Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jun. 29, 2013 | Mar. 10, 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 | 'CGEIU | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 79,055,053 |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
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 | ' | $127.30 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
Current assets | ' | ' | |
Cash | $8,156,599 | $10,426,140 | [1] |
Notes receivable (banker's acceptances) transferred from related parties | 0 | 3,645,817 | [1] |
Accounts receivable | 9,133,130 | 11,478,436 | [1] |
Inventories | 9,095,736 | 194,331 | [1] |
Prepaid expenses | 2,380,874 | 410,966 | [1] |
Other receivables | 11,665 | 29,885 | [1] |
Advances to related parties | 0 | 49,802,821 | [1] |
Assets of discontinued operations | 0 | 361,460,444 | [1] |
Total current assets | 28,778,004 | 437,448,840 | [1] |
Other assets | ' | ' | |
Other receivables | 1,213,440 | 0 | [1] |
Long-term investment | 3,468,953 | 3,328,789 | [1] |
Deposit on potential Joint Venture | 0 | 6,090,302 | [1] |
Prepaid fixed asset deposits | 1,928,700 | 0 | [1] |
Prepaid operating license rights | 215,381,356 | 0 | [1] |
Property, plant and equipment, net | 107,178,269 | 37,141,906 | [1] |
Total other assets | 329,170,718 | 46,560,997 | [1] |
Total assets | 357,948,722 | 484,009,837 | [1] |
Current liabilities | ' | ' | |
Accounts payable - third parties | 2,184,964 | 70,732 | [1] |
Accounts payable - related parties | 13,807,605 | 5,765,632 | [1] |
Receipt in advance | 297,034 | 0 | [1] |
Short-term loans | 9,085,353 | 25,169,260 | [1] |
Long-term loans - current portion | 20,252,077 | 8,094,308 | [1] |
Accrued liabilities and other payables | 3,851,047 | 1,033,784 | [1] |
Advances from related parties | 0 | 153,961 | [1] |
Deferred income | 1,733,485 | 0 | [1] |
Liabilities of discontinued operations | 0 | 14,052,751 | [1] |
Total current liabilities | 51,211,565 | 67,021,530 | [1] |
Other liabilities | ' | ' | |
Long-term loans, net of current portion | 54,499,727 | 16,689,321 | [1] |
Total other liabilities | 54,499,727 | 16,689,321 | [1] |
Total liabilities | 105,711,292 | 83,710,851 | [1] |
Shareholders' equity | ' | ' | |
Ordinary shares, 225,000,000 shares authorized with $0.001 per share; 79,055,053 shares issued and outstanding as of December 31, 2013 and 2012 | 79,055 | 79,055 | |
Additional paid-in capital | 0 | 141,381,098 | |
Statutory reserves | 22,410,773 | 19,386,642 | |
Retained earnings | 199,341,512 | 217,224,220 | |
Accumulated other comprehensive income | 30,406,090 | 22,227,971 | |
Total shareholders' equity | 252,237,430 | 400,298,986 | |
Total liabilities and shareholders' equity | 357,948,722 | 484,009,837 | |
Related Party [Member] | ' | ' | |
Current liabilities | ' | ' | |
Receipt in advance | $0 | $12,681,102 | [1] |
[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, 2011 rather than on February 25, 2013. Assets and liabilities of discontinued operations are retrospectively reclassified as of December 31, 2012 after taking into account of the Company’s plan to sell China Dredging Group Co., Ltd. and its subsidiaries to an affiliate of the Company’s Chairman, CEO and major shareholder, Mr. Xinrong Zhuo. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Ordinary shares, par value (in dollars per share) | $0.00 | $0.00 |
Ordinary shares, shares authorized | 225,000,000 | 225,000,000 |
Ordinary shares, shares issued | 79,055,053 | 79,055,053 |
Ordinary shares, shares outstanding | 79,055,053 | 79,055,053 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Revenue | $122,667,769 | $67,461,468 | $25,600,636 | [1] | ||
Cost of revenue | -75,760,033 | -41,876,140 | -14,600,579 | [1] | ||
