Quarterly report pursuant to sections 13 or 15(d)

ACCOUNTS RECEIVABLE - THIRD PARTIES (Details)

v2.4.0.8
ACCOUNTS RECEIVABLE - THIRD PARTIES (Details) (USD $)
6 Months Ended 12 Months Ended
Jun. 30, 2013
Dec. 31, 2012
Estimated contract value $ 120,792,546 $ 311,665,296
Total revenue recognized 50,781,143 200,876,906
Amount received 68,703,015 257,609,683
Accounts receivable 14,297,260 23,446,249
Yingkou Steel Harbour Reclamation Vi [Member]
   
Estimated contract value 16,089,369 [1] 15,788,220
Total revenue recognized 0 [1] 15,856,578
Amount received 5,930,148 [1] 9,973,071
Accounts receivable 0 [1] 5,883,507
Status of contract (Completion %) 100.00% [1] 100.00%
Yingkou Steel Harbour Reclamation Vii [Member]
   
Estimated contract value 3,596,447 [1] 3,529,132
Total revenue recognized 0 [1] 3,572,011
Amount received 1,352,687 [1] 2,229,963
Accounts receivable 0 [1] 1,342,048
Status of contract (Completion %) 100.00% [1] 100.00%
Yingkou Steel Harbour Reclamation Viii [Member]
   
Estimated contract value 3,312,517 [1] 3,250,516
Total revenue recognized 0 [1] 3,273,851
Amount received 1,230,015 [1] 2,053,510
Accounts receivable 0 [1] 1,220,341
Status of contract (Completion %) 100.00% [1] 100.00%
Panjin Vessels Ship Maintenance Area Reclamation Iii [Member]
   
Estimated contract value 5,489,314 [1] 5,386,569
Total revenue recognized 0 [1] 5,390,012
Amount received 1,527,473 [1] 3,874,553
Accounts receivable 0 [1] 1,515,459
Status of contract (Completion %) 100.00% [1] 100.00%
Panjin Vessels Ship Maintenance Area Reclamation Iv [Member]
   
Estimated contract value 4,353,594 [1] 4,272,107
Total revenue recognized 0 [1] 4,365,221
Amount received 1,843,910 [1] 2,353,814
Accounts receivable 0 [1] 1,829,407
Status of contract (Completion %) 100.00% [1] 100.00%
Guangdong Shantao Huaneng Haimen Pier Maintenance I [Member]
   
Estimated contract value 2,238,437 [1] 2,196,539
Total revenue recognized 0 [1] 2,198,712
Amount received 377,941 [1] 1,823,744
Accounts receivable 0 [1] 374,968
Status of contract (Completion %) 100.00% [1] 100.00%
Guangdong Datang Chaozhou Sanbaimen Dredging I [Member]
   
Estimated contract value 5,164,129 [1] 5,067,471
Total revenue recognized 0 [1] 5,167,911
Amount received 2,515,067 [1] 2,672,625
Accounts receivable 0 [1] 2,495,286
Status of contract (Completion %) 100.00% [1] 100.00%
Guangdong Datang Chaozhou Sanbaimen Dredging Ii [Member]
   
Estimated contract value 1,752,115 [2]  
Total revenue recognized 1,099,544 [2]  
Amount received 1,786,648 [2]  
Accounts receivable 0 [2]  
Status of contract (Completion %) 100.00% [2]  
Panjin Vessels Industrial Base Project V [Member]
   
Estimated contract value 10,969,245 [1] 10,763,931
Total revenue recognized 0 [1] 10,907,442
Amount received 5,574,945 [1] 5,376,344
Accounts receivable 0 [1] 5,531,098
Status of contract (Completion %) 100.00% [1] 100.00%
Fujian Fuzhou Kemen Port Maintenance [Member]
   
Estimated contract value 3,530,925 [1] 3,464,836
Total revenue recognized 0 [1] 3,465,006
Amount received 1,238,584 [1] 2,236,163
Accounts receivable 0 [1] 1,228,843
Status of contract (Completion %) 100.00% [1] 100.00%
Fujian Meizhouwan Xiuyugang Dredging I [Member]
   
Estimated contract value 2,071,395 [1] 2,032,624
Total revenue recognized 0 [1] 2,033,039
Amount received 343,224 [1] 1,692,514
Accounts receivable 0 [1] 340,525
Status of contract (Completion %) 100.00% [1] 100.00%
Fujian Meizhouwan Xiuyugang Dredging Ii [Member]
   
