Annual report pursuant to Section 13 and 15(d)

Inventories

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Inventories
12 Months Ended
Dec. 31, 2017
Inventories [Abstract]  
INVENTORIES

NOTE 4 – INVENTORIES

 

At December 31, 2017 and 2016, inventories consisted of the following:

 

    December 31,
2017
    December 31,
2016
 
Frozen fish and marine catches in warehouse   $ 1,571,622     $ 7,082,129  
Frozen fish and marine catches in transit     1,988,639       1,728,982  
      3,560,261       8,811,111  
Less: reserve for inventories     -       -  
    $ 3,560,261     $ 8,811,111  

 

An allowance is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserve for the difference between the cost and the market value. These reserves are recorded based on estimates.