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)
9 Months Ended
Sep. 30, 2013
Schedule Of Foreign Currency Translation [Table Text Block]
A summary of exchange rate is as follows:
 
 
 
September 30, 
2013
 
December 31, 
2012
 
Balance sheet items, except for equity accounts
 
RMB6.12=$1
 
RMB6.3086=$1
 
 
 
HKD7.7551=$1
 
HKD7.7507=$1
 
 
 
 
For the Three Months Ended
September 30,
 
 
 
2013
 
2012
 
Items in statements of income and cash flows
 
RMB6.1226=$1
 
RMB6.2923=$1
 
 
 
HKD7.7551=$1
 
HKD7.7546=$1
 
 
 
 
For the Nine Months Ended 
September 30,
 
 
 
2013
 
2012
 
Items in statements of income and cash flows
 
RMB6.1616=$1
 
RMB6.3085=$1
 
 
 
HKD7.7575=$1
 
HKD7.7575=$1
 
Schedule of Public Utility Property, Plant, and Equipment [Table Text Block]
The estimated useful lives of the assets are as follows:
 
 
 
Estimated lives
 
Fishing vessel
 
10-20
 
Major improvement on fishing vessel
 
4-20
 
Motor vehicle
 
3-5
 
Ship and office equipments
 
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 
September 30,
 
For the Nine Months Ended 
September 30,
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
$
18,301,541
 
$
23,161,768
 
$
56,861,835
 
$
71,364,099
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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)
 
 
 
 
 
 
 
 
 
 
 
 
 
- From continuing operations
 
$
0.08
 
$
0.07
 
$
0.22
 
$
0.13
 
- From discontinued operations
 
 
0.15
 
 
0.22
 
 
0.50
 
 
0.77
 
- Net income
 
$
0.23
 
$
0.29
 
$
0.72
 
$
0.90
 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]
For the three and nine months ended September 30, 2013 and 2012, the number of securities convertible into common shares not included in diluted EPS because the effect would have been anti-dilutive consists of the following:
 
 
 
For the Three Months Ended 
 
For the Nine Months Ended 
 
 
 
September 30,
 
September 30,
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
Warrants to purchase common stock
 
8,966,667
 
8,966,667
 
8,966,667
 
8,966,667
 
Statement Of Balance Sheet [Member]
 
Schedule of Variable Interest Entities [Table Text Block]
The creditors of Pingtan Fishing Group do not have recourse against the general creditors of their primary beneficiaries or other Group members.
 
 
 
September 30,
 
December 31,
 
 
 
2013
 
2012
 
 
 
(Unaudited)
 
 
 
ASSETS
 
 
 
 
 
 
 
Cash
 
$
10,678,707
 
$
6,710,472
 
Notes receivable (banker's acceptances)
     transferred from related parties
 
 
-
 
 
3,645,817
 
Accounts receivable - third parties
 
 
10,252,829
 
 
11,478,436
 
Other receivables
 
 
3,294,318
 
 
29,885
 
Advance to related parties
 
 
-
 
 
49,802,897
 
Inventories
 
 
5,427,251
 
 
194,331
 
Prepaid expenses - third parties
 
 
4,908,497
 
 
386,966
 
Long-term investment
 
 
3,431,373
 
 
3,328,789
 
Deposit on setting up Joint Venture
 
 
-
 
 
6,092,302
 
Property, plant and equipment, net
 
 
66,979,281
 
 
37,141,906
 
 
 
$
104,972,256
 
$
118,811,801
 
 
 
 
 
 
 
 
 
LIABILITIES
 
 
 
 
 
 
 
Accounts payable - third parties
 
$
151,000
 
$
70,732
 
  - related parties
 
 
163,303
 
 
5,765,632
 
Receipt in advance - third parties
 
 
476,399
 
 
-
 
  - related parties
 
 
-
 
 
12,681,102
 
Short-term loans
 
 
22,363,811
 
 
25,169,260
 
Accrued liabilities and other payables
 
 
3,462,405
 
 
1,033,640
 
Long-term loans
 
 
69,844,772
 
 
24,783,629
 
 
 
$
96,461,690
 
$
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 of the Company’s VIEs after eliminating the intercompany balances for the three and nine months ended September 30, 2013 and 2012.
 
 
 
For the Three Months Ended 
September 30,
 
For the Nine Months Ended 
September 30
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
$
20,609,107
 
$
13,152,223
 
$
61,640,940
 
$
39,039,757
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of revenue
 
$
(12,446,879)
 
$
(9,693,182)
 
$
(38,974,488)
 
$
(28,572,398)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to the Company
 
$
6,868,193
 
$
5,789,531
 
$
19,102,412
 
$
10,594,063