Schedule of short-term bank loans |
|
|
September 30, 2017 |
|
|
December 31, 2016 |
|
Loan from Fujian Haixia Bank, due on September 14, 2017 with annual interest rate of 6.960% at September 30, 2017 and December 31, 2016, collateralized by Pingtan Fishing’s 17 fishing vessels |
|
$ |
- |
|
|
$ |
4,324,636 |
|
Loan from Fujian Haixia Bank, due on September 14, 2018 with annual interest rate of 7.178% at September 30, 2017 and December 31, 2016, collateralized by Pingtan Fishing’s 17 fishing vessels |
|
|
3,766,819 |
|
|
|
- |
|
Loan from Fujian Haixia Bank, due on September 30, 2018 with annual interest rate of 7.178% at September 30, 2017 and December 31, 2016, collateralized by Pingtan Fishing’s 17 fishing vessels |
|
|
753,364 |
|
|
|
- |
|
Loan from Fujian Haixia Bank, due on September 22, 2017 with annual interest rate of 1.529% at September 30, 2017 and December 31, 2016, collateralized by Pingtan Fishing’s 17 fishing vessels |
|
|
- |
|
|
|
1,150,000 |
|
Loan from Fujian Haixia Bank, due on October 10, 2017 with annual interest rate of 1.739% at September 30, 2017 and December 31, 2016, collateralized by Pingtan Fishing’s 17 fishing vessels |
|
|
1,080,000 |
|
|
|
1,080,000 |
|
Loan from China Development Bank, due on March 21, 2017 with variable annual interest rate based on London Interbank Offered Rate (“LIBOR”)(1) plus 230 basis points (3.211% at December 31, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.6 million (RMB 4 million) and collateralized by a related party’s land use right, and repaid on due date |
|
|
- |
|
|
|
3,000,000 |
|
Loan from China Development Bank, due on April 18, 2017 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.204% at December 31, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.6 million (RMB 4 million) and collateralized by a related party’s land use right, and repaid on due date |
|
|
- |
|
|
|
3,000,000 |
|
Loan from China Development Bank, due on April 18, 2017 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.257% at December 31, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.3 million (RMB 2 million) and collateralized by a related party’s land use right, and repaid on due date |
|
|
- |
|
|
|
1,500,000 |
|
Loan from China Development Bank, due on August 22, 2017 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.510% at December 31, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $1.0 million (RMB 6.6 million) and collateralized by a related party’s two vessels |
|
|
- |
|
|
|
5,000,000 |
|
Loan from China Development Bank, due on December 9, 2017 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.593% at September 30, 2017 and December 31, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.5 million (RMB 3.3 million) and collateralized by a related party’s two vessels |
|
|
2,500,000 |
|
|
|
2,500,000 |
|
Loan from China Development Bank, due on March 8, 2018 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.721% at September 30, 2017), secured by the Company’s restricted cash which is a deposit with the lender of approximately $1 million (RMB 6.6 million) and collateralized by seven vessels |
|
|
5,000,000 |
|
|
|
- |
|
Loan from China Development Bank, due on April 24, 2018 with variable annual interest rate based on LIBOR(1) plus 230 basis points (3.721% at September 30, 2017), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.7 million (RMB 4.6 million) and collateralized by four vessels |
|
|
3,500,000 |
|
|
|
- |
|
|
|
$ |
16,600,183 |
|
|
$ |
21,554,636 |
|
(1) |
Represents six-month LIBOR rate on the loan commencement date. |
|
Schedule of long-term bank loans |
|
|
September 30, 2017 |
|
|
December 31, 2016 |
|
Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 4.750% and 4.900% at September 30, 2017 and December 31, 2016, respectively, collateralized by Hong Long’s investment in equity interest of a China local bank |
|
$ |
3,073,724 |
|
|
$ |
5,852,674 |
|
Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 4.750% and 4.900% at September 30, 2017 and December 31, 2016, respectively, collateralized by Fujian International Trading and Transportation Co., Ltd.’s investment in equity interest of a China local bank |
|
|
602,691 |
|
|
|
1,153,236 |
|
Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 4.750% and 4.900% at September 30, 2017 and December 31, 2016, respectively, guaranteed by Hong Long |
|
|
2,531,302 |
|
|
|
4,742,684 |
|
Loan from The Export-Import Bank of China, due on various dates until January 30, 2023 with annual interest rate of 4.900% at September 30, 2017 and December 31, 2016, guaranteed by Huanghai Ship Construction Co., Ltd, Xinrong Zhuo and Ping Lin and collateralized by 2 fishing vessels under construction and collateralized by three related parties’ investments in equity interest of two PRC local banks |
|
|
16,574,004 |
|
|
|
18,019,317 |
|
Loan from China Development Bank, due on various dates until November 27, 2023 with annual interest rate of 5.145% at September 30, 2017 and December 31, 2016, guaranteed by Xinrong Zhuo, Honghong Zhuo, Mr. and Mrs. Zhiyan Lin and 6 fishing vessels |
|
|
9,191,038 |
|
|
|
9,370,045 |
|
Total long-term bank loans |
|
$ |
31,972,759 |
|
|
$ |
39,137,956 |
|
Less: current portion |
|
|
(12,083,955 |
) |
|
|
(17,298,544 |
) |
Long-term bank loans, non-current portion |
|
$ |
19,888,804 |
|
|
$ |
21,839,412 |
|
|
Schedule of future maturities of long-term bank loans |
Due in twelve-month periods ending September 30, |
|
Principal |
|
2018 |
|
$ |
12,083,955 |
|
2019 |
|
|
5,876,237 |
|
2020 |
|
|
6,026,910 |
|
2021 |
|
|
2,260,091 |
|
2022 |
|
|
1,657,400 |
|
Thereafter |
|
|
4,068,166 |
|
|
|
$ |
31,972,759 |
|
Less: current portion |
|
|
(12,083,955 |
) |
Long-term liability |
|
$ |
19,888,804 |
|
|