Gross profit | 46,907,736 | 25,585,328 | 11,000,057 | [1] | ||
Selling and marketing expenses | -1,618,278 | -647,850 | -383,472 | [1] | ||
General and administrative expenses | -3,191,637 | -2,839,848 | -251,343 | [1] | ||
Operating income | 42,097,821 | 22,097,630 | 10,365,242 | [1] | ||
Other income/(expense) | ' | ' | ' | |||
Investment income | 69,519 | 15,138 | 0 | [1] | ||
Interest income | 8,250 | 3,276 | 2,349 | [1] | ||
Interest expenses | -4,171,989 | -3,176,920 | -844,650 | [1] | ||
Subsidy income | 7,338,273 | 2,363,575 | 830,446 | [1] | ||
Sundry income | 2,144 | 0 | 0 | [1] | ||
Gain/(Loss) on foreign exchange, net | 144,740 | -5,113 | 86,950 | [1] | ||
Total other income/(expense) | 3,390,937 | -800,044 | 75,095 | [1] | ||
Income from continuing operations before income taxes | 45,488,758 | 21,297,586 | 10,440,337 | [1] | ||
Income tax expense | 0 | 0 | 0 | [1] | ||
Net income from continuing operations | 45,488,758 | 21,297,586 | 10,440,337 | [1] | ||
Net income from discontinued operations, net of income tax expense | 51,910,662 | [2] | 84,494,428 | [2] | 90,257,249 | [1],[2] |
Consolidated net income | $97,399,420 | [2] | $105,792,014 | [2] | $100,697,586 | [1],[2] |
Basic and diluted earnings per share | ' | ' | ' | |||
- Net income (in dollars per share) | $1.23 | $1.34 | $1.27 | [1] | ||
Weighted average number of ordinary shares outstanding | ' | ' | ' | |||
- Basic and diluted (in shares) | 79,055,053 | 79,055,053 | 79,055,053 | [1] | ||
Continuing Operations [Member] | ' | ' | ' | |||
Basic and diluted earnings per share | ' | ' | ' | |||
- Net income (in dollars per share) | $0.58 | $0.27 | $0.13 | [1] | ||
Discontinued Operations [Member] | ' | ' | ' | |||
Basic and diluted earnings per share | ' | ' | ' | |||
- Net income (in dollars per share) | $0.65 | $1.07 | $1.14 | [1] | ||
[1] | Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as China Growth Equity Investment Ltd.) completed its merger with China Dredging Group Co., Ltd. and the share purchase of Merchant Supreme Co., Ltd. on January 1, 2011 rather than on February 25, 2013. | |||||
[2] | Total net income and net income from discontinued operations, net of tax included accretion of discount on Class A Preferred Shares in amount of $6,135,012. |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Net income | $97,399,420 | [1] | $105,792,014 | [1] | $100,697,586 | [1],[2] |
Other comprehensive income | ' | ' | ' | |||
Foreign currency translation gain | 8,178,119 | 4,113,599 | 11,654,835 | [2] | ||
Unrealized change in fair value of available-for-sale investment | 0 | -717 | 0 | [2] | ||
Total comprehensive income | $105,577,539 | $109,904,896 | $112,352,421 | [2] | ||
[1] | Total net income and net income from discontinued operations, net of tax included accretion of discount on Class A Preferred Shares in amount of $6,135,012. | |||||
[2] | Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as China Growth Equity Investment Ltd.) completed its merger with China Dredging Group Co., Ltd. and the share purchase of Merchant Supreme Co., Ltd. on January 1, 2011 rather than on February 25, 2013. |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Statutory Reserves [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||
Balance at Dec. 31, 2010 | [1] | $5,000,001 | $2,358 | $5,153,278 | $0 | ($155,635) | $0 | |
Balance (in shares) at Dec. 31, 2010 | [1] | ' | 6,250,000 | ' | ' | ' | ' | |
Increase of 122,875 shares subject to possible conversion at December 31, 2012 | 0 | -125 | -1,234,770 | 0 | 1,234,895 | 0 | ||
Redemption of shares | 0 | -393 | 393 | 0 | 0 | 0 | ||
Redemption of shares (in shares) | ' | -4,409,947 | ' | ' | ' | ' | ||
