Annual report pursuant to Section 13 and 15(d)

Related Parties Transactions (Tables)

v3.6.0.2
Related Parties Transactions (Tables)
12 Months Ended
Dec. 31, 2016
Related Party Transaction [Line Items]  
Schedule of prepaid expenses - related parties

    December 31, 2016     December 31, 2015  
Prepaid miscellaneous items to PT. Avona Mina Lestari (1)   $ 522,337     $ 1,127,257  
Prepaid fuel cost to Hai Yi Shipping Limited (2)     -       783,370  
Prepaid fuel cost to Haifeng Dafu Enterprise Company Limited (3)     -       868,668  
Prepaid fuel cost to Hong Fa Shipping Limited (4)     -       1,860,871  
    $ 522,337     $ 4,640,166  

 

(1) PT. Avona Mina Lestari is an affiliate company controlled by Xinrong Zhuo family.
(2) Hai Yi Shipping Limited is an affiliate company ultimately controlled by Xinrong Zhuo, CEO of the Company.
(3) Haifeng Dafu Enterprise Company Limited is an affiliate company ultimately controlled by Xinrong Zhuo, CEO of the Company.
(4) Hong Fa Shipping Limited is an affiliate company owned by Xinrong Zhuo, CEO of the Company.
Schedule of other receivable - related parties

    December 31, 2016     December 31, 2015  
Advance to Zhiyan Lin (1)   $ 639,917     $ 3,836,258  
Advance to Honghong Zhuo (2)     -       4,051,269  
    $ 639,917     $ 7,887,527  

 

(1) Zhiyan Lin is a shareholder and legal representative of Pingtan Fishing.
(2) Honghong Zhuo is daughter of Xinrong Zhuo.
Schedule of accounts payable - related parties

Name of related party   December 31, 2016     December 31, 2015  
Hong Fa Shipping Limited   $ 1,740,000     $ -  
Hong Long (1)     805,930       408,631  
Huna Lin (2)     14,320       -  
Hai Yi Shipping Limited     510       -  
    $ 2,560,760     $ 408,631  

 

(1) Hong Long is an affiliate company majority owned and controlled by Ping Lin, spouse of the Company’s CEO.
(2) Huna Lin is Zhiyan Lin’s daughter.
Schedule of accrued liabilities and other payables - related party

Name of related party   December 31, 2016     December 31, 2015  
Hong Long   $ 18,147,152     $           -  
    $ 18,147,152     $ -  
Schedule of due to related parties

    December 31, 2016     December 31, 2015  
Accrued compensation for Roy Yu, Chief Financial Officer   $ 40,000     $ 20,000  
Accrued compensation for Xinrong Zhuo     3,354       3,354  
Advance from Xinrong Zhuo, Chief Executive Officer     -       1,361,290  
    $ 43,354     $ 1,384,644  
Schedule of purchases from related parties

   

Year Ended December 31,

 
    2016     2015     2014  
Purchase of fuel, fishing nets and other on-board consumables                  
 from Hong Fa Shipping Limited   $ 15,636,809     $ 11,328,966     $ 30,996,630  
 from Hai Yi Shipping Ltd.     8,853,657       4,739,278       4,678,520  
 from Haifeng Dafu Enterprise Co., Ltd.     941,778       11,116       4,877,460  
 from PT. Dwikarya Reksa Abadi     -       1,414,640       -  
 From PT. Avona Mina Lestari     -       1,276,049       -  
 from Zhiyan Lin     -       -       34,230  
 from Fuzhou Honglong Ocean Fishery Co., Ltd.     -       -       45,409,020  
      25,432,244       18,770,049       85,995,860  
Purchase of vessel maintenance service                        
 from PT. Avona Mina Lestari     674,360       6,529,495       3,543,925  
 from PT. Dwikarya Reksa Abadi     -       3,207,011       3,385,466  
      674,360       9,736,506       6,929,391  
Purchase of transportation service                        
 from Fuzhou Honglong Ocean Fishery Co., Ltd.     39,622       177,567       9,925,585  
 from Haifeng Dafu Enterprise Company Limited     -       -       3,331,554  
 from Hai Yi Shipping Limited     -       305,686       1,695,132  
 from Hong Fa Shipping Limited     -       -       2,550,872  
      39,622       483,253       17,503,143  
Purchase of Indonesia vessel agent service                        
 from PT. Avona Mina Lestari (1)     -       2,317       1,225,000  
 from PT. Dwikarya Reksa Abadi (1)     -       -       1,298,329  
    $ -     $ 2,317     $ 2,523,329  

 

(1) PT. Avona Mina Lestari and PT. Dwikarya Reksa Abadi act as Pingtan Fishing’s agents to apply and renew Indonesia fishing licenses and Pingtan Fishing pays the agent service fees to them.
Ping Lin [Member]  
Related Party Transaction [Line Items]  
Schedule of future minimum rental payments required

Year Ending December 31:   Amount  
2017   $ 7,377  
B (Hai Yi Shipping Limited, a related party) [Member]  
Related Party Transaction [Line Items]  
Schedule of future minimum rental payments required

Year ending December 31:   Amount  
2017   $ 461,899