Quarterly report pursuant to Section 13 or 15(d)

Related Parties Transactions (Tables)

v3.10.0.1
Related Parties Transactions (Tables)
9 Months Ended
Sep. 30, 2018
Related Party Transaction [Line Items]  
Schedule of accounts payable - related parties
Name of related party   September 30,
2018
    December 31, 2017  
Hong Fa Shipping Limited (1)   $ 1,231,692     $ 1,231,692  
Hong Long (2)     1,070,305       572,006  
Huna Lin     46,547       -  
Zhiyan Lin     6,809       -  
    $ 2,355,353     $ 1,803,698  

 

(1) An entity controlled by the Company’s CEO.

 

(2) Hong Long is an affiliate company majority owned by an immediate family member of the Company’s CEO.
Schedule of due to related parties
    September 30,
2018
    December 31,
2017
 
Accrued compensation for Roy Yu, Chief Financial Officer   $ 20,000     $ 20,000  
Accrued compensation for Xinrong Zhuo     3,320       3,328  
Advance from Xinrong Zhuo, Chief Executive Officer     9,312,405       4,325,365  
Due to related party-Hai Yi     -       38,208  
Due to related party-Honglong     1,829,667       -  
    $ 11,165,392     $ 4,386,901  
Schedule of purchases from related parties
    Three Months Ended 
September 30,
    Nine Months Ended 
September 30,
 
    2018     2017     2018     2017  
Purchase of fuel, fishing nets and other on board consumables                        
from Hong Fa Shipping Limited   $ -     $ 92,756     $ -     $ 6,528,578  
from PT. Avona Mina Lestari     -       12,671       -       837,668  
from Hai Yi Shipping Ltd.     -       23,187       -       2,230,887  
From Zhiyan Lin     33,524       -       35,497       -  
from Fuzhou Honglong Ocean Fishery Co., Ltd.     733,327       83,201       1,310,976       5,975,579  
      766,851       211,815       1,346,473       15,572,712  
Purchase of leasing                                
From Ping Lin     3,071       -       9,663       -  
      3,071       -       9,663       -  
Purchase of vessel maintenance service                                
From Huna Lin     49,114       -       49,114       -  
from PT. Avona Mina Lestari     -       29,105       -       63,842  
      49,114       29,105       49,114       63,842  
Purchase of transportation service                                
from Fuzhou Honglong Ocean Fishery Co., Ltd.     365,878       186,297       365,878       608,117  
from Hong Fa Shipping Limited     -       2,892       -       278,251  
    $ 365,878     $ 189,189     $ 365,878     $ 886,368  
Ping Lin [Member]  
Related Party Transaction [Line Items]  
Schedule of future minimum rental payment required
Twelve-month period Ending September 30:   Amount  
2019   $ 10,700

  

Hai Yi Shipping Limited [Member]  
Related Party Transaction [Line Items]  
Schedule of future minimum rental payment required
Twelve-month period Ending September 30:   Amount  
2019   $ 456,800