Quarterly report pursuant to sections 13 or 15(d)

ACCOUNTS RECEIVABLE - THIRD PARTIES

v2.4.0.8
ACCOUNTS RECEIVABLE - THIRD PARTIES
6 Months Ended
Jun. 30, 2013
Receivables [Abstract]  
Accounts Receivable Third Parties [Text Block]
 
5.
ACCOUNTS RECEIVABLE - THIRD PARTIES
 
China Dredging
 
As of June 30, 2013 and December 31, 2012, the balance of accounts receivable of $14,297,260 and $23,446,249, respectively, is set out as follows:
 
June 30, 2013 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Name of contract
 
Estimated
contract value
 
Total revenue
recognized during
the six months
ended June 30,
2013
 
Amount
received in
2013
 
Accounts
receivable
 
 
Status of
contract
(Completion
%)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1. Yingkou Steel Harbour
         Reclamation VI 1
 
$
16,089,369
 
$
-
 
$
5,930,148
 
$
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2. Yingkou Steel Harbour
         Reclamation VII 1
 
 
3,596,447
 
 
-
 
 
1,352,687
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3. Yingkou Steel Harbour
         Reclamation VIII 1
 
 
3,312,517
 
 
-
 
 
1,230,015
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4. Yingkou Economic Area
         Xiongyue Reclamation and
         Bank Retrival I
 
 
7,590,882
 
 
6,285,983
 
 
5,485,715
 
 
2,207,264
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5. Yingkou Economic Area
         Xiongyue Reclamation and
         Bank Retrival II
 
 
3,415,897
 
 
3,430,417
 
 
2,589,406
 
 
841,011
 
 
100
%
 
6. Panjin Vessels Ship
       Maintenance Area
       Reclamation III 1
 
 
5,489,314
 
 
-
 
 
1,527,473
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7. Panjin Vessels Ship
       Maintenance Area
       Reclamation IV 1
 
 
4,353,594
 
 
-
 
 
1,843,910
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8. Panjin Vessels Ship
       Maintenance Area
       Reclamation V2
 
 
5,300,028
 
 
2,737,524
 
 
4,032,094
 
 
1,249,312
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9. Panjin Vessels Ship
       Maintenance Area
       Reclamation VI2
 
 
4,921,454
 
 
3,885,489
 
 
3,203,828
 
 
1,754,847
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10. Guangdong Shantao Huaneng
         Haimen Pier Maintenance I 1
 
 
2,238,437
 
 
-
 
 
377,941
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11. Guangdong Datang Chaozhou
         Sanbaimen Dredging I 1
 
 
5,164,129
 
 
-
 
 
2,515,067
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12. Guangdong Datang Chaozhou
         Sanbaimen Dredging II 2
 
 
1,752,115
 
 
1,099,544
 
 
1,786,648
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13. Guangdong Datang Chaozhou
         Sanbaimen Dredging III
 
 
6,455,162
 
 
6,528,498
 
 
6,528,498
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
14. Guangdong Datang Chaozhou
         Sanbaimen Dredging IV
 
 
2,582,065
 
 
2,598,619
 
 
2,598,619
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15. Panjin Vessels Industrial Base
         Project V 1
 
 
10,969,245
 
 
-
 
 
5,574,945
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
16. Fujian Fuzhou Kemen Port
         Maintenance 1
 
 
3,530,925
 
 
-
 
 
1,238,584
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
17. Fujian Meizhouwan
         Xiuyugang
         Dredging I 1
 
 
2,071,395
 
 
-
 
 
343,224
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
18. Fujian Meizhouwan
         Xiuyugang
         Dredging II 2
 
 
857,129
 
 
169,596
 
 
631,058
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
19. Fujian Meizhouwan
         Xiuyugang
         Dredging III
 
 
1,328,550
 
 
1,329,923
 
 
1,107,147
 
 
222,776
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
20. Fujian Meizhouwan
         Xiuyugang
         Dredging IV
 
