Operating Leases

9 Months Ended

Sep. 30, 2023

Operating Leases [Abstract]

OPERATING LEASES

NOTE 12 — OPERATING LEASES

The Company follows ASC No. 842, Leases. The Company has operating leases for its office facilities. The Company’s leases have remaining terms of approximately 4 years. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company does not separate non-lease components from the lease components to which they relate, and instead accounts for each separate lease and non-lease component associated with that lease component as a single lease component for all underlying asset classes.

Lessee

The following table provides a summary of leases by balance sheet location:

Assets/liabilities	September 30,		December 31,
(USD in thousands)	2023		2022
Assets
Right-of-use assets	$	1,132	$	2,260
Liabilities
Lease liabilities- current portion	$	690	$	1,215
Lease liabilities- long term		382		905
Total Lease liabilities	$	1,072	$	2,120

The operating lease expenses were as follows:

	For the nine months ended September 30,				For the three months ended September 30,
	2023		2022		2023		2022
Operating lease cost	$	1,166	$	1,203	$	210	$	530

Maturities of operating lease liabilities were as follows:

(USD in thousands)	Year ended December 31,
2023*	$	250
2024		556
2025		260
2026		19
2027		15
Thereafter		26
Total lease payment		1,126
Less: imputed interest		(54	)
Total lease liabilities	$	1,072

* Not include operating leases with a term less than one year.

Lease term and discount rate	September 30, 2023
Weighted-average remaining lease term (years) – operating leases		1.89
Weighted average discount rate – operating leases		5.70	%

Lessor

The Company leases mobile phones that classified as operating leases. The following table summarizes the components of operating lease revenue recognized during the three and nine months ended September 30, 2023:

		For the nine months ended September 30,		For the three months ended September 30,
Lease revenue		2023		2023
Fixed contractual payments	$	284,570	$	68,220

Future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of September 30, 2023, assuming no new or renegotiated leases or option extensions on lease agreements are executed, are as follows (dollars in thousands):

Years Ending December 31,	Future lease payments due
2023	$	95,559
2024		157,454
2025		-
2026		-
2027		-
Thereafter		-