Quarterly report pursuant to Section 13 or 15(d)

Operating and Finance Leases (Tables)

v3.21.2
Operating and Finance Leases (Tables)
6 Months Ended
Jun. 30, 2021
Operating and Finance Leases [Abstract]  
Schedule of weighted-average remaining lease term and discount rate related to the leases
    2021     2020  
Weighted-average remaining lease term   (Unaudited)          
Operating lease     1.03 Years       2.01 Years  
Finance lease     3.35 Years       3.84 Years  
Weighted-average discount rate                
Operating lease     6.00 %     6.00 %
Finance lease     3.82 %     3.82 %

 

Schedule of balance of operating leases
    June 30,
2021
    December 31,
2020
 
    (Unaudited)        
Right-of-use assets   $ 279,414     $ 353,442  
                 
Lease liability – current   $ 406,146     $ 346,870  
Lease liability – non-current     80,746       173,308  
Total operating lease liabilities   $ 486,892     $ 520,178  

 

Schedule of balance of finance Leases
    June 30,
2021
    December 31,
2020
 
    (Unaudited)          
Property and equipment, at cost   $ 56,770     $ 56,770  
Accumulated depreciation     (19,156 )     (13,098 )
Property and equipment, net   $ 37,615     $ 43,672  
                 
Lease liability - current   $ 11,291     $ 11,010  
Lease liability – non-current     31,663       37,135  
Total finance lease liabilities   $ 42,954     $ 48,145  

 

Schedule of expenses of operating leases
    Three Months Ended     Six Months Ended  
    June 30,
2021
    June 30,
2020
    June 30,
2021
    June 30,
2020
 
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Lease expense   $ 54,658     $ 108,348     $ 112,590     $ 220,345  
Sublease rental income     (2,737 )     (2,791 )     (5,563 )     (5,545 )
Net lease expense   $ 51,921     $ 105,557     $ 107,027     $ 214,800  

 

Schedule of expenses of finance Leases
    Three Months Ended     Six Months Ended  
    June 30,
2021
    June 30,
2020
    June 30,
2021
    June 30,
2020
 
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Amortization of right-of-use asset   $ 3,034     $ 2,841     $ 6,057     $ 5,932  
Interest on lease liabilities     429       496       880       1,012  
Total finance lease cost   $ 3,463     $ 3,337     $ 6,937     $ 6,944  

 

Schedule of supplemental cash flow information related to leases
    June 30,
2021
    June 30,
2020
 
    (Unaudited)     (Unaudited)  
Cash paid for amounts included in the measurement of lease liabilities:                
Operating cash outflows from operating leases   $ 64,517     $ 93,689  
Operating cash outflows from finance lease   $ 5,462     $ 5,926  
Financing cash outflows from finance lease   $ 878     $ 1,012  
Leased assets obtained in exchange for lease liabilities:                
Operating leases   $ 28,197     $ 261,781  

 

Schedule of maturity operating leases
    Related
Party
    Others     Total  
    (Unaudited)     (Unaudited)     (Unaudited)  
July 1, 2021 – June 30, 2022   $ 55,757     $ 361,327     $ 417,084  
July 1, 2022 – June 30, 2023    
-
      83,155       83,155  
July 1, 2023 – June 30, 2024    
-
     
-
     
-
 
Total lease payments   $ 55,757     $ 444,482     $ 500,239  
Less: Imputed interest     (1,521 )     (11,826 )     (13,347 )
Present value of lease liabilities   $ 54,236     $ 432,656     $ 486,892  
Current portion     (54,236 )     (351,910 )     (406,146 )
Non-current portion   $
-
    $ 80,746     $ 80,746  

 

Schedule of maturity finance Leases
    Total  
    (Unaudited)  
July 1, 2021 – June 30, 2022   $ 12,735  
July 1, 2022 – June 30, 2023     12,735  
July 1, 2023 – June 30, 2024     12,735  
July 1, 2024 – June 30, 2025     7,828  
Total lease payments   $ 46,033  
Less: Imputed interest     (3,079 )
Present value of lease liabilities   $ 42,954  
Current portion     (11,291 )
Non-current portion   $ 31,663