Quarterly report pursuant to Section 13 or 15(d)

Bank Loans (Tables)

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Bank Loans (Tables)
6 Months Ended
Jun. 30, 2018
Bank Loans [Abstract]  
Schedule of short-term bank loans
    June 30,
2018
    December 31,
2017
 
Loan from Fujian Haixia Bank, due on September 14, 2018 with annual interest rate of 7.178% at June 30, 2018 and December 31, 2017, collateralized by Pingtan Fishing’s 17 fishing vessels   $ 3,778,376     $ 3,826,023  
Loan from Fujian Haixia Bank, due on September 30, 2018 with annual interest rate of 7.178% at June 30, 2018 and December 31, 2017, collateralized by Pingtan Fishing’s 17 fishing vessels     755,675       765,205  
Loan from China Development Bank, due on March 8, 2018 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.721% at December 31, 2017), secured by the Company’s restricted cash which is a deposit with the lender of approximately $1 million (RMB 6.6 million) and collateralized by seven vessels     -       5,000,000  
Loan from China Development Bank, due on April 24, 2018 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.721% December 31, 2017), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.7 million (RMB 4.6 million) and collateralized by four vessels     -       3,500,000  
Loan from Fujian Haixia Bank, due on September 11, 2018 with annual interest rate of 2.990% at June 30, 2018 and December 31, 2017, collateralized by Pingtan Fishing’s 17 fishing vessels     1,509,750       1,509,750  
    $ 6,043,801     $ 14,600,978  

 

(1) Represents six-month LIBOR rate on the loan commencement date.
Schedule of long-term bank loans
    June 30,
2018
    December 31,
2017
 
Loan from The Export-Import Bank of China, due on various dates until January 30, 2023 with annual interest rate of 4.900% at June 30, 2018 and December 31, 2017, 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   $ 12,090,802     $ 14,538,888  
Loan from China Development Bank, due on various dates until November 27, 2023 with annual interest rate of 5.145% at June 30, 2018 and December 31, 2017, guaranteed by Xinrong Zhuo, Honghong Zhuo, Mr. and Mrs. Zhiyan Lin and 6 fishing vessels     7,859,021       8,646,812  
Total long-term bank loans   $ 19,949,823     $ 23,185,700  
Less: current portion     (5,894,266 )     (5,968,596 )
Long-term bank loans, non-current portion   $ 14,055,557     $ 17,217,104
Schedule of future maturities of long-term bank loans
Due in twelve-month periods ending June 30,   Principal  
2019   $ 5,894,266  
2020     6,045,401  
2021     2,267,025  
2022     1,662,485  
2023     3,173,836  
Thereafter     906,810  
    $ 19,949,823  
Less: current portion     (5,894,266 )
Long-term liability   $ 14,055,557