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

Bank Loans (Tables)

v3.22.1
Bank Loans (Tables)
12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of short-term bank loans
    December 31,
2021
    December 31,
2020
 
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 RMB42 million, the Land Use Right of B2 plot in central business district on the north shore of Minjiang river.   $
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    $ 41,686,462  
Loan from Fujian Haixia Bank, due on October 29, 2021 with annual interest rate of 6.09% at December 31, 2021 and 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%.
   
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      10,728,134  
Loan from Fujian Haixia Bank, due on January 19, 2022 with annual interest rate of 6.09% at December 31, 2021, guaranteed by Pin Lin, Xinrong Zhuo, Longxiong Zhuo, Longjie Zhuo, Longhao Zhuo and Hong Long, collateralized by three land use rights of old city reconstruction plots west of Baima Road, Gulou District, east of Liuhe Road, north of Daoshan Road, the debt ratio of borrower should not be higher than or equal to 80%.     29,800,649      
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Loan from Fujian Haixia Bank, due on January 20, 2022 with annual interest rate of 6.09% at September 30, 2021, guaranteed by Pin Lin, Xinrong Zhuo, Longxiong Zhuo, Longjie Zhuo, Longhao Zhuo and Hong Long, collateralized by three land use rights of old city reconstruction plots west of Baima Road, Gulou District, east of Liuhe Road, north of Daoshan Road, the debt ratio of borrower should not be higher than or equal to 80%.     15,684,552      
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Loan from Fujian Haixia Bank, due on October 28, 2022 with annual interest rate of 6.09% at December 30, 2021, guaranteed by Pin Lin, Xinrong Zhuo, Longjie Zhuo, Longhao Zhuo and Hong Long, collateralized by a transport ship, two fishing vessels and two properties, pledged by RMB10 million ( approximately $1.57 million) deposit.     10,979,187          
Loan from China Everbright Bank, due on December 29, 2022 with annual interest rate of 5.00% at December 31, 2021, guaranteed by Pin Lin, Xinrong Zhuo, Dawei Zhuo, Hong Long, Fuzhou Dongxing Longju Real Estate Co., Ltd., Fujian Lutong Highway Engineering Construction Co., Ltd. and Fujian Jingfu Ocean Fishery Development Co., Ltd., collateralized by 17,767of land use rights in Pingtan County, Fujian Province, two fishing vessels and three properties, pledged by 57,051,705 shares of Fujian Fuzhou Rural Commercial Bank Co., Ltd..     15,841,398      
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    $ 72,305,786     $ 52,414,596  

 

Schedule of long-term bank loans
    December 31,
2021
    December 31,
2020
 
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 30, 2021 and 2020, 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.   $ 2,352,682     $ 2,298,886  
Loan from China Development Bank, due on various dates until November 27, 2023 with annual interest rate of 5.15% at December 31, 2021 and December 31, 2020, 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  
L  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, 2021 and 2020, guaranteed by Hong Long, Xinrong Zhuo, Ping Lin and collateralized by 20 fishing vessels.     47,053,657       58,238,440  
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, 2021 and 2020, 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.     49,406,340       57,931,922  
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, 2021 and 2020, 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.     40,779,836       49,809,192  
Loan from China Development Bank, due on various dates until July 30, 2026 with annual interest rate of 5.39% at December 31, 2021 and December 31, 2020, 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%.    
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      10,383,301  
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, 2021 and 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.     20,389,918       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, 2021 and 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.     21,958,373       21,456,268  
Loan from The Export-Import Bank of China, due on various dates until January 15, 2023 with annual interest rate of 4.00% at December 31, 2021, guaranteed by Pin Lin, Xinrong Zhuo and Hong Long, and collateralized by two related parties’ investments in equity interest of one PRC local banks.     17,438,085       -  
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, 2021 and 2020, guaranteed by Hong Long, Xinrong Zhuo and Pin Lin.     20,024,533      

21,000,000

 
Loan from The Export-Import Bank of China, due on various dates until February 21, 2023 with annual interest rate of 2.20% at December 31, 2021, guaranteed by Hong Long, Xinrong Zhuo and Pin Lin and collateralized by two related parties’ investments in equity interest of one PRC local banks and the Land Use Right of B2 plot in central business district on the north shore of Minjiang river.     11,062,755       -  
Loan from The Export-Import Bank of China, due on various dates until July 1, 2023 with annual interest rate of 2.20% at December 31, 2021, guaranteed by Pin Lin, Xinrong Zhuo and Hong Long, pledged deposits provided by Hong Long amounted to RMB42 million, the Land Use Right of B2 plot in central business district on the north shore of Minjiang river and Fuzhou Honglong Marine Aquatic Products Co., Ltd. and 67 million and 16 million shares of Xiamen International Bank Co., Ltd. owned by Hong Long and  Fujian International Trade and Transportation Co., Ltd., respectively.     18,774,167      
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Loan from The Export-Import Bank of China, due on various dates until June 21, 2028 with annual interest rate of 4.65% at December 31, 2021, guaranteed by Lin 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.     23,056,292       -  
Loan from The Export-Import Bank of China, due on various dates until July 30, 2026 with annual interest rate of 4.00% at December 31, 2021, guaranteed by Pin Lin, Xinrong Zhuo, Yaohua Zhuo and Hong Long, collateralized by two fishing vessels and the Land Use Right of B2 plot in central business district on the north shore of Minjiang river.   $ 8,665,715       -  
Loan from Bank of Communications, due on various dates until June 27, 2025 with annual interest rate of 4.65% at December 31, 2021 and 2020, guaranteed by Xinrong Zhuo, Huanghai Shipbuilding Co., Ltd. and Fujian Jingfu Ocean Fishery Development Co., Ltd.     36,623,430       39,770,725  
Total long-term bank loans     317,585,783       285,103,665  
Less: current portion     (76,856,590 )     (39,987,577 )
Long-term bank loans, non-current portion   $ 240,729,193     $ 245,116,088  

Schedule of future maturities of long-term bank loans
Due in twelve-month periods ending December 31,   Principal  
2022   $ 76,487,001  
2023     111,818,860  
2024     64,934,046  
2025     47,524,193  
2026     10,704,707  
Thereafter     6,116,976  
    $ 317,585,783  
Less: current portion     (76,856,590 )
Long-term liability   $ 240,729,193