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Right-of-Use Assets and Operating Lease Liabilties
 12 Months Ended
Dec. 31, 2021
Right-of-Use Assets and Operating Lease Liabilties [Abstract]  
RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILTIES
10. RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILTIES

 

The carrying amounts of right-of-use assets are as below:

 

   2021   2020 
Balance at January 1,  $4,190,351   $6,173,590 
New leases   824,734    532,978 
Depreciation expense   (2,279,722)   (2,506,446)
Exchange difference   (370,370)   (9,771)
Balance at December 31,  $2,364,993   $4,190,351 

 

Lease liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate. The weighted average incremental borrowing rate applied to new leases during year 2021, 2020 and 2019 was 3.49%, 3.25% and 4.08%, respectively.

 

During the years ended December 31, 2021, 2020 and 2019, interest expense of $109,848, $146,723 and $100,650 arising from lease liabilities was included in finance costs, respectively. Depreciation expense related to right-of-use assets was $2,279,722, $2,506,446 and $2,583,318, respectively during the years ended December 31, 2021, 2020 and 2019.