Quarterly report pursuant to Section 13 or 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v2.4.0.8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended
Sep. 30, 2014
Schedule Of Subsidiary and Variable Interest Entity [Table Text Block]
Details of the Company’s subsidiaries and VIEs which are included as continuing operations in these consolidated financial statements as of September 30, 2014 and December 31, 2013 are as follows:
 
Name of subsidiaries
 
Place and date of
incorporation
 
Percentage of ownership
 
Principal activities
 
 
 
 
 
 
 
Merchant Supreme
 
BVI,
 
100% held by PME
 
Intermediate holding company
Co., Ltd. (“Merchant
 
June 25, 2012
 
 
 
 
Supreme”)
 
 
 
 
 
 
 
 
 
 
 
 
 
Prime Cheer
 
Hong Kong,
 
100% held by Merchant
 
Intermediate holding company
Corporation Ltd. (“Prime Cheer”)
 
May 3, 2012
 
Supreme
 
 
 
 
 
 
 
 
 
Pingtan Guansheng
 
PRC,
 
100% held by Prime Cheer
 
Intermediate holding company
Ocean Fishing Co., Ltd. ("Pingtan Guansheng")
 
October 12, 2012
 
 
 
 
Schedule of Public Utility Property, Plant, and Equipment [Table Text Block]
The estimated useful lives of the assets are as follows:
 
 
 
Estimated useful life
 
Fishing vessels pursuant to capital lease – related party
 
25 Years
 
Fishing vessels
 
 10- 20 Years
 
Motor vehicle
 
5 Years
 
Office and other equipment
 
 3 - 5 Years
 
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
The following table presents a reconciliation of basic and diluted net income per share:
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
 
September 30,
 
September 30,
 
 
 
2014
 
2013
 
2014
 
2013
 
 
 
 
 
(As Restated)
 
 
 
(As Restated)
 
Net income
 
 
 
 
 
 
 
 
 
 
 
 
 
From continuing operation
 
$
14,194,530
 
$
5,044,031
 
$
52,425,607
 
$
17,315,920
 
From discontinued operation
 
 
-
 
 
12,362,523
 
 
-
 
 
39,461,777
 
 
 
$
14,194,530
 
$
17,406,554
 
$
52,425,607
 
$
56,777,697
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average ordinary shares outstanding (basic and diluted)
 
 
79,055,053
 
 
79,055,053
 
 
79,055,053
 
 
78,641,031
 
Net income per share (basic and diluted)
 
 
 
 
 
 
 
 
 
 
 
 
 
From continuing operation
 
$
0.18
 
$
0.06
 
$
0.66
 
$
0.22
 
From discontinued operation
 
 
0.00
 
 
0.16
 
 
0.00
 
 
0.50
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income applicable to ordinary shares
 
$
0.18
 
$
0.22
 
$
0.66
 
$
0.72
 
Statement Of Balance Sheet [Member]
 
Schedule Of Subsidiary and Variable Interest Entity [Table Text Block]
The following table shows the assets and liabilities of the Company’s VIEs after eliminating the intercompany balances as of September 30, 2014 and December 31, 2013. The VIEs include Pingtan Fishing Group which comprises of Pingtan Fishing itself and its three subsidiaries; namely Pingtan Dingxin, Pingtan Duoying and Pingtan Ruiying. The creditors of Pingtan Fishing Group do not have recourse against the general creditors of their primary beneficiaries or other Group members.
 
 
 
September 30, 2014
 
December 31, 2013
 
 
 
 
 
 
 
(As Restated)
 
ASSETS
 
 
 
 
 
 
 
Cash
 
$
11,505,876
 
$
7,736,309
 
Accounts receivable
 
 
41,566,819
 
 
9,133,130
 
Other receivable
 
 
168,190
 
 
11,632
 
Inventories
 
 
6,033,328
 
 
9,095,736
 
Prepaid expense
 
 
288,292
 
 
4,306,753
 
Prepaid expense - related parties
 
 
3,107,842
 
 
-
 
Deferred expense – related parties
 
 
2,236,288
 
 
 
 
Advance to suppliers
 
 
258,085
 
 
 
 
Long-term investment
 
 
19,338,902
 
 
3,468,953
 
Prepayment for long-term assets
 
 
28,802,523
 
 
33,985,148
 
Property, plant and equipment, net
 
 
95,401,816
 
 
75,623,422
 
TOTAL ASSETS
 
$
208,707,961
 
$
143,361,083
 
LIABILITIES
 
 
 
 
 
 
 
Accounts payable
 
$
312,405
 
$
2,184,964
 
Accounts payable - related parties
 
 
4,343,814
 
 
13,807,605
 
Advance from customers
 
 
161,901
 
 
297,034
 
Bank loans
 
 
107,673,714
 
 
83,837,157
 
Accrued liabilities and other payable
 
 
4,349,801
 
 
4,423,847
 
Deferred grant income
 
 
-
 
 
520,045
 
TOTAL LIABILITIES
 
$
116,841,635
 
$
105,070,652
 
Statement Of Income [Member]
 
Schedule Of Subsidiary and Variable Interest Entity [Table Text Block]
The following table shows the revenue and cost of revenue and net income of the Company’s VIEs after eliminating the intercompany balance for the three and nine months ended September 30, 2014 and 2013.
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
 
2014
 
2013
 
2014
 
2013
 
 
 
 
 
(As Restated)
 
 
 
(As Restated)
 
Revenue
 
$
54,416,793
 
$
20,609,107
 
$
176,909,177
 
$
61,640,940
 
Cost of revenue
 
 
(38,139,744)
 
 
(12,976,891)
 
 
(117,595,667)
 
 
(39,379,608)
 
Net income from continuing operations
 
$
11,018,017
 
$
5,769,153
 
$
54,617,710
 
$
19,018,274