Quarterly report pursuant to Section 13 or 15(d)

Bank Loans (Tables)

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Bank Loans (Tables)
9 Months Ended
Sep. 30, 2018
Bank Loans [Abstract]  
Schedule of short-term bank loans
    September 30,
2018
    December 31,
2017
 
Loan from Fujian Haixia Bank, due on September 14, 2018 with annual interest rate of 7.178% at December 31, 2017, collateralized by Pingtan Fishing’s 17 fishing vessels   $          -     $ 3,826,023  
Loan from Fujian Haixia Bank, due on September 30, 2018 with annual interest rate of 7.178% at December 31, 2017, collateralized by Pingtan Fishing’s 17 fishing vessels     -       765,205  
Loan from China Development Bank, due on March 8, 2018 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.721% at December 31, 2017), secured by the Company’s restricted cash which is a deposit with the lender of approximately $1 million (RMB 6.9 million) and collateralized by seven vessels     -       5,000,000  
Loan from China Development Bank, due on April 24, 2018 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.721% December 31, 2017), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.7 million (RMB 4.6 million) and collateralized by four vessels     -       3,500,000  
Loan from Fujian Haixia Bank, due on September 11, 2018 with annual interest rate of 2.990% at December 31, 2017, collateralized by Pingtan Fishing’s 17 fishing vessels     -       1,509,750  
    $ -     $ 14,600,978  

 

(1) Represents six-month LIBOR rate on the loan commencement date.
Schedule of long-term bank loans
    September 30,
2018
    December 31,
2017
 
Loan from The Export-Import Bank of China, due on various dates until January 30, 2023 with annual interest rate of 4.900% at September 30, 2018 and December 31, 2017, guaranteed by Xinrong Zhuo and Ping Lin and collateralized by 2 fishing vessels and collateralized by two related parties’ investments in equity interest of one PRC local banks   $ 11,629,259     $ 14,538,888  
Loan from China Development Bank, due on various dates until November 27, 2023 with annual interest rate of 5.145% at September 30, 2018 and December 31, 2017, guaranteed by Xinrong Zhuo, Honghong Zhuo, Mr. and Mrs. Zhiyan Lin and 6 fishing vessels     7,559,018       8,646,812  
Loan from China Development Bank, due on various dates until July 30, 2026 with annual interest rate of 5.390% at September 30, 2018, guaranteed by Xinrong Zhuo, 11 fishing vessels and 6 Honglong’s fishing vessels, real estate of Mingguang Wanhao Property co., LTD., totaled area 22,123.50㎡     14,391,209       -  
Total long-term bank loans   $ 33,579,486     $ 23,185,700  
Less: current portion     (7,486,336 )     (5,968,596 )
Long-term bank loans, non-current portion   $ 26,093,150     $ 17,217,104  
Schedule of future maturities of long-term bank loans
Due in twelve-month periods ending September 30,   Principal  
2019   $ 7,486,336  
2020     7,631,701  
2021     3,997,558  
2022     3,416,095  
2023     4,869,752  
Thereafter     6,178,044  
    $ 33,579,486  
Less: current portion     (7,486,336 )
Long-term liability   $ 26,093,150