Annual report pursuant to Section 13 and 15(d)

Inventories

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Inventories
12 Months Ended
Dec. 31, 2016
Inventories [Abstract]  
INVENTORIES

NOTE 4 - INVENTORIES

 

At December 31, 2016 and 2015, inventories consisted of the following:

 

    December 31, 2016     December 31, 2015  
Frozen fish and marine catches in warehouse   $ 7,082,129     $ 2,463,135  
Frozen fish and marine catches in transit     1,728,982       91,268  
      8,811,111       2,554,403  
Less: reserve for inventories     -       (218,236 )
    $ 8,811,111     $ 2,336,167  

 

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.