FINANCE LEASE PAYABLE

9 Months Ended

Sep. 30, 2021

FINANCE LEASE PAYABLE

9. FINANCE LEASE PAYABLE

9. FINANCE LEASE PAYABLE

The Company acquired motor vehicle under hire purchase agreements under capital lease. The lease arrangement requires monthly payments of $893 for remaining 60 months, $926 for remaining 21 months, $664 for remaining 53 months and $561 for remaining 103 months.

The Company has included the asset as motor vehicle as follows:

	September 30,		December 31,
	2021		2020
Motor vehicle	$	257,394	$	134,130
Less: accumulated depreciation		53,635		28,395
Net		203,759		105,735

Interest expenses were $6,095 and $1,123 for the nine months ended September 30, 2021 and 2020, respectively.

The future minimum payments under the finance lease, together with the present minimum value of net minimum lease payments at the period ended September 30, 2021 and December 31, 2020 as follows:

	September 30,		December 31,
Periods	2021		2020
Repayable within 1 year	$	36,391	$	22,431
Repayable within 2 years		33,616		22,431
Repayable within 3 years		25,322		17,666
Repayable within 4 years		25,322		11,013
Repayable within 5 years		20,689		11,013
Thereafter		8,694		7,346
Total		150,034		91,900
After less Amount representing interest		12,336		9,823
Present value of lease payments - current		30,831		20,296
Present value of lease payments - non-current		106,867		61,781
Total present value	$	137,698	$	82,077