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10. LEASE LIABILITIES-FINANCE AND OPERATING LEASE

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

10. LEASE LIABILITIES-FINANCE AND OPERATING LEASE

The components of finance lease liabilities were as follows:

		Imputed			December 31,				December 31,
		Interest rate			2019				2018
Total finance lease liability			6.7%		$	2,104,278			$	2,267,025
Less: Current portion						(198,506	)			(197,480	)
Finance lease liability, net of current portion					$	1,905,772			$	2,069,545

Interest expenses from finance lease obligations amounted to $144,880 and $159,839 for the years ended December 31, 2019 and 2018, respectively, which were charged to the consolidated statement of loss.

The components of operating lease liabilities as follows:

		Imputed			December 31,				December 31,
		Interest rate			2019				2018
Total Operating lease liabilities			4.89%		$	8,348,453			$	-
Less: Current portion						(416,604	)			-
Operating lease liabilities, net of current portion					$	7,931,849			$	-

The weighted average remaining operating lease term at December 31, 2019 was 22.3 years and the weighted average discounts rate was 4.89%, This discount rates used are based on the base rate quoted by the People’s Bank of China and vary with the remaining term of the lease.

Maturities of lease liabilities were as follows:

		Finance lease				Operating Lease
Payable within:
the next 12 months		$	269,049			$	772,866
the next 13 to 24 months			269,049				786,584
the next 25 to 36 months			269,049				637,294
the next 37 to 48 months			269,049				644,149
the next 49 to 60 months			269,049				641,946
thereafter			1,614,295				11,442,172
Total			2,959,540				14,925,011
Less: Amount representing interest			(855,262	)			(6,576,558	)
Present value of net minimum lease payments		$	2,104,278			$	8,348,453