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Finance Lease Liabilities
 12 Months Ended
Dec. 31, 2021
Finance Lease Liabilities [Abstract]  
FINANCE LEASE LIABILITIES
  14. FINANCE LEASE LIABILITIES

 

   As of December 31, 
   2021   2020 
Current portion  $619,301   $632,105 
Non-current portion   666,455    1,023,366 
Finance lease liabilities  $1,285,756   $1,655,471 

 

For the years ended December 31, 2021, 2020 and 2019, interest expense was $84,794, $98,405 and $135,708, respectively.

 

The minimum lease payments under finance lease agreements are as follows:

 

   As of December 31, 
   2021   2020 
Within 1 year  $673,105   $701,796 
After 1 year but within 5 years   713,092    1,074,047 
Less: Finance charges   (100,441)   (120,372)
Present value of finance lease liabilities, net  $1,285,756   $1,655,471 

 

Finance lease assets comprise primarily vehicles and office equipment as follow:

 

   As of December 31, 
   2021   2020 
Cost  $2,819,697   $3,172,647 
Less: Accumulated depreciation   (927,408)   (937,442)
Net book value  $1,892,290   $2,235,205