Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

RIGHT OF USE ASSET AND LEASE LIABILITY (Tables)

v3.23.2
RIGHT OF USE ASSET AND LEASE LIABILITY (Tables)
 12 Months Ended
Dec. 31, 2022
SCHEDULE OF CARRYING AMOUNTS OF RIGHT-OF-USE ASSETS

The carrying amounts of right-of-use assets are as follows:

 

    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:

 

                 
    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