The Company received an advance in the amount of $156,000 from under the SBA EIDL program administered by the SBA pursuant to the CARES Act. Such advance amount will reduce the Company's PPP loan forgiveness amount described above. In accordance with the requirements of the CARES Act, the Company will use proceeds from the SBA loans primarily for working capital to alleviate economic injury caused by disaster occurring in the month of January 31, 2020 and continuing thereafter. The SBA loans are scheduled to mature on May 22, 2050 and have a 3.75% interest rate and are subject to the terms and conditions applicable to loans administered by the SBA under the CARES Act. The monthly payable including principal and interest, of $731 commencing on May 22, 2021. The balance of principal and interest will be payable 30 years from the date of May 22, 2020.

Issuance of common stock, shares

1,000,000

Issuance of common stock, value

$ 50,000

Loan proceeds

$ 124,570

Subsequent Event [Member] | 2014 Stock Incentive Plan [Member]

Subsequent Event (Textual)

Issuance of common stock, shares

250,000

Issuance of common stock, value

$ 152,500

Common stock, par value

$ 0.61

Share Purchase Agreement [Member] | Subsequent Event [Member]

Subsequent Event (Textual)

Subsequent Events, description

The Company entered into a share purchase agreement (the "Agreement") with Mr. Kelin Wu (the "Seller") and Mandarine Ocean Ltd, a shipping company registered in the Marshall Islands ("Hanyang Shipping"), to acquire 75% of the capital stock of Hanyang Shipping held by the Seller for an aggregate consideration of up to $3.75 million to be paid in cash and the Company's restricted shares of common stock. The payments consist of the following: (a) the Company will issue an aggregate of 800,000 shares to the Seller within 30 days after this Agreement is signed and becomes effective. The exchange price of the 800,000 shares will be equal to the 2 times the volume weighted average price during the 10 consecutive trading days prior to and ending on the date agreement signed; (b) Up to $1.125 million in cash equivalent or restricted shares equivalent if Hanyang Shipping's audited net income before taxes reaches $1.5 million for the fiscal year ending June 30, 2021; and (c) Up to $2.625 million in cash equivalent or restricted shares equivalent (including 800,000 shares already paid in the previous period) if Hanyang Shipping's audited net income before taxes reaches $3.5 million for the fiscal year ending June 30, 2022. Pursuant to the agreement, if Hanyang Shipping could not achieve the results stated in (b) and (c), the Company shall withdraw and cancel the 800,000 restricted shares that have been issued to the Seller or not pay the Seller any additional cash or restricted shares.

Amendment Agreement [Member] | Subsequent Event [Member]

Subsequent Event (Textual)

Subsequent Events, description

The purchase price to an aggregate consideration of up to $1.5 million and the Company's restricted shares. The amended purchase price consists of the following: (a) the Company will issue an aggregate of 800,000 shares to the Seller within 30 days after this Amendment is signed and becomes effective. The exchange price of the 800,000 shares will be equal to the 2 times the volume weighted average price during the 10 consecutive trading days prior to and ending on the date the agreement was signed; (b) Up to $0.5 million in cash equivalent or restricted shares equivalent if Hanyang Shipping's audited net income before taxes reaches $1.0 million for the fiscal year ending June 30, 2021; The specific payment schedule is as follows; ● If the Hanyang Shipping's audited net income before taxes is less than $0.55 million, the Company shall withdraw and cancel the 800,000 restricted shares that have been issued to the seller; ● If the Hanyang Shipping's audited net income before taxes exceeds $0.55 million but does not reach $0.65 million, the Company shall not pay the seller any additional cash or stock; ● If the Hanyang Shipping's audited net income before taxes reaches or exceeds $0.65 million but does not reach $0.8 million, the price will be in cash or stock an equivalent of $0.25 million; ● If the Hanyang Shipping's audited net income before taxes reaches or exceeds $0.8 million but does not reach $1.0 million, the price will be in cash or stock an equivalent of $0.35 million; ● If the Hanyang Shipping's audited net income before taxes reaches or exceeds $1.0 million, the price will be in cash or stock that is equal $0.5 million; and (c) Up to $1.0 million in cash equivalent or restricted shares equivalent (including 800,000 shares already paid in the previous period) if Hanyang Shipping's audited net income before taxes reaches $2.0 million for the fiscal year ending June 30, 2022. The specific payment schedule is as follows: ● If Hanyang Shipping's audited net income before taxes is less than $1.0 million, the Company shall not pay the seller any cash or stock; ● If Hanyang Shipping's audited net income before taxes reaches or exceeds $1.0 million but does not reach $1.15 million, the price will be $0.35 million in cash or stock (including 800,000 shares already paid in the previous period); ● If Hanyang Shipping's audited net income before taxes reaches or exceeds $1.15 million but does not reach $1.45 million, the price will be $0.45 million in cash or stock (including 800,000 shares already paid in the previous period); ● If Hanyang Shipping's audited net income before taxes reaches or exceeds $1.45 million but does not reach $1.7 million, the price will be $0.6 million in cash or stock (including 800,000 shares already paid in the previous period); ● If Hanyang Shipping's audited net income before taxes reaches or exceeds $1.7 million but does not reach $2.0 million, the price will be $0.75 million in cash or stock (including 800,000 shares already paid in the previous period); ● If Hanyang Shipping's audited net income before taxes reaches or exceeds $2.0 million, the price will be $1.0 million in cash or stock (including 800,000 shares paid previously). Pursuant to the Amendment, if Hanyang Shipping could not achieve the results stated in (b) and (c), the Company will withdraw and cancel the 800,000 restricted shares that have been issued to the Seller or not pay the Seller any additional cash or restricted shares.