Quarterly report pursuant to Section 13 or 15(d)

Related Parties Transactions (Tables)

v3.7.0.1
Related Parties Transactions (Tables)
3 Months Ended
Mar. 31, 2017
Related Party Transaction [Line Items]  
Schedule of prepaid expenses - related parties

    March 31, 2017     December 31, 2016  
Prepaid miscellaneous items to PT. Avona Mina Lestari (1)   $ 1,126,753     $ 522,337  
    $ 1,126,753     $ 522,337  

 

(1) PT. Avona Mina Lestari is an affiliate company controlled by Xinrong Zhuo family.
Schedule of other receivable - related parties

    March 31, 2017     December 31, 2016  
Advance to Zhiyan Lin (1)   $ 705,296     $ 639,917  
    $ 705,296     $ 639,917  

 

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

Name of related party   March 31, 2017     December 31, 2016  
Hong Fa Shipping Limited   $ 3,131,350     $ 1,740,000  
Hong Long (1)     784,709       805,930  
Huna Lin (2)     -       14,320  
Hai Yi Shipping Limited     536,000       510  
    $ 4,452,059     $ 2,560,760  

 

(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   March 31, 2017     December 31, 2016  
Hong Long   $ 16,856,783     $ 18,147,152  
    $ 16,856,733     $ 18,147,152  
Schedule of due to related parties

    March 31, 2017     December 31, 2016  
Accrued compensation for Roy Yu, Chief Financial Officer   $ 20,000     $ 40,000  
Accrued compensation for Xinrong Zhuo     3,354       3,354  
Advance from Xinrong Zhuo, Chief Executive Officer     1,180,000       -  
    $ 1,203,354     $ 43,354  
Schedule of purchases from related parties

    Three Months Ended
March 31,
 
    2017     2016  
Purchase of fuel, fishing nets and other on-board consumables            
from Hong Fa Shipping Limited   $ 4,159,268     $ 2,723,153  
from Hai Yi Shipping Ltd.     2,202,442       3,133,860  
from Haifeng Dafu Enterprise Co., Ltd.     -       12,003  
      6,361,710       5,869,016  
Purchase of vessel maintenance service                
from PT. Avona Mina Lestari     14,218       -  
    $ 14,218     $ -  
Ping Lin [Member]  
Related Party Transaction [Line Items]  
Schedule of future minimum rental payments required

Twelve-month period Ending March 31:   Amount  
2018   $ 4,066  
Hai Yi Shipping Limited [Member]  
Related Party Transaction [Line Items]  
Schedule of future minimum rental payments required

 

Twelve-month period Ending March 31:   Amount  
2018   $ 346,557