10. LEASE LIABILITIES-FINANCE AND OPERATING LEASE

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

10. LEASE LIABILITIES-FINANCE AND OPERATING LEASE

The components of finance lease liabilities were as follows:

	Imputed		September 30,			December 31,
	Interest rate		2020			2019
Total finance lease liability		6.7%	$	1,985,030		$	2,104,278
Less: Current portion				(175,253	)		(198,506	)
Finance lease liability, net of current portion			$	1,809,777		$	1,905,772

Interest expenses from capital lease obligations amounted to $32,211 and $34,080 for the three-month period ended September 30, 2020 and 2019, respectively, which were charged to the condensed consolidated statement of loss. Interest expenses from capital lease obligations amounted to $102,220 and $111,020 for the nine-month period ended September 30, 2020 and 2019, respectively, which were charged to the condensed consolidated statement of loss. The remaining finance lease term at September 30, 2020 was 11 years.

The components of operating lease liabilities as follows:

	Imputed		September 30,			December 31,
	Interest rate		2020			2019
Total Operating lease liabilities		4.89%	$	8,047,874		$	8,348,453
Less: Current portion				(452,067	)		(416,604	)
Operating lease liabilities, net of current portion			$	7,595,807		$	7,931,849

The weighted average remaining operating lease term at September 30, 2020 was 22 years and the weighted average discounts rate was 4.89%. Lease payments for the three-month period ended September 30, 2020 and 2019, respectively, were $60,987 and $60,396. Lease payments for the nine-month period ended September 30, 2020 and 2019, respectively, were $765,288 and $784,540.

Maturities of lease liabilities were as follows:

	Financial lease			Operating Lease
Payable within:
the next 12 months	$	275,619		$	805,789
the next 13 to 24 months		275,619			652,854
the next 25 to 36 months		275,619			659,877
the next 37 to 48 months		275,619			657,620
the next 49 to 60 months		275,619			665,108
thereafter		1,378,093			11,056,454
Total		2,756,188			14,497,702
Less: Amount representing interest		(771,158	)		(6,449,828	)
Present value of net minimum lease payments	$	1,985,030		$	8,047,874