Estimated contract value 857,129 [2]  
Total revenue recognized 169,596 [2]  
Amount received 631,058 [2]  
Accounts receivable 0 [2]  
Status of contract (Completion %) 100.00% [2]  
Jiangsu Qidongshi Yuantuojiao Reclamation Ii [Member]
   
Estimated contract value 4,900,422 [1] 4,808,700
Total revenue recognized 0 [1] 4,847,505
Amount received 1,698,123 [1] 3,162,738
Accounts receivable 0 [1] 1,684,767
Status of contract (Completion %) 100.00% [1] 100.00%
Jiangsu Qidongshi Yuantuojiao Reclamation Iii [Member]
   
Estimated contract value 9,423,889 [2]  
Total revenue recognized 7,193,178 [2]  
Amount received 9,607,563 [2]  
Accounts receivable 0 [2]  
Status of contract (Completion %) 100.00% [2]  
Yingkou Steel Harbour Reclamation Ii [Member]
   
Estimated contract value   8,915,701 [1]
Total revenue recognized   0 [1]
Amount received   3,268,594 [1]
Accounts receivable   0 [1]
Status of contract (Completion %)   100.00% [1]
Yingkou Steel Harbour Reclamation Iii [Member]
   
Estimated contract value   7,615,495 [2]
Total revenue recognized   5,069,630 [2]
Amount received   7,604,167 [2]
Accounts receivable   0 [2]
Status of contract (Completion %)   100.00% [2]
Yingkou Steel Harbour Reclamation Iv [Member]
   
Estimated contract value   7,429,751
Total revenue recognized   7,495,723
Amount received   7,495,723
Accounts receivable   0
Status of contract (Completion %)   100.00%
Yingkou Steel Harbour Reclamation V [Member]
   
Estimated contract value   5,200,826
Total revenue recognized   5,205,848
Amount received   5,205,848
Accounts receivable   0
Status of contract (Completion %)   100.00%
Panjin Vessels Ship Maintenance Area Reclamation I [Member]
   
Estimated contract value   3,714,875
Total revenue recognized   3,719,503
Amount received   3,719,503
Accounts receivable   0
Status of contract (Completion %)   100.00%
Panjin Vessels Ship Maintenance Area Reclamation Ii [Member]
   
Estimated contract value   3,714,875
Total revenue recognized   3,732,258
Amount received   3,732,258
Accounts receivable   0
Status of contract (Completion %)   100.00%
Tangshan Caofeidian Port Harbour Dredging Reclamation Xv [Member]
   
Estimated contract value   4,408,319 [1]
Total revenue recognized   0 [1]
Amount received   1,911,643 [1]
Accounts receivable   0 [1]
Status of contract (Completion %)   100.00% [1]
Tangshan Caofeidian Port Harbour Dredging Reclamation Xvi [Member]
   
Estimated contract value   5,694,078 [1]
Total revenue recognized   0 [1]
Amount received   2,812,393 [1]
Accounts receivable   0 [1]
Status of contract (Completion %)   100.00% [1]
Tangshan Caofeidian Port Harbour Dredging Reclamation Xvii [Member]
   
Estimated contract value   3,673,599
Total revenue recognized   3,698,948
Amount received   3,698,948
Accounts receivable   0
Status of contract (Completion %)   100.00%
Tangshan Caofeidian Port Harbour Dredging Reclamation Xviii [Member]
   
Estimated contract value   1,836,799
Total revenue recognized   1,838,535
Amount received   1,838,535
Accounts receivable   0
Status of contract (Completion %)   100.00%
Tangshan Caofeidian Port Harbour Dredging Reclamation Xx [Member]
   
Estimated contract value   5,326,719
Total revenue recognized   5,328,890
Amount received   5,328,890
Accounts receivable   0
Status of contract (Completion %)   100.00%
Shandong Rizhaogang Lanshan Harbour Dredging I [Member]
   
Estimated contract value   4,058,422 [1]
Total revenue recognized   0 [1]
Amount received   1,775,185 [1]
Accounts receivable   0 [1]
Status of contract (Completion %)   100.00% [1]
Shandong Rizhaogang Lanshan Harbour Dredging Ii [Member]
   
Estimated contract value   5,534,212 [1]
Total revenue recognized   0 [1]
Amount received   2,757,422 [1]
Accounts receivable   0 [1]
Status of contract (Completion %)   100.00% [1]
Shandong Rizhaogang Lanshan Harbour Dredging Iii [Member]
   
