Annual report pursuant to Section 13 and 15(d)

Discontinued Operations

v3.3.1.900
Discontinued Operations
12 Months Ended
Dec. 31, 2015
Discontinued Operations [Abstract]  
DISCONTINUED OPERATIONS

NOTE 2 – DISCONTINUED OPERATIONS

 

In order to place increased focus on fishing business and pursue more effective growth opportunities, the Company decided to exit and sell the specialized dredging services operated by China Dredging, and the Company completed the sale of CDGC and its subsidiaries on December 4, 2013. Pursuant to ASC Topic 205-20, Presentation of Financial Statements-Discontinued Operations, the business of CDGC is considered as a discontinued operation because: (a) the operations and cash flows of CDGC were eliminated from the Company’s operations; and (b) the Company would not have ability to influence the operations or financial policies of CDGC subsequent to the sale.

 

The results of operations of CDGC and its subsidiaries have been presented as discontinued operations for the year ended December 31, 2013. There were no discontinued operations in the years ended December 31, 2015 and 2014. The following table provides the financial results included in net income from discontinued operations during the periods presented:

 

    Year Ended December 31,  
    2015     2014     2013  
 Revenue   $ -     $ -     $ 161,497,136  
 Income from discontinued operations before income tax     -       -       67,251,697  
 Income tax     -       -       (15,341,035 )
 Net income from discontinued operations   $ -     $ -     $ 51,910,662  

 

The carrying amounts of the major classes of assets and liabilities as of December 4, 2013 (disposal date) were as follows:

 

    December 4, 2013  
 Cash   $ 84,917,899  
 Other current assets     28,821,788  
 Non-current assets     148,710,213  
 Total assets of discontinued operations   $ 262,449,900  
 Current liabilities   $ 25,873,709  
 Net assets disposed   $ 236,576,191