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10. LEASE LIABILITIES-FINANCE AND OPERATING LEASE | 9 Months Ended
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Sep. 30, 2020
Leases [Abstract] |
10. LEASE LIABILITIES-FINANCE AND OPERATING LEASE | The components of finance lease liabilities were as follows:
|  | Imputed |  | September 30, |  | December 31,
|  | Interest rate |  | 2020 |  | 2019
Total finance lease liability |  |  | 6.7% |  |  | $ | 1,985,030 |  |  | $ | 2,104,278 |
Less: Current portion |  |  |  |  |  |  | (175,253 | ) |  |  | (198,506 | )
Finance lease liability, net of current portion |  |  |  |  |  | $ | 1,809,777 |  |  | $ | 1,905,772 |
Interest expenses from capital lease obligations amounted to $32,211 and $34,080 for the three-month period ended September 30, 2020 and 2019, respectively, which were charged to the condensed consolidated statement of loss. Interest expenses from capital lease obligations amounted to $102,220 and $111,020 for the nine-month period ended September 30, 2020 and 2019, respectively, which were charged to the condensed consolidated statement of loss. The remaining finance lease term at September 30, 2020 was 11 years. The components of operating lease liabilities as follows:
|  | Imputed |  | September 30, |  | December 31,
|  | Interest rate |  | 2020 |  | 2019
Total Operating lease liabilities |  |  | 4.89% |  |  | $ | 8,047,874 |  |  | $ | 8,348,453 |
Less: Current portion |  |  |  |  |  |  | (452,067 | ) |  |  | (416,604 | )
Operating lease liabilities, net of current portion |  |  |  |  |  | $ | 7,595,807 |  |  | $ | 7,931,849 |
The weighted average remaining operating lease term at September 30, 2020 was 22 years and the weighted average discounts rate was 4.89%. Lease payments for the three-month period ended September 30, 2020 and 2019, respectively, were $60,987 and $60,396. Lease payments for the nine-month period ended September 30, 2020 and 2019, respectively, were $765,288 and $784,540. Maturities of lease liabilities were as follows:
|  | Financial lease |  | Operating Lease
Payable within: |  |  |  |  |  |  |  |
the next 12 months |  | $ | 275,619 |  |  | $ | 805,789 |
the next 13 to 24 months |  |  | 275,619 |  |  |  | 652,854 |
the next 25 to 36 months |  |  | 275,619 |  |  |  | 659,877 |
the next 37 to 48 months |  |  | 275,619 |  |  |  | 657,620 |
the next 49 to 60 months |  |  | 275,619 |  |  |  | 665,108 |
thereafter |  |  | 1,378,093 |  |  |  | 11,056,454 |
Total |  |  | 2,756,188 |  |  |  | 14,497,702 |
Less: Amount representing interest |  |  | (771,158 | ) |  |  | (6,449,828 | )
Present value of net minimum lease payments |  | $ | 1,985,030 |  |  | $ | 8,047,874 |

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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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