Leases |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||
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| LEASES | 8. LEASES
Operating leases as lessee
The Company’s leasing activities primarily consist of one operating lease for offices. ASC 842 requires leases to recognize right-of-use assets and lease liabilities on the balance sheet. The Company has elected an accounting policy to not recognize short-term leases (one year or less) on the balance sheet.
For the six months ended June 30, 2025 and 2026, the Company incurred operating lease expenses of $20,360 and $42,094, respectively. The operating lease expenses were charged to general and administrative expense.
In January 2026, Beijing Feitian signed a 3-year lease agreement with the lessor, Beijing Ruihengtai Park Management Service Co., Ltd., starting from April 20, 2026, with a quarterly rent of RMB82,589 (approximately $12,035).
Cash flow information related to operating leases consists of the following:
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