Leases (Tables)

3 Months Ended

Mar. 31, 2025

Supplemental balance sheet information related to leases as of March 31, 2025 and December 31, 2024 is as follows:

	As of
	March 31, 2025		December 31, 2024
Assets:
Right-of-use assets	$	1,540,415	$	1,624,290
Liabilities:
Lease liabilities	$	527,361	$	516,673
Lease liabilities		1,032,918		1,167,941
Total operating lease liabilities	$	1,560,279	$	1,684,614
Lease term and discount rate
Weighted average remaining lease term (in years)		2.67		2.92
Weighted average discount rate		4.41		4.36

The following summarizes the components of operating lease expense and provides supplemental cash flow information for operating leases:

	For the three months ended March 31,
	2025		2024
Components of lease expense:
Operating lease expense	$	162,361	$	158,643
Total lease expense	$	162,361	$	158,643

The following table summarizes the maturity of lease liabilities under operating leases as of March 31, 2025:

For the years ending March 31,	Operating Leases
2026	$	593,454
2027		610,684
2028		470,644
Total lease payments	$	1,674,782
Less: imputed interest		(114,503	)
Present value of lease liabilities		1,560,279

Greenland Technologies Holding Corp. 10-Q