|3 Months Ended|
Mar. 31, 2017
|Subsequent Events [Abstract]|
NOTE 16 – SUBSEQUENT EVENTS
On April 13, 2017, the Company’s Board of Directors declared a cash dividend of $0.01 per share to the Company’s holders of ordinary shares of record on April 30, 2017.
On April 18, 2017, the Company repaid a short-term bank loan of $4,500,000 to China Development Bank in accordance with the loan repayment schedule
On April 26, 2017, the Company signed a loan agreement with National Development Bank and borrowed $3.5 million from the bank. The loan is due on April 25, 2018 with variable annual interest rate based on LIBOR plus 230 basis points (3.7232% at April 26, 2017), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.7 million (RMB 4.9 million) and collateralized by Pingtan Fishing’s 4 fishing vessels.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
No definition available.