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LEASE LIABILITIES - FINANCE AND OPERATING LEASE

12 Months Ended

Dec. 31, 2024

Lease Liabilities - Finance And Operating Lease

LEASE LIABILITIES - FINANCE AND OPERATING LEASE

NOTE 12 – LEASE LIABILITIES - FINANCE AND OPERATING LEASE

The components of finance lease liabilities were as follows:

	Imputed Interest rate	December 31, 2024			December 31, 2023
Total finance lease liability	6.7%	$	1,293,608		$	1,485,575
Less: Current portion			(217,743	)		(172,625	)
Finance lease liability, net of current portion		$	1,075,865		$	1,312,950

Interest expenses from capital lease obligations amounted to $91,901 and $96,914 for the years ended December 31, 2024 and 2023, respectively, which were charged to the consolidated statement of comprehensive income (loss).

The components of operating lease liabilities as follows:

	Discount rate	December 31, 2024			December 31, 2023
Total Operating lease liabilities	4.89%	$	7,433,452		$	7,998,908
Less: Current portion			(491,850	)		(473,653	)
Operating lease liabilities, net of current portion		$	6,941,602		$	7,525,255

The weighted average remaining operating lease term at December 31, 2024 was 17.3 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, 2024 and 2023, respectively, were $823,608 and $824,572.

Maturities of lease liabilities were as follows:

	Finance lease			Operating Lease
Payable within:
the next 12 months	$	261,109		$	821,511
the next 13 to 24 months		261,109			825,689
the next 25 to 36 months		261,109			833,255
the next 37 to 48 months		261,109			837,767
the next 49 to 60 months		261,109			845,843
thereafter		261,109			8,280,354
Total		1,566,654			12,444,419
Less: Amount representing interest		(273,046	)		(5,010,967	)
Present value of net minimum lease payments	$	1,293,608		$	7,433,452