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OPERATING LEASE (Tables)
 12 Months Ended
Dec. 31, 2023
Operating Lease  
SCHEDULE OF DETAILS OF LEASE TERM

The details lease terms are shown as followings:

 

Lease agreement   Expiry Date   Original Lease Term   The Remaining Lease Term
1st Changsha office rent, related party   Dec 31, 2024   2 years   1 year
2nd Beijing office rent, related party   Dec 31, 2024   1 year   1 year
3rd Changsha office rent, related party   Aug 1, 2024   1 year   0.58 year
SCHEDULE OF LEASE COST AND OTHER INFORMATION RELATED TO OPERATING LEASES

For the years ended December 31, 2023 and 2022, the Company has incurred rent expenses solely for the office premises on a monthly basis as follows:

 

   2023   2022 
   As of December 31, 
   2023   2022 
Lease Cost (included in general and administration in the Company’s audited statement of operations)       -  
Operating lease cost, related party  $21,735    $- 
Operating lease cost, non-related party   157,444    180,579 
Operating lease cost  $179,179   $180,579 
           
Other Information          
Cash paid for amounts included in the measurement of lease liabilities for the year, related party  $22,194   $- 
Cash paid for amounts included in the measurement of lease liabilities for the year, non-related party   155,643    185,835 
Cash paid for amounts included in the measurement of lease liabilities  $177,837   $185,835 
Weighted average remaining lease term, related party (in years)   1.00    - 
Weighted average remaining lease term, non-related party (in years)   -    0.92 
Average discount rate – operating leases   4.35%   4.35%
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES

The supplemental balance sheet information related to leases for the period is as follows:

 

        
Operating leases        
Operating right-of-use assets, related party  $21,603   $- 
Operating right-of-use assets, non-related party   -    181,520 
Total operating right-of-use assets  $21,603   $181,520 
           
Operating lease liabilities, related party - current portion  $21,603   $- 
Operating lease liabilities, non-related party - current portion   -    156,015 
Operating lease liabilities, related party - non-current portion   -    - 
Operating lease liabilities, non-related party - non-current portion   -    - 
Total operating lease liabilities  $21,603   $156,015 
SCHEDULE OF MATURITIES OF LEASE LIABILITIES

Maturities of the Company’s lease liabilities are as follows:

 

Period ending December 31,    
2024  $22,115 
Total lease payments   22,115 
Less: Imputed interest/present value discount   (512)
Present value of lease liabilities  $21,603