LEASE LIABILITIES-FINANCE AND OPERATING LEASE (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| Lease Liabilities-finance And Operating Lease |
|
| SCHEDULE OF FINANCE LEASED LIABILITIES |
The
components of finance lease liabilities were as follows:
SCHEDULE
OF FINANCE LEASED LIABILITIES
| | |
March
31,
2025(Restated) | | |
December
31,
2024(Restated) | |
| Total finance
lease liabilities | |
$ | 5,376,093 | | |
$ | 8,432,177 | |
| Less:
Current portion | |
| (239,771 | ) | |
| (3,342,293 | ) |
| Finance
lease liabilities, net of current portion | |
$ | 5,136,322 | | |
$ | 5,089,884 | |
|
| SCHEDULE OF OPERATING LEASE LIABILITIES |
The
components of operating lease liabilities are as follows:
SCHEDULE OF
OPERATING LEASE LIABILITIES
| | |
March
31,
2025 | | |
December
31,
2024 | |
| Total Operating
lease liabilities | |
$ | 7,308,326 | | |
$ | 7,433,452 | |
| Less:
Current portion | |
| (498,483 | ) | |
| (491,850 | ) |
| Operating
lease liabilities, net of current portion | |
$ | 6,809,843 | | |
$ | 6,941,602 | |
|
| SCHEDULE OF LEASE COST |
The
components of lease cost were as follows:
SCHEDULE OF LEASE COST
| | |
| | | |
| | |
| | |
Three-Month
Period Ended March 31, | |
| | |
2025
(Restated) | | |
2024
(Restated) | |
| Finance lease cost: | |
| | | |
| | |
| - Amortization
of right-of-use assets | |
$ | 775,702 | | |
$ | 313,941 | |
| - Interest on lease liabilities | |
| 60,857 | | |
| 24,830 | |
| Operating
lease cost | |
| 217,801 | | |
| 217,345 | |
| Total
lease cost | |
$ | 1,054,360 | | |
$ | 556,116 | |
|
| SCHEDULE OF MATURITIES OF LEASE LIABILITIES |
Maturities
of lease liabilities were as follows:
SCHEDULE OF MATURITIES OF LEASE LIABILITIES
| | |
Finance
Lease | | |
Operating
Lease | |
| the next 12 months | |
$ | 261,485 | | |
$ | 631,001 | |
| the next 13 to 24 months | |
| 261,485 | | |
| 828,555 | |
| the next 25 to 36 months | |
| 261,485 | | |
| 834,455 | |
| the next 37 to 48 months | |
| 4,955,034 | | |
| 840,733 | |
| the next 49 to 60 months | |
| 261,485 | | |
| 847,059 | |
| thereafter | |
| 261,485 | | |
| 8,255,269 | |
| Total | |
$ | 6,262,459 | | |
$ | 12,237,072 | |
| Less:
Amount representing interest | |
| (886,366 | ) | |
| (4,928,746 | ) |
| Present
value of net minimum lease payments | |
$ | 5,376,093 | | |
$ | 7,308,326 | |
|
| SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES |
A
summary of supplemental information related to leases is listed as follows:
SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES
| | |
March
31,
2025 | | |
December
31,
2024 | |
| Weighted average remaining lease term: | |
| | | |
| | |
| Finance leases | |
| 15.9
years | | |
| 16.2
years | |
| Operating leases | |
| 19.6
years | | |
| 19.6
years | |
| Weighted average discount rate: | |
| | | |
| | |
| Finance leases | |
| 4.62 | % | |
| 4.62 | % |
| Operating leases | |
| 4.90 | % | |
| 4.90 | % |
|
| SCHEDULE OF CASH FLOW, SUPPLEMENTAL |
Supplemental
cash flow information related to leases were as follows:
SCHEDULE OF CASH FLOW, SUPPLEMENTAL
| | |
| | | |
| | |
| | |
Three-Month
Period Ended March 31, | |
| | |
2025 | | |
2024 | |
| Cash paid for amounts included in measurement of lease
liabilities: | |
| | |
| |
| -Operating cash
flows from operating leases | |
$ | 225,321 | | |
$ | 226,018 | |
| -Financing cash flows from
finance leases | |
$ | — | | |
$ | — | |
| | |
| | | |
| | |
| Non-cash information on lease
liabilities arising from obtaining ROU assets: | |
| | | |
| | |
| -Finance leases | |
$ | — | | |
$ | — | |
| -Operating leases | |
$ | — | | |
$ | — | |
|