Company: KPEA
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006580
Chunk: 85

Company: Kun Peng International Ltd.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 1
Chunk 85
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     196,879 

     359,861  
     435,858 
  
    Long-term 

    Operating lease liability – net of current portion 
    Long-term finance lease liabilities 
    $-  
    $44,622 
  
    Finance lease liability – net of current portion 
    Long-term operating lease liabilities 
     37,170  
     76,862 

     37,170  
     121,484 
  
    Total lease liabilities 
      
    $397,031  
    $557,342 

    36

The
operating lease expense for the three months ended December 31, 2024 and 2023 was as follows:

 SUMMARY
OF OPERATING LEASE EXPENSE

    Lease cost 
    Classification 
    2024  
    2023 

    Three Months Ended December 31, 
  
    Lease cost 
    Classification 
    2024  
    2023 
  
    Operating lease cost 

    Lease expenses – short-term 
    General and administrative 
    $9,299  
    $- 
  
    Lease expenses 
    General and administrative 
     82,297  
     77,156 
  
    Finance lease cost 

    Amortization of leased asset 
    Cost of sales 
     47,300  
     - 
  
    Interest on lease liabilities 
    Other expense - other 
     2,902  
     - 
  
    Total lease cost 
      
    $141,798  
    $77,156 

Maturities
of operating lease and finance lease liabilities as of December 31, 2024 were as follows:

 SCHEDULE
OF MATURITY OF LEASE LIABILITIES

    Maturity of Lease Liabilities 
    Operating lease  
    Finance lease 
  
    2025 
    $190,703  
    $177,947 
  
    2026 
     -  
     37,422 
  
    Thereafter 
     -  
     - 
  
    Total lease payments 
     190,703  
     215,369 
  
    Less: Interest 
     (3,044) 
     (5,997)
  
    Present value of lease payments 
    $187,659  
    $209,372 

Matur