Quarterly report pursuant to Section 13 or 15(d)

Related Parties Transactions (Tables)

v3.10.0.1
Related Parties Transactions (Tables)
6 Months Ended
Jun. 30, 2018
Related Party Transaction [Line Items]  
Schedule of accounts payable - related parties

 

Name of related party   June 30,
2018
    December 31, 2017  
Hong Fa Shipping Limited (1)   $ 1,231,692     $ 1,231,692  
Hong Long (2)     16,727       572,006  
    $ 1,248,419     $ 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
    June 30,
2018
    December 31,
2017
 
Accrued compensation for Roy Yu, Chief Financial Officer   $ 20,000     $ 20,000  
Accrued compensation for Xinrong Zhuo     3,312       3,328  
Advance from Xinrong Zhuo, Chief Executive Officer     7,633,553       4,325,365  
Due to related party-Hai Yi     -       38,208  
Due to related party-Honglong     3,808,603       -  
    $ 11,465,468     $ 4,386,901  

Schedule of purchases from related parties

    Three Months Ended 
June 30,
    Six Months Ended 
June 30,
 
    2018     2017     2018     2017  
Purchase of fuel, fishing nets and other on board consumables                        
from Hong Fa Shipping Limited   $ 63,507     $ 3,907,925     $ 63,507     $ 8,067,193  
from Hai Yi Shipping Ltd.     -       5,258       -       2,207,700  
From Zhiyan Lin     770               1,973          
from Fuzhou Honglong Ocean Fishery Co., Ltd.     -       5,892,378       577,649       5,892,378  
      64,277       9,805,561       643,129       16,167,271  
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 payment required
Twelve-month period Ending June 30:   Amount  
2019   $ 1,100
Hai Yi Shipping Limited [Member]  
Related Party Transaction [Line Items]  
Schedule of future minimum rental payment required
Twelve-month period Ending June 30:   Amount  
2019   $ 457,000