Annual report pursuant to Section 13 and 15(d)

Bank Loans (Tables)

v3.21.2
Bank Loans (Tables)
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of short-term bank loans
    December 31,
2020
    December 31,
2019
 
Loan from Fujian Haixia Bank, due on November 1, 2020 with annual interest rate of 6.09% at December 31, 2019, collateralized by Hong Long’s 6 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%.
  $ -     $ 4,300,335  
Loan from Fujian Haixia Bank, due on November 6, 2020 with annual interest rate of 6.09% at December 31, 2019, collateralized by Hong Long’s 6 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%.
    -       5,017,058  
Loan from Fujian Haixia Bank, due on November 14, 2020 with annual interest rate of 6.09% at December 31, 2019, collateralized by Hong Long’s 6 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%.
    -       716,723  
Loan from Fujian Haixia Bank, due on October 29, 2021 with annual interest rate of 6.09% at December 31, 2020, collateralized by Hong Long’s 5 fishing vessels, the Company’s 1 fishing vessel 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%.
    10,728,134       -  
Loan from The Export-Import Bank of China, due on January 21, 2021 with annual interest rate of 3.88% at December 31, 2020, guaranteed by Pin Lin, Xinrong Zhuo and Hong Long, pledged deposits provided by Hong Long amounted to RMB 42 million, the Land Use Right of B2 plot in central business district on the north shore of Minjiang river.
    41,686,462      
-
 
    $ 52,414,596     $ 10,034,116  

 

Schedule of long-term bank loans
    December 31,
2020
    December 31,
2019
 
Loan from The Export-Import Bank of China, due on various dates until August 28, 2020 with annual interest rate of 4.75% at December 31, 2019, guaranteed by Hong Long, Xinrong Zhuo and Ping Lin.
  $ -     $ 4,730,369  
Loan from The Export-Import Bank of China, due on various dates until January 30, 2023 with annual interest rate of 4.90% at December 31, 2020 and 2019, 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.
    2,298,886       5,017,058  

Loan from China Development Bank, due on various dates until November 27, 2023 with annual interest rate of 5.15% at December 31, 2020 and 2019, 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%.

   

4,291,254

     

5,447,092

 
Loan from The Export-Import Bank of China, due on various dates until March 28, 2025 with annual interest rate of 4.95% at December 31, 2020 and 2019, guaranteed by Hong Long, Xinrong Zhuo, Ping Lin and collateralized by 20 fishing vessels.
    58,238,440       65,938,477  
Loan from The Export-Import Bank of China, due on various dates until September 30, 2020 with annual interest rate of 4.75% at December 31, 2019, guaranteed by Hong Long, Xinrong Zhuo, Ping Lin and collateralized by equity investment of 67 million shares of Hong Long in Xiamen International Bank.
    -       16,484,619  
Loan from The Export-Import Bank of China, due on various dates until August 21, 2026 with annual interest rate of 4.70% at December 31, 2020 and 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.
    57,931,922       63,214,931  
Loan from The Export-Import Bank of China, due on various dates until October 21, 2025 with annual interest rate of 4.70% at December 31, 2020 and 2019, guaranteed by Pin Lin, Xinrong Zhuo, Yaohua Zhuo and Hong Long, 15 fishing vessels and 1 transport vessel, the Land Use Right of B2 plot in central business district on the north shore of Minjiang river.
    49,809,192       45,017,345  
Loan from China Development Bank, due on various dates until July 30, 2026 with annual interest rate of 5.39% at December 31, 2020 and 2019, guaranteed by Xinrong Zhuo, 11 fishing vessels and 6 Hong Long’s fishing vessels, real estate of Mingguang Wanhao Property co., LTD., totalled area 22,123.50m2, the debt ratio of borrower should not be higher than 80%.
    10,383,301       11,503,396  
Loan from The Export-Import Bank of China, due on various dates until April 21, 2028 with annual interest rate of 4.65% at December 31, 2020, guaranteed by Pin Lin, Xinrong Zhuo, Yaohua Zhuo, Hong Long and Huanghai Shipbuilding Co., Ltd., the Land Use Right of B2 plot in central business district on the north shore of Minjiang river, 1 vessel.
    19,923,677       -  
Loan from The Export-Import Bank of China, due on various dates until December 21, 2028 with annual interest rate of 4.65% at December 31, 2020, guaranteed by Pin Lin, Xinrong Zhuo, Yaohua Zhuo, Hong Long and Huanghai Shipbuilding Co., Ltd., the Land Use Right of B2 plot in central business district on the north shore of Minjiang river, 1 vessel.
    21,456,268       -  
Loan from The Export-Import Bank of China, due on various dates until August 21, 2022 with annual interest rate of 2.20% at December 31, 2020, guaranteed by Hong Long, Xinrong Zhuo and Pin Lin.
    21,000,000       -  
Loan from Bank of Communications, due on various dates until June 27, 2025 with annual interest rate of 4.650% at December 31, 2020, guaranteed by Xinrong Zhuo, Huanghai Shipbuilding Co., Ltd. and Fujian Jingfu Ocean Fishery Development Co., Ltd..     39,770,725       -  
Total long-term bank loans   285,103,665     217,353,287  
Less: current portion     (39,987,577 )     (57,122,789 )
Long-term bank loans, non-current portion   $ 245,116,088     $ 160,230,498  

 

Schedule of future maturities of long-term bank loans
Due in twelve-month periods ending December 31,   Principal  
2021   $ 39,987,577  
2022     72,967,855  
2023     57,088,998  
2024     55,403,148  
2025     43,219,053  
Thereafter     16,437,034  
    $ 285,103,665  
Less: current portion     (39,987,577 )
Long-term liability   $ 245,116,088