Property, Plant and Equipment
|9 Months Ended|
Sep. 30, 2018
|Property, Plant and Equipment [Abstract]|
|PROPERTY, PLANT AND EQUIPMENT||
NOTE 9 – PROPERTY, PLANT AND EQUIPMENT
At September 30, 2018 and December 31, 2017, property, plant and equipment consisted of the following:
For the three months ended September 30, 2018 and 2017, depreciation expense amounted to $2,170,841 and $2,161,787, respectively, of which $634,089 and $962,686, respectively, was included in cost of revenue and inventories, and the remainder was included in general and administrative expense, respectively. For the nine months ended September 30, 2018 and 2017, depreciation expense amounted to $6,933,572 and $6,454,155, respectively, of which $2,253,662 and $2,625,602, respectively, was included in cost of revenue and inventories, and the remainder was included in general and administrative expense, respectively.
At September 30, 2018 and December 31, 2017, the Company had 19 and 36 fishing vessels with net carrying amount of approximately $35.6 million and $30.3 million, respectively, pledged as collateral for its bank loans.
Included in construction-in-progress are fishing vessels under construction which includes the costs of construction and any interest charges arising from borrowings used to finance these assets during the period of construction of the assets. No provision for depreciation is made on fishing vessels under construction until such time as the relevant assets are completed and ready for their intended use.
The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef