Cost Method Investment
|9 Months Ended|
Sep. 30, 2021
|Cost Method Investment Line Item [Abstract]|
|COST METHOD INVESTMENT||
NOTE 6 – COST METHOD INVESTMENT
At September 30, 2021 and December 31, 2020, the cost method investment amounted to $3,238,042 and $3,218,440, respectively. The investment represents Pingtan Fishing’s, the Company’s subsidiary, minority interest in Fujian Pingtan Rural-Commercial Bank Joint-Stock Co., Ltd. (“Pingtan Rural-Commercial Bank”), a private financial institution. Pingtan Fishing completed its registration as a shareholder on October 17, 2012 and paid RMB 21 million (approximately US$3.0 million) to purchase 5% of the common stock of Pingtan Rural-Commercial Bank. Pingtan Fishing held 15,113,250 shares and which accounts for a 4.8% investment in the total equity investment of the bank as of September 30, 2021 and December 31, 2020.
In accordance with ASC Topic 321, the Company elected to use the measurement alternative to measure such investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. The Company monitors its investment in the non-marketable security and will recognize, if ever existing, a loss in value which is deemed to be other than temporary. The Company determined that there was no impairment on this investment as of September 30, 2021 and December 31, 2020.