 
1,171,410
 
 
1,172,265
 
 
976,185
 
 
196,080
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
21. Fujian Meizhouwan
         Xiuyugang
         Dredging V
 
 
657,132
 
 
657,850
 
 
257,689
 
 
400,161
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
22. Jiangsu Qidongshi
         Yuantuojiao
         Reclamation II 1
 
 
4,900,422
 
 
-
 
 
1,698,123
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
23. Jiangsu Qidongshi
         Yuantuojiao
         Reclamation III 2
 
 
9,423,889
 
 
7,193,178
 
 
9,607,563
 
 
-
 
100
%
 
24. Jiangsu Qidongshi
         Yuantuojiao
         Reclamation IV
 
 
7,539,111
 
 
7,588,725
 
 
3,448,235
 
 
4,140,490
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
25. Guangdong Huidong Pinghai
         Power Port Dredging I
 
 
2,593,390
 
 
2,604,358
 
 
1,241,147
 
 
1,363,211
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
26. Yantai Port (Western) 30 Tons
         Dredging
 
 
2,833,638
 
 
2,843,653
 
 
1,380,322
 
 
1,463,331
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
27. San Du Ao Port Area No. 8
         & 9 Docking
 
 
654,900
 
 
655,521
 
 
196,744
 
 
458,777
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
120,792,546
 
$
50,781,143
 
$
68,703,015
 
$
14,297,260
 
 
 
    
 
Notes:
 
 
1.
The contracts commenced and were completed in 2012, but the remaining balances were fully settled during January to March 2013.
 
2.
The contracts commenced in 2012 and were completed during January to June 2013.
 
December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Name of contract
 
Estimated
contract value
 
Total revenue
recognized in
2012
 
Amount
received in
2012
 
Accounts
receivable
 
Status of
contract
(Completion
%)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1. Yingkou Steel Harbour
       Reclamation II 1
 
$
8,915,701
 
$
-
 
$
3,268,594
 
$
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2. Yingkou Steel Harbour
       Reclamation III 2
 
 
7,615,495
 
 
5,069,630
 
 
7,604,167
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3. Yingkou Steel Harbour
       Reclamation IV
 
 
7,429,751
 
 
7,495,723
 
 
7,495,723
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4. Yingkou Steel Harbour
       Reclamation V
 
 
5,200,826
 
 
5,205,848
 
 
5,205,848
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5. Yingkou Steel Harbour
       Reclamation VI
 
 
15,788,220
 
 
15,856,578
 
 
9,973,071
 
 
5,883,507
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6. Yingkou Steel Harbour
       Reclamation VII
 
 
3,529,132
 
 
3,572,011
 
 
2,229,963
 
 
1,342,048
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7. Yingkou Steel Harbour
       Reclamation VIII
 
 
3,250,516
 
 
3,273,851
 
 
2,053,510
 
 
1,220,341
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8. Panjin Vessels Ship
       Maintenance Area
       Reclamation I
 
 
3,714,875
 
 
3,719,503
 
 
3,719,503
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9. Panjin Vessels Ship
       Maintenance Area
       Reclamation II
 
 
3,714,875
 
 
3,732,258
 
 
3,732,258
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10. Panjin Vessels Ship
         Maintenance Area
         Reclamation III
 
 
5,386,569
 
 
5,390,012
 
 
3,874,553
 
 
1,515,459
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11. Panjin Vessels Ship
         Maintenance Area
         Reclamation IV
 
 
4,272,107
 
 
4,365,221
 
 
2,353,814
 
 
1,829,407
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12. Guangdong Shantao
         Huaneng Haimen Pier
         Maintenance I
 
 
2,196,539
 
 
2,198,712
 
 
1,823,744
 
 
374,968
 
 
100
%
 
13. Tangshan Caofeidian Port-
         Harbour Dredging &
         Reclamation XV 1
 
 
4,408,319
 
 
-
 
 
1,911,643
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
14. Tangshan Caofeidian Port-
         Harbour Dredging &
         Reclamation XVI 1
 
