Quarterly report pursuant to sections 13 or 15(d)

TERM LOANS (Details 1)

v2.4.0.8
TERM LOANS (Details 1)
9 Months Ended 9 Months Ended 9 Months Ended
Sep. 30, 2013
USD ($)
Dec. 31, 2012
USD ($)
Sep. 30, 2013
Industrial Commercial Bank Of China, Fuzhou Dongjiekou Branch Transaction One [Member]
USD ($)
Sep. 30, 2013
Industrial Commercial Bank Of China, Fuzhou Dongjiekou Branch Transaction Two [Member]
USD ($)
Sep. 30, 2013
Industrial Commercial Bank Of China, Fuzhou Dongjiekou Branch Transaction Three [Member]
USD ($)
Sep. 30, 2013
Industrial Commercial Bank Of China, Fuzhou Dongjiekou Branch Transaction Four [Member]
USD ($)
Sep. 30, 2013
Industrial Commercial Bank Of China, Fuzhou Dongjiekou Branch Transaction Five [Member]
USD ($)
Sep. 30, 2013
Industrial Commercial Bank Of China, Fuzhou Dongjiekou Branch Transaction Six [Member]
USD ($)
Sep. 30, 2013
Industrial Commercial Bank Of China, Fuzhou Dongjiekou Branch Transaction Seven [Member]
USD ($)
Sep. 30, 2013
Industrial Commercial Bank Of China, Fuzhou Dongjiekou Branch Transaction Eight [Member]
USD ($)
Sep. 30, 2013
Industrial Commercial Bank Of China, Fuzhou Dongjiekou Branch Transaction Nine [Member]
USD ($)
Sep. 30, 2013
Industrial Commercial Bank Of China, Fuzhou Dongjiekou Branch Transaction Ten [Member]
USD ($)
Sep. 30, 2013
Industrial Commercial Bank Of China, Fuzhou Dongjiekou Branch Transaction Eleven [Member]
USD ($)
Sep. 30, 2013
Industrial Commercial Bank Of China, Fuzhou Dongjiekou Branch Transaction Twelve [Member]
USD ($)
Sep. 30, 2013
Fujian Haixia Bank Limited, Fuzhou Hualin Branch Transaction One [Member]
CNY
Sep. 30, 2013
Fujian Haixia Bank Limited, Fuzhou Hualin Branch Transaction One [Member]
USD ($)
Sep. 30, 2013
Fujian Haixia Bank Limited, Fuzhou Hualin Branch Transaction Two [Member]
CNY
Sep. 30, 2013
Fujian Haixia Bank Limited, Fuzhou Hualin Branch Transaction Two [Member]
USD ($)
Sep. 30, 2013
Fujian Haixia Bank, Fuzhou Hualin Branch Transaction Three [Member]
CNY
Sep. 30, 2013
Fujian Haixia Bank, Fuzhou Hualin Branch Transaction Three [Member]
USD ($)
Principal amount     $ 1,744,330 $ 242,000 $ 516,256 $ 263,737 $ 790,774 $ 1,500,410 $ 1,079,440 $ 2,022,740 $ 2,000,250 $ 1,061,852 $ 1,615,950 $ 539,144 30,000,000   10,000,000   15,000,000  
Current annualized interest rate     2.7731% 2.7729% 2.7729% 2.7729% 2.7729% 2.4647% 2.4647% 2.3519% 2.3519% 2.3519% 2.3476% 2.3476% 8.40%   9.00%   9.00%  
Terms of loans     Oct. 03, 2013 Oct. 04, 2013 Oct. 04, 2013 Oct. 04, 2013 Oct. 04, 2013 Oct. 23, 2013 Oct. 23, 2013 Dec. 18, 2013 Dec. 18, 2013 Dec. 18, 2013 Dec. 27, 2013 Dec. 27, 2013 Mar. 22, 2014   May 09, 2014   Apr. 23, 2014  
Collateral     N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Guarantee by     Xinrong     Zhuo   Guarantee by     Xinrong     Zhuo   Guarantee by Xinrong Zhuo  
Outstanding amount $ 22,363,811 $ 25,169,260 [1] $ 1,744,330 $ 242,000 $ 516,256 $ 263,737 $ 790,774 $ 1,500,410 $ 1,079,440 $ 2,022,740 $ 2,000,250 $ 1,061,852 $ 1,615,950 $ 539,144   $ 4,901,961   $ 1,633,987   $ 2,450,980
[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.