Operating Lease

6 Months Ended

Jun. 30, 2026

8. OPERATING LEASE

As of June 30, 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.

	June 30, 2026		December 31, 2025
Right of use assets	$	33,966,220	$	34,354,338

Operating lease liabilities, current		3,534,017		2,867,727
Operating lease liabilities, noncurrent		34,028,802		34,474,040
Total operating lease liabilities	$	37,562,819	$	37,341,767

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

	For the Six Months Ended June 30,
	2026			2025
Operating cash flows used in operating leases	$	2,742,597		$	1,098,165
Weighted average remaining lease term (years)		9.0			10.0
Weighted average discount rate		7.7	%		13.9	%

For the three months ended June 30, 2026, operating lease expenses were $1,322,240, among which $36,215 was incurred for a short-term lease. For the three months ended June 30, 2025, operating lease expenses were $1,317,932, among which $28,657 was incurred for a short-term lease. For the six months ended June 30,2026, operating lease expenses were $2,554,472, among which $82,518 was incurred for a short-term lease. For the six months ended June 30,2025, operating lease expenses were $2,603,073, among which $66,538 was incurred for a short-term lease.

The following is a schedule, by years, of maturities of lease liabilities as of June 30, 2026:

	June 30, 2026
For the six months ending December 31, 2026	$	2,764,829
For the year ending December 31, 2027		5,503,892
For the year ending December 31, 2028		5,655,927
For the year ending December 31, 2029		5,897,691
For the year ending December 31, 2030		6,021,845
Thereafter		23,000,355
Total lease payments		48,844,539
Less: Imputed interest		11,281,720
Present value of operating lease liabilities	$	37,562,819