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LEASE LIABILITIES - FINANCE AND OPERATING LEASE (Tables)
 12 Months Ended
Dec. 31, 2024
Lease Liabilities - Finance And Operating Lease  
Lease Liabilities - Finance and Operating Lease - Schedule of Finance and Operating Leased Liabilities

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 
Lease Liabilities - Finance and Operating Lease - Schedule of Financing and Operating Lease Maturities

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