 
5,694,078
 
 
-
 
 
2,812,393
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15. Tangshan Caofeidian Port-
         Harbour Dredging &
         Reclamation XVII
 
 
3,673,599
 
 
3,698,948
 
 
3,698,948
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
16. Tangshan Caofeidian Port-
         Harbour Dredging &
         Reclamation XVIII
 
 
1,836,799
 
 
1,838,535
 
 
1,838,535
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
17. Tangshan Caofeidian Port-
         Harbour Dredging &
         Reclamation XX
 
 
5,326,719
 
 
5,328,890
 
 
5,328,890
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
18. Shandong Rizhaogang
         Lanshan Harbour
         Dredging I 1
 
 
4,058,422
 
 
-
 
 
1,775,185
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
19. Shandong Rizhaogang
         Lanshan Harbour
         Dredging II 1
 
 
5,534,212
 
 
-
 
 
2,757,422
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
20. Shandong Rizhaogang
         Lanshan Harbour
         Dredging III
 
 
2,582,632
 
 
2,625,523
 
 
2,625,523
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
21. Shandong Rizhaogang
         Lanshan Harbour
         Dredging IV
 
 
2,582,632
 
 
2,595,933
 
 
2,595,933
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
22. Shandong Rizhaogang
         Lanshan Harbour Dredging V
 
 
5,349,738
 
 
5,362,768
 
 
5,362,768
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
23. Fujian Fuzhou Jiangyingang
         Dredging 5
 
 
456,834
 
 
392,103
 
 
392,103
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
24. Fujian Fuzhou Jiangyingang
         Dredging 5
 
 
456,834
 
 
389,218
 
 
389,218
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
25. Tangshan Caofeidian Port-
         Harbour Dredging &
         Reclamation XIV 2,3
 
 
22,479,759
 
 
5,592,770
 
 
22,094,273
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
26. Tangshan Caofeidian Port-
         Harbour Dredging &
         Reclamation XIV 2,3
 
 
18,733,132
 
 
4,702,298
 
 
18,453,551
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
27. Tangshan Caofeidian Port-
         Harbour Dredging &
         Reclamation XIV 2,3
 
 
22,479,759
 
 
5,681,008
 
 
22,182,511
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
28. Tangshan Caofeidian Port-
         Harbour Dredging &
         Reclamation IXX 4
 
 
3,184,632
 
 
3,289,861
 
 
3,289,861
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
29. Tangshan Caofeidian Port-
         Harbour Dredging &
         Reclamation IXX 4
 
 
3,746,626
 
 
3,747,769
 
 
3,747,769
 
 
-
 
100
%
 
30. Tangshan Caofeidian Port-
         Harbour Dredging &
         Reclamation XXI
 
 
3,184,632
 
 
3,264,032
 
 
3,264,032
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31. Qinzhou Port Channel
         Dredging XII 1
 
 
5,816,796
 
 
-
 
 
2,158,982
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
32. Qinzhou Port Channel
         Dredging XIII
 
 
5,453,247
 
 
5,459,617
 
 
5,459,617
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
33. Qinzhou Port Channel
         Dredging IX
 
 
5,271,472
 
 
5,275,547
 
 
5,275,547
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
34. Qinzhou Port Channel
         Dredging X
 
 
5,453,247
 
 
5,482,055
 
 
5,482,055
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
35. Guangdong Shantao Passage
         Maintenance I
 
 
2,190,824
 
 
2,197,686
 
 
2,197,686
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
36. Guangdong Shantao Passage
         Maintenance II
 
 
1,643,118
 
 
1,658,044
 
 
1,658,044
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
37. Guangdong Datang
         Chaozhou Sanbaimen
         Dredging I
 
 
5,067,471
 
 
5,167,911
 
 
2,672,625
 
 
2,495,286
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
38. Panjin Vessels Industrial
         Base Project III 1
 
 
11,135,101
 
 
-
 
 
6,055,669
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
39. Panjin Vessels Industrial
         Base Project IV
 
