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10. LEASE LIABILITIES-FINANCE AND OPERATING LEASE | 12 Months Ended
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Dec. 31, 2020
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 |  | 2020 |  | 2019
Total finance lease liability |  | 6.7% |  | $ | 2,105,973 |  |  | $ | 2,104,278 |
Less: Current portion |  |  |  |  | (217,070 | ) |  |  | (198,506 | )
Finance lease liability, net of current portion |  |  |  | $ | 1,888,903 |  |  | $ | 1,905,772 |
Interest expenses from capital lease obligations amounted to $135,936 and $144,880 for the years ended December 31, 2020 and 2019, respectively, which were charged to the consolidated statement of comprehensive income (loss). The components of operating lease liabilities as follows:
|  | Discount |  | December 31, |  | December 31,
|  | rate |  | 2020 |  | 2019
Total Operating lease liabilities |  | 4.89% |  | $ | 8,499,692 |  |  | $ | 8,348,453 |
Less: Current portion |  |  |  |  | (477,350 | ) |  |  | (416,604 | )
Operating lease liabilities, net of current portion |  |  |  | $ | 8,022,342 |  |  | $ | 7,931,849 |
The weighted average remaining operating lease term at December 31, 2020 was 21.3 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. Lease payments for the years ended December 31, 2020 and 2019, respectively, were $765,288 and $784,540. Maturities of lease liabilities were as follows:
|  | Finance lease |  | Operating Lease
Payable within: |  |  |  |  |  |  |  |
the next 12 months |  | $ | 287,669 |  |  | $ | 841,021 |
the next 13 to 24 months |  |  | 287,669 |  |  |  | 681,399 |
the next 25 to 36 months |  |  | 287,669 |  |  |  | 688,729 |
the next 37 to 48 months |  |  | 287,669 |  |  |  | 686,373 |
the next 49 to 60 months |  |  | 287,669 |  |  |  | 694,187 |
thereafter |  |  | 1,438,345 |  |  |  | 11,539,854 |
Total |  |  | 2,876,690 |  |  |  | 15,131,563 |
Less: Amount representing interest |  |  | (770,717 | ) |  |  | (6,631,871 | )
Present value of net minimum lease payments |  | $ | 2,105,973 |  |  | $ | 8,499,692 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of 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 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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