LEASE LIABILITIES-FINANCE AND OPERATING LEASE (Tables)

9 Months Ended

Sep. 30, 2024

Lease Liabilities-finance And Operating Lease

Lease Liabilities - Finance and Operating Lease - Schedule of Finance and Operating Leased Liabilities

The components of finance lease liabilities were as follows:

	Imputed		September 30,			December 31,
	Interest rate		2024			2023
Total finance lease liability		6.7%	$	1,305,562		$	1,485,575
Less: Current portion				(201,855	)		(172,625	)
Finance lease liability, net of current portion			$	1,103,707		$	1,312,950

Interest expenses from capital lease obligations amounted to $21,191 and $23,791 for the three-month period ended September 30, 2024 and 2023, respectively, which were charged to the condensed consolidated statement of income (loss). Interest expenses from capital lease obligations amounted to $70,835 and $80,252 for the nine-month period ended September 30, 2024 and 2023, respectively, which were charged to the condensed consolidated statement of income (loss).

The components of operating lease liabilities as follows:

	Imputed		September 30,			December 31,
	Interest rate		2024			2023
Total Operating lease liabilities		4.89%	$	7,535,062		$	7,998,908
Less: Current portion				(498,580	)		(473,653	)
Operating lease liabilities, net of current portion			$	7,036,482		$	7,525,255

Lease Liabilities - Finance and Operating Lease - Schedule of Financing and Operating Lease Maturities

Maturities of lease liabilities were as follows:

	Financial lease			Operating Lease
Payable within:
the next 12 months	$	267,867		$	842,770
the next 13 to 24 months		267,867			847,056
the next 25 to 36 months		267,867			854,820
the next 37 to 48 months		267,867			859,449
the next 49 to 60 months		267,867			826,953
thereafter		267,867			8,535,418
Total		1,607,202			12,766,466
Less: Amount representing interest		(301,640	)		(5,231,404	)
Present value of net minimum lease payments	$	1,305,562		$	7,535,062