| Schedule of short-term bank loans |
| |
|
June 30,
2019 |
|
|
December 31,
2018 |
|
| Loan from Fujian Haixia Bank, due on November
14, 2019 with annual interest rate of 4.2870% at June 30, 2019, collateralized by Hong Long’s 5 fishing vessels and
7 real estate properties of Ping Lin and Ying Liu |
|
$ |
714,000 |
|
|
$ |
714,000 |
|
| Loan from Fujian Haixia Bank,
due on November 4, 2019 with annual interest rate of 6.9600% at June 30, 2019, collateralized by Hong Long’s 5 fishing
vessels and 7 real estate properties of Ping Lin and Ying Liu, the debt ratio of borrower should not be higher than or equal
to 100% |
|
|
4,363,827 |
|
|
|
4,371,139 |
|
| |
|
$ |
5,077,827 |
|
|
$ |
5,085,139 |
|
|
| Schedule of long-term bank loans |
| |
|
June 30,
2019 |
|
|
December 31,
2018 |
|
| Loan from The Export-Import Bank of China,
due on various dates until August 28, 2020 with annual interest rate of 4.750% at June 30, 2019, guaranteed by Hong Long,
Xinrong Zhuo and Ping Lin. |
|
$ |
8,727,654 |
|
|
$ |
- |
|
| Loan from The Export-Import Bank of China, due on
various dates until January 30, 2023 with annual interest rate of 4.900% at June 30, 2019 and December 31, 2018, guaranteed
by Xinrong Zhuo and Ping Lin and collateralized by 2 fishing vessels and collateralized by two related parties’ investments
in equity interest of one PRC local banks. |
|
|
7,273,045 |
|
|
|
9,470,801 |
|
| Loan from China Development Bank, due on various dates
until November 27, 2023 with annual interest rate of 5.145% at June 30, 2019 and December 31, 2018, guaranteed by Xinrong
Zhuo, Honghong Zhuo, Mr. and Mrs. Zhiyan Lin and 17 fishing vessels, the debt ratio of borrower should not be higher than
80% |
|
|
6,254,818 |
|
|
|
6,920,970 |
|
| Loan from The Export-Import Bank of China, due on
various dates until March 28, 2025 with annual interest rate of 4.949% at June 30, 2019 and December 31, 2018, guaranteed
by Hong Long, Xinrong Zhuo, Ping Lin and collateralized by 20 fishing vessels. |
|
|
72,730,446 |
|
|
|
- |
|
| Loan from The Export-Import Bank of China, due on
various dates until September 30, 2020 with annual interest rate of 4.750% at June 30, 2019, guaranteed by Hong Long, Xinrong
Zhuo, Ping Lin and collateralized by equity investment of 67 million shares of Honglong in Xiamen International Bank.
. |
|
|
17,455,307 |
|
|
|
- |
|
| Loan
from China Development Bank, due on various dates until July 30, 2026 with annual interest rate of 5.390% at June 30, 2019,
guaranteed by Xinrong Zhuo, 11 fishing vessels and 6 Honglong’s fishing vessels, real estate of Mingguang Wanhao Property
co., LTD., totaled area 22,123.50m2, the debt ratio of borrower should not be higher than 80% |
|
|
12,582,367 |
|
|
|
14,424,758 |
|
| Total long-term bank loans |
|
$ |
125,023,637 |
|
|
$ |
30,816,529 |
|
| Less: current portion |
|
|
(22,182,786 |
) |
|
|
(8,487,295 |
) |
| Long-term bank loans, non-current
portion |
|
$ |
102,840,851 |
|
|
$ |
22,329,234 |
|
|
| Schedule of future maturities of long-term bank loans |
| Due in twelve-month periods ending June 30, |
|
Principal |
|
| 2020 |
|
$ |
22,182,786 |
|
| 2021 |
|
|
38,910,789 |
|
| 2022 |
|
|
15,055,202 |
|
| 2023 |
|
|
16,509,811 |
|
| 2024 |
|
|
15,782,507 |
|
| Thereafter |
|
|
16,582,542 |
|
| |
|
$ |
125,023,637 |
|
| Less: current portion |
|
|
(22,182,786 |
) |
| Long-term liability |
|
$ |
102,840,851 |
|
|