Quarterly report pursuant to Section 13 or 15(d)

Inventories

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Inventories
 9 Months Ended
Sep. 30, 2017
Inventories [Abstract]  
INVENTORIES

NOTE 4 – INVENTORIES

 

At September 30, 2017 and December 31, 2016, inventories consisted of the following: 

 

    September 30, 
2017		     December 31, 
2016		  
Frozen fish and marine catches in warehouse   $ 1,782,343     $ 7,082,129  
Frozen fish and marine catches in transit     3,922,455       1,728,982  
      5,704,798       8,811,111  
Less: reserve for inventories     (2,704,013 )     -  
    $ 3,000,785     $ 8,811,111  

 

An allowance is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserve for the difference between the cost and the market value. These reserves are recorded based on estimates.