Related Parties Transactions (Tables)
|
6 Months Ended |
Jun. 30, 2019 |
|---|
| Related Party Transaction [Line Items] |
|
| Schedule of accounts payable - related parties |
| Name of related party |
|
June 30,
2019 |
|
|
December 31,
2018 |
|
| Hong Long (1) |
|
$ |
- |
|
|
$ |
2,007,768 |
|
| Huna Lin |
|
|
382,936 |
|
|
|
- |
|
| Hong Fa Shipping Limited (2) |
|
|
- |
|
|
|
1,231,692 |
|
| Zhiyan Lin |
|
|
- |
|
|
|
4,363 |
|
| Ping Lin |
|
|
- |
|
|
|
1,020 |
|
| |
|
$ |
382,936 |
|
|
$ |
3,244,843 |
|
|
(1) |
Hong
Long is an affiliate company majority owned by an immediate family member of the Company’s CEO. |
|
(2) |
An
entity controlled by the Company’s CEO. |
|
| Schedule of due to related parties |
| |
|
June 30,
2019 |
|
|
December 31,
2018 |
|
| Accrued compensation for Roy Yu, Chief Financial Officer |
|
$ |
20,000 |
|
|
$ |
20,000 |
|
| Accrued compensation for Xinrong Zhuo |
|
|
3,328 |
|
|
|
3,320 |
|
| Advance from Xinrong Zhuo, Chief Executive Officer |
|
|
10,654,506 |
|
|
|
9,432,987 |
|
| Due to related party-Honglong |
|
|
- |
|
|
|
10,098,970 |
|
| |
|
$ |
10,677,834 |
|
|
$ |
19,555,277 |
|
|
| Schedule of remaining lease terms and discount rates |
| |
|
June 30,
2019
|
|
| Lease term and discount
rate |
|
|
|
|
| Remaining
operating lease term |
|
|
1.67 |
|
| Discount rate |
|
|
5.13 |
% |
|
| Schedule of purchases from related parties |
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
| Purchase of fuel, fishing nets and other on board consumables |
|
|
|
|
|
|
|
|
|
|
|
|
| from Hong Fa Shipping Limited |
|
$ |
- |
|
|
$ |
63,507 |
|
|
$ |
- |
|
|
$ |
63,507 |
|
| from Zhiyan Lin |
|
|
190 |
|
|
|
770 |
|
|
|
544 |
|
|
|
1,973 |
|
| from Fuzhou Honglong Ocean Fishery Co., Ltd. |
|
|
1,986,605 |
|
|
|
- |
|
|
|
2,669,186 |
|
|
|
577,649 |
|
| |
|
|
1,986,795 |
|
|
|
64,277 |
|
|
|
2,669,730 |
|
|
|
643,129 |
|
| Purchase of leasing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| from Ping Lin |
|
|
3,081 |
|
|
|
- |
|
|
|
6,194 |
|
|
|
- |
|
| |
|
|
3,081 |
|
|
|
- |
|
|
|
6,194 |
|
|
|
- |
|
| Purchase of vessel maintenance service, docking and freight |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| from Huna Lin |
|
|
7,585 |
|
|
|
- |
|
|
|
406,567 |
|
|
|
- |
|
| |
|
$ |
7,585 |
|
|
$ |
- |
|
|
$ |
406,567 |
|
|
$ |
- |
|
|
| Operating Lease [Member] |
|
| Related Party Transaction [Line Items] |
|
| Schedule of future minimum rental payment required |
| |
|
June 30,
2019 |
|
| Maturity of lease liabilities |
|
|
|
| 2019 |
|
$ |
192,682 |
|
| 2020 |
|
|
385,363 |
|
| 2021 |
|
|
32,114 |
|
| Total minimum lease payments |
|
$ |
610,159 |
|
| Imputed interest |
|
|
(25,298 |
) |
| Present value of minimum lease payments |
|
$ |
584,861 |
|
|
| Office Lease [Member] |
|
| Related Party Transaction [Line Items] |
|
| Schedule of accounts payable - related parties |
| |
|
June 30,
2019 |
|
|
December 31,
2018 |
|
| Due from related party-Honglong |
|
$ |
28,286,500 |
|
|
$ |
- |
|
|
| Schedule of future minimum rental payment required |
| Twelve-month period Ending June 30: |
|
Amount |
|
| 2020 |
|
$ |
12,388 |
|
|