Quarterly report pursuant to sections 13 or 15(d)

PREPAID DREDGER DEPOSITS

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PREPAID DREDGER DEPOSITS
6 Months Ended
Jun. 30, 2013
Prepaid Dredger Deposits [Abstract]  
Prepaid Dredger Deposits [Text Block]
 
9.
PREPAID DREDGER DEPOSITS
 
Prepaid dredger deposits as of June 30, 2013 and December 31, 2012 consisted of the following:
 
China Dredging
 
 
 
June 30, 2013
 
December 31, 2012
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Non-related party
 
$
23,625,640
 
$
23,274,105
 
   
Prepaid dredger deposits on June 30, 2013 and December 31, 2012 represent deposits of two new dredgers before delivery. CDGC paid deposits for the acquisition of two dredgers which will be used for the expansion of dredging operations. The total expected cost of the two dredgers was approximately $42.4 million and $32.6 million respectively. Both dredgers will be delivered in 2013 (see Note 26(b)).