Lease obligations

12 Months Ended

Dec. 31, 2023

Lease obligations

Note 12: Lease obligations

The Group has operating leases primarily for office space. The Group’s leases have remaining lease terms of several months to two years.

The components of lease expense are as follows:

	Years ended December 31,
	2023		2022
	US$’000		US$’000
Operating lease cost		76		175
Short-term lease cost		220		121
Total lease cost		296		296

Supplemental consolidated cash flow information related to leases is as follows:

	Years ended December 31,
	2023		2022
	US$’000		US$’000
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		285		195
Right-of-use assets obtained in exchange for lease obligations (noncash):
Operating leases		-		-

Supplemental consolidated balance sheet information related to leases is as follows:

	December 31,
	2023			2022
	US$’000			US$’000
Operating leases
Operating lease right-of-use assets		233			219
Current portion of long-term operating lease obligations		170			113
Long-term operating lease obligations, net of current maturities		44			87
		214			200
Weighted average remaining lease term
Operating leases	3 months			20 months
Weighted average discount rate
Operating leases		5.45	%		4.44	%

Maturities of lease liabilities are as follows:

	Operating leases
	US$’000
Year ending December 31,
2024		174
2025		42
Total lease payments		219
Less: imputed interest		(5	)
Total		214

ZHEJIANG TIANLAN

Lease obligations

3. Lease obligations

The Group has finance leases primarily for equipment.

The components of lease expense are as follows:

	Years ended December 31,
	2023		2022
	RMB’000		RMB’000
Finance lease cost:
Amortization of right-of-use assets		-		-
Interest on lease liabilities included under cost of revenue and selling and administrative expenses		-		-
Total finance lease cost		-		-

Supplemental consolidated cash flow information related to leases is as follows:

	Years ended December 31,
	2023		2022
	RMB’000		RMB’000
Cash paid for amounts included in the measurement of lease liabilities:
Finance cash flows from finance leases		-		-
Right-of-use assets obtained in exchange for lease obligations (noncash):
Finance leases		-		-

Supplemental consolidated balance sheet information related to leases is as follows:

	December 31,
	2023		2022
	RMB’000		RMB’000
Finance leases
Property, plant and equipment, at cost		-		-
Accumulated depreciation and impairment losses		-		-
Property, plant and equipment, net		-		-
Current maturities of long-term debt		-		-
Total finance lease liabilities		-		-
Weighted average remaining lease term
Finance leases		-		-
Weighted average discount rate
Finance leases		-		-