Quarterly report pursuant to sections 13 or 15(d)

OTHER RECEIVABLES

v2.4.0.8
OTHER RECEIVABLES
6 Months Ended
Jun. 30, 2013
Receivables [Abstract]  
Other Receivables [Text Block]
 
7.
OTHER RECEIVABLES
 
Other receivables as of June 30, 2013 and December 31, 2012 consisted of the following:
 
China Dredging
 
 
 
June 30, 2013
 
December 31, 2012
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Petty cash held for BT project
 
$
1,668,500
 
$
-
 
Social insurance prepaid for staff
 
 
4,713
 
 
4,066
 
Loan to unrelated parties
 
 
1,328,607
 
 
-
 
Others
 
 
123
 
 
123
 
 
 
$
3,001,943
 
$
4,189
 
 
Other receivables include social insurance prepaid for staff's portion by CDGC, this amount will be directly deducted from staff's salaries and it is interest free.
 
Loan to unrelated parties represented the Company assisted these unrelated parties for their operation cash flows. In the opinion of management, the amounts will be recoverable in the next twelve months.
 
Merchant Supreme
 
 
 
June 30, 2013
 
December 31, 2012
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Grants receivable from the PRC Government
 
$
7,648,256
 
$
-
 
Others
 
 
11,584
 
 
29,885
 
 
 
$
7,659,840
 
$
29,885
 
 
Other receivables represented grant receivables for restructuring new fishing vessels.