Note
7 – Leases
During
the six months ended June 30, 2026 and 2025, the Company had eight and six operating lease agreements for a period of 4 years
to 5 years, respectively. The leases were for golf carts and golf equipment.
The
components of leases related expenses charged to statements of income were as follows:
Schedule
of Lease Expense
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| | |
For the three months ended | | |
For the six months ended | |
| | |
June 30, | | |
June 30, | |
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | |
| Operating lease cost | |
| 78,325 | | |
| 58,345 | | |
$ | 155,168 | | |
$ | 116,009 | |
Supplemental
cash flow information related to leases was as follows:
Schedule
of Supplemental Cash Flow Information Related to Leases
| |
|
2026 |
|
|
2025 |
|
| |
|
For
the six months ended |
|
| |
|
June
30, |
|
| |
|
2026 |
|
|
2025 |
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
| Cash
paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
| Operating
cash flows from operating leases |
|
$ |
153,685 |
|
|
$ |
116,009 |
|
| Weighted
average discount rate |
|
|
5.49 |
% |
|
|
5.00 |
% |
| Weighted
average remaining lease term (years) |
|
|
3.58 |
|
|
|
3.89 |
|
Supplemental
balance sheet information related to leases was as follows:
Schedule
of Supplemental Balance Sheet Information Related to Leases
| |
|
June
30, |
|
|
December
31, |
|
| |
|
2026 |
|
|
2025 |
|
| |
|
(Unaudited) |
|
|
(Audited) |
|
| Operating
lease right-of-use asset |
|
$ |
803,421 |
|
|
$ |
933,778 |
|
| Operating
lease liabilities: |
|
|
|
|
|
|
|
|
| Current
portion |
|
|
218,343 |
|
|
|
242,256 |
|
| Non-current
portion |
|
|
585,078 |
|
|
|
691,522 |
|
| Operating lease liability |
|
$ |
803,421 |
|
|
$ |
933,778 |
|
Future
minimum lease payments under operating leases as of June 30, 2026 were as follows:
Schedule
of Future Minimum Lease Payments Under Operating Leases
| Period ending December 31, | |
| |
| 2026 (excluding six months ended June 30, 2026) | |
$ | 132,056 | |
| 2027 | |
| 247,495 | |
| 2028 | |
| 247,495 | |
| 2029 | |
| 193,535 | |
| 2030 | |
| 63,251 | |
| Total future minimum lease
payments | |
$ | 883,832 | |
| Less: imputed interest | |
| (80,411 | ) |
| Operating lease liabilities | |
$ | 803,421 | |
|