Quarterly report pursuant to Section 13 or 15(d)

Prepayment for Long-Term Assets

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Prepayment for Long-Term Assets
3 Months Ended
Mar. 31, 2017
Prepayment For Long-Term Assets [Abstract]  
PREPAYMENT FOR LONG-TERM ASSETS

NOTE 8 – PREPAYMENT FOR LONG-TERM ASSETS

 

At March 31, 2017 and December 31, 2016, prepayment for long-term assets consisted of prepayment for fishing vessels’ construction. The Company reclassifies the prepayment for fishing vessels’ construction to construction-in-progress using the percentage of completion method. During the three months ended March 31, 2017, the Company reclassified RMB 7,000,000 (approximately $1.0 million) from prepayment for long-term assets to construction-in-progress. 

 

For the three months ended March 31, 2017, a summary of activities in prepayment for long-term assets was as follows:

 


    Prepayment for fishing vessels’ construction  
Balance - December 31, 2016   $ 11,913,912  
Prepayments made for fishing vessels’ construction     -  
Reclassification to construction-in-progress     (1,016,541 )
Foreign currency fluctuation     67,047  
Balance – March 31, 2017   $ 10,964,418