Business combination between China Dredging Group Co., Ltd. and Merchant Supreme Co., Ltd. | 290,488,517 | 77,215 | 137,462,197 | 16,863,090 | 117,970,926 | 18,115,089 | ||
Business combination between China Dredging Group Co., Ltd. and Merchant Supreme Co., Ltd. (in shares) | ' | 77,215,000 | ' | ' | ' | ' | ||
Net income | [1],[2] | 100,697,586 | ' | ' | ' | ' | ' | |
Balance at Dec. 31, 2011 | 295,488,518 | 79,055 | 141,381,098 | 16,863,090 | 119,050,186 | 18,115,089 | ||
Balance (in shares) at Dec. 31, 2011 | ' | 79,055,053 | ' | ' | ' | ' | ||
Net income | 105,792,014 | [2] | 0 | 0 | 0 | 100,697,586 | 0 | |
Appropriation to statutory reserves | 0 | 0 | 0 | 2,523,552 | -2,523,552 | 0 | ||
Foreign currency translation gain | 4,112,882 | 0 | 0 | 0 | 0 | 4,112,882 | ||
Balance at Dec. 31, 2012 | 400,298,986 | 79,055 | 141,381,098 | 19,386,642 | 217,224,220 | 22,227,971 | ||
Balance (in shares) at Dec. 31, 2012 | ' | 79,055,053 | ' | ' | ' | ' | ||
Net income | 97,399,420 | [2] | 0 | 0 | 0 | 97,399,420 | 0 | |
Appropriation to statutory reserves | 0 | 0 | 0 | 3,024,131 | -3,024,131 | 0 | ||
Foreign currency translation gain | 8,178,119 | 0 | 0 | 0 | 0 | 8,178,119 | ||
Acquisition of fishing vessels from related party | -388,330,794 | 0 | -276,072,797 | 0 | -112,257,997 | 0 | ||
Disposal of China Dredging Group Co., Ltd. | 134,691,699 | 0 | 134,691,699 | 0 | 0 | 0 | ||
Balance at Dec. 31, 2013 | $252,237,430 | $79,055 | $0 | $22,410,773 | $199,341,512 | $30,406,090 | ||
Balance (in shares) at Dec. 31, 2013 | ' | 79,055,053 | ' | ' | ' | ' | ||
[1] | Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as China Growth Equity Investment Ltd.) completed its merger with China Dredging Group Co., Ltd. and the share purchase of Merchant Supreme Co., Ltd. on January 1, 2011 rather than on February 25, 2013. | |||||||
[2] | Total net income and net income from discontinued operations, net of tax included accretion of discount on Class A Preferred Shares in amount of $6,135,012. |
CONSOLIDATED_STATEMENT_OF_CHAN1
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) | 12 Months Ended |
Dec. 31, 2012 | |
Shares subject to possible conversion | 122,875 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Cash flows from operating activities | ' | ' | ' | |||
Net income | $97,399,420 | [1] | $105,792,014 | [1] | $100,697,586 | [1],[2] |
Discontinued operations, net of tax | -51,910,662 | [1] | -84,494,428 | [1] | -90,257,249 | [1],[2] |
Income from continuing operations | 45,488,758 | 21,297,586 | 10,440,337 | [2] | ||
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' | |||
Depreciation of property, plant and equipment | 3,297,751 | 2,983,086 | 1,917,747 | [2] | ||
Available-for-sales financial instrument fair value adjustment | 0 | 0 | 705 | [2] | ||
Short term investment income | 0 | -15,860 | 0 | [2] | ||
Amortization of operating license rights | 720,339 | 0 | 0 | [2] | ||
Changes in operating assets and liabilities | ' | ' | ' | |||
Accounts receivable - third parties | 2,788,320 | -10,562,176 | 1,627,853 | [2] | ||
Accounts receivable - related parties | 0 | 4,584,509 | -3,426,607 | [2] | ||
Other receivables | 19,201 | 6,797,156 | -323,246 | [2] | ||
Prepaid expenses | -1,925,477 | -218,759 | -157,077 | [2] | ||
Inventories | -8,766,511 | 2,397,340 | -1,848,587 | [2] | ||
Accounts payable - third parties | 2,081,172 | -43,377 | -73,055 | [2] | ||
Accounts payable - related parties | 13,944,394 | 3,060,668 | -1,423,494 | [2] | ||
Receipt in advance | 292,802 | -1,160,618 | 771,142 | [2] | ||
Accrued liabilities and other payables | 2,737,334 | 763,533 | 204,254 | [2] | ||
Net cash provided by operating activities from continuing operations | 47,651,313 | 42,558,162 | 7,709,972 | [2] | ||
Cash flows from investing activities | ' | ' | ' | |||
