Quarterly report pursuant to sections 13 or 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v2.4.0.8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
6 Months Ended
Jun. 30, 2013
Schedule Of Foreign Currency Translation [Table Text Block]
A summary of exchange rate is as follows:
 
China Dredging
 
 
 
 
 
 
 
June 30, 2013
 
December 31, 2012
 
Balance sheet items, except for equity accounts
 
RMB6.1374=$1
 
RMB6.2301=$1
 
 
 
HKD7.756=$1
 
HKD7.7507=$1
 
 
 
 
For the Three Months Ended June 30,
 
 
 
2013
 
2012
 
Items in statements of income and cash flows
 
RMB6.1454=$1
 
RMB6.3335=$1
 
 
 
HKD7.7597=$1
 
HKD7.7592=$1
 
 
 
 
For the Six Months Ended June 30,
 
 
 
2013
 
2012
 
Items in statements of income and cash flows
 
RMB6.1811=$1
 
RMB6.3166=$1
 
 
 
HKD7.7588=$1
 
HKD7.7590=$1
 
 
Merchant Supreme
 
 
 
 
 
 
 
June 30, 2013
 
December 31, 2012
 
Balance sheet items, except for equity accounts
 
RMB6.1374=$1
 
RMB6.3086=$1
 
 
 
HKD7.756=$1
 
HKD7.7507=$1
 
 
 
 
For the Three Months Ended June 30,
 
 
 
2013
 
2012
 
Items in statements of income and cash flows
 
RMB6.1454=$1
 
RMB6.3335=$1
 
 
 
HKD7.7597=$1
 
HKD7.7592=$1
 
 
 
 
For the Six Months Ended June 30,
 
 
 
2013
 
2012
 
Items in statements of income and cash flows
 
RMB6.1811=$1
 
RMB6.3166=$1
 
 
 
HKD7.7588=$1
 
HKD7.7590=$1
 
Schedule of Public Utility Property, Plant, and Equipment [Table Text Block]
The estimated useful lives of the assets are as follows:
 
 
 
Estimated lives
 
Dredger
 
7.5-10
 
Fishing vessel
 
10-20
 
Major improvement on fishing vessel
 
4-20
 
Motor vehicle
 
3-5
 
Machinery
 
3-5
 
Office equipment
 
3-5
 
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
  The following table sets forth the computation of basic and diluted net income per ordinary share:
 
 
 
For the Three Months Ended
June 30,
 
For the Six Months Ended
June 30,
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
$
24,777,753
 
$
21,340,811
 
$
38,560,294
 
$
48,197,267
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average number of
    ordinary shares outstanding (Basic
    and diluted)
 
 
79,055,053
 
 
79,055,053
 
 
79,055,053
 
 
79,055,053
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per ordinary share (Basic
    and diluted)
 
$
0.31
 
$
0.27
 
$
0.49
 
$
0.61
 
Statement Of Balance Sheet [Member]
 
Schedule of Variable Interest Entities [Table Text Block]
The following tables show the assets and liabilities of the Company’s VIEs after eliminating the intercompany balances as of June 30, 2013 and December 31, 2012.  The VIEs include Wonder Dredging, Fujian Service and Pingtan Fishing Group which comprises of Pingtan Fishing itself and the three subsidiaries; namely Pingtan Dingxin, Pingtan Duoying and Pingtan Ruiying. The creditors of Wonder Dredging, Fujian Service and Pingtan Fishing Group do not have recourse against the general creditors of their primary beneficiaries or other Group members.
 
 
 
June 30, 2013 (Unaudited)
 
 
 
Wonder
 
Fujian
 
Pingtan Fishing
 
 
 
Dredging
 
Service
 
Group
 
ASSETS
 
 
 
 
 
 
 
 
 
 
Cash
 
$
6,992
 
$
16,879,547
 
$
455,104
 
Accounts receivable - third parties
 
 
-
 
 
14,297,260
 
 
4,306,262
 
Cost and estimated earnings in excess of
    billings on contracts in progress
 
 
-
 
 
8,341,705
 
 
-
 
Other receivables
 
 
-
 
 
2,919
 
 
7,659,717
 
Advance to related parties
 
 
-
 
 
-
 
 
8,226
 
Inventories
 
 
-
 
 
5,104,738
 
 
2,239,590
 
Prepaid dredger deposits
 
 
-
 
 
2,444,032
 
 
-
 
Prepaid fishing vessel deposits
 
 
-
 
 
-
 
 
410,017,680
 
Security deposits
 
 
-
 
 
18,607,228
 
 
-
 
Long-term investment
 
 
-
 
 
-
 
 
3,421,644
 
Property, plant and equipment, net
 
 
-
 
 
41,812,940
 
 
51,573,980
 
 
 
