Quarterly report pursuant to Section 13 or 15(d)

PROPERTY, PLANT AND EQUIPMENT (Tables)

v2.4.0.8
PROPERTY, PLANT AND EQUIPMENT (Tables)
9 Months Ended
Sep. 30, 2014
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment [Table Text Block]
At September 30, 2014 and December 31, 2013, property, plant and equipment consisted of the following:
 
 
 
 
 
September 30,
 
December 31,
 
 
 
Useful life
 
2014
 
2013
 
 
 
 
 
 
 
(As Restated)
 
Fishing vessels
 
10 - 20 Years
 
$
65,510,000
 
$
61,840,994
 
Fishing vessels pursuant to capital lease – related party
 
25 Years
 
 
26,435,403
 
 
26,435,403
 
Vehicle
 
5 Years
 
 
136,940
 
 
139,196
 
Office and other equipment
 
3 – 5 Years
 
 
476,225
 
 
481,239
 
Fishing vessels under construction
 
-
 
 
35,564,258
 
 
16,272,875
 
 
 
 
 
 
128,122,826
 
 
105,169,707
 
Less: accumulated depreciation
 
 
 
 
(7,166,787)
 
 
(3,199,000)
 
 
 
 
 
$
120,956,039
 
$
101,970,707