Estimated contract value   2,582,632
Total revenue recognized   2,625,523
Amount received   2,625,523
Accounts receivable   0
Status of contract (Completion %)   100.00%
Shandong Rizhaogang Lanshan Harbour Dredging Iv [Member]
   
Estimated contract value   2,582,632
Total revenue recognized   2,595,933
Amount received   2,595,933
Accounts receivable   0
Status of contract (Completion %)   100.00%
Shandong Rizhaogang Lanshan Harbour Dredging V [Member]
   
Estimated contract value   5,349,738
Total revenue recognized   5,362,768
Amount received   5,362,768
Accounts receivable   0
Status of contract (Completion %)   100.00%
Fujian Fuzhou Jiangyingang Dredging [Member]
   
Estimated contract value   456,834 [3]
Total revenue recognized   392,103 [3]
Amount received   392,103 [3]
Accounts receivable   0 [3]
Status of contract (Completion %)   100.00% [3]
Fujian Fuzhou Jiangyingang Dredging One [Member]
   
Estimated contract value   456,834 [3]
Total revenue recognized   389,218 [3]
Amount received   389,218 [3]
Accounts receivable   0 [3]
Status of contract (Completion %)   100.00% [3]
Tangshan Caofeidian Port Harbour Dredging Reclamation Xiv [Member]
   
Estimated contract value   22,479,759 [2],[4]
Total revenue recognized   5,592,770 [2],[4]
Amount received   22,094,273 [2],[4]
Accounts receivable   0 [2],[4]
Status of contract (Completion %)   100.00% [2],[4]
Tangshan Caofeidian Port Harbour Dredging Reclamation Xiv One [Member]
   
Estimated contract value   18,733,132 [2],[4]
Total revenue recognized   4,702,298 [2],[4]
Amount received   18,453,551 [2],[4]
Accounts receivable   0 [2],[4]
Status of contract (Completion %)   100.00% [2],[4]
Tangshan Caofeidian Port Harbour Dredging Reclamation Xiv Two [Member]
   
Estimated contract value   22,479,759 [2],[4]
Total revenue recognized   5,681,008 [2],[4]
Amount received   22,182,511 [2],[4]
Accounts receivable   0 [2],[4]
Status of contract (Completion %)   100.00% [2],[4]
Tangshan Caofeidian Port Harbour Dredging Reclamation Ixx [Member]
   
Estimated contract value   3,184,632 [5]
Total revenue recognized   3,289,861 [5]
Amount received   3,289,861 [5]
Accounts receivable   0 [5]
Status of contract (Completion %)   100.00% [5]
Tangshan Caofeidian Port Harbour Dredging Reclamation Ixx One [Member]
   
Estimated contract value   3,746,626 [5]
Total revenue recognized   3,747,769 [5]
Amount received   3,747,769 [5]
Accounts receivable   0 [5]
Status of contract (Completion %)   100.00% [5]
Tangshan Caofeidian Port Harbour Dredging Reclamation Xxi [Member]
   
Estimated contract value   3,184,632
Total revenue recognized   3,264,032
Amount received   3,264,032
Accounts receivable   0
Status of contract (Completion %)   100.00%
Qinzhou Port Channel Dredging Xii [Member]
   
Estimated contract value   5,816,796 [1]
Total revenue recognized   0 [1]
Amount received   2,158,982 [1]
Accounts receivable   0 [1]
Status of contract (Completion %)   100.00% [1]
Qinzhou Port Channel Dredging Xiii [Member]
   
Estimated contract value   5,453,247
Total revenue recognized   5,459,617
Amount received   5,459,617
Accounts receivable   0
Status of contract (Completion %)   100.00%
Qinzhou Port Channel Dredging Ix [Member]
   
Estimated contract value   5,271,472
Total revenue recognized   5,275,547
Amount received   5,275,547
Accounts receivable   0
Status of contract (Completion %)   100.00%
Qinzhou Port Channel Dredging X [Member]
   
Estimated contract value   5,453,247
Total revenue recognized   5,482,055
Amount received   5,482,055
Accounts receivable   0
Status of contract (Completion %)   100.00%
Guangdong Shantao Passage Maintenance I [Member]
   
Estimated contract value   2,190,824
Total revenue recognized   2,197,686
Amount received   2,197,686
Accounts receivable   0
Status of contract (Completion %)   100.00%
Guangdong Shantao Passage Maintenance Ii [Member]
   
