Non-Current Liabilities

9 Months Ended

Sep. 30, 2024

Non-Current Liabilities [Abstract]

NON-CURRENT LIABILITIES

NOTE 8. NON-CURRENT LIABILITIES

Operating Lease Liabilities - Non-Current portion

As disclosed, we acquired 51% of the outstanding shares of ASG on March 27, 2024. In connection with this acquisition, we acquired right-of-use assets of $222,730 and operating lease liabilities of $229,359 associated with lease agreements with a term extending beyond twelve months for vehicles. These acquired operating leases were valued on the date of acquisition using the present value of the lease payments remaining from the date acquired and an estimated incremental borrowing rate of 8%. During the three and six months ended September 30, 2024, we recognized rent expense of $3,367.

The following is a summary of future lease payments required under the lease agreements:

	DUSTER		X TRAIL		KICKS		URWAN		MICROBUS		SUNNY		ASX		YARIS		Renault		Total
Year 2024		1,392		1,440		1,412		4,417		3,716		2,234		1,238		1,014		2,040		18,902
Year 2025		4,404		6,055		8,879		18,576		15,627		9,393		5,207		4,265		8,578		80,983
Year 2026		4,770		6,558		9,616		20,118		16,924		10,173		2,295		1,120		9,290		80,862
Year 2027		1,676		4,074		6,850		8,868		7,460		6,320		0		0		10,061		45,307
Year 2028		0		0		0		0		0		0		0		0		7,167		7,167
		12,242		18,126		26,756		51,978		43,726		28,119		8,741		6,399		37,135		233,221

Supplemental Information

Weighted average remaining lease term (in years)	2.70
Weighted average discount rate	8	%

Other Payables - Long term

In connection with the ASG Acquisition, we acquired bank debt totaling approximately $566,805. As of September 30, 2024, total long-term borrowings outstanding were $320,706.

The Company acquired a 51% interest in Al Shola Gas on March 27, 2024, with the issuance of $9,000,000 note payable and $1,000,000 in cash. The payable is due as follows: $9 million in National Exchange listed stock or cash to be paid to Seller of which 4,500,000 is the Non-current portion.