Operating Lease

3 Months Ended

Mar. 31, 2026

8. OPERATING LEASE

As of March 31, 2026, the Company leased its land use rights, office spaces and staff dormitory with third party lessors in Vietnam, Ethiopia and the USA. The lease term ranged between 24 months and 540 months.

The table below presents the operating lease related assets and liabilities recorded on the consolidated balance sheets.

	March 31, 2026		December 31, 2025
Right of use assets	$	33,548,825	$	34,354,338

Operating lease liabilities, current		3,271,804		2,867,727
Operating lease liabilities, noncurrent		33,758,680		34,474,040
Total operating lease liabilities	$	37,030,484	$	37,341,767

Other information about the Company’s leases is as follows:

	For the Three Months Ended March 31,
	2026			2025
Operating cash flows used in operating leases	$	1,098,165		$	1,098,165
Weighted average remaining lease term (years)		9.3			10.3
Weighted average discount rate		7.5	%		6.8	%

For the three months ended March 31, 2026, operating lease expenses were $273,498, among which $46,303 was incurred for short-term lease. For the three months ended March 31, 2025, operating lease expenses were $265,075, among which $37,811 was incurred for short-term lease. The following is a schedule, by years, of maturities of lease liabilities as of March 31, 2026:

	March 31, 2026
For the nine months ending December 31, 2026	$	3,507,226
For the year ending December 31, 2027		4,772,957
For the year ending December 31, 2028		4,927,343
For the year ending December 31, 2029		5,111,358
For the year ending December 31, 2030		5,263,011
Thereafter		21,356,333
Total lease payments		44,938,228
Less: Imputed interest		7,907,744
Present value of operating lease liabilities	$	37,030,484