Payment for long term investment | 0 | -2,661,766 | -649,752 | [2] | ||
Proceeds from disposition of / (payment for) short-term investment | 0 | 808,052 | -774,220 | [2] | ||
Proceeds from deferred income | 8,320,882 | 0 | 0 | [2] | ||
Payment for fixed asset deposits | -1,901,220 | 0 | 0 | [2] | ||
Purchase of property, plant and equipment | -256,831,561 | -33,692,090 | -7,086,080 | [2] | ||
Advance to related parties | -312,569 | -41,505,027 | -21,574,926 | [2] | ||
Disposal of subsidiaries, net of cash | -84,917,899 | 0 | 0 | [2] | ||
Net cash used in investing activities from continuing operations | -335,642,367 | -77,050,831 | -30,084,978 | [2] | ||
Cash flows from financing activities | ' | ' | ' | |||
Proceeds from short-term loans | 43,713,708 | 51,384,055 | 21,337,156 | [2] | ||
Repayment of short-term loans | -60,613,140 | -48,079,121 | -10,055,693 | [2] | ||
Proceeds from long-term loans | 55,811,568 | 26,617,656 | 0 | [2] | ||
Repayment of long-term loans | -7,584,023 | -1,845,808 | 0 | [2] | ||
Proceeds from capital injection | 0 | 5,955,756 | 0 | [2] | ||
Advance from related parties, net of reception in form of note receivable | -777 | 9,075,004 | 12,361,389 | [2] | ||
Net cash provided by financing activities from continuing operations | 31,327,336 | 43,107,542 | 23,642,852 | [2] | ||
Cash flow from discontinued operations | ' | ' | ' | |||
Net cash provided by operating activities from discontinued operations | 79,605,841 | 92,587,488 | 67,151,092 | [2] | ||
Net cash provided by/(used in)investing activities from discontinued operations | 7,099,979 | -42,204,987 | -47,811,882 | [2] | ||
Net cash (used in)/provided by financing activities from discontinued operations | -407,030 | 560,216 | 12,408 | [2] | ||
Net cash provided by discontinued operations | 86,298,790 | 50,942,717 | 19,351,618 | [2] | ||
Effect of exchange rate | 3,032,812 | 1,726,785 | 4,565,872 | [2] | ||
Net (decrease)/increase in cash | -167,332,116 | 61,284,375 | 25,185,336 | [2] | ||
Cash at the beginning of period | 175,488,715 | [3] | 114,204,340 | [2],[3] | 89,019,004 | [2] |
Cash at the end of period | 8,156,599 | [3] | 175,488,715 | [3] | 114,204,340 | [2],[3] |
Supplemental disclosure of non-cash transaction eliminated in above: | ' | ' | ' | |||
Banker's acceptance notes received from related parties | 3,745,196 | 0 | 0 | [2] | ||
Purchase of prepaid operating license rights | 216,101,695 | 0 | 0 | [2] | ||
Purchase of property, plant and equipment by setting off advances to related parties | 55,064,953 | 0 | 0 | [2] | ||
Deposit on setting up Joint Venture netted of accounts payable-related parties | 6,090,302 | 0 | 0 | [2] | ||
Discontinued Operations [Member] | ' | ' | ' | |||
Supplemental disclosure of cash flow information: | ' | ' | ' | |||
Income tax paid | 17,278,643 | 29,324,336 | 26,956,670 | [2] | ||
Continuing Operations [Member] | ' | ' | ' | |||
Supplemental disclosure of cash flow information: | ' | ' | ' | |||
Interest paid | 4,060,069 | 3,428,193 | 952,200 | [2] | ||
Related Party [Member] | ' | ' | ' | |||
Changes in operating assets and liabilities | ' | ' | ' | |||
Receipt in advance | ($13,026,770) | $12,675,074 | $0 | [2] | ||
[1] | Total net income and net income from discontinued operations, net of tax included accretion of discount on Class A Preferred Shares in amount of $6,135,012. | |||||
[2] | Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as China Growth Equity Investment Ltd.) completed its merger with China Dredging Group Co., Ltd. and the share purchase of Merchant Supreme Co., Ltd. on January 1, 2011 rather than on February 25, 2013. | |||||
