| Leases |
Note
13 – Leases
Classification
related to operating and finance leases on the consolidated balance sheet consists of the following:
Schedule
of operating and finance leases assets and liabilities
| | |
2026 | | |
2025 | |
| | |
As of June 30, | |
| | |
2026 | | |
2025 | |
| Lease assets and liabilities | |
| | | |
| | |
| Operating lease assets, net | |
$ | 13,960 | | |
$ | 37,981 | |
| Finance lease assets, net | |
$ | 62,414 | | |
$ | 15,432 | |
| | |
| | | |
| | |
| Operating lease liabilities-current | |
$ | 14,854 | | |
$ | 24,437 | |
| Operating lease liabilities-non-current | |
| - | | |
| 14,301 | |
| Operating lease liabilities-total | |
$ | 14,854 | | |
$ | 38,738 | |
| | |
| | | |
| | |
| Finance lease liabilities-current | |
$ | 15,527 | | |
$ | 11,979 | |
| Finance lease liabilities-non-current | |
| 55,448 | | |
| 53,658 | |
| Finance lease liabilities-total | |
$ | 70,975 | | |
$ | 65,637 | |
Components
of lease cost, weighted average remaining lease terms and discount rates of operating and finance leases consist of the following:
Schedule
of lease cost, weighted average remaining lease terms and discount rates of operating and finance leases
| | |
June 30, 2026 | | |
June 30, 2025 | | |
December 31, 2024 | | |
December 31, 2023 | |
| | |
For the Year Ended | | |
For the Six Months Ended | | |
For the Years Ended | |
| | |
June 30, 2026 | | |
June 30, 2025 | | |
December 31,
2024 | | |
December 31,
2023 | |
| Lease expenses | |
| | | |
| | | |
| | | |
| | |
| Operating lease expenses - SG&A portion | |
$ | 27,835 | | |
$ | 13,225 | | |
$ | 21,874 | | |
$ | 23,089 | |
| Finance lease expenses | |
| | | |
| | | |
| | | |
| | |
| Depreciation expense of leased assets | |
| 26,896 | | |
| 26,351 | | |
| 50,426 | | |
| 17,625 | |
| Interest expense of finance lease | |
$ | 3,172 | | |
$ | 1,564 | | |
$ | 3,420 | | |
$ | 2,306 | |
| | |
| | | |
| | | |
| | | |
| | |
| Other Information | |
| | | |
| | | |
| | | |
| | |
| Cash paid for amounts included in the measurement of lease liabilities | |
| | | |
| | | |
| | | |
| | |
| Operating cash flows - operating leases | |
$ | 27,727 | | |
$ | 12,683 | | |
$ | 22,959 | | |
$ | 23,039 | |
| Operating cash flows - finance leases | |
| 3,172 | | |
| 1,564 | | |
| 3,420 | | |
| 2,306 | |
| Financing cash flows - finance leases | |
$ | 13,355 | | |
$ | 5,561 | | |
$ | 10,216 | | |
$ | 41,328 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | |
$ | - | | |
$ | 31,350 | | |
$ | 15,359 | | |
$ | - | |
| Finance lease ROU assets obtained in exchange for finance lease liabilities | |
$ | 16,138 | | |
$ | - | | |
$ | - | | |
$ | 100,771 | |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted average remaining lease term (in years) | |
| | | |
| | | |
| | | |
| | |
| Operating leases | |
| 0.51 | | |
| 1.51 | | |
| 1.01 | | |
| 1.00 | |
| Finance leases | |
| 4.44 | | |
| 4.91 | | |
| 5.41 | | |
| 3.25 | |
| | |
| | | |
| | | |
| | | |
| | |
| Average discount rate | |
| | | |
| | | |
| | | |
| | |
| Operating leases | |
| 8.72 | % | |
| 8.72 | % | |
| 7.74 | % | |
| 5.77 | % |
| Finance leases | |
| 4.59 | % | |
| 4.67 | % | |
| 4.67 | % | |
| 4.63 | % |
Future
minimum payments under operating and finance leases consist of the following:
Schedule
of future
minimum payments under operating and finance leases
| | |
Operating Leases | | |
Finance Leases | |
| Future minimum lease payments | |
| | | |
| | |
| Year ended June 30, 2027 | |
$ | 15,264 | | |
$ | 18,414 | |
| Year ended June 30, 2028 | |
| - | | |
| 18,414 | |
| Year ended June 30, 2029 | |
| - | | |
| 18,414 | |
| Year ended June 30, 2030 | |
| - | | |
| 17,986 | |
| Year ended June 30, 2031 | |
| - | | |
| 3,085 | |
| Thereafter | |
| - | | |
| 1,788 | |
| Total | |
$ | 15,264 | | |
$ | 78,101 | |
| Less: Interest | |
| (410 | ) | |
| (7,126 | ) |
| Present value of lease liabilities | |
$ | 14,854 | | |
$ | 70,975 | |
TMD
Energy Limited
Notes
to Consolidated Financial Statements
For
the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and
the
Years Ended December 31, 2024 and 2023
|