$
6,992
 
$
107,490,369
 
$
479,682,203
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES
 
 
 
 
 
 
 
 
 
 
Accounts payable - third parties
 
$
-
 
$
3,505,737
 
$
2,703,021
 
Receipt in advance - third parties
 
 
-
 
 
-
 
 
360,726
 
Short-term loans
 
 
-
 
 
-
 
 
20,144,510
 
Income tax payable
 
 
-
 
 
5,062,545
 
 
-
 
Accrued liabilities and other payables
 
 
-
 
 
2,202,403
 
 
10,120,061
 
Advance from related parties
 
 
4,888,063
 
 
-
 
 
155,388,195
 
Deferred income
 
 
-
 
 
-
 
 
9,522,925
 
Long-term loans
 
 
-
 
 
-
 
 
23,576,759
 
 
 
$
4,888,063
 
$
10,770,685
 
$
221,816,197
 
 
 
 
December 31, 2012
 
 
 
Wonder
 
Fujian
 
Pingtan Fishing
 
 
 
Dredging
 
Service
 
Group
 
ASSETS
 
 
 
 
 
 
 
 
 
 
Cash
 
$
7,232
 
$
164,323,611
 
$
6,710,472
 
Notes receivable (banker's acceptances)
    transferred from related parties
 
 
-
 
 
-
 
 
3,645,817
 
Accounts receivable - third parties
 
 
-
 
 
23,446,249
 
 
11,478,436
 
Cost and estimated earnings in excess of
    billings on contracts in progress
 
 
-
 
 
8,133,021
 
 
-
 
Other receivables
 
 
-
 
 
2,868
 
 
29,885
 
Advance to related parties
 
 
-
 
 
-
 
 
49,802,897
 
Prepaid expenses
 
 
-
 
 
-
 
 
386,966
 
Inventories
 
 
-
 
 
5,029,653
 
 
194,331
 
Prepaid dredger deposits
 
 
-
 
 
2,407,666
 
 
-
 
Security deposits
 
 
-
 
 
25,087,880
 
 
-
 
Long-term investment
 
 
-
 
 
-
 
 
3,328,789
 
Deposit on setting up Joint Venture
 
 
-
 
 
-
 
 
6,092,302
 
Property, plant and equipment, net
 
 
-
 
 
44,479,511
 
 
37,141,906
 
 
 
$
7,232
 
$
272,910,459
 
$
118,811,801
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES
 
 
 
 
 
 
 
 
 
 
Accounts payable - third parties
 
$
-
 
$
3,690,417
 
$
70,732
 
- related parties
 
 
-
 
 
-
 
 
5,765,632
 
Receipt in advance - related parties
 
 
-
 
 
-
 
 
12,681,102
 
Short-term loans
 
 
-
 
 
-
 
 
25,169,260
 
Income tax payable
 
 
-
 
 
5,333,519
 
 
-
 
Accrued liabilities and other payables
 
 
-
 
 
2,257,638
 
 
1,033,640
 
Long-term loans
 
 
-
 
 
-
 
 
24,783,629
 
 
 
$
-
 
$
11,281,574
 
$
69,503,995
 
Statement Of Income [Member]
 
Schedule of Variable Interest Entities [Table Text Block]
The following tables show the revenue and cost of revenues, and net income/(loss) of the Company’s VIEs after eliminating the intercompany balances for the three and six months ended June 30, 2013 and 2012.  The VIEs include Wonder Dredging, Fujian Service and Pingtan Fishing Group which comprises of Pingtan Fishing itself and the three subsidiaries, namely Pingtan Dingxin, Pingtan Duoying and Pingtan Ruiying.
 