[3] | Includes cash and cash equivalents of discontinued operations of $nil, $165,062,575 and $112,409,544 as of December 31, 2013, 2012 and 2011, respectively. |
DESCRIPTION_OF_BUSINESS_AND_OR
DESCRIPTION OF BUSINESS AND ORGANIZATION | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' | ||||||
Business Description and Basis of Presentation [Text Block] | ' | ||||||
1 | DESCRIPTION OF BUSINESS AND ORGANIZATION | ||||||
China Equity Growth Investment Ltd. ("CGEI") incorporated in the Cayman Islands as an exempted limited liability company, was incorporated as a blank check company on January 18, 2010 with the purpose of directly or indirectly acquiring, through a merger, share exchange, asset acquisition, plan of arrangement, recapitalization, reorganization or similar business combination, an operating business, or control of such operating business through contractual arrangements, that has its principal business and/or material operations located in the PRC. In connection with its initial business combination, CGEI changed its name to Pingtan Marine Enterprise Ltd. (“the Company” or “PME”) in February 2013. | |||||||
China Dredging Group Co., Ltd (“CDGC” or “China Dredging”) and Merchant Supreme Co., Ltd (“Merchant Supreme”) are limited liability companies incorporated on April 14, 2010 and June 25, 2012, respectively, in British Virgin Island (“BVI”). | |||||||
Merchant Supreme, through its PRC Variable Interest Entity (“VIE”), Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd. (“Pingtan Fishing”) engages in ocean fishery with its owned and licensed vessels within Indian EEZ and Arafura Sea of Indonesia. Pingtan Fishing is ranked highly as one of the leading private (not state-owned) supplier and trader of oceanic aquatic products in PRC. | |||||||
CGEI and CDGC entered into the Merger Agreement dated October 24, 2012, providing for the combination of CGEI and CDGC. Pursuant to the Merger Agreement, CDGC continued as the surviving company and a wholly-owned subsidiary of CGEI. CGEI also acquired all of the outstanding capital shares and other equity interests of Merchant Supreme as per Share Purchase Agreement dated October 24, 2012. Following the completion of the business combination held on February 25, 2013, CDGC and Merchant Supreme became the wholly-owned subsidiaries of the Company. The ordinary shares, par value $0.001 per share are listed on The NASDAQ Capital Market under the symbol “PME”. | |||||||
On June 19, 2013, the Company entered into a master agreement with a related company, Fuzhou Honglong Ocean Fishery Co., Ltd (“Hong Long”) to acquire 46 fishing vessels with total consideration of $410.1 million representing the fair market value on the date of acquisition. The major shareholder of Hong Long is Ms. Ping Lin, spouse of Xinrong Zhuo (“Mr. Zhuo”), the Company’s Chairman and CEO, who holds 66.5% whereas the remaining two shareholders, Mr. Zhuo’s cousins, hold 33.5%. Mr. Zhuo currently holds about 56.2% of PME. The transaction between PME and Hong Long is accounted as common control transaction. Based on Accounting Standards Codification ("ASC") 805-50, PME recorded the value of $21.8 million as the cost of the vessels which was the net carrying amount recorded in Hong Long's books at the date of transfer. The balance of $388.3 million above cost was treated as a return of capital in the equity accounts. $112.3 million was recorded as a reduction in retained earnings and the balance of $276.1 million applied to additional paid-in capital. | |||||||
On September 1, 2013, the Company and Hong Long further entered into a Memorandum that Hong Long assigned its operating rights of 20 vessels under a license agreement to Pingtan Fishing. Subsequent to the licensing of the operating rights, Pingtan Fishing is entitled to 100% operation and operating results from vessels from September 1, 2013 onwards. The ownership of the vessels and the licenses are not allowed to be transferred to Pingtan Fishing under the Central Renovation Project Grant Funds requirement. | |||||||
