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10. LEASE LIABILITIES-FINANCE AND OPERATING LEASE

3 Months Ended

Mar. 31, 2020

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			2020				2019
Total finance lease liability			6.7%		$	2,106,712			$	2,104,278
Less: Current portion						(230,190	)			(198,506	)
Finance lease liability, net of current portion					$	1,876,522			$	1,905,772

Interest expenses from a finance lease liability amounted to $35,262 and $38,659 for the three-month periods ended March 31, 2020 and 2019, respectively, were charged to the condensed consolidated statement of loss. The remaining finance lease term at March 31, 2020 was 11 years.

The components of operating lease liabilities as follows:

		Imputed			March 31,				December 31,
		Interest rate			2020				2019
Total Operating lease liabilities			4.89%		$	8,133,446			$	8,348,453
Less: Current portion						(424,354	)			(416,604	)
Operating lease liabilities, net of current portion					$	7,709,092			$	7,931,849

The weighted average remaining operating lease term at March 31, 2020 was 22 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. Lease payment in the three-months ended March 31, 2020 and 2019 was $181,665 and $180,740.

Maturities of lease liabilities were as follows:

		Financial lease				Operating Lease
Payable within:
the next 12 months		$	264,920			$	769,645
the next 13 to 24 months			264,920				623,870
the next 25 to 36 months			264,920				629,053
the next 37 to 48 months			264,920				628,165
the next 49 to 60 months			264,920				633,712
thereafter			1,589,519				11,232,567
Total			2,914,119				14,517,012
Less: Amount representing interest			(807,407	)			(6,383,566	)
Present value of net minimum lease payments		$	2, 106,712			$	8,133,446