LEASE

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

LEASE

NOTE 9 - LEASE

As of September 30, 2024, the Company has three separates lease agreements for the three office spaces in PRC with remaining lease terms of from 1 months to 6 months

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		0.25 year
2nd Beijing office rent, related party	Dec 31, 2024	1 year		0.25 year
3rd Changsha office rent, related party	Aug 1, 2024	1 year		0 year

A lease with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for the lease and non-lease components of its leases as a single lease component. Lease expense is recognized on a straight-line basis over the lease term.

EZAGOO LIMITED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Currency expressed in United States Dollars (“US$”), except for number of shares)

The components of lease expense and supplemental cash flow information related to leases are as following:

	Nine months ended September 30,
	2024			2023
Leases Cost (included in general and administration in the Company’s unaudited condensed statement of operations)
Amortization of right-of-use assets	$	20,143		$	128,483
Interest of operating lease liabilities		478			1,155
Total lease cost	$	20,621		$	129,638
Other Information
Cash paid for the amounts included in the measurement of lease liabilities	$	16,366		$	133,221
Weighted average remaining lease term (in years)		0.75			0.17
Average discount rate – operating leases		4.35	%		4.35	%

The supplemental balance sheet information related to leases is as following:

	September 30, 2024		December 31, 2023
	(Unaudited)		(Audited)
Leases
Right-of-use assets,	$	5,551	$	21,603
Total Right-of-use assets	$	5,551	$	21,603
Lease liabilities - current portion	$	5,591	$	21,603
Total lease liabilities	$	5,591	$	21,603

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

Period ending September 30,
2024	$	5,631
Total lease payments		5,631
Less: Imputed interest/present value discount		40
Present value of lease liabilities	$	5,591

Lease expenses were $20,621 and $129,638 for the nine months ended September 30, 2024 and September 30, 2023, respectively.

Lease commitments

The following table sets forth our contractual obligations as of September 30, 2024:

	Year ended September 30,
	Total		2024
	USD		USD
Operating lease commitments for Lease expense under lease agreements	$	855		855