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LEASE LIABILITIES - FINANCE AND OPERATING LEASE | 12 Months Ended
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Dec. 31, 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: Lease Liabilities - Finance and Operating Lease - Schedule of Finance Leased Liabilities
|  | Imputed |  | December 31, |  | December 31,
|  | Interest rate |  | 2023 |  | 2022
Total finance lease liability |  | 6.7% |  | $ | 1,485,575 |  |  | $ | 1,675,067 |
Less: Current portion |  |  |  |  | (172,625 | ) |  |  | (213,346 | )
Finance lease liability, net of current portion |  |  |  | $ | 1,312,950 |  |  | $ | 1,461,721 |
Interest expenses from capital lease obligations amounted to $96,914 and $120,332 for the years ended December 31, 2023 and 2022, respectively, which were charged to the consolidated statement of comprehensive income (loss). The components of operating lease liabilities as follows: Lease Liabilities - Finance and Operating Lease - Schedule of Operating Leased Liabilities
|  | Discount |  | December 31, |  | December 31,
|  | rate |  | 2023 |  | 2022
Total Operating lease liabilities |  | 4.89% |  | $ | 7,998,908 |  |  | $ | 8,009,091 |
Less: Current portion |  |  |  |  | (473,653 | ) |  |  | (433,440 | )
Operating lease liabilities, net of current portion |  |  |  | $ | 7,525,255 |  |  | $ | 7,575,651 |
The weighted average remaining operating lease term at December 31, 2023 was 18.3 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, 2023 and 2022, respectively, were $824,572 and $888,692. Maturities of lease liabilities were as follows: Lease Liabilities - Finance and Operating Lease - Schedule of Financing and Operating Lease Maturities
|  | Finance lease |  | Operating Lease
Payable within: |  |  |  |  |  |  |  |
the next 12 months |  | $ | 265,014 |  |  | $ | 826,595 |
the next 13 to 24 months |  |  | 265,014 |  |  |  | 833,794 |
the next 25 to 36 months |  |  | 265,014 |  |  |  | 838,034 |
the next 37 to 48 months |  |  | 265,014 |  |  |  | 845,714 |
the next 49 to 60 months |  |  | 265,014 |  |  |  | 850,294 |
thereafter |  |  | 530,027 |  |  |  | 9,262,652 |
Total |  |  | 1,855,097 |  |  |  | 13,457,083 |
Less: Amount representing interest |  |  | (369,522 | ) |  |  | (5,458,175 | )
Present value of net minimum lease payments |  | $ | 1,485,575 |  |  | $ | 7,998,908 |

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- References No definition available. + Details
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- Definition The entire disclosure for finance and operating leases of lessee. Includes, but is not limited to, description of finance and operating leases and maturity analysis of finance and operating lease liabilities. + References No definition available. + Details
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