10. LEASE LIABILITIES-FINANCE AND OPERATING LEASE

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

10. LEASE LIABILITIES-FINANCE AND OPERATING LEASE

The components of finance lease liabilities were as follows:

	Imputed		March 31,			December 31,
	Interest rate		2020			2020
Total finance lease liability		6.7%	$	2,126,183		$	2,105,973
Less: Current portion				(250,591	)		(217,070	)
Finance lease liability, net of current portion			$	1,875,592		$	1,888,903

Interest expenses from a finance lease liability amounted to $35,538 and $35,262 for the three-month periods ended March 31, 2021 and 2020, respectively, were charged to the condensed consolidated statement of loss. The remaining finance lease term at March 31, 2020 was 10 years.

The components of operating lease liabilities as follows:

	Imputed		March 31,			December 31,
	Interest rate		2021			2020
Total Operating lease liabilities		4.89%	$	8,174,965		$	8,499,692
Less: Current portion				(317,544	)		(477,350	)
Operating lease liabilities, net of current portion			$	7,857,421		$	8,022,342

The weighted average remaining operating lease term at March 31, 2021 was 21 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 payment in the three-months ended March 31, 2021 and 2020 was $204,951 and $181,665.

Maturities of lease liabilities were as follows:

	Financial lease			Operating Lease
Payable within:
the next 12 months	$	285,642		$	672,669
the next 13 to 24 months		285,642			678,258
the next 25 to 36 months		285,642			677,300
the next 37 to 48 months		285,642			683,280
the next 49 to 60 months		285,642			689,295
thereafter		1,428,210			11,421,886
Total		2,856,420			14,822,688
Less: Amount representing interest		(730,237	)		(6,647,723	)
Present value of net minimum lease payments		2,126,183		$	8,174,965