Company: EZOO
Filing Date: 2025-05-15
Form Type: 10-K
Source: 0001641172-25-010460
Chunk: 557

Company: Ezagoo Ltd
Filing Date: 2025-05-15
Form: 10-K
Item: Item 1
Chunk 557
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 on the present value of lease
payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent
our obligation to make lease payments arising from the lease. Generally, the implicit rate of interest in arrangements is not readily
determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s
incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The operating lease
ROU asset includes any lease payments made and excludes lease incentives.

This
standard did not have a significant impact on our liquidity or on our compliance with our financial covenants associated with our loans.

    F-16

EZAGOO
                                            LIMITED

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

FOR
THE YEARS ENDED DECEMBER 31, 2024 AND 2023

(Currency
expressed in United States Dollars (“US$”), except for number of shares)

The
components of lease expense and supplemental cash flow information related to leases for the period are as follows:

(a)
Rent expenses

For
the years ended December 31, 2024 and 2023, the Company has incurred rent expenses solely for the office premises on a monthly basis
as follows:

SCHEDULE
OF LEASE COST AND OTHER INFORMATION 

    As
    of December 31, 

    2024  
    2023 
  
    Lease Cost (included
    in general and administration in the Company’s audited statement of operations) 

    Operating
    lease cost 
    $26,692
                                              
    $179,179 
  
    Operating lease cost 
    $26,692
                                         
    $179,179 

    Other
    Information 

    Weighted average remaining
    lease term 
     -  
     1.00 
  
    Average discount rate –
    operating leases 
     4.35% 
     4.35%

The
supplemental balance sheet information related to leases for the period is as follows:

SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES 

    Operating
                                            leases right of use assets, net 

    Operating
    right-of-use assets 
    $-  
    $21,603 
  
    Total
    operating right-of-use assets 
    $-  
    $