Annual report pursuant to Section 13 and 15(d)

Related Parties Transactions (Tables)

v2.4.1.9
Related Parties Transactions (Tables)
12 Months Ended
Dec. 31, 2014
Related Party Transaction [Line Items]  
Schedule of prepaid expenses - related parties

 

    December 31, 2014     December 31,
2013
 
Prepaid fuel cost to PT. Avona Mina Lestari (1)   $ 1,632,352     $ -  
Prepaid fuel cost to Hai Yi Shipping Limited (2)     2,070,023       -  
Prepaid fuel cost to Haifeng Dafu Enterprise Company Limited (3)     399,735       -  
Prepaid fuel cost to Hong Fa Shipping Limited (4)     1,854,131       -  
Prepaid fuel cost to PT. Dwikarya Reksa Abadi (5)     1,363,734       -  
    $ 7,319,975     $ -  
 
Schedule of deferred expenses - related parties

 

    December 31, 2014     December 31,
2013
 
Prepaid fishing licenses application fee to PT. Avona Mina Lestari   $ 764,787     $ -  
Prepaid fishing licenses application fee to Hong Long 1     264,327       -  
    $ 1,029,114     $ -  
 
Schedule of accounts payable - related parties

 

Name of related parties   December 31, 2014     December 31, 2013  
PT. Avona Mina Lestari   $ -     $ 1,967,151  
Hong Long     2,601,314       6,214,491  
Hai Yi Shipping Limited     -       251,341  
Haifeng Dafu Enterprise Company Limited     -       377,216  
Hong Fa Shipping Limited     -       4,996,031  
Zhiyan Lin (1)     -       1,375  
    $ 2,601,314     $ 13,807,605  
 
Schedule of due to related parties

 

    December 31, 2014     December 31,
2013
 
Advance from Hong Fa Shipping Limited   $ 1,000,000     $ -  
Advance from Xinrong Zhuo, Chief Executive Officer     1,350,000       -  
Accrued compensation for Xinrong Zhuo     3,352       -  
Accrued compensation for Roy Yu, Chief Financial Officer     20,000       -  
    $ 2,373,352     $ -  
 
Schedule of sale to related parties

 
Years Ended December 31,  
    2014     2013     2012  
Sale of frozen fish and other marine catches to                  
Shenzhen Western Coast Fisherman Pier Co., Ltd. (1)   $ -     $ 10,372,611     $ -  
Fuzhou Haifeng Dafu Ocean Fishing Co., Ltd. (2)     -       -       4,574,118  
Fujian Xinnong Ocean Fisheries Development Co., Ltd. (3)     -       -       8,948,761  
Cheng Chen (4)     -       -       185,839  
Longhua Zhuo (5)     -       -       78,902  
    $ -     $ 10,372,611     $ 13,787,620  
Schedule of purchases from related parties

 

    Years Ended December 31,  
    2014     2013     2012  
Purchase of fuel, fishing nets and other on-board consumables                  
from PT. Avona Mina Lestari   $ -     $ 14,746,582     $ 10,709,195  
from Hong Fa Shipping Limited     30,996,630       -       -  
from Haifeng Dafu Enterprise Co., Ltd.     4,877,460       -       -  
from Hai Yi Shipping Ltd.     4,678,520       -       -  
from PT. Dwikarya Reksa Abadi     -       757,557       -  
from Zhiyan Lin     34,230       1,126       -  
from Fuzhou Honglong Ocean Fishery Co., Ltd.     45,409,020       -       -  
    $ 85,995,860     $ 15,505,265     $ 10,709,195  
                         
Purchase of vessel maintenance service                        
from PT. Avona Mina Lestari   $ 3,543,925     $ 2,981,043     $ 1,901,250  
from PT. Dwikarya Reksa Adadi     3,385,466       -       -  
    $ 6,929,391     $ 2,981,043     $ 1,901,250  
                         
Purchase of transportation service                        
from Fuzhou Honglong Ocean Fishery Co., Ltd.   $ 9,925,585     $ -     $ -  
from Haifeng Dafu Enterprise Company Limited     3,331,554       4,122,861       2,118,321  
from Hai Yi Shipping Limited     1,695,132       1,653,682       505,154  
from Hong Fa Shipping Limited     2,550,872       3,345,589       1,016,098  
from PT. Avona Mina Lestari     -       35,149       573,545  
    $ 17,503,143     $ 9,157,281     $ 4,213,118  
                         
Purchase of Indonesia vessel agent service                        
from PT. Avona Mina Lestari (1)   $ 1,225,000     $ 1,042,738     $ 410,000  
from PT. Dwikarya Reksa Abadi (1)     1,298,329       -       -  
    $ 2,523,329     $ 1,042,738     $ 410,000  
 
Ping Lin [Member]  
Related Party Transaction [Line Items]  
Schedule of future minimum rental payments required
Year Ending December 31:   Amount  
2015   $ 7,982
Hong Fa Shipping Limited [Member]  
Related Party Transaction [Line Items]  
Schedule of future minimum rental payments required
Year ending December 31:   Amount  
2015   $ 461,934