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FINANCE LEASE
3 Months Ended
Mar. 31, 2022
FINANCE LEASE  
NOTE 10 - FINANCE LEASE

NOTE 10 - FINANCE LEASE

 

The Company purchased motor vehicles under finance lease agreements with the effective interest rate of 5.70% per annum, with principal and interest payable monthly. The obligations under the finance lease are as follows:

 

 

 

As of

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

Finance lease

 

$34,910

 

 

$35,254

 

Less: interest expense

 

 

(862)

 

 

(1,216)

Net present value of finance lease

 

 

34,049

 

 

 

34,038

 

 

 

 

 

 

 

 

 

 

Current portion

 

 

21,028

 

 

 

21,235

 

Non-current portion

 

 

13,021

 

 

 

12,803

 

Total

 

$34,049

 

 

$34,038