On December 4, 2013, 25-year operating license rights to the 20 new fishing vessels assigned from Hong Long to the Company as part of the sale consideration on the disposal of CDGC and its subsidiaries. The license operating rights fair market value was estimated at $216.1 million. The value of license rights are recorded in the prepaid operating license rights. | |||||||
On December 4, 2013, the Company completed the sale of CDGC and its subsidiaries. (See Note 2) | |||||||
Details of the Company’s subsidiaries and VIEs which are included as continuing operations in these consolidated financial statements as of December 31, 2013 are as follows: | |||||||
Name of subsidiaries | Place and date of | Percentage of ownership | Principal activities | ||||
incorporation | |||||||
Merchant Supreme | BVI, | 100% held by PME | Intermediate holding company | ||||
Co., Ltd. (“Merchant | 25-Jun-12 | ||||||
Supreme”) | |||||||
Prime Cheer | Hong Kong, | 100% held by Merchant | Intermediate holding company | ||||
Corporation Ltd. | 3-May-12 | Supreme | |||||
(“Prime Cheer”) | |||||||
Pingtan Guansheng | PRC, | 100% held by Prime Cheer | Intermediate holding company | ||||
Ocean Fishing Co., | 12-Oct-12 | ||||||
Ltd. ("Pingtan | |||||||
Guansheng") | |||||||
The following wholly owned or majority owned VIE’s are consolidated into financial statements. | |||||||
Name of VIEs | |||||||
Fujian Provincial Pingtan County Fishing Group Co., Ltd. (“Pingtan Fishing”) | |||||||
Pingtan Dingxin Fishing Information Consulting Co., Ltd. (“Pingtan Dingxin”) | |||||||
Pingtan Duoying Fishing Information Consulting Co., Ltd. (“Pingtan Duoying”) | |||||||
Pingtan Ruiying Fishing Information Consulting Co., Ltd. (“Pingtan Ruiying”) | |||||||
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||||
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 currently operated by China Dredging to its affiliate, Hong Long, and the sale was completed on December 4, 2013 with payment in kind consideration of $543.8 million. 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 operation or financial policies of CDGC subsequent to the sale. | |||||||||||
The payment consideration for the sale consisted of following items: | |||||||||||
(a) | offset the Company's current $155.2 million promissory note which matures on June 19, 2015 and bears an interest rate of 4%; | ||||||||||
(b) | the transfer to the Company of the 25-year license operating rights for 20 new fishing vessels, with such rights appraised at $216.1 million at the fair market value; and | ||||||||||
(c) | offset of current accounts of $172.5 million made between the Company and CDGC. | ||||||||||
The net assets of CDGC and its subsidiaries at the date of the sale was $236.6 million (after offsetting current accounts of $172.5 million made between the Company and CDGC), the disposal resulted in a net gain of $134.7 million, which was presented as part of additional paid-in capital for the year ended December 31, 2013 as it was sold to a related party with common control. | |||||||||||
The results of operation of CDGC and its subsidiaries have been presented as a discontinued operations for the years ended December 31, 2013, 2012 and 2011. The following table provides the financial results included in net income from discontinued operations during the periods presented: | |||||||||||
January 1 to | January 1 to | January 1 to | |||||||||
December 4 , | December 31, | December 31, | |||||||||
2013 | 2012 | 2011 | |||||||||
