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LEASE LIABILITIES - FINANCE AND OPERATING LEASE

12 Months Ended

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:

	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:

	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:

	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