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LEASE LIABILITIES-FINANCE AND OPERATING LEASE
 6 Months Ended
Jun. 30, 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   June 30,   December 31,
    Interest rate   2024   2023
Total finance lease liability     6.7%     $ 1,262,536     $ 1,485,575  
Less: Current portion             (177,313 )     (172,625 )
Finance lease liability, net of current portion           $ 1,085,223     $ 1,312,950  

 

Interest expenses from capital lease obligations amounted to $24,814 and 27,901 for the three-month period ended June 30, 2024 and 2023, respectively, which were charged to the condensed consolidated statement of income (loss). Interest expenses from capital lease obligations amounted to $49,644 and $56,461 for the six-month period ended June 30, 2024 and 2023, 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   2024   2023
Total operating lease liabilities     4.89%     $ 7,386,371     $ 7,998,908  
Less: Current portion             (482,129 )     (473,653 )
Operating lease liabilities, net of current portion           $ 6,904,242     $ 7,525,255  

 

 

The weighted average remaining operating lease term at June 30, 2024 was 18 years and the weighted average discounts rate was 4.89%. Lease payments for the three-month period ended June 30, 2024 and 2023, respectively, were $530,962 and $519,808. Lease payments for the six-month period ended June 30, 2024 and 2023, respectively, were $757,221 and $759,706.

 

Maturities of lease liabilities were as follows:

 

    Financial lease   Operating Lease
Payable within:                
the next 12 months   $ 263,381     $ 825,392  
the next 13 to 24 months     263,381       832,871  
the next 25 to 36 months     263,381       837,076  
the next 37 to 48 months     263,381       845,054  
the next 49 to 60 months     263,381       809,505  
thereafter     263,381       8,468,037  
Total     1,580,286       12,617,935  
Less: Amount representing interest     (317,750 )     (5,231,564 )
Present value of net minimum lease payments   $ 1,262,536     $ 7,386,371