Related Parties Transactions (Tables)
|
9 Months Ended |
Sep. 30, 2016 |
|---|
| Related Party Transaction [Line Items] |
|
| Schedule of prepaid expenses - related parties |
| |
|
September 30, 2016 |
|
|
December 31, 2015 |
|
| Prepaid miscellaneous items to PT. Avona Mina Lestari (1) |
|
$ |
1,128,172 |
|
|
$ |
1,127,257 |
|
| Prepaid fuel cost to Hai Yi Shipping Limited (2) |
|
|
- |
|
|
|
783,370 |
|
| Prepaid fuel cost to Haifeng Dafu Enterprise Company Limited (3) |
|
|
- |
|
|
|
868,668 |
|
| Prepaid fuel cost to Hong Fa Shipping Limited (4) |
|
|
- |
|
|
|
1,860,871 |
|
| |
|
$ |
1,128,172 |
|
|
$ |
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 |
| |
|
September 30, 2016 |
|
|
December 31, 2015 |
|
| Advance to Zhiyan Lin (1) |
|
$ |
2,429,988 |
|
|
$ |
3,836,258 |
|
| Advance to Honghong Zhuo (2) |
|
|
- |
|
|
|
4,051,269 |
|
| |
|
$ |
2,429,988 |
|
|
$ |
7,887,527 |
|
|
(1) |
Zhiyan Lin is a shareholder and legal representative of Pingtan Fishing. |
|
(2) |
Honghong Zhuo is daughter of Xinrong Zhuo. |
|
| Schedule of accounts payable - related parties |
| Name of related party |
|
September 30, 2016 |
|
|
December 31, 2015 |
|
| Hai Yi Shipping Limited |
|
$ |
511 |
|
|
$ |
- |
|
| Ping Lin (1) |
|
|
1,050 |
|
|
|
- |
|
| Hong Long |
|
|
103,463 |
|
|
|
408,631 |
|
| |
|
$ |
105,024 |
|
|
$ |
408,631 |
|
|
| Schedule of due to related parties |
| |
|
September 30, 2016 |
|
|
December 31, 2015 |
|
| |
|
|
|
|
|
|
| Other payable – Hong Long |
|
$ |
8,591,477 |
|
|
$ |
- |
|
| Accrued compensation for Roy Yu, Chief Financial Officer |
|
|
20,000 |
|
|
|
20,000 |
|
| Accrued compensation for Xinrong Zhuo |
|
|
3,354 |
|
|
|
3,354 |
|
| Advance from Xinrong Zhuo, Chief Executive Officer |
|
|
- |
|
|
|
1,361,290 |
|
| |
|
$ |
8,614,831 |
|
|
$ |
1,384,644 |
|
|
| Schedule of purchases from related parties |
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Purchase of fuel, fishing nets and other on board consumables |
|
|
|
|
|
|
|
|
|
|
|
|
| from PT Avona Mina Lestari |
|
$ |
- |
|
|
$ |
5,482 |
|
|
$ |
- |
|
|
$ |
13,426 |
|
| from Hong Fa Shipping Limited |
|
|
5,233 |
|
|
|
2,562,540 |
|
|
|
8,926,279 |
|
|
|
8,402,618 |
|
| from Haifeng Dafu Enterprise Co., Ltd. |
|
|
877,687 |
|
|
|
3,901 |
|
|
|
890,003 |
|
|
|
9,554 |
|
| from Hai Yi Shipping Ltd. |
|
|
5,230,809 |
|
|
|
24,065 |
|
|
|
8,366,895 |
|
|
|
58,942 |
|
| from PT. Dwikarya Reksa Abadi |
|
|
- |
|
|
|
6,147 |
|
|
|
- |
|
|
|
15,054 |
|
| |
|
|
6,113,729 |
|
|
|
2,602,135 |
|
|
|
18,183,177 |
|
|
|
8,499,594 |
|
| Purchase of vessel maintenance service |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| from PT. Avona Mina Lestari |
|
|
- |
|
|
|
3,905,535 |
|
|
|
- |
|
|
|
3,905,535 |
|
| from PT. Dwikarya Reksa Abadi |
|
|
- |
|
|
|
1,279,430 |
|
|
|
- |
|
|
|
3,236,107 |
|
| |
|
|
- |
|
|
|
5,184,965 |
|
|
|
- |
|
|
|
7,141,642 |
|
| Purchase of transportation service |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| from Fuzhou Honglong Ocean Fishery Co., Ltd. |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
180,609 |
|
| from Hai Yi Shipping Limited |
|
|
- |
|
|
|
10,941 |
|
|
|
- |
|
|
|
308,459 |
|
| |
|
|
- |
|
|
|
10,941 |
|
|
|
- |
|
|
|
489,068 |
|
| Purchase of Indonesia vessel agent service |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| from PT. Avona Mina Lestari (1) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,357 |
|
| |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
2,357 |
|
|
(1) |
PT. Avona Mina Lestari acts as Pingtan Fishing’s agent to apply and renew Indonesia fishing licenses and Pingtan Fishing pays the agent service fees to it. |
|
| Ping Lin [Member] |
|
| Related Party Transaction [Line Items] |
|
| Schedule of future minimum rental payments required |
| Twelve-month period Ending September 30: |
|
Amount |
|
| 2017 |
|
$ |
10,640 |
|
| Hai Yi Shipping Limited [Member] |
|
| Related Party Transaction [Line Items] |
|
| Schedule of future minimum rental payments required |
| Twelve-month period ending September 30: |
|
Amount |
|
| 2017 |
|
$ |
115,477 |
|