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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