Quarterly report pursuant to Section 13 or 15(d)

Operating and Finance Leases (Tables)

v3.21.1
Operating and Finance Leases (Tables)
3 Months Ended
Mar. 31, 2021
Lease Liability [Abstract]  
Schedule of lease term and discount rate

    2021     2020  
Weighted-average remaining lease term   (Unaudited)        
Operating lease     1.73 Years       2.01 Years  
Finance lease     3.60 Years       3.84 Years  
Weighted-average discount rate                
Operating lease     6.00 %     6.00 %
Finance lease     3.82 %     3.82 %
Schedule of operating and finance leases

Operating Leases

 

    March 31,
2021
    December 31,
2020
 
    (Unaudited)        
Right-of-use assets   $ 328,564     $ 353,442  
Lease liability – current   $ 367,700     $ 346,870  
Lease liability – non-current   $ 126,370     $ 173,308  

 

Finance Leases

 

    March 31,
2021
    December 31,
2020
 
    (Unaudited)        
Property and equipment, at cost   $ 56,770     $ 56,770  
Accumulated depreciation     (16,121 )     (13,098 )
Property and equipment, net   $ 40,649     $ 43,672  
                 
Lease liability - current   $ 10,959     $ 11,010  
Lease liability – non-current     33,835       37,135  
Total finance lease liabilities   $ 44,794     $ 48,145  
Schedule of lease expense

Operating Leases

 

    March 31,
2021
    March 31,
2020
 
    (Unaudited)     (Unaudited)  
Lease expense   $ 57,932     $ 111,997  
Sublease rental income     (2,826 )     (2,754 )
Net lease expense   $ 55,106     $ 109,243  

 

Finance Leases

 

    March 31,
2021
    March 31,
2020
 
    (Unaudited)     (Unaudited)  
Amortization of right-of-use asset   $ 3,023     $ 3,090  
Interest on lease liabilities     451       516  
Total finance lease cost   $ 3,474     $ 3,606  
Schedule of supplemental cash flow information related to leases

    March 31,
2021
    March 31,
2020
 
    (Unaudited)     (Unaudited)  
Cash paid for amounts included in the measurement of lease liabilities:            
Operating cash outflows from operating leases   $ 45,085     $ 65,420  
Operating cash outflows from finance lease   $ 2,713     $ 2,952  
Financing cash outflows from finance lease   $ 451     $ 516  
Leased assets obtained in exchange for lease liabilities:                
Operating leases   $ 27,288     $ 15,441  
Schedule of maturity of lease liabilities

Operating Leases

 

    Related
Party
    Others     Total  
    (Unaudited)     (Unaudited)     (Unaudited)  
April 1, 2021 – March 31, 2022   $ 47,848     $ 333,719     $ 381,567  
April 1, 2022 – March 31, 2023     11,962       103,609       115,571  
April 1, 2023 – March 31, 2024     -       14,876       14,876  
Total lease payments   $ 59,810     $ 452,204     $ 512,014  
Less: Imputed interest     (2,326 )     (15,618 )     (17,944 )
Present value of lease liabilities   $ 57,484     $ 436,586     $ 494,070  
Current portion     (45,641 )     (322,059 )     (367,700 )
Non-current portion   $ 11,843     $ 114,527     $ 126,370  

 

Finance Leases

 

    Total  
    (Unaudited)  
April 1, 2021 – March 31, 2022   $ 12,480  
April 1, 2022 – March 31, 2023     12,480  
April 1, 2023 – March 31, 2024     12,480  
April 1, 2024 – March 31, 2025     10,791  
Total lease payments   $ 48,231  
Less: Imputed interest     (3,437 )
Present value of lease liabilities   $ 44,794  
Current portion     (10,959 )
Non-current portion   $ 33,835