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LEASE LIABILITIES - FINANCE AND OPERATING LEASE

12 Months Ended

Dec. 31, 2022

Lease Liabilities - Finance And Operating Lease

LEASE LIABILITIES - FINANCE AND OPERATING LEASE

NOTE 11 – LEASE LIABILITIES - FINANCE AND OPERATING LEASE

The components of finance lease liabilities were as follows:

	Imputed	December 31,			December 31,
	Interest rate	2022			2021
Total finance lease liability	6.7%	$	1,675,067		$	1,997,955
Less: Current portion			(213,346	)		(227,429	)
Finance lease liability, net of current portion		$	1,461,721		$	1,770,526

Interest expenses from capital lease obligations amounted to $120,332 and $135,707 for the years ended December 31, 2022 and 2021, 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	2022			2021
Total Operating lease liabilities	4.89%	$	8,009,091		$	8,064,162
Less: Current portion			(433,440	)		(506,579	)
Operating lease liabilities, net of current portion		$	7,575,651		$	7,557,583

The weighted average remaining operating lease term at December 31, 2022 was 19.3 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, 2022 and 2021, respectively, were $888,692 and $848,660.

Maturities of lease liabilities were as follows:

	Finance lease			Operating Lease
Payable within:
the next 12 months	$	269,500		$	842,793
the next 13 to 24 months		269,500			840,586
the next 25 to 36 months		269,500			847,907
the next 37 to 48 months		269,500			852,220
the next 49 to 60 months		269,500			860,030
thereafter		808,497			10,284,133
Total		2,155,997			14,527,669
Less: Amount representing interest		(480,930	)		(6,518,578	)
Present value of net minimum lease payments	$	1,675,067		$	8,009,091