Related Parties Transactions (Tables)
|
9 Months Ended |
Sep. 30, 2017 |
|---|
| Related Party Transaction [Line Items] |
|
| Schedule of prepaid expenses - related parties |
| |
|
September 30,
2017 |
|
|
December 31,
2016 |
|
| Prepaid miscellaneous items to PT. Avona Mina Lestari (1) |
|
$ |
776,871 |
|
|
$ |
522,337 |
|
| |
|
$ |
776,871 |
|
|
$ |
522,337 |
|
| (1) |
PT. Avona Mina Lestari is an affiliate company controlled by Xinrong Zhuo family. |
|
| Schedule of other receivable - related parties |
| |
|
September 30,
2017 |
|
|
December 31,
2016 |
|
| Advance to Zhiyan Lin (1) |
|
$ |
- |
|
|
$ |
639,917 |
|
| |
|
$ |
- |
|
|
$ |
639,917 |
|
| (1) |
Zhiyan Lin is the legal representative of Pingtan Fishing and a family member of the Company’s CEO. |
|
| Schedule of accounts payable - related parties |
| Name of related party |
|
September 30,
2017 |
|
|
December 31,
2016 |
|
| Hong Fa Shipping Limited (3) |
|
$ |
2,241,138 |
|
|
$ |
1,740,000 |
|
| Hong Long (1) |
|
|
2,509,007 |
|
|
|
805,930 |
|
| Huna Lin (2) |
|
|
- |
|
|
|
14,320 |
|
| Hai Yi Shipping Limited (3) |
|
|
- |
|
|
|
510 |
|
| |
|
$ |
4,750,145 |
|
|
$ |
2,560,760 |
|
| (1) |
Hong Long is an affiliate company majority owned by a close family member of the Company’s CEO. |
| (2) |
Huna Lin is Zhiyan Lin’s daughter. |
| (3) |
An entity controlled by the Company’s CEO.
|
|
| Schedule of accrued liabilities and other payables - related party |
| Name of related party |
|
September 30,
2017 |
|
|
December 31,
2016 |
|
| Hong Long |
|
$ |
9,819,942 |
|
|
$ |
18,147,152 |
|
| |
|
$ |
9,819,942 |
|
|
$ |
18,147,152 |
|
|
| Schedule of due to related parties |
| |
|
September 30,
2017 |
|
|
December 31,
2016 |
|
| Accrued compensation for Roy Yu, Chief Financial Officer |
|
$ |
20,000 |
|
|
$ |
40,000 |
|
| Accrued compensation for Xinrong Zhuo |
|
|
3,328 |
|
|
|
3,354 |
|
| Rent due to Hai Yi Shipping Limited |
|
|
38,208 |
|
|
|
- |
|
| Advance from Xinrong Zhuo, Chief Executive Officer |
|
|
2,979,066 |
|
|
|
- |
|
| |
|
$ |
3,040,602 |
|
|
$ |
43,354 |
|
|
| Schedule of purchases from related parties |
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
| Purchase of fuel, fishing nets and other on board consumables |
|
|
|
|
|
|
|
|
|
|
|
|
| from Hong Fa Shipping Limited |
|
$ |
92,756 |
|
|
$ |
5,233 |
|
|
$ |
6,528,578 |
|
|
$ |
8,926,279 |
|
| from Haifeng Dafu Enterprise Co., Ltd. |
|
|
- |
|
|
|
877,687 |
|
|
|
- |
|
|
|
890,003 |
|
| from PT. Avona Mina Lestari |
|
|
12,671 |
|
|
|
|
|
|
|
837,668 |
|
|
|
- |
|
| from Hai Yi Shipping Ltd. |
|
|
23,187 |
|
|
|
5,230,809 |
|
|
|
2,230,887 |
|
|
|
8,366,895 |
|
| from Fuzhou Honglong Ocean Fishery Co., Ltd. |
|
|
83,201 |
|
|
|
- |
|
|
|
5,975,579 |
|
|
|
- |
|
| |
|
|
211,815 |
|
|
|
6,113,729 |
|
|
|
15,572,712 |
|
|
|
18,183,177 |
|
| Purchase of vessel maintenance service |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| from PT. Avona Mina Lestari |
|
|
29,105 |
|
|
|
- |
|
|
|
63,842 |
|
|
|
- |
|
| |
|
|
29,105 |
|
|
|
- |
|
|
|
63,842 |
|
|
|
- |
|
| Purchase of transportation service |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| from Fuzhou Honglong Ocean Fishery Co., Ltd. |
|
|
186,297 |
|
|
|
- |
|
|
|
608,117 |
|
|
|
- |
|
| from Hong Fa Shipping Limited |
|
|
2,892 |
|
|
|
- |
|
|
|
278,251 |
|
|
|
- |
|
| |
|
$ |
189,189 |
|
|
$ |
- |
|
|
$ |
886,368 |
|
|
$ |
- |
|
|
| Ping Lin [Member] |
|
| Related Party Transaction [Line Items] |
|
| Schedule of future minimum rental payments required |
| Twelve-month period Ending September 30: |
|
Amount |
|
| 2018 |
|
$ |
10,297 |
|
|
| Hai Yi Shipping Limited [Member] |
|
| Related Party Transaction [Line Items] |
|
| Schedule of future minimum rental payments required |
| Twelve-month period Ending September 30: |
|
Amount |
|
| 2018 |
|
$ |
114,985 |
|
|