Quarterly report pursuant to Section 13 or 15(d)

Advances to Suppliers

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Advances to Suppliers
 6 Months Ended
Jun. 30, 2016
Advances to Suppliers [Abstract]  
ADVANCES TO SUPPLIERS

NOTE 5 – ADVANCES TO SUPPLIERS

 

At June 30, 2016 and December 31, 2015, advances to suppliers consisted of the following:

 

    June 30,
2016		     December 31, 
2015		  
Prepayments made for fishing nets and spare parts   $ 3,704,570     $ 4,093,597  
Prepayments made for fish goods (1)     31,167,307       31,900,549  
    $ 34,871,877     $ 35,994,146  

 

(1) According to related signed agreement, the Company has the right to receive refund for these prepayments if the situation of demands and supplies changes.