10. LEASE LIABILITIES-FINANCE AND OPERATING LEASE

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

10. LEASE LIABILITIES-FINANCE AND OPERATING LEASE

The components of finance lease liabilities were as follows:

	Imputed		June 30,			December 31,
	Interest rate		2020			2019
Total finance lease liability		6.7%	$	1,877,985		$	2,104,278
Less: Current portion				(137,103	)		(198,506	)
Finance lease liability, net of current portion			$	1,740,882		$	1,905,772

Interest expenses from capital lease obligations amounted to $34,747 and $38,281for the three-month period ended June 30, 2020 and 2019, respectively, which were charged to the condensed consolidated statement of income (loss). Interest expenses from capital lease obligations amounted to $70,009 and$76,940 for the six-month period ended June 30, 2020 and 2019, respectively, which were charged to the condensed consolidated statement of income (loss).The remaining finance lease term at June 30, 2020 was 11 years.

The components of operating lease liabilities as follows:

	Imputed		June 30,			December 31,
	Interest rate		2020			2019
Total Operating lease liabilities		4.89%	$	7,708,977		$	8,348,453
Less: Current portion				(429,771	)		(416,604	)
Operating lease liabilities, net of current portion			$	7,279,206		$	7,931,849

The weighted average remaining operating lease term at June 30, 2020was 22years and the weighted average discounts rate was 4.89%.Lease payments for the three-month period ended June 30, 2020 and 2019, respectively, were $522,636 and $543,405. Lease payments for the six-month period ended June 30, 2020 and 2019, respectively, were $704,301 and $724,144.

Maturities of lease liabilities were as follows:

	Financial lease			Operating Lease
Payable within:
the next 12 months	$	265,126		$	772,135
the next 13 to 24 months		265,126			628,001
the next 25 to 36 months		265,126			631,628
the next 37 to 48 months		265,126			632,586
the next 49 to 60 months		265,126			636,503
thereafter		1,325,634			10,704,542
Total		2,651,264			14,005,395
Less: Amount representing interest		(773,279	)		(6,296,418	)
Present value of net minimum lease payments	$	1,877,985		$	7,708,977