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10. LEASE LIABILITIES-FINANCE AND OPERATING LEASE

6 Months Ended

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