Quarterly report pursuant to Section 13 or 15(d)

Related Parties Transactions (Tables)

v3.19.3
Related Parties Transactions (Tables)
9 Months Ended
Sep. 30, 2019
Related Party Transaction [Line Items]  
Schedule of accounts payable - related parties

Name of related party   September 30,
2019
    December 31,
2018
 
Hong Long (1)   $ -     $ 2,007,768  
Huna Lin     319,056       -  
Hong Fa Shipping Limited (2)     -       1,231,692  
Zhiyan Lin     -       4,363  
Ping Lin     -       1,020  
    $ 319,056     $ 3,244,843  

 

  (1) Hong Long is an affiliate company majority owned by an immediate family member of the Company's CEO.

 

  (2) An entity controlled by the Company's CEO.

Schedule of due to related parties

    September 30,
2019
    December 31,
2018
 
Accrued compensation for Roy Yu, Chief Financial Officer   $ 20,000     $ 20,000  
Accrued compensation for Xinrong Zhuo     3,328       3,320  
Advance from Xinrong Zhuo, Chief Executive Officer     -       9,432,987  
Due to related party-Honglong     -       10,098,970  
    $ 23,328     $ 19,555,277  

Schedule of remaining lease terms and discount rates

    September 30,
2019
 
Lease term and discount rate      
Remaining operating lease term     1.58  
Discount rate     5.13 %

Schedule of purchases from related parties
    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
    2019     2018     2019     2018  
Purchase of fuel, fishing nets and other on board consumables                        
From Zhiyan Lin   $ 1,033     $ 33,524     $ 1,577     $ 35,497  
from Fuzhou Honglong Ocean Fishery Co., Ltd.     953,274       733,327       3,622,460       1,310,976  
      954,307       766,851       3,624,037       1,346,473  
Purchase of leasing                                
From Ping Lin     2,998       3,071       9,192       9,663  
      2,998       3,071       9,192       9,663  
Purchase of vessel maintenance service                                
From Huna Lin     2,388,862       49,114       2,795,429       49,114  
      2,388,862       49,114       2,795,429       49,114  
Purchase of transportation service                                
from Fuzhou Honglong Ocean Fishery Co., Ltd.     -       365,878       -       365,878  
    $ -     $ 365,878     $ -     $ 365,878  
Operating Lease [Member]  
Related Party Transaction [Line Items]  
Schedule of future minimum rental payment required

    September 30,
2019
 
Maturity of lease liabilities      
2019   $ 114,781  
2020     461,466  
2021     127,119  
Total minimum lease payments   $ 703,366  
Imputed interest     (68,564 )
Present value of minimum lease payments   $ 634,802  

Office Lease [Member]  
Related Party Transaction [Line Items]  
Schedule of accounts payable - related parties

    September 30,
2019
    December 31,
2018
 
Due from related party-Honglong   $ 40,038,786     $ -  

Schedule of future minimum rental payment required
Twelve-month period Ending September 30:   Amount  
2020   $ 10,210