LEASE LIABILITIES

3 Months Ended

Mar. 31, 2022

Lease Liabilities

LEASE LIABILITIES

NOTE 8                LEASE LIABILITIES

On September 27, 2021, the Company entered into a lease agreement for office in Hong Kong with a two year term, commencing on September 27, 2021 and expiring on September 26, 2023.

The operating lease expense as of March 31, 2022 and December 31, 2021 were as follows: 

Schedule of operating lease expense
	As of March 31, 2022		As of December 31, 2021
Operating lease cost – straight line	$	11,538	$	15,385

As of March 31, 2022, future minimum commitments under the Company’s non-cancelable operating lease, in accordance with ASC 842, are as follows:

Schedule of future minimum operating lease payments
Fiscal years ending March 31,	Operating leases
2022	$	34,615
2023		30,769
2024		-
2025		-
Thereafter		-
Total undiscounted cash flows		65,385
Less: imputed interest		(1,005	)
Present value of lease liabilities	$	64,379

As of March 31, 2022 and December 31, 2021, the remaining weighted-average lease term was 1.42 years and 1.74 years, respectively and the weighted-average incremental borrowing rate used to determine the operating lease liabilities was  2.33%.

Supplementary cash flow information related to lease where the Company was the lessee for the three months March 31, 2022 and 2021 was as follows:

Schedule of supplementary cash flow information
	For the Three Months Ended
	March 31, 2022		March 31, 2021
Operating cash outflows from operating lease	$	11,142	$	-