Prepayment for Long-Term Assets
|12 Months Ended|
Dec. 31, 2020
|Prepayment For Long Term Assets [Abstract]|
|PREPAYMENT FOR LONG-TERM ASSETS||
NOTE 8 – PREPAYMENT FOR LONG-TERM ASSETS
At December 31, 2020 and 2019, 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. In 2020, the Company reclassified RMB778,288,796 (approximately US$112.8 million) from prepayment for long-term assets to construction-in-progress and fishing vessels.
In 2020, a summary of activities in prepayment for long-term assets was as follows: