Quarterly report pursuant to Section 13 or 15(d)

Bank Loans (Tables)

v3.19.3
Bank Loans (Tables)
9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Schedule of short-term bank loans

    September 30,
2019
    December 31,
2018
 
Loan from Fujian Haixia Bank, due on November 14, 2019 with annual interest rate of 4.2870% at September 30, 2019, collateralized by Hong Long's 5 fishing vessels and 7 real estate properties of Ping Lin and Ying Liu   $ 714,000     $ 714,000  
Loan from Fujian Haixia Bank, due on November 4, 2019 with annual interest rate of 6.9600% at September 30, 2019, collateralized by Hong Long's 5 fishing vessels and 7 real estate properties of Ping Lin and Ying Liu, the debt ratio of borrower should not be higher than or equal to 100%     4,241,542       4,371,139  
    $ 4,955,542     $ 5,085,139  
Schedule of long-term bank loans

    September 30,
2019
    December 31,
2018
 
Loan from The Export-Import Bank of China, due on various dates until August 28, 2020 with annual interest rate of 4.750% at September 30, 2019, guaranteed by Hong Long, Xinrong Zhuo and Ping Lin.   $ 7,776,160     $ -  
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, 2019 and December 31, 2018, 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.     7,069,236       9,470,801  
Loan from China Development Bank, due on various dates until November 27, 2023 with annual interest rate of 5.145% at September 30, 2019 and December 31, 2018, guaranteed by Xinrong Zhuo, Honghong Zhuo, Mr. and Mrs. Zhiyan Lin and 17 fishing vessels, the debt ratio of borrower should not be higher than 80%     6,079,543       6,920,970  
Loan from The Export-Import Bank of China, due on various dates until March 28, 2025 with annual interest rate of 4.949% at September 30, 2019 and December 31, 2018, guaranteed by Hong Long, Xinrong Zhuo, Ping Lin and collateralized by 20 fishing vessels.     65,036,972       -  
Loan from The Export-Import Bank of China, due on various dates until September 30, 2020 with annual interest rate of 4.750% at September 30, 2019, guaranteed by Hong Long, Xinrong Zhuo, Ping Lin and collateralized by equity investment of 67 million shares of Honglong in Xiamen International Bank.     16,259,243       -  
Loan from The Export-Import Bank of China, due on various dates until August 21, 2026 with annual interest rate of 4.700% at September 30, 2019, guaranteed by Pin Lin,  Xinrong Zhuo and Yaohua Zhuo, 15 fishing vessels, the Land Use Right of B2 plot in central business district on the north shore of Minjiang river.     62,350,663       -  
Loan from China Development Bank, due on various dates until July 30, 2026 with annual interest rate of 5.390% at September 30, 2019, guaranteed by Xinrong Zhuo, 11 fishing vessels and 6 Honglong's fishing vessels, real estate of Mingguang Wanhao Property co., LTD., totaled area 22,123.50m2, the debt ratio of borrower should not be higher than 80%     12,229,778       14,424,758  
Total long-term bank loans   $ 176,801,595     $ 30,816,529  
Less: current portion     (51,676,116 )     (8,487,295 )
Long-term bank loans, non-current portion   $ 125,125,479     $ 22,329,234  
Schedule of future maturities of long-term bank loans

Due in twelve-month periods ending September 30,   Principal  
2020   $ 51,676,116  
2021     24,106,095  
2022     23,540,556  
2023     25,661,327  
2024     24,247,480  
Thereafter     27,570,021  
    $ 176,801,595  
Less: current portion     (51,676,116 )
Long-term liability   $ 125,125,479