Operating and Finance Leases (Tables)
|
3 Months Ended |
Mar. 31, 2020 |
|---|
| Lease Liability [Abstract] |
|
| Schedule of lease term and discount rate |
| Weighted-average remaining lease term |
|
Unaudited |
| Operating lease |
|
0.39 Year |
| Finance lease |
|
4.60 Years |
| Weighted-average discount rate |
|
|
| Operating lease |
|
6.00% |
| Finance lease |
|
3.82% |
|
| Schedule of operating and finance leases |
Operating Leases
| |
|
March 31,
2020 |
|
|
December 31,
2019 |
|
| |
|
(Unaudited) |
|
|
|
|
| Right-of-use assets |
|
$ |
210,130 |
|
|
$ |
302,602 |
|
| Lease liability - current |
|
$ |
256,168 |
|
|
$ |
322,430 |
|
Finance Leases
| |
|
March 31,
2020 |
|
|
December 31,
2019 |
|
| |
|
(Unaudited) |
|
|
|
|
| Property and equipment, at cost |
|
$ |
56,770 |
|
|
$ |
56,770 |
|
| Accumulated depreciation |
|
|
(4,659 |
) |
|
|
(1,569 |
) |
| Property and equipment, net |
|
$ |
52,111 |
|
|
$ |
55,201 |
|
| |
|
|
|
|
|
|
|
|
| Lease liability - current |
|
$ |
9,932 |
|
|
$ |
9,949 |
|
| Lease liability – non-current |
|
|
42,173 |
|
|
|
45,199 |
|
| Total finance lease liabilities |
|
$ |
52,105 |
|
|
$ |
55,148 |
|
|
| Schedule of lease expense |
Operating Leases
| |
|
March 31,
2020 |
|
|
March 31,
2019 |
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
| Lease expense |
|
$ |
111,997 |
|
|
$ |
115,709 |
|
| Sublease rental income |
|
|
(2,754 |
) |
|
|
- |
|
| Net lease expense |
|
$ |
109,243 |
|
|
$ |
115,709 |
|
Finance Leases
| |
|
March 31,
2020 |
|
|
March 31,
2019 |
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
| Amortization of right-of-use asset |
|
$ |
3,090 |
|
|
$ |
- |
|
| Interest on lease liabilities |
|
|
516 |
|
|
|
- |
|
| Total finance lease cost |
|
$ |
3,606 |
|
|
$ |
- |
|
|
| Schedule of supplemental cash flow information related to leases |
| |
|
March 31,
2020 |
|
|
March 31,
2019 |
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
| Operating cash outflows from operating leases |
|
$ |
65,420 |
|
|
$ |
39,871 |
|
| Operating cash outflows from finance lease |
|
$ |
2,952 |
|
|
$ |
- |
|
| Financing cash outflows from finance lease |
|
$ |
516 |
|
|
$ |
- |
|
| Leased assets obtained in exchange for lease liabilities: |
|
|
|
|
|
|
|
|
| Operating leases |
|
$ |
15,441 |
|
|
$ |
722,423 |
|
|
| Schedule of maturity of lease liabilities |
Operating Leases
| |
|
Related
Party |
|
|
Others |
|
|
Total |
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
| April 1, 2020 – March 31, 2021 |
|
$ |
11,571 |
|
|
$ |
248,640 |
|
|
$ |
260,211 |
|
| Total lease payments |
|
$ |
11,571 |
|
|
$ |
248,640 |
|
|
$ |
260,211 |
|
| Less: Imputed interest |
|
|
(115 |
) |
|
|
(3,928 |
) |
|
|
(4,043 |
) |
| Present value of lease liabilities |
|
$ |
11,456 |
|
|
$ |
244,712 |
|
|
$ |
256,168 |
|
| Current portion |
|
|
11,456 |
|
|
|
244,712 |
|
|
|
256,168 |
|
| Non-current portion |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Finance Leases
| |
|
Related
Party |
|
|
Others |
|
|
Total |
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
| April 1, 2020 – March 31, 2021 |
|
$ |
- |
|
|
$ |
11,750 |
|
|
$ |
11,750 |
|
| April 1, 2021 – March 31, 2022 |
|
|
- |
|
|
|
11,750 |
|
|
|
11,750 |
|
| April 1, 2022 – March 31, 2023 |
|
|
- |
|
|
|
11,750 |
|
|
|
11,750 |
|
| April 1, 2023 – March 31, 2024 |
|
|
- |
|
|
|
11,750 |
|
|
|
11,750 |
|
| April 1, 2024 – March 31, 2025 |
|
|
- |
|
|
|
10,160 |
|
|
|
10,160 |
|
| Total lease payments |
|
$ |
- |
|
|
$ |
57,160 |
|
|
$ |
57,160 |
|
| Less: Imputed interest |
|
|
- |
|
|
|
(5,055 |
) |
|
|
(5,055 |
) |
| Present value of lease liabilities |
|
$ |
- |
|
|
$ |
52,105 |
|
|
$ |
52,105 |
|
| Current portion |
|
|
- |
|
|
|
(9,932 |
) |
|
|
(9,932 |
) |
| Non-current portion |
|
$ |
- |
|
|
$ |
42,173 |
|
|
$ |
42,173 |
|
|