 
10,763,931
 
 
10,877,065
 
 
10,877,065
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
40. Panjin Vessels Industrial
         Base Project V
 
 
10,763,931
 
 
10,907,442
 
 
5,376,344
 
 
5,531,098
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
41. Zhuhai Gaolan Port Channel
         Dredging VII 2
 
 
4,568,185
 
 
563,321
 
 
4,519,135
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
42. Zhuhai Gaolan Port Channel
         Dredging VIII
 
 
1,461,819
 
 
1,472,967
 
 
1,472,967
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
43. Zhuhai Gaolan Port Channel
         Dredging IX
 
 
1,553,183
 
 
1,586,292
 
 
1,586,292
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
44. Zhuhai Gaolan Port Channel
         Dredging X
 
 
1,553,183
 
 
1,573,430
 
 
1,573,430
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
45. Fuqing Yuanhong Pier
         Dredging I 1
 
 
2,385,776
 
 
-
 
 
1,200,119
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
46. Fuqing Yuanhong Pier
         Dredging II 2
 
 
1,835,212
 
 
657,478
 
 
1,865,766
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
47. Fuqing Yuanhong Pier
         Dredging III
 
 
2,385,776
 
 
2,455,707
 
 
2,455,707
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
48. Fuqing Yuanhong Pier
         Dredging IV
 
 
2,569,297
 
 
2,592,949
 
 
2,592,949
 
 
-
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
49. Fuqing Yuanhong Pier
         Dredging V
 
 
2,569,297
 
 
2,606,982
 
 
2,606,982
 
 
-
 
 
100
%
 
50. Jiangsu Haimenshi
         Dongzao Harbour
         Dredging I
 
 
2,398,158
 
 
2,413,669
 
 
2,413,669
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
51. Jiangsu Haimenshi
         Dongzao Harbour
         Dredging II
 
 
2,767,106
 
 
2,775,782
 
 
2,775,782
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
52. Jiangsu Qidongshi
         Yuantuojiao
         Reclamation I
 
 
15,720,749
 
 
15,726,446
 
 
15,726,446
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
53. Jiangsu Qidongshi
         Yuantuojiao
         Reclamation II
 
 
4,808,700
 
 
4,847,505
 
 
3,162,738
 
 
1,684,767
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
54. Fujian Pingtan
         Jinjingwan Reclamation
 
 
690,586
 
 
691,963
 
 
691,963
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
55. Fujian Fuzhou
         Kemen Port Maintenance
 
 
3,464,836
 
 
3,465,006
 
 
2,236,163
 
 
1,228,843
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
56. Fujian Meizhouwan
         Xiuyugang Dredging I
 
 
2,032,624
 
 
2,033,039
 
 
1,692,514
 
 
340,525
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
57. Fujian Pingtan
         Experimental Area
         Dredging II 1,6
 
 
1,047,785
 
 
-
 
 
141,624
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
58. Fujian Pingtan
         Experimental Area
         Dredging II 1,6
 
 
1,047,785
 
 
-
 
 
157,774
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
59. Jiangsu Guohua
         Chenjiagang Dredging II 1
 
 
6,462,137
 
 
-
 
 
3,668,723
 
 
-
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
311,665,296
 
$
200,876,906
 
$
257,609,683
 
$
23,446,249
 
 
 
 
 
Notes:
 
 
1.
The contracts commenced and were completed in 2011, but the remaining balances were fully settled during January to March 2012.
 
2.
The contracts commenced in 2011 and were completed during January to March 2012.
 
3.
Dredgers Xinggangjun #3, #6 and #9 worked together on one project with the same customer.
 
4.
Dredgers Xinggangjun #3 and #6 worked together on one project with the same customer.
 
5, 6.
Dredgers Hengshunda #1 and Hengshunda #10 (formerly known as Liya #2) worked together on one project with the same customer.
 
Merchant Supreme
 
 
 
 
 
 
 
 
 
June 30, 2013
 
December 31, 2012
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Accounts receivable held by independent third parties
 
$
4,306,262
 
$
11,478,436