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LEASE LIABILITIES-FINANCE AND OPERATING LEASE
 6 Months Ended
Jun. 30, 2023
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   June 30,   December 31,
    Interest rate   2023   2022
Total finance lease liability     6.7%     $ 1,408,883     $ 1,675,067  
Less: Current portion             (163,713 )     (213,346 )
Finance lease liability, net of current portion           $ 1,245,170     $ 1,461,721  

 

Interest expenses from capital lease obligations amounted to $27,901 and 36,054 for the three-month period ended June 30, 2023 and 2022, respectively, which were charged to the condensed consolidated statement of income (loss). Interest expenses from capital lease obligations amounted to $56,461 and $69,696 for the six-month period ended June 30, 2023 and 2022, 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   2023   2022
Total Operating lease liabilities     4.89%     $ 7,513,720     $ 8,009,091  
Less: Current portion             (420,262 )     (433,440 )
Operating lease liabilities, net of current portion           $ 7,093,458     $ 7,575,651  

 

The weighted average remaining operating lease term at June 30, 2023 was 19 years and the weighted average discounts rate was 4.89%. Lease payments for the three-month period ended June 30, 2023 and 2022, respectively, were $519,808 and $565,917. Lease payments for the six-month period ended June 30, 2023 and 2022, respectively, were $759,706 and $823,796.

 

Maturities of lease liabilities were as follows:

 

   Financial lease  Operating Lease
Payable within:          
the next 12 months  $259,758   $810,203 
the next 13 to 24 months   259,758    814,040 
the next 25 to 36 months   259,758    821,416 
the next 37 to 48 months   259,758    825,563 
the next 49 to 60 months   259,758    833,433 
thereafter   519,516    9,149,936 
Total   1,818,306    13,254,591 
Less: Amount representing interest   (409,423)   (5,740,871)
Present value of net minimum lease payments  $1,408,883   $7,513,720