Quarterly report pursuant to sections 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
Jun. 30, 2013
Dec. 31, 2012
Assets    
Cash $ 20,806,414 $ 175,488,715 [1]
Notes receivable (banker's acceptances) transferred from related parties 0 3,645,817 [1]
Accounts receivable - third parties 18,603,522 34,924,685 [1]
Cost and estimated earnings in excess of billings on contracts in progress 8,341,705 8,133,021 [1]
Other receivables 10,661,783 34,074 [1]
Advance to related parties 0 49,802,821 [1]
Prepaid expenses 24,000 410,966 [1]
Inventories 7,344,328 5,223,984 [1]
Total current assets 65,781,752 277,664,083 [1]
Other assets    
Prepaid other deposits 0 4,430 [1]
Prepaid dredger deposits 23,625,640 23,274,105 [1]
Prepaid fishing vessel deposits 410,017,680 0 [1]
Security deposits 18,607,228 25,087,880 [1]
Long-term investment 3,421,644 3,328,789 [1]
Deposit on setting up of Joint Venture 0 6,090,302 [1]
Deposit for BT project 67,862,613 66,852,860 [1]
Property, plant and equipment, net 93,958,771 81,707,388 [1]
Total other assets 617,493,576 206,345,754 [1]
Total assets 683,275,328 484,009,837 [1]
Liabilities and equity    
Accounts payable - third parties 8,875,293 3,761,149 [1]
Accounts payable - related parties 0 5,765,632 [1]
Receipt in advance 2,452,945 0 [1]
Short-term loans 20,144,510 25,169,260 [1]
Long-term loans - current portion 11,381,041 8,094,308 [1]
Income tax payable 5,395,826 5,333,519 [1]
Accrued liabilities and other payables 13,046,446 3,738,134 [1]
Advance from a shareholder 480,472 714,177 [1]
Derivative liability 0 1,764,249 [1]
Deferred income 9,522,925 0 [1]
Total current liabilities 71,299,458 67,021,530 [1]
Other liabilities    
Note payable 155,166,195 0 [1]
Long-term loans, net of current portion 12,195,718 16,689,321 [1]
Total other liabilities 167,361,913 16,689,321 [1]
Total liabilities 238,661,371 83,710,851 [1]
Shareholders' equity    
Ordinary shares, 225,000,000 shares authorized with $0.001 authorized with $0.001 per share; 79,055,053 shares issued and outstanding as of June 30, 2013 and December 31, 2012 79,055 79,055 [1]
Additional paid-in capital 141,381,098 141,381,098 [1]
Statutory reserves 19,770,660 19,386,642 [1]
Retained earnings 255,400,496 217,224,220 [1]
Accumulated other comprehensive income 27,982,648 22,227,971 [1]
Total shareholders' equity 444,613,957 400,298,986 [1]
Total liabilities and shareholders' equity 683,275,328 484,009,837 [1]
Related Party [Member]
   
Liabilities and equity    
Receipt in advance $ 0 $ 12,681,102 [1]
[1] Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as China Growth Equity Investment Ltd.) completed its merger with China Dredging Group Co., Ltd. and the share purchase of Merchant Supreme Co., Ltd. on January 1, 2012 rather than on February 25, 2013.