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10. LEASE LIABILITIES-FINANCE AND OPERATING LEASE | 6 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
10. LEASE LIABILITIES-FINANCE AND OPERATING LEASE | The components of finance lease liabilities were as follows:
|  | Imputed |  | June 30, |  | December 31,
|  | Interest rate |  | 2019 |  | 2018
Total finance lease liability |  |  | 6.7% |  | $ | 2,066,136 |  |  | $ | 2,267,025 |
Less: Current portion |  |  |  |  |  | (132,178 | ) |  |  | (197,480 | )
Finance lease liability, net of current portion |  |  |  |  | $ | 1,933,958 |  |  | $ | 2,069,545 |
Interest expenses from capital lease obligations amounted to $38,281 and $43,055 for the three-month period ended June 30, 2019 and 2018, respectively, which were charged to the condensed consolidated statement of income (loss). Interest expenses from capital lease obligations amounted to $76,940 and $86,214 for the six-month period ended June 30, 2019 and 2018, respectively, which were charged to the condensed consolidated statement of income (loss). The components of operating lease liabilities as follows:
|  | Imputed |  | June 30, |  | December 31,
|  | Interest rate |  | 2019 |  | 2018
Total Operating lease liabilities |  |  | 4.89% |  | $ | 8,334,203 |  |  | $ | - |
Less: Current portion |  |  |  |  |  | (474,363 | ) |  |  | - |
Operating lease liabilities, net of current portion |  |  |  |  | $ | 7,859,840 |  |  | $ | - |
The weighted average remaining operating lease term at June 30, 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 |  | $ | 273,028 |  |  | $ | 784,297 |  |
the next 13 to 24 months |  |  | 273,028 |  |  |  | 795,148 |  |
the next 25 to 36 months |  |  | 273,028 |  |  |  | 646,720 |  |
the next 37 to 48 months |  |  | 273,028 |  |  |  | 650,453 |  |
the next 49 to 60 months |  |  | 273,028 |  |  |  | 651,439 |  |
thereafter |  |  | 1,638,174 |  |  |  | 11,679,069 |  |
Total |  |  | 3,003,314 |  |  |  | 15,207,126 |  |
Less: Amount representing interest |  |  | (937,178 | ) |  |  | (6,872,923 | ) |
Present value of net minimum lease payments |  | $ | 2,066,136 |  |  | $ | 8,334,203 |  |

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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/otherTransitionRef -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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