Operating lease and other commitments

9 Months Ended

Sep. 30, 2023

Operating lease and other commitments

Operating lease and other commitments

5. Operating lease and other commitments

The following table provides the changes in the Corporation’s operating lease right-of-use assets for the nine months ended September 30, 2023 and year end of December 31, 2022 respectively:

(amounts in dollars)	Total
Balances as of January 1, 2023	$	158,384
Renewed office lease		-
Accumulated amortization		(148,699	)
Balances as of September 30, 2023	$	9,685

(amounts in dollars)	Total
Balances as of January 1, 2022	$	383,969
Adjustment office lease		(4,040	)
Accumulated amortization		(221,545	)
Balances as of December 31, 2022	$	158,384

 The following table provides the changes in the Corporation’s operating lease liability for the nine months ended September 30, 2023 and year end of December 31, 2022 respectively:

(amounts in dollars)	Total
Balances as of January 1, 2023	$	172,942
Renewed office lease		-
Repayments of lease liability		(164,706	)
Other		2,846
Balances as of September 30, 2023	$	11,082
Lease liability due within one year	$	11,082
Lease liability long term	$	-

(amounts in dollars)	Total
Balances as of January 1, 2022	$	391,459
Adjustment office lease		(4,040	)
Repayments of lease liability		(229,503	)
Other		15,026
Balances as of December 31, 2022	$	172,942
Lease liability due within one year	$	172,942
Lease liability long term	$	-

We used an incremental borrowing rate as a discount rate for our operating leases. The discount rate is 5.00% and the average remaining years for our lease are 0.08 years as of September 30, 2023.

The total future commitment payment amount for above lease is $11,082. No difference comparing an outstanding lease liability of 11,082 as of September 30,2023 due to extremely short remaining lease expiration time .

The total future commitment payment amount for above lease is $175,910 comparing an outstanding lease liability of $172,942 as of December 31, 2022. The difference is due to interest expense.