|12 Months Ended|
Dec. 31, 2015
|Discontinued Operations [Abstract]|
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:
The carrying amounts of the major classes of assets and liabilities as of December 4, 2013 (disposal date) were as follows:
The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.
Reference 1: http://www.xbrl.org/2003/role/presentationRef