Quarterly report pursuant to Section 13 or 15(d)

Prepayment for Long-Term Assets

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Prepayment for Long-Term Assets
9 Months Ended
Sep. 30, 2018
Prepayment for Long-Term Assets [Abstract]  
PREPAYMENT FOR LONG-TERM ASSETS

NOTE 8 – PREPAYMENT FOR LONG-TERM ASSETS

 

At September 30, 2018 and December 31, 2017, 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. 

 

For the nine months ended September 30, 2018, a summary of activities in prepayment for long-term assets was as follows:

 

    Prepayment for fishing vessels’ construction  
Balance - December 31, 2017   $ 11,577,057  
Reclassification to construction-in-progress     (10,996,454 )
Foreign currency fluctuation     (580,603 )
Balance – September 30, 2018   $ -