Quarterly report pursuant to sections 13 or 15(d)

PREPAID FISHING VESSEL DEPOSITS

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PREPAID FISHING VESSEL DEPOSITS
6 Months Ended
Jun. 30, 2013
Prepaid fishing vessel deposits [Abstract]  
Prepaid fishing vessel deposits [Text Block]
 
10.
PREPAID FISHING VESSEL DEPOSITS
 
Prepaid fishing vessel deposits as of June 30, 2013 and December 31, 2012 consisted of the following:
 
Merchant Supreme
 
 
 
June 30, 2013
 
December 31, 2012
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Fuzhou Honglong Ocean Fishery Co., Ltd.
 
$
410,017,680
 
$
-
 
 
On June 19, 2013, the Company signed Master Agreement to acquire 46 vessels amounted to $ 410 million from Fuzhou Honglong Ocean Fishery Co., Ltd. The purchase price was determined by reference to the valuation reports dated June 6, 2013. The ownership of these 46 fishing vessels has not yet been transferred and the transfer takes time.