Revenue | $ | 161,497,136 | $ | 209,619,489 | $ | 226,953,070 | |||||
Income from discontinued operations before income tax | $ | 67,251,697 | $ | 110,805,122 | $ | 126,499,331 | |||||
Income tax | $ | -15,341,035 | $ | -26,310,694 | $ | -30,107,070 | |||||
Net income from discontinued operations | $ | 51,910,662 | $ | 84,494,428 | $ | 90,257,249 | |||||
The carrying amounts of the major classes of assets and liabilities as of December 4, 2013 (disposal date) and December 31, 2012 were as follows: | |||||||||||
December 4, | December 31, | ||||||||||
2013 | 2012 | ||||||||||
Cash | $ | 84,917,899 | $ | 165,062,575 | |||||||
Other current assets | 28,821,788 | 36,613,112 | |||||||||
Non - current assets | 148,710,213 | 159,784,757 | |||||||||
Total assets of discontinued operations | $ | 262,449,900 | $ | 361,460,444 | |||||||
Current liabilities | $ | 25,873,709 | $ | 14,052,751 | |||||||
Net asset disposed | $ | 236,576,191 | |||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Basis of Presentation and Significant Accounting Policies [Text Block] | ' | ||||||||||
3 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
(a) | Basis of presentation | ||||||||||
The accompanying audited consolidated financial statements and related notes have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). | |||||||||||
The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and VIEs in which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated. The consolidated financial statements of the Company have been prepared as if the existing corporate structure had been in existence throughout the periods presented and as if the reorganization had occurred as of the beginning of the earliest period presented. | |||||||||||
On December 4, 2013, the Company sold its 100% interest in CDGC and its subsidiaries to Hong Long. As such, CDGC’s assets and liabilities have been classified on the balance sheet as assets and liabilities of discontinued operations as of December 31, 2012. The operating results of CDGC have been classified as discontinued operations in our statements of operations for all years presented. Unless otherwise indicated, all disclosures and amounts in the notes to the consolidated financial statements relate to the Company’s continuing operations. | |||||||||||
Reclassifications | |||||||||||
Certain prior year information has been reclassified to be comparable with the current period presentation. This reclassification has no effect on previously reported net income. | |||||||||||
(b) | Consolidation of VIE | ||||||||||
The Company has no direct or indirect legal or equity ownership interest in Pingtan Fishing. Moreover, another set of VIE agreements have been entered between Pingtan Guansheng and the shareholders of Pingtan Fishing. The shareholders of Pingtan Fishing also have assigned all their rights as shareholders, including voting rights and disposition rights of their equity interest in Pingtan Fishing to Pingtan Guansheng, our direct, wholly-owned subsidiary. Accordingly, by virtue of the VIE Agreements, Pingtan Guansheng is the primary beneficiary of Pingtan Fishing as defined by ASC 810 “Consolidation of Variable Interest Entities”. Therefore, Pingtan Fishing is consolidated as VIE. | |||||||||||
In accordance with ASC 810-10-15-14, Pingtan Fishing and its subsidiaries; namely Pingtan Dingxin, Pingtan Duoying and Pingtan Ruiying are deemed VIEs for two reasons. First, the equity stockholders of Pingtan Fishing do not significantly enjoy the benefits of income or suffer the consequences of losses. Second, the equity stockholders of Pingtan Fishing do not possess the direct or indirect ability through voting or similar rights to make decisions regarding their activities that have a significant effect on the success of Pingtan Fishing. Therefore, in accordance with ASC 810-10-25-38A, the Company is deemed to be the primary beneficiary of Pingtan Fishing and the financial statements of Pingtan Fishing are consolidated in the Company’s consolidated financial statements. | |||||||||||
