Prepayment for Long-Term Assets |
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||
| Prepayment for Long-Term Assets [Abstract] | |||||||||||||||||||||||||||||||
| PREPAYMENT FOR LONG-TERM ASSETS |
NOTE 8 – PREPAYMENT FOR LONG-TERM ASSETS
At September 30, 2017 and December 31, 2016, 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, 2017, the Company reclassified RMB 7,000,000 (approximately $1.0 million) from prepayment for long-term assets to construction-in-progress.
For the nine months ended September 30, 2017, a summary of activities in prepayment for long-term assets was as follows:
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