Company: KPEA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010699
Chunk: 61

Company: Kun Peng International Ltd.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 61
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 leases ROU assets and interest on an amortized cost basis.

The following table provides a
summary of leases as of March 31, 2025 and September 30, 2024:

 SUMMARY
OF OPERATING LEASE ASSETS AND LIABILITIES

    Assets/liabilities 
    Classification 
    March 31, 2025  
    September 30, 2024 
  
    Assets 

    Operating lease right-of-use assets 
    Operating lease assets 
    $15,063  
    $284,524 
  
    Finance lease right-of-use assets 
    Finance lease assets 
     205,803  
     309,445 
  
    Total lease assets 
      
    $220,866  
    $593,969 

    Liabilities 

    Current 

    Operating lease liability - current 
    Current operating lease liabilities 
    $4,400  
    $238,979 
  
    Finance lease liability - current 
    Current finance lease liabilities 
     163,013  
     196,879 

    $167,413  
    $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 
     -  
     76,862 

     -  
     121,484 
  
    Total lease liabilities 
      
    $167,413  
    $557,342 

The operating lease expense for
the three and six months ended March 31, 2025 and 2024 was as follows:

 SUMMARY
OF OPERATING LEASE EXPENSE

    Lease
    cost 
    Classification 
    2025  
    2024  
    2025  
    2024 

    Three Months Ended March 31,  
    Six Months Ended March 31, 
  
    Lease cost 
    Classification 
    2025  
    2024  
    2025  
    2024 
  
    Operating lease cost 

    Lease expenses – short-term 
    General and administrative 
    $-  
    $-  
    $9,299  
    $- 
  
    Lease expenses 
    General and administrative