Estimated contract value   1,643,118
Total revenue recognized   1,658,044
Amount received   1,658,044
Accounts receivable   0
Status of contract (Completion %)   100.00%
Panjin Vessels Industrial Base Project Iii [Member]
   
Estimated contract value   11,135,101 [1]
Total revenue recognized   0 [1]
Amount received   6,055,669 [1]
Accounts receivable   0 [1]
Status of contract (Completion %)   100.00% [1]
Panjin Vessels Industrial Base Project Iv [Member]
   
Estimated contract value   10,763,931
Total revenue recognized   10,877,065
Amount received   10,877,065
Accounts receivable   0
Status of contract (Completion %)   100.00%
Zhuhai Gaolan Port Channel Dredging Vii [Member]
   
Estimated contract value   4,568,185 [2]
Total revenue recognized   563,321 [2]
Amount received   4,519,135 [2]
Accounts receivable   0 [2]
Status of contract (Completion %)   100.00% [2]
Zhuhai Gaolan Port Channel Dredging Viii [Member]
   
Estimated contract value   1,461,819
Total revenue recognized   1,472,967
Amount received   1,472,967
Accounts receivable   0
Status of contract (Completion %)   100.00%
Zhuhai Gaolan Port Channel Dredging Ix [Member]
   
Estimated contract value   1,553,183
Total revenue recognized   1,586,292
Amount received   1,586,292
Accounts receivable   0
Status of contract (Completion %)   100.00%
Zhuhai Gaolan Port Channel Dredging X [Member]
   
Estimated contract value   1,553,183
Total revenue recognized   1,573,430
Amount received   1,573,430
Accounts receivable   0
Status of contract (Completion %)   100.00%
Fuqing Yuanhong Pier Dredging I [Member]
   
Estimated contract value   2,385,776 [1]
Total revenue recognized   0 [1]
Amount received   1,200,119 [1]
Accounts receivable   0 [1]
Status of contract (Completion %)   100.00% [1]
Fuqing Yuanhong Pier Dredging Ii [Member]
   
Estimated contract value   1,835,212 [2]
Total revenue recognized   657,478 [2]
Amount received   1,865,766 [2]
Accounts receivable   0 [2]
Status of contract (Completion %)   100.00% [2]
Fuqing Yuanhong Pier Dredging Iii [Member]
   
Estimated contract value   2,385,776
Total revenue recognized   2,455,707
Amount received   2,455,707
Accounts receivable   0
Status of contract (Completion %)   100.00%
Fuqing Yuanhong Pier Dredging Iv [Member]
   
Estimated contract value   2,569,297
Total revenue recognized   2,592,949
Amount received   2,592,949
Accounts receivable   0
Status of contract (Completion %)   100.00%
Fuqing Yuanhong Pier Dredging V [Member]
   
Estimated contract value   2,569,297
Total revenue recognized   2,606,982
Amount received   2,606,982
Accounts receivable   0
Status of contract (Completion %)   100.00%
Jiangsu Haimenshi Dongzao Harbour Dredging I [Member]
   
Estimated contract value   2,398,158
Total revenue recognized   2,413,669
Amount received   2,413,669
Accounts receivable   0
Status of contract (Completion %)   100.00%
Jiangsu Haimenshi Dongzao Harbour Dredging Ii [Member]
   
Estimated contract value   2,767,106
Total revenue recognized   2,775,782
Amount received   2,775,782
Accounts receivable   0
Status of contract (Completion %)   100.00%
Jiangsu Qidongshi Yuantuojiao Reclamation I [Member]
   
Estimated contract value   15,720,749
Total revenue recognized   15,726,446
Amount received   15,726,446
Accounts receivable   0
Status of contract (Completion %)   100.00%
Fujian Pingtan Jinjingwan Reclamation [Member]
   
Estimated contract value   690,586
Total revenue recognized   691,963
Amount received   691,963
Accounts receivable   0
Status of contract (Completion %)   100.00%
Fujian Pingtan Experimental Area Dredging Ii [Member]
   
Estimated contract value   1,047,785 [1],[3]
Total revenue recognized   0 [1],[3]
Amount received   141,624 [1],[3]
Accounts receivable   0 [1],[3]
Status of contract (Completion %)   100.00% [1],[3]
Jiangsu Guohua Chenjiagang Dredging Ii [Member]
   
