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LEASE LIABILITIES-FINANCE AND OPERATING LEASE
 6 Months Ended
Jun. 30, 2022
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   2022   2021
Total finance lease liability     6.7%     $ 1,681,915     $ 1,997,955  
Less: Current portion             (165,016 )     (227,429 )
Finance lease liability, net of current portion           $ 1,516,899     $ 1,770,526  

 

Interest expenses from capital lease obligations amounted to $36,074 and $35,659 for the three-month period ended June 30, 2022 and 2021, respectively, which were charged to the condensed consolidated statement of income (loss). Interest expenses from capital lease obligations amounted to $69,696 and $71,197 for the six-month period ended June 30, 2022 and 2021, respectively, which were charged to the condensed consolidated statement of income (loss).

 

The components of operating lease liabilities as follows:

 

    Imputed   June 30,   December 31,
    Interest rate   2022   2021
Total Operating lease liabilities     4.89%     $ 8,353,380     $ 8,064,162  
Less: Current portion             (440,845 )     (506,579 )
Operating lease liabilities, net of current portion           $ 7,912,535     $ 7,557,583  

 

The weighted average remaining operating lease term at June 30, 2022 was 20 years and the weighted average discounts rate was 4.89%. Lease payments for the three-month period ended June 30, 2022 and 2021, respectively, were $565,917 and $575,242. Lease payments for the six-month period ended June 30, 2022 and 2021, respectively, were $823,796 and $780,193.

 

Maturities of lease liabilities were as follows:

 

    Financial lease   Operating Lease
Payable within:                
the next 12 months   $ 279,673     $ 871,307  
the next 13 to 24 months     279,673       872,318  
the next 25 to 36 months     279,673       876,450  
the next 37 to 48 months     279,673       884,392  
the next 49 to 60 months     279,673       888,857  
thereafter     839,019       10,748,767  
Total     2,237,384       15,142,091  
Less: Amount representing interest     (555,469 )      (7,788,711 )
Present value of net minimum lease payments   $ 1,681,915     $ 8,353,380