Annual report pursuant to Section 13 and 15(d)

Prepayment for Long-Term Assets

v3.21.2
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:

 

    Prepayment
for fishing
vessels’
construction
 
Balance - December 31, 2018   $
-
 
Prepayments made for fishing vessels’ construction     200,844,827  
Reclassification to construction-in-progress     (151,252,132 )
Foreign currency fluctuation     (552,357 )
Balance - December 31, 2019   49,040,338  
Prepayments made for fishing vessels’ construction     125,747,916  
Reclassification to construction-in-progress and fishing vessels     (112,834,725 )
Foreign currency fluctuation     4,129,512  
Balance – December 31, 2020   $ 66,083,041