OPERATING LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES

3 Months Ended

Mar. 31, 2023

OPERATING LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES

OPERATING LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES

NOTE 5 – OPERATING LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES

Lease liabilities are measured at present value of the sum of remaining rental payment as of recognition with discount rate of 6.40% per annum adopted from Malayan Banking (Maybank) Berhad's base rate as a reference for discount rate, as this bank is the largest bank and national bank of Malaysia.

A single lease cost is recognized over the lease term on a generally straight-line basis. All cash payments of operating lease cost are classified within operating activities in the statement of cash flows.

Operating lease right of use assets as follows:	As of
	March 31,			December 31,
	2023			2022
Balance as of beginning of the year	$	55,730		$	41,090
Add: Addition of lease liabilities		-			32,281
Less: Amortization		(3,954	)		(15,534	)
Foreign translation differences		(341	)		(2,106	)
Balance	$	51,436		$	55,730

Operating lease liabilities as follows:
	March 31,			December 31,
	2023			2022
Balance as of beginning of the year	$	56,775		$	42,909
Add: Addition of lease liabilities		-			30,770
Less: gross repayment		(4,875	)		(19,618	)
Add: imputed interest		855			4,913
Foreign translation differences		(346	)		(2,199	)
Balance as of end of the year		52,409			56,775
Less: lease liability current portion		(16,733	)		(16,569	)
Lease liability non-current portion	$	35,676		$	40,206

The amortization of the right of use asset for the three months’ period ended March 31, 2023 and the three months’ period ended March 31, 2022 were $3,972 and $4,341 respectively.

Other information:	As of
	March 31, 2023			December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating lease	$	(4,366	)	$	(126,686	)
Right of use assets obtained in exchange for operating lease liabilities		51,436			55,730
Remaining lease term for operating lease (years)		3.75			4
Weighted average discount rate for operating lease	$	6.40	%	$	6.40	%

Lease expenses for the three months’ period ended March 31, 2023 and the year ended December 31, 2022 were $855 and $4,913, respectively.