Prepayment for Long-Term Assets
|6 Months Ended|
Jun. 30, 2017
|Prepayment for Long-Term Assets [Abstract]|
|PREPAYMENT FOR LONG-TERM ASSETS||
NOTE 8 – PREPAYMENT FOR LONG-TERM ASSETS
At June 30, 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 six months ended June 30, 2017, the Company reclassified RMB 7,000,000 (approximately $1.0 million) from prepayment for long-term assets to construction-in-progress.
For the six months ended June 30, 2017, a summary of activities in prepayment for long-term assets was as follows: