|9 Months Ended|
Sep. 30, 2018
|Subsequent Events [Abstract]|
NOTE 16 – SUBSEQUENT EVENTS
In October 2018, thee Company announced that it will soon complete the modification and rebuilding project for its 27 new fishing vessels, and the first batch of 4 vessels have completed all inspections and the modification and rebuilding project. The new fishing vessels are expected to be put in operation in batches starting November 2018.
In November 2018, the first batch of 4 vessels that have completed the modification and rebuilding project just departed the port from Fuzhou on November 7 EST and will sail to the international waters of the Indian Ocean for operation.
On November 6, 2018, the Company received a loan of $4.34 million from Fujian Haixia Bank. The loan is due on November 4, 2019 with annual interest rate of 6.96%.
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.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef