Annual report pursuant to Section 13 and 15(d)

Advances to Suppliers and Other Receivables (Tables)

v3.6.0.2
Advances to Suppliers and Other Receivables (Tables)
12 Months Ended
Dec. 31, 2016
Advances to Suppliers and Other Receivables [Abstract]  
Schedule of advances to suppliers
    December 31, 
2016
    December 31,
2015
 
Prepayments made for fishing nets and spare parts   $ 3,969,351     $ 4,093,597  
Prepayments made for fish goods (1)     -       31,900,549  
    $ 3,969,351     $ 35,994,146  

  

  (1) According to related signed agreement, the Company has the right to receive refund for these prepayments if the situation of demands and supplies changes. The Company received the refund in full in January and February 2017 (See Note 18). Accordingly, in December 2016, the Company reclassified the advances made to the supplier to other receivables.
Schedule of other receivables
    December 31,
2016
    December 31, 
2015
 
Prepayments made for fish goods (1)   $ 29,848,189     $ -  
Interest receivable     1,819,258       -  
Security deposit     75,000       75,000  
Other     93,009       3,051  
    $ 31,835,456     $ 78,051  

  

  (1) According to related signed agreement, the Company has the right to receive refund for these prepayments if the situation of demands and supplies changes. The Company received the refund in full in January and February 2017 (See Note 18). Accordingly, in December 2016, the Company reclassified the advances made to the supplier to other receivables.