Annual report pursuant to Section 13 and 15(d)

OPERATING LEASE COMMITMENT

v2.4.0.8
OPERATING LEASE COMMITMENT
12 Months Ended
Dec. 31, 2013
Leases, Operating [Abstract]  
Operating Leases of Lessor Disclosure [Text Block]
19.
OPERATING LEASE COMMITMENT
 
On July 1, 2013, the Company entered into a service agreement with Hai Yi Shipping Limited that provided use of a portion of the premises, and to provide clerical, administrative support and consultation services. The service fee is approximately $231,000 for the year ended December 31, 2013.  
 
Pingtan Fishing leased office from Ping Lin. Pursuant to a rental agreement entered into on July 31, 2012 with three-year term, annual lease is $13,678. The total future minimum lease payments under non-cancellable operating leases with respect to service fee, cold storage warehouse and office as of December 31, 2013 were as follows: 
 
 
 
 
 
 
Cold storage
 
 
 
 
 
 
 
 
 
Service fee
 
Warehouse
 
Office rental
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the years ended December 31,
 
 
 
 
 
 
 
 
 
 
 
 
 
2014
 
$
461,961
 
$
244,637
 
$
13,876
 
$
720,474
 
2015
 
 
-
 
 
-
 
 
8,094
 
 
8,094
 
 
 
$
461,961
 
$
244,637
 
$
21,970
 
$
728,568
 
 
The operating lease commitments below include both the related parties commitments and non-related parties commitments. The total future lease payments as of December 31, 2013 are summarized as follows:
 
 
 
 
 
 
Cold storage
 
 
 
 
 
 
 
 
 
Service fee
 
Warehouse
 
Office rental
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Related parties commitments
 
$
461,961
 
$
-
 
$
21,970
 
$
483,931
 
Non-related parties commitments
 
 
-
 
 
244,637
 
 
-
 
 
244,637
 
 
 
$
461,961
 
$
244,637
 
$
21,970
 
$
728,568
 
 
Rental expenses and service fee under operating leases for the years ended December 31, 2013, 2012 and 2011 was  $827,282, $307,559 and $488,861 respectively, of which $244,581, $212,043 and $488,861 are paid to the related parties (Note 18).