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LEASE LIABILITIES-FINANCE AND OPERATING LEASE
 6 Months Ended
Jun. 30, 2021
Lease Liabilities-finance And Operating Lease  
LEASE LIABILITIES-FINANCE AND OPERATING LEASE

NOTE 10 –LEASE LIABILITIES-FINANCE AND OPERATING LEASE

 

The components of finance lease liabilities were as follows:

 

   Imputed  June 30,  December 31,
   Interest rate  2021  2020
Total finance lease liability   6.7%  $1,907,883   $2,105,973 
Less: Current portion        (160,498)   (217,070)
Finance lease liability, net of current portion       $1,747,385   $1,888,903 

 

Interest expenses from capital lease obligations amounted to $35,659 and $34,747 for the three-month period ended June 30, 2021 and 2020, respectively, which were charged to the condensed consolidated statement of income (loss). Interest expenses from capital lease obligations amounted to $71,197 and $70,009 for the six-month period ended June 30, 2021 and 2020, respectively, which were charged to the condensed consolidated statement of income (loss).The remaining finance lease term at June 30, 2021 was 10 years.

 

The components of operating lease liabilities as follows:

 

   Imputed  June 30,  December 31,
   Interest rate  2021  2020
Total Operating lease liabilities   4.89%  $7,836,144   $8,499,692 
Less: Current portion        (470,999)   (477,350)
Operating lease liabilities, net of current portion       $7,365,145   $8,022,342 

 

The weighted average remaining operating lease term at June 30, 2021 was 21 years and the weighted average discounts rate was 4.89%.Lease payments for the three-month period ended June 30, 2021 and 2020, respectively, were $575,242 and $522,636. Lease payments for the six-month period ended June 30, 2021 and 2020, respectively, were $780,193 and $704,301.

 

Maturities of lease liabilities were as follows:

 

   Financial lease  Operating Lease
Payable within:          
the next 12 months  $290,560   $688,245 
the next 13 to 24 months   290,560    692,220 
the next 25 to 36 months   290,560    693,269 
the next 37 to 48 months   290,560    697,562 
the next 49 to 60 months   290,560    705,813 
thereafter   1,162,237    11,037,447 
Total   2,615,037    14,514,556 
Less: Amount representing interest   (707,154)    (6,678,422)
Present value of net minimum lease payments  $1,907,883   $7,836,144