Quarterly report pursuant to sections 13 or 15(d)

ACCRUED EXPENSES AND OTHER PAYABLES

v2.4.0.8
ACCRUED EXPENSES AND OTHER PAYABLES
6 Months Ended
Jun. 30, 2013
Payables and Accruals [Abstract]  
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]
 
19.
ACCRUED EXPENSES AND OTHER PAYABLES
 
Accrued expenses and other payables as of June 30, 2013 and December 31, 2012 consisted of the following:
 
PME
 
 
 
June 30, 2013
 
December 31, 2012
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
Accrued interest
 
$
204,054
 
$
-
 
Accrued salaries and wages
 
 
20,000
 
 
-
 
Other payables
 
 
132,059
 
 
18
 
 
 
$
356,113
 
$
18
 
 
China Dredging
 
 
 
June 30, 2013
 
December 31, 2012
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Accrued salaries and wages
 
$
160,615
 
$
129,633
 
Accrued staff benefits
 
 
279,467
 
 
253,178
 
Other tax payables
 
 
455,190
 
 
279,126
 
Accrued outsourced dredger services and labor
 
 
1,475,462
 
 
1,564,582
 
Other payables
 
 
199,131
 
 
477,831
 
 
 
$
2,569,865
 
$
2,704,350
 
 
Other tax payables represent payables other than income tax which consist of business tax, individual salary tax, stamp duty, embankment tax and other small local taxes. Business tax was 3% - 5% of revenue recognized, as of June 30, 2013 and December 31, 2012, and other tax payables included $441,591 and $265,847 of business tax payable, respectively.
 
Merchant Supreme
 
 
 
June 30, 2013
 
December 31, 2012
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
Accrued salaries and wages
 
$
2,178,017
 
$
673,234
 
Other payables
 
 
7,942,451
 
 
360,532
 
 
 
$
10,120,468
 
$
1,033,766