Annual report pursuant to Section 13 and 15(d)

Prepayment for Long-Term Assets

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Prepayment for Long-Term Assets
12 Months Ended
Dec. 31, 2017
Prepayment for Long-Term Assets [Abstract]  
PREPAYMENT FOR LONG-TERM ASSETS

NOTE 8 – PREPAYMENT FOR LONG-TERM ASSETS

 

At December 31, 2017 and December 31, 2016, 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. During the year ended December 31, 2017, the Company reclassified RMB 7,000,000 (approximately $1.0 million) from prepayment for long-term assets to construction-in-progress.

 

For the year ended December 31, 2017, a summary of activities in prepayment for long-term assets was as follows:

 

    Prepayment for fishing vessels’ construction  
Balance – December 31, 2016   $ 11,913,912  
Prepayments made for fishing vessels’ construction     -  
Reclassification to construction-in-progress     (1,036,761 )
Foreign currency fluctuation     699,906  
Balance – December 31, 2017   $ 11,577,057