Quarterly report pursuant to sections 13 or 15(d)

DISCONTINUED OPERATIONS (Details)

v2.4.0.8
DISCONTINUED OPERATIONS (Details) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Revenue $ 20,609,107 $ 13,152,223 [1] $ 61,640,940 $ 39,039,757 [1]
Cost of revenue (12,446,879) (9,693,182) [1] (38,974,488) (28,572,398) [1]
Gross profit 8,162,228 3,459,041 [1] 22,666,452 10,467,359 [1]
General and administrative expenses (1,178,035) (209,633) [1] (2,345,569) (578,544) [1]
Operating income 6,622,194 3,102,767 [1] 19,590,149 9,280,332 [1]
Other income/(expense) (683,176) 2,683,751 [1] (2,190,091) 1,310,718 [1]
Income before income taxes 5,939,018 5,786,518 [1] 17,400,058 10,591,050 [1]
Income tax expense 0 0 [1] 0 0 [1]
Net income from discontinued operation, net of taxes 12,362,523 17,375,250 [1] 39,461,777 60,773,049 [1]
China Dredging Group Co Ltd [Member]
       
Revenue 54,323,389 46,892,465 131,610,091 165,986,546
Cost of revenue (33,520,993) (20,942,489) (74,761,710) (76,537,718)
Gross profit 20,802,396 25,949,976 56,848,381 89,448,828
General and administrative expenses (2,200,183) (1,900,068) (5,614,875) (6,544,286)
Operating income 18,602,213 24,049,908 51,233,506 82,904,542
Other income/(expense) (1,513,074) (577,851) 431,465 (1,170,850)
Income before income taxes 17,089,139 23,472,057 51,664,971 81,733,692
Income tax expense (4,726,616) (6,096,807) (12,203,194) (20,960,643)
Net income from discontinued operation, net of taxes $ 12,362,523 $ 17,375,250 $ 39,461,777 $ 60,773,049
[1] Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as China Growth Equity Investment Ltd.) completed its merger with China Dredging Group Co., Ltd. and the share purchase of Merchant Supreme Co., Ltd. on January 1, 2012 rather than on February 25, 2013.