XML 30 R19.htm IDEA: XBRL DOCUMENT

LEASE LIABILITIES-FINANCE AND OPERATING LEASE

3 Months Ended

Mar. 31, 2024

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		March 31,			December 31,
	Interest rate		2024			2023
Total finance lease liability		6.7%	$	1,507,802		$	1,485,575
Less: Current portion				(175,208	)		(172,625	)
Finance lease liability, net of current portion			$	1,332,594		$	1,312,950

Interest expenses from a finance lease liability amounted to $24,830 and $28,560 for the three-month periods ended March 31, 2024 and 2023, respectively, were charged to the condensed consolidated statement of loss.

The components of operating lease liabilities as follows:

	Imputed		March 31,			December 31,
	Interest rate		2024			2023
Total operating lease liabilities		4.89%	$	7,849,104		$	7,998,908
Less: Current portion				(478,808	)		(473,653	)
Operating lease liabilities, net of current portion			$	7,370,296		$	7,525,255

The weighted average remaining operating lease term at March 31, 2024 was 18 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 payment in the three-months ended March 31, 2024 and 2023 was $226,259 and $239,898.

Maturities of lease liabilities were as follows:

	Financial lease			Operating Lease
Payable within:
the next 12 months	$	264,544		$	826,748
the next 13 to 24 months		264,544			832,318
the next 25 to 36 months		264,544			838,248
the next 37 to 48 months		264,544			844,217
the next 49 to 60 months		264,544			850,571
thereafter		529,089			9,014,897
Total		1,851,809			13,206,999
Less: Amount representing interest		(344,007	)		(5,357,895	)
Present value of net minimum lease payments		1,507,802		$	7,849,104