Leases

6 Months Ended

Jun. 30, 2024

Leases

Leases

NOTE 9 - Leases

The Company had four operating leases (Flywheel’s office leases in Taiwan) as of June 30, 2024. The leased assets in Flywheel are presented as operating lease right-of-use assets.

The table below reconciles the fixed component of the undiscounted cash flows for each of the first five years and the total remaining years to the operating lease liabilities recorded in the statements of financial position as of June 30, 2024:

	Flywheel			Flywheel			Flywheel			Flywheel
	August 2022			February 2023			March 2024			June 2024
Initial lease term	to July 2024			to March 2025			to June 2025			to May 2025
Initial recognition of operating lease right-of-use assets	$	147,547		$	28,652		$	123,107		$	48,131
Weighted-average remaining lease term at June 30, 2024		0.08			0.67			1			0.92
Weighted-average discount rate at June 30, 2024		2.50	%		3.20	%		3.20	%		3.33	%

Operating lease liabilities-current as of June 30, 2024 and December 31, 2023 were $159,915 and $82,269, respectively. Operating lease liabilities-non-current as of June 30, 2024 and December 31, 2023 were $-0- and $2,363, respectively. The operating lease right-of-use assets balance as of June 30, 2024 and December 31, 2023, were $153,404 and $83,946, respectively.

For the six months ended June 30, 2024 and 2023, the amortization of the operating lease right-of-use asset was $98,773 and $179,774, respectively. These amounts were recorded in general and administrative expenses. Additionally, for the six months ended June 30, 2024 and 2023, the Company made lease payments of $92,899 and $191,845, respectively, which were included in the operating cash flows statement.

The future minimum lease payment schedule for all operating leases as of June 30, 2024, is as disclosed below.

For the Period Ending June 30	Amount
2024	$	88,886
2025		73,638
2026		-
2027		-
2028		-
2029 and thereafter		-
Total minimum lease payments		162,524
Less: effect of discounting		(2,609	)
Present value of the future minimum lease payment		159,915
Less: operating lease liabilities-current		(159,915	)
Total operating lease liabilities-non-current	$	-