| Schedule of Prepaid Land Use Rights |
Prepaid land use rights
| | |
Prepaid land | |
| | |
lease
payments | |
| Balance as of January 1, 2025 | |
$ | 11,075,973 | |
| Addition for the year | |
| 1,099,537 | |
| Amortization charge for the year | |
| (331,189 | ) |
| Foreign exchange adjustment | |
| 464,543 | |
| Balance as of December 31, 2025 | |
| 12,308,864 | |
| Amortization charge for the period | |
| (87,931 | ) |
| Foreign exchange adjustment | |
| 185,002 | |
| Balance as of March 31, 2026 | |
| 12,405,935 | |
|
| Schedule of Lease Expenses |
Operating lease expenses for the three months
ended March 31, 2025 and 2026 for the capitation agreement was as follows:
| | |
March 31,
2025 | | |
March 31,
2026 | |
| Operating lease cost – straight line | |
$ | 308,290 | | |
$ | 321,463 | |
Company as lessee - Finance lease
| | |
December 31, | | |
March 31, | |
| | |
2025 | | |
2026 | |
| Property, plant and equipment, at cost | |
$ | 4,924,746 | | |
$ | 6,988,614 | |
| Accumulated depreciation | |
| (2,569,405 | ) | |
| (2,975,677 | ) |
| Impairment | |
| (2,355,341 | ) | |
| (4,012,937 | ) |
| Property, plant and equipment, net under finance lease | |
| - | | |
| - | |
| | |
| | | |
| | |
| Finance lease liabilities, current | |
| 1,307,170 | | |
| 2,124,717 | |
| Finance lease liabilities, non-current | |
| - | | |
| 97,281 | |
| Total finance lease liabilities | |
$ | 1,307,170 | | |
$ | 2,221,998 | |
The components of finance lease expenses for the three months ended
March 31, 2025 and 2026 were as follows:
| | |
For the three months
ended March
31, | |
| | |
2025 | | |
2026 | |
| Finance lease cost: | |
| | |
| |
| Depreciation of assets | |
$ | - | | |
$ | - | |
| Interest of lease liabilities | |
| - | | |
| 7,917 | |
| Total lease expenses | |
$ | - | | |
$ | 7,917 | |
Lease term and discount rate:
| | | December 31,
2025 | | | March 31,
2026 | | | Weighted-average remaining lease term (years) | | | | | | | | Land use rights | | | 36.3 | | | | 36.0 | | | Operating leases | | | 3.13 | | | | 2.90 | | | Finance lease | | | 0.92 | | | | 0.85 | | | | | | | | | | | | | Weighted-average discount rate | | | | | | | | | | Land use rights | | | Nil | | | | Nil | | | Operating lease | | | 4.19 | % | | | 4.30 | % | | Finance lease | | | 0.8 | % | | | 0.98 | % |
Supplemental cash flow information related to leases where the Company
was the lessee for the three months ended March 31, 2025 and 2026 was as follows:
| | |
For the three
months ended
March 31, | |
| | |
2025 | | |
2026 | |
| Operating cash outflows from operating assets | |
$ | 137,184 | | |
$ | 212,219 | |
|
| Schedule of Maturities of Lease Liabilities |
The following is a schedule, by years, of maturities of lease liabilities
as of March 31, 2026:
| | |
Operating
leases | | |
Finance
leases | |
| Remainder of 2026 | |
$ | 1,210,390 | | |
$ | 1,848,718 | |
| 2027 | |
| 951,285 | | |
| 389,610 | |
| 2028 | |
| 569,173 | | |
| - | |
| 2029 | |
| 471,140 | | |
| - | |
| 2030 | |
| 460,854 | | |
| - | |
| Thereafter | |
| - | | |
| - | |
| Total undiscounted cash flows | |
| 3,662,842 | | |
| 2,238,328 | |
| Less: imputed interest | |
| (255,007 | ) | |
| (16,330 | ) |
| Present value of lease liabilities | |
$ | 3,407,835 | | |
$ | 2,221,998 | |
|