Operating Lease |
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| Operating Lease | Note 6 – Operating Lease
In September 2024, the Company entered into an office lease for an office at B2, 6/F, Phase-2 Hang Fung Industrial Building 2G, Hok Yuen Street, Hung Hom, Kowloon, Hong Kong. The lease was renewed in September 2025 till September 2026. And the lease was renewed in September 2026 till September 2027. Since the Company intends to maintain the lease for more than twelve months, the Company was required to classify such lease as operating lease in accordance with the provisions of ASC 842 - Leases. Therefore, the Company recognized operating lease liabilities with corresponding Right-Of-Use (“ROU”) assets based on the present value of the minimum rental payments of such lease during the three months ended August 31, 2026.
The Company’s lease agreements do not provide an implicit borrowing rate. Therefore, the Company used a benchmark approach to derive an appropriate incremental borrowing rate. The Company benchmarked itself against other companies of similar credit ratings and comparable credit quality and derived an incremental borrowing rate to discount each of its lease liabilities based on the remaining lease terms.
ROU assets at August 31, 2026 and 2025 were $0 and $11,868, respectively. Short-term and long-term operating lease liabilities were $5,000 and $0 at August 31, 2026, respectively. Short-term and long-term operating lease liabilities were $11,868 and $0 at August 31, 2025, respectively.
Quantitative information regarding the Company’s lease is as follows:
Future minimum lease payments required under operating lease are as follows:
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