Quarterly report pursuant to Section 13 or 15(d)

Related Parties Transactions (Tables)

v3.20.2
Related Parties Transactions (Tables)
9 Months Ended
Sep. 30, 2020
Related Parties Transactions (Tables) [Line Items]  
Schedule of accounts payable - related parties
Name of related party   September 30,
2020
    December 31,
2019
 
Hong Long (1)   $ 288,371     $ 270,230  
Huna Lin     1,685,057       1,436,987  
    $ 1,973,428     $ 1,707,217  

 

Schedule of installments due from related party-Hong Long
Before   Installments  
October 20, 2020   $ 14,684,072  
December 20, 2020     539,355  
Total   $ 15,223,427  

   

Schedule of due to related parties
    September 30,
2020
    December 31,
2019
 
Accrued compensation for LiMing Yung, Chief Financial Officer   $ 15,000     $ 15,000  
Accrued compensation for Xinrong Zhuo, Chief Executive Officer     3,354       3,328  
Advance from Xinrong Zhuo    
-
      150,000  
    $ 18,354     $ 168,328  

 

Schedule of future minimum lease payments on office lease
Twelve-month period Ending September 30:   Amount  
2021   $ 10,012  

 

Schedule of selling to related parties
    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
    2020     Percentage
of revenue
    2019     Percentage
of revenue
    2020     Percentage
of revenue
    2019     Percentage
of revenue
 
                                                 
Fuzhou Yahao Seafood Tesco Investment Co., Ltd.   $ 2,104,460       14 %   $ 1,466,831       13 %   $ 5,972,420       11 %   $ 3,017,216       5 %
Xiamen International Trade Honglong Industrial Co., Ltd.     695,958       5 %    
-
     
-
      695,510       1 %    
-
     
-
 
Fuzhou Nantai Seafood Tesco Investment Co., Ltd.     206,651       1 %     1,922,881       17 %     3,994,592       7 %     3,266,706       6 %

  

Schedule of purchases from related parties
    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
    2020     2019     2020     2019  
Purchase of fuel, fishing nets and other on board consumables                        
From Zhiyan Lin   $ 2,769     $ 1,033     $ 2,769     $ 1,577  
from Fuzhou Honglong Ocean Fishery Co., Ltd.     255,736       953,274       1,320,456       3,622,460  
      258,505       954,307       1,323,225       3,624,037  
Purchase of leasing                                
From Ping Lin     3,038       2,998       9,011       9,192  
      3,038       2,998       9,011       9,192  
Purchase of vessel maintenance service                                
From Huna Lin     3,851,681       2,388,862       7,262,932       2,795,429  
    $ 3,851,681     $ 2,388,862     $ 7,262,932     $ 2,795,429  
Hong Long [Member]  
Related Parties Transactions (Tables) [Line Items]  
Schedule of accounts payable - related parties
    September 30,
2020
    December 31,
2019
 
Due from related party-Hong Long   $ 15,223,427     $ 12,477,777