 
 
For the Three Months Ended June 30, 2013 (Unaudited)
 
 
 
Wonder
 
Fujian
 
Pingtan Fishing
 
 
 
Dredging
 
Service
 
Group
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
$
-
 
$
38,855,181
 
$
21,362,357
 
 
 
 
 
 
 
 
 
 
 
 
Cost of revenue
 
$
-
 
$
(17,249,269)
 
$
(12,235,475)
 
 
 
 
 
 
 
 
 
 
 
 
Net (loss)/income attributable to
    the Company
 
$
(6,674)
 
$
15,137,209
 
$
7,727,927
 
 
 
 
For the Three Months Ended June 30, 2012 (Unaudited)
 
 
 
Wonder
 
Fujian
 
Pingtan Fishing
 
 
 
Dredging
 
Service
 
Group
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
$
-
 
$
59,594,550
 
$
10,331,331
 
 
 
 
 
 
 
 
 
 
 
 
Cost of revenue
 
$
-
 
$
(27,573,111)
 
$
(9,170,105)
 
 
 
 
 
 
 
 
 
 
 
 
Net (loss)/income attributable to the Company
 
$
(5,267)
 
$
22,535,808
 
$
(383,106)
 
 
 
 
For the Six Months Ended June 30, 2013 (Unaudited)
 
 
 
Wonder
 
Fujian
 
Pingtan Fishing
 
 
 
Dredging
 
Service
 
Group
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
$
-
 
$
59,549,223
 
$
41,031,833
 
 
 
 
 
 
 
 
 
 
 
 
Cost of revenue
 
$
-
 
$
(28,628,115)
 
$
(26,527,609)
 
 
 
 
 
 
 
 
 
 
 
 
Net (loss)/income attributable to the Company
 
$
(6,703)
 
$
21,759,932
 
$
12,234,219
 
 
 
 
For the Six Months Ended June 30, 2012 (Unaudited)
 
 
 
Wonder
 
Fujian
 
Pingtan Fishing
 
 
 
Dredging
 
Service
 
Group
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
$
-
 
$
119,094,081
 
$
25,887,534
 
 
 
 
 
 
 
 
 
 
 
 
Cost of revenue
 
$
-
 
$
(55,595,229)
 
$
(18,879,216)
 
 
 
 
 
 
 
 
 
 
 
 
Net (loss)/income attributable to
    the Company
 
$
(4,058)
 
$
44,485,545
 
$
4,804,532
 
Statement Of Cash Flow [Member]
 
Schedule of Variable Interest Entities [Table Text Block]
The following table shows the condensed cash flow activities of Wonder Dredging, Fujian Service and Pingtan Fishing Group for the six months ended June 30, 2013 and 2012:
 
 
 
For the Six Months Ended June 30, 2013 (Unaudited)
 
 
 
Wonder
 
Fujian
 
Pingtan Fishing
 
 
 
Dredging
 
Service
 
Group
 
 
 
 
 
 
 
 
 
 
 
 
Net cash (used in)/provided by operating
    activities
 
$
(6,703)
 
$
34,280,668
 
$
18,944,116
 
Net cash used in investing activities
 
 
(7,280,258)
 
 
(182,671,235)
 
 
(221,709,655)
 
Net cash provided by financing activities
 
 
7,286,614
 
 
-
 
 
195,850,824
 
Net decrease in cash
 
 
(347)
 
 
(148,390,567)
 
 
(6,914,715)
 
Effect of exchange rate
 
 
107
 
 
946,503
 
 
659,347
 
Cash at the beginning of the period
 
 
7,232
 
 
164,323,611
 
 
6,710,472
 
Cash at the end of the period
 
$
6,992
 
$
16,879,547
 
$
455,104
 
 
 
 
For the Six Months Ended June 30, 2012 (Unaudited)
 
 
 
Wonder
 
Fujian
 
Pingtan Fishing
 
 
 
Dredging
 
Service
 
Group
 
 
 
 
 
 
 
 
 
 
 
 
Net cash (used in)/provided by operating
    activities
 
$
(4,068)
 
$
47,704,970
 
$
2,182,667
 
Net cash used in investing activities
 
 
-
 
 
-
 
 
(43,230,542)
 
Net cash provided by/(used in) financing
    activities
 
 
6,468
 
 
(94,617)
 
 
39,456,684
 
Net increase/(decreased) in cash
 
 
2,400
 
 
47,610,353
 
 
(1,591,191)
 
Effect of exchange rate
 
 
(8,923)
 
 
(1,274,412)
 
 
10,673
 
Cash at the beginning of the period
 
 
957,786
 
 
110,535,418
 
 
1,794,796
 
Cash at the end of the period
 
$
951,263
 
$
156,871,359
 
$
214,278