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FINANCE LEASE
3 Months Ended
Mar. 31, 2020
FINANCE LEASE  
NOTE 6 - FINANCE LEASE

The Company purchased motor vehicles under a finance lease agreement with the effective interest rate 5.99% of per annum due through January 2023, with principal and interest payable monthly. The obligation under the finance lease is as follows:

 

 

 

As of

 

 

 

March 31,

2020

 

 

December 31,

2019

 

Finance lease

 

$61,071

 

 

$69,863

 

Less: interest expense

 

 

(3,685)

 

 

(4,576)

Net present value of finance lease

 

$57,386

 

 

$65,287

 

Current portion

 

$19,217

 

 

$20,201

 

Non-current portion

 

 

38,169

 

 

 

45,086

 

Total

 

$57,386

 

 

$65,287