Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

Note 7 — Leases

The Company has operating leases primarily for corporate offices, warehouses and showrooms. As of September 30, 2022, the Company’s leases have remaining lease terms up to 6.6 years. Total unamortized cost of leases as of September 30, 2022, and December 31, 2021 amounted to $10,851,359 and $9,137,045, respectively.

For the nine months ended September 30, 2022 and 2021, the total lease expenses paid was $1,239,911 and $1,226,012, respectively.

The table below presents the operating lease related assets and liabilities recorded on the Company’s consolidated balance sheets:

	As of		As of
	September 30, 2022		December 31, 2021
	USD		USD
Operating lease right-of-use assets	$	9,631,504	$	8,087,969
Operating lease liabilities – current	$	1,238,857	$	1,315,848
Operating lease liabilities – noncurrent		8,491,300		6,884,794
Total operating lease liabilities	$	9,730,157	$	8,200,642

Information relating to the lease term and discount rate are as follows:

	As of		As of
	September 30, 2022		December 31, 2021
Weighted-average remaining lease term
Operating leases	5.3 years		5.4 years
Weighted-average discount rate
Operating leases	4.7	%	4.7	%

As of September 30, 2022, the maturities of operating lease liabilities were as follows:

For the 12 months ending September 30,
2023	$	1,924,908
2024		1,973,586
2025		1,790,474
2026		1,687,585
2027		1,738,052
Thereafter		2,076,697
Total lease payments		11,191,302
Less: imputed interest		(1,461,145)
Present value of lease liabilities	$	9,730,157