Quarterly report pursuant to sections 13 or 15(d)

NOTE PAYABLE

v2.4.0.8
NOTE PAYABLE
6 Months Ended
Jun. 30, 2013
Note Payable [Abstract]  
Notes Payable Disclosure [Text Block]
 
20.
NOTE PAYABLE
 
PME
 
Note payable as of June 30, 2013 and December 31, 2012 consisted of the following:
   
 
 
June 30, 2013
 
 
December 31, 2012
 
 
 
(Unaudited)
 
 
 
 
Promissory note:
 
 
 
 
 
 
 
 
Fuzhou Honglong Ocean Fishery Co., Ltd ("Hong Long")
 
$
155,166,195
 
 
$
-
 
 
 
 
 
 
 
 
 
 
Additional information:
 
 
 
 
 
 
 
 
Maximum balance outstanding during the period/year
 
$
155,166,195
 
 
$
-
 
Interest expense
 
$
-
 
 
$
-
 
Flat rate per annum
 
 
4.00
%
 
 
-
 
 
An amount of approximately $155.2 million of a promissory note issued by Hong Long on June 19, 2013 on the acquisition of fishing vessels for PME’s subsidiary, Pingtan Fishing.
 
PME promised to pay to Hong Long the aforementioned principal sum. Interest accrued from the date of the unsecured promissory note on the unpaid principal amount at a rate equal to four percent (4.0%) per annum, simple interest. All principal and interest shall be due and payable on June 19, 2015.
 
For the period ended June 30, 2013, PME did not repay any principal and interest. The outstanding principal and interest have been included in the capital commitment (see Note 26(b)).