Estimated contract value   6,462,137 [1]
Total revenue recognized   0 [1]
Amount received   3,668,723 [1]
Accounts receivable   0 [1]
Status of contract (Completion %)   100.00% [1]
Fujian Pingtan Experimental Area Dredging Ii One [Member]
   
Estimated contract value   1,047,785 [1],[3]
Total revenue recognized   0 [1],[3]
Amount received   157,774 [1],[3]
Accounts receivable   0 [1],[3]
Status of contract (Completion %)   100.00% [1],[3]
Yingkou Economic Area Xiongyue Reclamation and Bank Retrival I [Member]
   
Estimated contract value 7,590,882  
Total revenue recognized 6,285,983  
Amount received 5,485,715  
Accounts receivable 2,207,264  
Status of contract (Completion %) 100.00%  
Yingkou Economic Area Xiongyue Reclamation and Bank Retrival Ii [Member]
   
Estimated contract value 3,415,897  
Total revenue recognized 3,430,417  
Amount received 2,589,406  
Accounts receivable 841,011  
Status of contract (Completion %) 100.00%  
Panjin Vessels Ship Maintenance Area Reclamation V [Member]
   
Estimated contract value 5,300,028 [2]  
Total revenue recognized 2,737,524 [2]  
Amount received 4,032,094 [2]  
Accounts receivable 1,249,312 [2]  
Status of contract (Completion %) 100.00% [2]  
Panjin Vessels Ship Maintenance Area Reclamation Vi [Member]
   
Estimated contract value 4,921,454 [2]  
Total revenue recognized 3,885,489 [2]  
Amount received 3,203,828 [2]  
Accounts receivable 1,754,847 [2]  
Status of contract (Completion %) 100.00% [2]  
Guangdong Datang Chaozhou Sanbaimen Dredging Iii [Member]
   
Estimated contract value 6,455,162  
Total revenue recognized 6,528,498  
Amount received 6,528,498  
Accounts receivable 0  
Status of contract (Completion %) 100.00%  
Guangdong Datang Chaozhou Sanbaimen Dredging Iv [Member]
   
Estimated contract value 2,582,065  
Total revenue recognized 2,598,619  
Amount received 2,598,619  
Accounts receivable 0  
Status of contract (Completion %) 100.00%  
Fujian Meizhouwan Xiuyugang Dredging Iii [Member]
   
Estimated contract value 1,328,550  
Total revenue recognized 1,329,923  
Amount received 1,107,147  
Accounts receivable 222,776  
Status of contract (Completion %) 100.00%  
Fujian Meizhouwan Xiuyugang Dredging Iv [Member]
   
Estimated contract value 1,171,410  
Total revenue recognized 1,172,265  
Amount received 976,185  
Accounts receivable 196,080  
Status of contract (Completion %) 100.00%  
Fujian Meizhouwan Xiuyugang Dredging V [Member]
   
Estimated contract value 657,132  
Total revenue recognized 657,850  
Amount received 257,689  
Accounts receivable 400,161  
Status of contract (Completion %) 100.00%  
Jiangsu Qidongshi Yuantuojiao Reclamation IV [Member]
   
Estimated contract value 7,539,111  
Total revenue recognized 7,588,725  
Amount received 3,448,235  
Accounts receivable 4,140,490  
Status of contract (Completion %) 100.00%  
Guangdong Huidong Pinghai Power Port Dredging I [Member]
   
Estimated contract value 2,593,390  
Total revenue recognized 2,604,358  
Amount received 1,241,147  
Accounts receivable 1,363,211  
Status of contract (Completion %) 100.00%  
Yantai Port Western 30 Tons Dredging [Member]
   
Estimated contract value 2,833,638  
Total revenue recognized 2,843,653  
Amount received 1,380,322  
Accounts receivable 1,463,331  
Status of contract (Completion %) 100.00%  
San Du Ao Port Area No 8 and 9 Docking [Member]
   
Estimated contract value 654,900  
Total revenue recognized 655,521  
Amount received 196,744  
Accounts receivable $ 458,777  
Status of contract (Completion %) 100.00%  
[1] The contracts commenced and were completed in 2012, but the remaining balances were fully settled during January to March 2013
[2] The contracts commenced in 2012 and were completed during January to June 2013.
[3] Dredgers Hengshunda #1 and Hengshunda #10 (formerly known as Liya #2) worked together on one project with the same customer.
[4] Dredgers Xinggangjun #3, #6 and #9 worked together on one project with the same customer.
[5] Dredgers Xinggangjun #3 and #6 worked together on one project with the same customer.