| Leases |
Note 10 – Leases
Operating leases as lessee
As of December 31, 2025, the Company has operating leases recorded
on its consolidated balance sheet for certain office spaces and warehouses that expire on various dates through 2026. The Company does
not plan to cancel the existing lease agreements for its existing facilities prior to their respective expiration dates. When determining
the lease term, the Company considers options to extend or terminate the lease when it is reasonably certain that it will exercise or
not exercise that option. The Company’s lease arrangements contain lease component only. Payments under the Company’s lease
arrangement are fixed and no variable leases costs are included.
The following tables shows ROU assets and lease liabilities, and the
associated financial statement line items:
| | | As of
December 31,
2025 | | | As of
December 31,
2024 | | | Assets | | | | | | | | Operating lease right-of-use assets, net | | $ | - | | | $ | 2,413 | | | | | | | | | | | | | Liabilities | | | | | | | | | | Operating lease liabilities, current | | $ | - | | | $ | 5,052 | | | Operating lease liabilities, non-current | | $ | - | | | $ | - | | | | | | | | | | | | | Weighted average remaining lease term (in years) | | | - | | | | 0.25 | | | Weighted average discount rate (%) | | | - | % | | | 3.85 | % | Information related
to operating lease activities for the years ended December 31, 2025 and 2024 are as follows:
| | |
For the
year ended
December 31,
2025 | | |
For the
year ended
December 31,
2024 | |
| | |
| | |
| |
| Operating lease right-of-use assets obtained in exchange for lease liabilities | |
$ | - | | |
$ | - | |
| | |
| | | |
| | |
| Operating lease expense | |
$ | - | | |
$ | 12,251 | |
| Short-term lease expense | |
| 68,428 | | |
| 59,343 | |
| Total | |
$ | 68,428 | | |
$ | 71,594 | |
During the years ended December 31, 2023, 2024 and 2025, the Company’s
leases for office space and warehouse located in Ningbo and Shenzhen are as follows:
| Location of property | | Approximate
gross floor
area | | Term of Lease | | | Facility Usage | | | | (sq. meters) | | | | | | | Unit A06, Area 1, 6th Floor, Building 828, Sun ‘gang, Baoan North Road, Luohu District, Shenzhen | | 57.00 | | One year (May 1, 2022 to April 30, 2023) | | | Office | | Room 329-1/329-2, Fintech Building, Ningbo Free Trade Zone East District, Ningbo, Zhejiang Province, PRC | | 513.91 | | One year (January 1, 2022 to January 1, 2023) | | | Office | | Room 329-1/329-2, Fintech Building, Ningbo Free Trade Zone East District, Ningbo, Zhejiang Province, PRC | | 513.91 | | One year (January 1, 2023 to December 31, 2023) | | | Office | | Room 329-3,329-4,329-5, Fintech Building, Ningbo Free Trade Zone East District, Ningbo, Zhejiang Province, PRC | | 227.88 | | One year (January 1, 2023 to December 31, 2023) | | | Office | | 301, Building C, Shenghexing Logistics Park, Intersection of Yongfu Road and Liyuan Road, Fuhai Street, Shenzhen | | 150.75 | | 31 months (September 1, 2022 to March 14, 2025) | | | Warehouse | | Ningbo Free Trade Zone Financial Technology Building 329-1,329-2, 329-3,329-4,329-5 | | 741.49 | | One year (January 1, 2024 to December 31, 2024) | | | Office | | Unit A06, Area 1, 6th Floor, Building 828, Sun ‘gang, Baoan North Road, Luohu District, Shenzhen | | 57.00 | | One year (May 1, 2023 to April 30, 2024) | | | Office | | Room 901, 902, 903, 904, 905(907), 906, 909, 910, 911, 912, Fintech Building, Ningbo Free Trade Zone East District, Ningbo, Zhejiang Province, PRC | | 1,111.00 | | Six months (September 1, 2024 to February 28, 2025) | | | Office | | Room 901, 902, 903, 904, 905(907), 906, 909, 910, 911, 912, Fintech Building, Ningbo Free Trade Zone East District, Ningbo, Zhejiang Province, PRC | | 1,111.00 | | Ten months (March 1, 2025 to December 31, 2025) | | | Office | | Room 901, 902, 903, 904, 905(907), 906, 909, 910, 911, 912, Fintech Building, Ningbo Free Trade Zone East District, Ningbo, Zhejiang Province, PRC | | 1,111.00 | | Two years (January 1, 2026 to December 31, 2027) | | | Office |
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