Annual report pursuant to Section 13 and 15(d)

Document And Entity Information

Document And Entity Information (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Mar. 10, 2014
Jun. 29, 2013
Document Information [Line Items]      
Entity Registrant Name Pingtan Marine Enterprise Ltd.    
Entity Central Index Key 0001517130    
Current Fiscal Year End Date --12-31    
Entity Filer Category Accelerated Filer    
Trading Symbol PME    
Entity Common Stock, Shares Outstanding   79,055,053  
Document Type 10-K    
Amendment Flag true    
Document Period End Date Dec. 31, 2013    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2013    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Public Float     $ 127.3
Amendment Description This Amendment No. 1 on Form 10-K/A (this “Amendment”) of Pingtan Marine Enterprise Ltd. (“PME” or the “Company”) for the period ended December 31, 2013 is amending the Annual Report on Form 10-K originally filed with the U.S. Securities and Exchange Commission (“SEC”) on March 10, 2014 (the “Original Report”). We are filing this Amendment to reflect the restatement of our audited consolidated financial statements contained herein for the years ended December 31, 2013 and 2012. We incorrectly reflected certain balances of China Growth Equity Investments Ltd. in our consolidated financial statements that should have been reflected as part of the recapitalization of the Company on the effective date of the share exchange agreement dated February 25, 2013. Accordingly, we amended our consolidated financial statements for the years ended December 31, 2013 and 2012 to reflect the historical consolidated financial statements of China Dredging Group Co., Ltd. (”CDGC”) and Merchant Supreme jointly as the accounting acquirer prior to February 25, 2013 and the consolidated financial statements of PME, CDGC and Merchant Supreme and related subsidiaries for all periods subsequent to the effective date. Additionally, we restated the following in our consolidated financial statements for the year ended December 31, 2013: a) We incorrectly accounted for prepaid operating license rights for 20 vessels at its appraised fair value in Original Report. The management concluded that prepaid operating license rights should be considered a capital lease and recorded at the historical cost of the vessels to the related party which is under common control and considered a common control transaction in accordance with ASC 805-50. We restated prepaid operating license rights, property, plant and equipment, related depreciation and amortization expense, and reflected any excess amounts paid for the operating rights as a capital distribution; b) We further clarified certain disclosure related to the acquisition of 46 vessels from a related party in June 2013 and disclosure related to the acquisition of operating license rights of 20 vessels from a related party in December 2013; and c) We recorded other miscellaneous adjustments. Item 15. under Note 23 “Restatement” in the Notes to Consolidated Financial Statements of this Form 10-K/A provides a discussion of the full effects of the restatements to the Company’s previously reported Consolidated Balance Sheets, Consolidated Statements of Income and Comprehensive Income, and Consolidated Statement of Cash Flows. In addition, this Amendment which replaces in its entirety Items 1 through 15 of the Original Filing, is in response to and to revise certain disclosures pursuant to the comment letters we received from the SEC, dated August 6, 2014 and September 10, 2014, respectively. This Amendment also contains currently dated certifications as Exhibits 31.1, 31.2 and 32.1. No attempt has been made in this Amendment to modify or update the other disclosures presented in the report as previously filed, except as set forth herein. This Amendment does not reflect events occurring after the filing of the Original Report or modify or update those disclosures that may be affected by subsequent events. Accordingly, this Amendment should be read in conjunction with our other filings with the SEC made by the Company with the SEC pursuant to Section 13(a) or Section 15(d) of the Exchange Act subsequent to the filing of the Original Filing.