Quarterly report pursuant to Section 13 or 15(d)

Inventories

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Inventories
9 Months Ended
Sep. 30, 2018
Inventories [Abstract]  
INVENTORIES

NOTE 4 – INVENTORIES

 

At September 30, 2018 and December 31, 2017, inventories consisted of the following: 

 

    September 30, 
2018
    December 31, 
2017
 
Frozen fish and marine catches in warehouse   $ 5,579,293     $ 1,571,622  
Frozen fish and marine catches-WIP     3,211,298       -  
Frozen fish and marine catches in transit     4,304       1,988,639  
      8,794,895       3,560,261  
Less: reserve for inventories     (36,596 )     -  
    $ 8,758,299     $ 3,560,261  

 

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.