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LEASE LIABILITIES-FINANCE AND OPERATING LEASE
 9 Months Ended
Sep. 30, 2025
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   September 30,   December 31,
    Interest rate   2025   2024
Total finance lease liability     6.7%     $ 1,106,716     $ 1,293,608  
Less: Current portion             (208,212 )     (217,743 )
Finance lease liability, net of current portion           $ 898,504     $ 1,075,865  

 

Interest expenses from finance lease obligations amounted to $18,184 and $21,191 for the three-month period ended September 30, 2025 and 2024, respectively, which were charged to the condensed consolidated statement of income (loss). Interest expenses from finance lease obligations amounted to $61,580 and $70,835 for the nine-month period ended September 30, 2025 and 2024, respectively, which were charged to the condensed consolidated statement of income (loss).

 

The components of operating lease liabilities as follows:

 

      September 30,   December 31,
    Discount rate   2025   2024
Total Operating lease liabilities     4.89%     $ 6,954,490     $ 7,433,452  
Less: Current portion             (518,214 )     (491,850 )
Operating lease liabilities, net of current portion           $ 6,436,276     $ 6,941,602  

 

The weighted average remaining operating lease term at September 30, 2025 was 17 years and the weighted average discounts rate was 4.89%. Lease payments for the three-month period ended September 30, 2025 and 2024, respectively, were $79,507 and $66,387. Lease payments for the nine-month period ended September 30, 2025 and 2024, respectively, were $824,305 and $823,608.

 

Maturities of lease liabilities were as follows:

 

   Financial lease  Operating Lease
Payable within:          
the next 12 months  $264,169   $835,363 
the next 13 to 24 months   264,169    843,018 
the next 25 to 36 months   264,169    847,583 
the next 37 to 48 months   264,169    855,754 
the next 49 to 60 months   264,169    860,686 
thereafter   —    7,516,688 
Total   1,320,845    11,759,092 
Less: Amount representing interest   (214,129)   (4,804,602)
Present value of net minimum lease payments  $1,106,716   $6,954,490