Prepayment for Long-Term Assets
|9 Months Ended|
Sep. 30, 2020
|Prepayment For Long Term Assets [Abstract]|
|PREPAYMENT FOR LONG-TERM ASSETS||
NOTE 7 – PREPAYMENT FOR LONG-TERM ASSETS
At September 30, 2020 and December 31, 2019, 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 nine months ended September 30, 2020, the Company reclassified RMB 484,970,792 (approximately $69.4 million) from prepayment for long-term assets to construction-in-progress.
For the nine months ended September 30, 2020, a summary of activities in prepayment for long-term assets was as follows: