Annual report pursuant to Section 13 and 15(d)

Inventories

v2.4.1.9
Inventories
12 Months Ended
Dec. 31, 2014
Inventories [Abstract]  
INVENTORIES

NOTE 5 - INVENTORIES

 

At December 31, 2014 and 2013, inventories consisted of the following:


 

    December 31, 2014     December 31, 2013  
Frozen fish and marine catches in warehouse   $ 11,557,898     $ 9,095,736  
Frozen fish and marine catches in transit     565,507       -  
Less: reserve for obsolete inventories     -       -  
    $ 12,123,405     $ 9,095,736  

 

An allowance is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserve for the difference between the cost and the market value. These reserves are recorded based on estimates. The Company did not record any inventory reserve at December 31, 2014 and 2013.