Quarterly report pursuant to Section 13 or 15(d)

Related Parties Transactions (Tables)

v3.7.0.1
Related Parties Transactions (Tables)
6 Months Ended
Jun. 30, 2017
Related Party Transaction [Line Items]  
Schedule of prepaid expenses - related parties
    June 30,
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
    June 30,
2017
    December 31,
2016
 
Advance to Zhiyan Lin (1)   $ -     $ 639,917  
    $ -     $ 639,917  

(1) Zhiyan Lin is the legal representative of Pingtan Fishing and a family member of the Company’s CEO.
Schedule of accounts payable - related parties
Name of related party   June 30,
2017
    December 31,
2016
 
Hong Fa Shipping Limited   $ 4,166,426     $ 1,740,000  
Hong Long (1)     4,490,884       805,930  
Huna Lin (2)     -       14,320  
Hai Yi Shipping Limited     -       510  
    $ 8,657,310     $ 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   June 30,
2017
    December 31,
2016
 
Hong Long   $ 8,281,687     $ 18,147,152  
    $ 8,281,687     $ 18,147,152  
Schedule of due to related parties
    June 30,
2017
    December 31,
2016
 
Accrued compensation for Roy Yu, Chief Financial Officer   $ 20,000     $ 40,000  
Accrued compensation for Xinrong Zhuo     3,328       3,354  
Advance from Xinrong Zhuo, Chief Executive Officer     2,032,902       -  
    $ 2,056,230     $ 43,354  
Schedule of purchases from related parties
    Three Months Ended 
June 30,
    Six Months Ended 
June 30,
 
    2017     2016     2017     2016  
Purchase of fuel, fishing nets and other on board consumables                        
from Hong Fa Shipping Limited   $ 3,907,925     $ 6,257,681     $ 8,067,193     $ 8,980,834  
from Haifeng Dafu Enterprise Co., Ltd.     -       313       -       12,316  
from Hai Yi Shipping Ltd.     5,258       2,227       2,207,700       3,136,087  
from Fuzhou Honglong Ocean Fishery Co., Ltd.     5,892,378       -       5,892,378       -  
      9,805,561       6,260,221       16,167,271       12,129,237  
Purchase of vessel maintenance service                                
from PT. Dwikarya Reksa Abadi     20,519       -       34,737       -  
      20,519       -       34,737       -  
Purchase of transportation service                                
from Fuzhou Honglong Ocean Fishery Co., Ltd.     421,820       -       421,820       -  
from Hong Fa Shipping Limited     275,359       -       275,359       -  
    $ 697,179     $ -     $ 697,179     $ -  
Ping Lin [Member]  
Related Party Transaction [Line Items]  
Schedule of future minimum rental payments required
Twelve-month period Ending June 30:   Amount  
2018   $ 1,019  
Hai Yi Shipping Limited [Member]  
Related Party Transaction [Line Items]  
Schedule of future minimum rental payments required
Twelve-month period Ending June 30:   Amount  
2018   $ 230,386