize lease assets and liabilities. The Company has elected not to recognize lease assets and liabilities on these leases. As of December 31, 2025, the Company’s commitment for minimum lease payment under these operating leases within the next twelve months were $65,987.
Short term lease cost for the years ended December 31, 2025 and 2024 were $107,222 and $65,608 respectively.
AGAPE ATP CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Currency expressed in United States Dollars (“US$”), except for number of shares)
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