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10. LEASE LIABILITIES-FINANCE AND OPERATING LEASE | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
10. LEASE LIABILITIES-FINANCE AND OPERATING LEASE | The components of finance lease liabilities were as follows:
|  | Imputed |  | March 31, |  | December 31,
|  | Interest rate |  | 2019 |  | 2018
Total finance lease liability |  | 6.7% |  | $ | 2,349,480 |  |  | $ | 2,267,025 |
Less: Current portion |  |  |  |  | (240,021 | ) |  |  | (197,480 | )
Finance lease liability, net of current portion |  |  |  | $ | 2,109,459 |  |  | $ | 2,069,545 |
Interest expenses from a finance lease liability amounted to $38,659 and $41,797 for the three-month periods ended March 31, 2019 and 2018, respectively, were charged to the condensed consolidated statement of loss. The remaining finance lease term at March 31, 2019 was 12 years. The components of operating lease liabilities as follows:
|  | Imputed |  | March 31, |  | December 31,
|  | Interest rate |  | 2019 |  | 2018
Total Operating lease liabilities |  | 4.89% |  | $ | 8,952,252 |  |  | $ | — |
Less: Current portion |  |  |  |  | (416,656 | ) |  |  | — |
Operating lease liabilities, net of current portion |  |  |  | $ | 8,535.596 |  |  | $ | — |
The weighted average remaining operating lease term at March 31, 2019 was 23 years and the weighted average discounts rate was 4.89%. Maturities of lease liabilities were as follows:
|  | Financial lease |  | Operating Lease
Payable within: |  |  |  |  |  |  |  |
the next 12 months |  | $ | 278,753 |  |  | $ | 797,083 |
the next 13 to 24 months |  |  | 278,753 |  |  |  | 809,731 |
the next 25 to 36 months |  |  | 278,753 |  |  |  | 656,344 |
the next 37 to 48 months |  |  | 278,753 |  |  |  | 661,798 |
the next 49 to 60 months |  |  | 278,753 |  |  |  | 660,863 |
thereafter |  |  | 1,951,274 |  |  |  | 12,484,462 |
Total |  |  | 3,345,039 |  |  |  | 16,070,281 |
Less: Amount representing interest |  |  | (995,559 | ) |  |  | (7,118,029 | )
Present value of net minimum lease payments |  | $ | 2,349,480 |  |  | $ | 8,952,252 |

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- Definition The entire disclosure for capital leasing arrangements including, but not limited to, the following: a) the basis on which contingent rental payments are determined; (b) the existence and terms of renewal or purchase options and escalation clauses; (c) restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=2209026 + Details
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- References No definition available. + Details
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