Related Parties Transactions (Tables)
|
3 Months Ended |
Mar. 31, 2016 |
|---|
| Related Party Transaction [Line Items] |
|
| Schedule of prepaid expenses - related parties |
| |
|
March 31,
2016 |
|
|
December 31, 2015 |
|
| Prepaid miscellaneous items to PT. Avona Mina Lestari (1) |
|
$ |
1,129,077 |
|
|
$ |
1,127,257 |
|
| Prepaid fuel cost to Hai Yi Shipping Limited (2) |
|
|
784,635 |
|
|
|
783,370 |
|
| Prepaid fuel cost to Haifeng Dafu Enterprise Company Limited (3) |
|
|
870,071 |
|
|
|
868,668 |
|
| Prepaid fuel cost to Hong Fa Shipping Limited (4) |
|
|
- |
|
|
|
1,860,871 |
|
| |
|
$ |
2,783,783 |
|
|
$ |
4,640,166 |
|
|
(1) |
PT. Avona Mina Lestari is an affiliate company controlled by Xinrong Zhuo family. |
|
(2) |
Hai Yi Shipping Limited is an affiliate company ultimately controlled by Xinrong Zhuo, CEO of the Company. |
|
(3) |
Haifeng Dafu Enterprise Company Limited is an affiliate company ultimately controlled by Xinrong Zhuo, CEO of the Company. |
|
(4) |
Hong Fa Shipping Limited is an affiliate company owned by Xinrong Zhuo, CEO of the Company. |
|
| Schedule of other receivable - related parties |
| |
|
March 31,
2016 |
|
|
December 31, 2015 |
|
| Advance to Zhiyan Lin (1) |
|
$ |
3,861,722 |
|
|
$ |
3,836,258 |
|
| Advance to Honghong Zhuo (2) |
|
|
2,550,685 |
|
|
|
4,051,269 |
|
| Xiaomei Yang (3) |
|
|
99 |
|
|
|
- |
|
| |
|
$ |
6,412,506 |
|
|
$ |
7,887,527 |
|
|
(1) |
Zhiyan Lin is a shareholder and legal representative of Pingtan Fishing. |
|
(2) |
Honghong Zhuo is daughter of Xinrong Zhuo. |
|
(3) |
Xiaomei Yang is a niece of Xinrong Zhuo. |
|
| Schedule of accounts payable - related parties |
| Name of related party |
|
March 31,
2016 |
|
|
December 31, 2015 |
|
| Hong Long |
|
$ |
202,729 |
|
|
$ |
408,631 |
|
| Hong Fa Shipping Limited |
|
|
873,999 |
|
|
|
- |
|
| |
|
$ |
1,076,728 |
|
|
$ |
408,631 |
|
|
| Schedule of due to related parties |
| |
|
March 31,
2016 |
|
|
December 31, 2015 |
|
| Advance from Xinrong Zhuo, Chief Executive Officer |
|
$ |
1,290 |
|
|
$ |
1,361,290 |
|
| Accrued compensation for Xinrong Zhuo |
|
|
3,354 |
|
|
|
3,354 |
|
| Accrued compensation for Roy Yu, Chief Financial Officer |
|
|
20,000 |
|
|
|
20,000 |
|
| |
|
$ |
24,644 |
|
|
$ |
1,384,644 |
|
|
| Schedule of purchases from related parties |
| |
|
Three Months Ended
March 31, |
|
| |
|
2016 |
|
|
2015 |
|
| Purchase of fuel, fishing nets and other on-board consumables |
|
|
|
|
|
|
| from Hong Fa Shipping Limited |
|
$ |
2,723,153 |
|
|
$ |
3,055,897 |
|
| from Haifeng Dafu Enterprise Co., Ltd. |
|
|
12,003 |
|
|
|
- |
|
| from Hai Yi Shipping Ltd. |
|
|
3,133,860 |
|
|
|
- |
|
| |
|
|
5,869,016 |
|
|
|
3,055,897 |
|
| Purchase of transportation service |
|
|
|
|
|
|
|
|
| from Fuzhou Honglong Ocean Fishery Co., Ltd. |
|
$ |
- |
|
|
$ |
168,520 |
|
|
| Ping Lin [Member] |
|
| Related Party Transaction [Line Items] |
|
| Schedule of future minimum rental payments required |
| Twelve-month period Ending March 31: |
|
Amount |
|
| 2017 |
|
$ |
4,282 |
|
|
| Hai Yi Shipping Limited [Member] |
|
| Related Party Transaction [Line Items] |
|
| Schedule of future minimum rental payments required |
| Twelve-month period ending March 31: |
|
Amount |
|
| 2017 |
|
$ |
345,602 |
|
|