10. LEASE LIABILITIES-FINANCE AND OPERATING LEASE

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

10. LEASE LIABILITIES-FINANCE AND OPERATING LEASE

The components of finance lease liabilities were as follows:

	Imputed	December 31,			December 31,
	Interest rate	2020			2019
Total finance lease liability	6.7%	$	2,105,973		$	2,104,278
Less: Current portion			(217,070	)		(198,506	)
Finance lease liability, net of current portion		$	1,888,903		$	1,905,772

Interest expenses from capital lease obligations amounted to $135,936 and $144,880 for the years ended December 31, 2020 and 2019, respectively, which were charged to the consolidated statement of comprehensive income (loss).

The components of operating lease liabilities as follows:

	Discount	December 31,			December 31,
	rate	2020			2019
Total Operating lease liabilities	4.89%	$	8,499,692		$	8,348,453
Less: Current portion			(477,350	)		(416,604	)
Operating lease liabilities, net of current portion		$	8,022,342		$	7,931,849

The weighted average remaining operating lease term at December 31, 2020 was 21.3 years and the weighted average discounts rate was 4.89%, This discount rates used are based on the base rate quoted by the People’s Bank of China and vary with the remaining term of the lease. Lease payments for the years ended December 31, 2020 and 2019, respectively, were $765,288 and $784,540.

Maturities of lease liabilities were as follows:

	Finance lease			Operating Lease
Payable within:
the next 12 months	$	287,669		$	841,021
the next 13 to 24 months		287,669			681,399
the next 25 to 36 months		287,669			688,729
the next 37 to 48 months		287,669			686,373
the next 49 to 60 months		287,669			694,187
thereafter		1,438,345			11,539,854
Total		2,876,690			15,131,563
Less: Amount representing interest		(770,717	)		(6,631,871	)
Present value of net minimum lease payments	$	2,105,973		$	8,499,692