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LEASE LIABILITIES-FINANCE AND OPERATING LEASE
 9 Months Ended
Sep. 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   September 30,   December 31,
    Interest rate   2021   2020
Total finance lease liability     6.7%     $ 1,932,218     $ 2,105,973  
Less: Current portion             (191,719 )     (217,070 )
Finance lease liability, net of current portion           $ 1,740,499     $ 1,888,903  

 

Interest expenses from capital lease obligations amounted to $32,015 and $32,211 for the three-month period ended September 30, 2021 and 2020, respectively, which were charged to the condensed consolidated statement of income (loss). Interest expenses from capital lease obligations amounted to $103,212 and $102,220 for the nine-month period ended September 30, 2021 and 2020, respectively, which were charged to the condensed consolidated statement of income (loss). The remaining finance lease term at September 30, 2021 was 10 years.

 

The components of operating lease liabilities as follows:

 

    Imputed   September 30,   December 31,
    Interest rate   2021   2020
Total Operating lease liabilities     4.89%     $ 7,832,178     $ 8,499,692  
Less: Current portion             (474,695 )     (477,350 )
Operating lease liabilities, net of current portion           $ 7,357,483     $ 8,022,342  

 

The weighted average remaining operating lease term at September 30, 2021 was 21 years and the weighted average discounts rate was 4.89%. Lease payments for the three-month period ended September 30, 2021 and 2020, respectively, were $68,467 and $60,987. Lease payments for the nine-month period ended September 30, 2021 and 2020, respectively, were $848,660 and $765,288.

 

Maturities of lease liabilities were as follows:

 

    Financial lease   Operating Lease
Payable within:                
the next 12 months   $ 289,415     $ 685,533  
the next 13 to 24 months     289,415       692,907  
the next 25 to 36 months     289,415       690,537  
the next 37 to 48 months     289,415       698,400  
the next 49 to 60 months     289,415       703,031  
thereafter     1,157,658       10,906,847  
Total     2,604,733       14,377,255  
Less: Amount representing interest     (672,515 )     (6,545,077 ) 
Present value of net minimum lease payments   $ 1,932,218      $ 7,832,178