Related Parties Transactions (Tables)
|
9 Months Ended |
Sep. 30, 2015 |
|---|
| Related Party Transaction [Line Items] |
|
| Schedule of prepaid expenses - related parties |
| |
|
September 30, 2015 |
|
|
December 31, 2014 |
|
| Prepaid fuel cost and other items to PT. Avona Mina Lestari (1) |
|
$ |
2,349,623 |
|
|
$ |
1,632,352 |
|
| Prepaid fuel cost to Hai Yi Shipping Limited (2) |
|
|
5,362,943 |
|
|
|
2,070,023 |
|
| Prepaid fuel cost to Haifeng Dafu Enterprise Company Limited (3) |
|
|
869,305 |
|
|
|
399,735 |
|
| Prepaid fuel cost to Hong Fa Shipping Limited (4) |
|
|
4,570,749 |
|
|
|
1,854,131 |
|
| Prepaid fuel cost to PT. Dwikarya Reksa Abadi (5) |
|
|
1,369,695 |
|
|
|
1,363,734 |
|
| |
|
$ |
14,522,315 |
|
|
$ |
7,319,975 |
|
(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.
(5) PT Dwikarya Reksa Abadi is an affiliated company controlled by Xinrong Zhuo family.
|
| Schedule of deferred expenses - related parties |
| |
|
September 30, 2015 |
|
|
December 31, 2014 |
|
| Prepaid fishing licenses application fees to PT. Avona Mina Lestari |
|
$ |
46,083 |
|
|
$ |
764,787 |
|
| Prepaid fishing licenses application fees to Hong Long (1) |
|
|
- |
|
|
|
264,327 |
|
| |
|
$ |
46,083 |
|
|
$ |
1,029,114 |
|
| (1) |
Hong Long is an affiliate company majority owned and controlled by Ping Lin who is the spouse of the Company’s CEO. |
|
| Schedule of other receivable - related parties |
| |
|
September 30,
2015 |
|
|
December 31, 2014 |
|
| Advance to Zhiyan Lin |
|
$ |
3,918,915 |
|
|
$ |
- |
|
| Advance to Honghong Zhuo |
|
|
4,244,134 |
|
|
|
- |
|
| |
|
$ |
8,163,049 |
|
|
$ |
- |
|
|
| Schedule of accounts payable - related parties |
| Name of related parties |
|
September 30, 2015 |
|
|
December 31, 2014 |
|
| PT. Avona Mina Lestari |
|
$ |
3,770,796 |
|
|
$ |
- |
|
| Hong Long |
|
|
1,287,188 |
|
|
|
2,601,314 |
|
| |
|
$ |
5,057,984 |
|
|
$ |
2,601,314 |
|
|
| Schedule of due to related parties |
| |
|
September 30, 2015 |
|
|
December 31, 2014 |
|
| Advance from Hong Fa Shipping Limited |
|
$ |
- |
|
|
$ |
1,000,000 |
|
| Advance from Xinrong Zhuo, Chief Executive Officer |
|
|
- |
|
|
|
1,350,000 |
|
| Accrued compensation for Xinrong Zhuo |
|
|
3,354 |
|
|
|
3,352 |
|
| Accrued compensation for Roy Yu, Chief Financial Officer |
|
|
20,000 |
|
|
|
20,000 |
|
| |
|
$ |
23,354 |
|
|
$ |
2,373,352 |
|
|
| Schedule of purchases from related parties |
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Purchase of fuel, fishing nets and other on board consumables |
|
|
|
|
|
|
|
|
|
| from PT Avona Mina Lestari |
|
$ |
5,482 |
|
|
$ |
- |
|
|
$ |
13,426 |
|
|
$ |
- |
|
| from Hong Fa Shipping Limited |
|
|
2,562,540 |
|
|
|
7,740,333 |
|
|
|
8,402,618 |
|
|
|
27,957,529 |
|
| from Haifeng Dafu Enterprise Co., Ltd. |
|
|
3,901 |
|
|
|
29,491 |
|
|
|
9,554 |
|
|
|
29,491 |
|
| from Hai Yi Shipping Ltd. |
|
|
24,065 |
|
|
|
254,605 |
|
|
|
58,942 |
|
|
|
254,605 |
|
| from PT. Dwikarya Reksa Abadi |
|
|
6,147 |
|
|
|
- |
|
|
|
15,054 |
|
|
|
- |
|
| |
|
|
2,602,135 |
|
|
|
8,024,429 |
|
|
|
8,499,594 |
|
|
|
28,241,625 |
|
| Purchase of vessel maintenance service |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| from PT. Avona Mina Lestari |
|
|
3,905,535 |
|
|
|
1,260,652 |
|
|
|
3,905,535 |
|
|
|
3,581,161 |
|
| from PT. Dwikarya Reksa Abadi |
|
|
1,279,430 |
|
|
|
1,400,840 |
|
|
|
3,236,107 |
|
|
|
3,955,437 |
|
| |
|
|
5,184,965 |
|
|
|
2,661,492 |
|
|
|
7,141,642 |
|
|
|
7,536,598 |
|
| Purchase of transportation service |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| from Fuzhou Honglong Ocean Fishery Co., Ltd. |
|
|
- |
|
|
|
1,735,365 |
|
|
|
180,609 |
|
|
|
7,770,602 |
|
| from Haifeng Dafu Enterprise Company Limited |
|
|
- |
|
|
|
456,717 |
|
|
|
- |
|
|
|
1,987,658 |
|
| from Hai Yi Shipping Limited |
|
|
10,941 |
|
|
|
159,220 |
|
|
|
308,459 |
|
|
|
929,919 |
|
| from Hong Fa Shipping Limited |
|
|
- |
|
|
|
563,268 |
|
|
|
- |
|
|
|
2,049,184 |
|
| |
|
|
10,941 |
|
|
|
2,914,570 |
|
|
|
489,068 |
|
|
|
12,737,363 |
|
| Purchase of Indonesia vessel agent service |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| from PT. Avona Mina Lestari (1) |
|
|
- |
|
|
|
381,127 |
|
|
|
2,357 |
|
|
|
1,124,531 |
|
| from PT. Dwikarya Reksa Abadi (1) |
|
|
- |
|
|
|
335,392 |
|
|
|
- |
|
|
|
989,581 |
|
| |
|
$ |
- |
|
|
$ |
716,519 |
|
|
$ |
2,357 |
|
|
$ |
2,114,112 |
|
| (1) |
PT. Avona Mina Lestari and PT. Dwikarya Reksa Abadi act as Pingtan Fishing’s agents to apply and renew Indonesia fishing licenses and Pingtan Fishing pays the agent service fees to them. |
|
| Ping Lin [Member] |
|
| Related Party Transaction [Line Items] |
|
| Schedule of future minimum rental payments required |
| |
Twelve-month Period Ending September 30: |
|
Amount |
|
|
| |
2016 |
|
$ |
11,017 |
|
|
|
| Hai Yi Shipping Limited [Member] |
|
| Related Party Transaction [Line Items] |
|
| Schedule of future minimum rental payments required |
| |
Twelve-month Period Ending September 30: |
|
Amount |
|
|
| |
2016 |
|
$ |
115,616 |
|
|
|