Quarterly report pursuant to sections 13 or 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)

v2.4.0.8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)
Sep. 30, 2013
Dec. 31, 2012
ASSETS    
Cash $ 10,832,000 $ 10,426,140 [1]
Notes receivable (banker's acceptances) transferred from related parties 0 3,645,817 [1]
Accounts receivable - third parties 10,252,829 11,478,436 [1]
Other receivables 3,283,333 0 [1]
Advance to related parties 0 49,802,821 [1]
Inventories 5,427,251 194,331 [1]
Long-term investment 3,431,373 3,328,789 [1]
Deposit on setting up of Joint Venture 0 6,090,302 [1]
Property, Plant and Equipment, Net 66,979,281 37,141,906 [1]
Total assets 355,359,127 484,009,837 [1]
LIABILITIES    
Accounts payable - third parties 151,000 70,732 [1]
Accounts payable - related parties 163,303 5,765,632 [1]
Short-term loans 22,363,811 25,169,260 [1]
Accrued liabilities and other payables 3,684,872 1,033,784 [1]
Long-term loans 11,413,399 8,094,308 [1]
Total Current Liabilities 221,546,326 67,021,530 [1]
Variable Interest Entity, Primary Beneficiary [Member]
   
ASSETS    
Cash 10,678,707 6,710,472
Notes receivable (banker's acceptances) transferred from related parties 0 3,645,817
Accounts receivable - third parties 10,252,829 11,478,436
Other receivables 3,294,318 29,885
Advance to related parties 0 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 of Joint Venture 0 6,092,302
Property, Plant and Equipment, Net 66,979,281 37,141,906
Total assets 104,972,256 118,811,801
LIABILITIES    
Accounts payable - third parties 151,000 70,732
Accounts payable - related parties 163,303 5,765,632
Receipt in advance - third parties 476,399 0
Receipt in advance - related parties 0 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
Total Current Liabilities $ 96,461,690 $ 69,503,995
[1] Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as China Growth Equity Investment Limited) 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. Assets and liabilities of discontinued operations are retrospectively restated as of December 31, 2012 after taking into account of the Group’s plan to sell China Dredging Group Co., Ltd. and its subsidiaries to the Company’s Chairman, CEO and major shareholder, Mr Xinrong Zhuo.