LEASE

6 Months Ended

Jun. 30, 2021

LEASE

10. LEASE

10. LEASE

The Company acquired motor vehicle under hire purchase agreements under capital lease. The lease arrangement requires monthly payments of $1,869 for a period of 36 to 84 months.

The Company has included the asset as motor vehicle as follows:

	June 30,		December 31,
	2021		2020
Motor vehicle	$	127,234	$	134,130
Less: accumulated depreciation		39,659		28,395
Net		87,575		105,735

Interest expenses were $1,033 and $689 for the six months ended June 30, 2021 and 2020, respectively.

The future minimum payments under the capitalized lease, together with the present minimum value of net minimum lease payments at the period ended June 30, 2021 and December 31, 2020 as follows:

	June 30,		December 31,
	2021		2020
Repayable within 1 year	$	21,278	$	22,431
Repayable within 2 year		21,278		22,431
Repayable within 3 year		11,342		17,666
Repayable within 4 year		10,447		11,013
Repayable within 5 year		10,447		11,013
Thereafter		1,745		7,346
Total		76,537		91,900
Less amount representing interest		8,305		9,823
Present value of lease payments		68,232		82,077