Prepayment for Long-Term Assets
|12 Months Ended|
Dec. 31, 2021
|Prepayment For Long Term Asset [Abstract]|
|PREPAYMENT FOR LONG-TERM ASSETS||
NOTE 8 – PREPAYMENT FOR LONG-TERM ASSETS
At December 31, 2021 and 2020, 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 2021, the Company reclassified RMB431,185,234 (approximately US$70.3 million) from prepayment for long-term assets to construction-in-progress and fishing vessels.
In 2021, a summary of activities in prepayment for long-term assets was as follows: