Quarterly report pursuant to Section 13 or 15(d)

Bank Loans (Tables)

v3.5.0.2
Bank Loans (Tables)
6 Months Ended
Jun. 30, 2016
Bank Loans [Abstract]  
Schedule of short-term bank loans
    June 30, 
2016
    December 31, 2015  
Loan from China Development Bank, due on February 11, 2016 with variable annual interest rate based on London Interbank Offered Rate (“LIBOR”)(1) plus 245 basis points (3.395% at December 31, 2015), guaranteed by Xinrong Zhuo, Honghong Zhuo, Zhiyan Lin and Shuhui Ke and repaid on due date   $ -     $ 7,000,000  
                 
Loan from China Development Bank, due on November 25, 2016 with variable annual interest rate based on LIBOR(1) plus 230 basis points (2.941% at June 30, 2016 and December 31, 2015), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.8 million  (RMB 5.12 million) and collateralized by a related party’s land use right     4,000,000       4,000,000  
                 
Loan from China Development Bank, due on December 9, 2016 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.049% at June 30, 2016 and December 31, 2015), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.8 million (RMB 5.12 million) and collateralized by a related party’s land use right     4,000,000       4,000,000  
                 
Loan from Fujian Haixia Bank, due on September 7, 2016 with annual interest rate of 7.360% at June 30, 2016 and December 31, 2015, collateralized by Pingtan Fishing's 17 fishing vessels     4,515,760       4,621,998  
                 
Loan from Fujian Haixia Bank, due on September 20, 2016 with annual interest rate of 1.621% at June 30, 2016 and December 31, 2015, collateralized by Pingtan Fishing’s 17 fishing vessels     2,349,440       2,349,440  
                 

Loan from China Development Bank, due on March 21, 2017 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.211% at June 30, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.6 million (RMB 4 million) and collateralized by a related party’s land use right

    3,000,000       -  
                 

Loan from China Development Bank, due on April 18, 2017 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.204% at June 30, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.6 million (RMB 4 million) and collateralized by a related party’s land use right

    3,000,000       -  
                 

Loan from China Development Bank, due on April 18, 2017 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.257% at June 30, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.3 million (RMB 2 million) and collateralized by a related party’s land use right

    1,500,000       -  
    $ 22,365,200     $ 21,971,438  

 

(1) Represents six-month LIBOR rate on the loan commencement date.
Schedule of long-term bank loan
    June 30, 
2016
    December 31, 2015  
Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 4.750% at June 30, 2016 and December 31, 2015, collateralized by Hong Long's investment in equity interest of a China local bank   $ 8,835,837     $ 11,832,314  
                 
Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 4.750% at June 30, 2016 and December 31, 2015, collateralized by Fujian International Trading and Transportation Co., Ltd.'s investment in equity interest of a China local bank     1,731,041       2,310,999  
                 
Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 4.750% at June 30, 2016 and December 31, 2015, guaranteed by Hong Long     7,330,584       9,937,295  
                 
Loan from The Export-Import Bank of China, due on various dates until January 30, 2023 with annual interest rate of 4.900% at June 30, 2016, guaranteed by Huanghai Ship Construction Co., Ltd, Xinrong Zhuo and Ping Lin and collateralized by 2 fishing vessels under construction     18,815,667       -  
                 
 Loan from China Development Bank, due on various dates until November 27, 2023 with annual interest rate of 5.145% at June 30, 2016 and December 31, 2015, guaranteed by Xinrong Zhuo, Honghong Zhuo, Mr. and Mrs. Zhiyan Lin and 6 fishing vessels     10,386,248       11,169,827  
Total long-term bank loans   $ 47,099,377     $ 35,250,435  
Less: current portion     (15,157,901 )     (12,679,680 )
Long-term bank loans, non-current portion   $ 31,941,476     $ 22,570,755  
Schedule of future maturities of long-term bank loans
Due in twelve-month periods ending June 30,   Principal  
2017   $ 15,157,901  
2018     12,072,132  
2019     5,870,488  
2020     6,021,013  
2021     2,257,880  
Thereafter     5,719,963  
    $ 47,099,377  
Less: current portion     (15,157,901 )
Long-term liability   $ 31,941,476