Quarterly report pursuant to Section 13 or 15(d)

Prepayment for Long-Term Assets

v3.20.2
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:

 

    Prepayment for fishing vessels’ construction  
Balance - December 31, 2019   $ 49,040,338  
Prepayments made for fishing vessels’ construction     89,958,093  
Reclassification to construction-in-progress     (69,363,787 )
Foreign currency fluctuation     1,745,573  
Balance – September 30, 2020   $ 71,380,217