| SCHEDULE OF CARRYING AMOUNTS OF RIGHT-OF-USE ASSETS |
The
carrying amounts of right-of-use assets are as follows:
SCHEDULE OF CARRYING AMOUNTS OF RIGHT-OF-USE ASSETS
| |
|
As of June 30, 2023
|
|
|
As of
December 31, 2022
|
|
| Right of use asset – Buildings |
|
$ |
2,541,123 |
|
|
$ |
2,541,123 |
|
| Right of use asset – Buildings (related party) |
|
|
11,149,101 |
|
|
|
11,149,101 |
|
| Right of use asset – Leasehold |
|
|
992,410 |
|
|
|
992,410 |
|
| Right of use asset – Office space |
|
|
58,412 |
|
|
|
58,412 |
|
| Foreign currency translation |
|
|
(93,961 |
) |
|
|
(119,182 |
) |
| Accumulated depreciation of right of use assets |
|
|
(1,751,347 |
) |
|
|
(1,723,114 |
) |
| Accumulated depreciation of right of use assets (related party) |
|
|
(551,051 |
) |
|
|
(325,040 |
) |
| Right of use asset |
|
$ |
12,344,687 |
|
|
$ |
12,573,710 |
|
|
The
carrying amounts of right-of-use assets are as follows:
SCHEDULE OF CARRYING AMOUNTS OF RIGHT-OF-USE ASSETS
| |
|
2022 |
|
|
2021 |
|
| |
|
As
of December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| Right
of use asset – Buildings |
|
$ |
2,541,123 |
|
|
$ |
1,378,312 |
|
| Right of use asset – Buildings (related party) |
|
|
11,149,101 |
|
|
|
- |
|
| Right
of use asset – Leasehold |
|
|
992,410 |
|
|
|
992,410 |
|
| Right
of use asset – Office space |
|
|
58,412 |
|
|
|
58,412 |
|
| Foreign
currency translation |
|
|
(119,182 |
) |
|
|
(117,959 |
) |
| Accumulated
depreciation of right of use assets |
|
|
(1,723,114 |
) |
|
|
(1,233,934 |
) |
| Accumulated depreciation of right of use assets (related party) |
|
|
(325,040 |
) |
|
|
- |
|
|
Right
of use asset |
|
$ |
12,573,710 |
|
|
$ |
1,077,241 |
|
|
| SCHEDULE OF MATURITY ANALYSIS OF LEASE LIABILITIES |
The
maturity analysis of lease liabilities is as follows:
SCHEDULE OF MATURITY ANALYSIS OF LEASE LIABILITIES
| |
|
As of June 30 2023 |
|
|
As of
December 31, 2022
|
|
| Within one year |
|
$ |
1,702,541 |
|
|
$ |
1,664,966 |
|
| Two to five years |
|
|
6,144,383 |
|
|
|
6,280,716 |
|
| Thereafter |
|
|
16,280,925 |
|
|
|
17,871,937 |
|
| Gross lease liabilities |
|
|
24,127,849 |
|
|
|
25,817,619 |
|
| Less: Finance Charges component |
|
|
(11,365,196 |
) |
|
|
(12,832,744 |
) |
| Lease liabilities |
|
$ |
12,762,653 |
|
|
$ |
12,984,875 |
|
| |
|
|
|
|
|
|
|
|
| Lease liabilities – Current |
|
$ |
1,325,839 |
|
|
$ |
1,590,538 |
|
| Lease liabilities - Non-Current |
|
|
11,436,814 |
|
|
|
11,394,337 |
|
| Lease liabilities |
|
$ |
12,762,653 |
|
|
$ |
12,984,875 |
|
|
The
maturity analysis of lease liabilities is as follows:
SCHEDULE OF MATURITY ANALYSIS OF LEASE LIABILITIES
| |
|
|
|
|
|
|
|
|
| |
|
As
of December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| Within
one year |
|
$ |
1,664,966 |
|
|
$ |
436,270 |
|
| Two
to five years |
|
|
6,280,716 |
|
|
|
298,594 |
|
| Thereafter |
|
|
17,871,937 |
|
|
|
9,007,645 |
|
| Gross
lease liabilities |
|
|
25,817,619 |
|
|
|
9,742,509 |
|
| Less:
Finance Charges component |
|
|
(12,832,744 |
) |
|
|
(8,411,649 |
) |
| Lease
liabilities |
|
$ |
12,984,875 |
|
|
$ |
1,330,860 |
|
| |
|
|
|
|
|
|
|
|
| Lease
liabilities – Current |
|
$ |
1,590,538 |
|
|
$ |
436,271 |
|
| Lease
liabilities - Non-Current |
|
|
11,394,337 |
|
|
|
894,589 |
|
| Lease
liabilities |
|
$ |
12,984,875 |
|
|
$ |
1,330,860 |
|
|