Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Prepayment for Long-Term Assets

v3.22.1
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:

 

    Prepayment
for fishing
vessels’
construction
 
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  
Prepayments made for fishing vessels’ construction     32,853,567  
Reclassification to construction-in-progress and fishing vessels     (70,273,034 )
Foreign currency fluctuation     1,450,766  
Balance – December 31, 2021   $ 30,114,340