The following tables show the assets and liabilities of the Company’s VIEs after eliminating the intercompany balances as of December 31, 2013 and 2012. The VIEs include Pingtan Fishing Group which comprises of Pingtan Fishing itself and its three subsidiaries; namely Pingtan Dingxin, Pingtan Duoying and Pingtan Ruiying. The creditors of Pingtan Fishing Group do not have recourse against the general creditors of their primary beneficiaries or other Group members. | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
ASSETS | |||||||||||
Cash | $ | 7,736,308 | $ | 6,710,472 | |||||||
Notes receivable (banker's acceptances) transferred from | - | 3,645,817 | |||||||||
related parties | |||||||||||
Accounts receivable | 9,133,130 | 11,478,436 | |||||||||
Other receivables | 1,225,073 | 29,885 | |||||||||
Advances to related parties | - | 49,802,897 | |||||||||
Inventories | 9,095,736 | 194,331 | |||||||||
Prepaid expenses | 2,378,054 | 386,966 | |||||||||
Long-term investment | 3,468,953 | 3,328,789 | |||||||||
Deposit on potential Joint Venture | - | 6,092,302 | |||||||||
Prepaid fixed asset deposits | 1,928,700 | - | |||||||||
Property, plant and equipment, net | 107,178,269 | 37,141,906 | |||||||||
$ | 142,144,223 | $ | 118,811,801 | ||||||||
LIABILITIES | |||||||||||
Accounts payable - third parties | $ | 2,184,964 | $ | 70,732 | |||||||
- related parties | 13,807,605 | 5,765,632 | |||||||||
Receipt in advance - third parties | 297,034 | - | |||||||||
- related parties | - | 12,681,102 | |||||||||
Short-term loans | 9,085,353 | 25,169,260 | |||||||||
Accrued liabilities and other payables | 3,631,622 | 1,033,640 | |||||||||
Long-term loans | 74,751,804 | 24,783,629 | |||||||||
Deferred income | 1,733,485 | - | |||||||||
$ | 105,491,867 | $ | 69,503,995 | ||||||||
The following tables show the revenue and cost of revenue, and net income of the Company’s VIEs after eliminating the intercompany balances for the years ended December 31, 2013, 2012 and 2011. | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Revenue | $ | 122,667,769 | $ | 67,461,468 | $ | 25,600,636 | |||||
Cost of revenue | $ | -75,039,694 | $ | -41,876,140 | $ | -14,600,579 | |||||
Net income attributable to the Company | $ | 48,524,935 | $ | 23,667,802 | $ | 10,440,337 | |||||
(c) | Use of estimates | ||||||||||
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the years. Significant items subject to such estimates and assumptions include the recoverability of the carrying amount and the estimated useful lives of long-lived assets; valuation allowances for receivables, and realizable values for inventories. Accordingly, actual results could differ from those estimates. | |||||||||||
(d) | Foreign currency translation | ||||||||||
The Company uses United States dollars (“U.S. Dollar” or “US$” or “$”) for financial reporting purposes. The subsidiaries within the Company maintain their books and records in their respective functional currency, Chinese Renminbi (“RMB”) and Hong Kong dollars (“HKD”), being the lawful currency in the PRC and Hong Kong, respectively. Assets and liabilities of foreign subsidiaries are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the average rate of exchange prevailing during the period. The related transaction adjustments are reflected in “Accumulated other comprehensive income’’ in the equity section of the Company’s consolidated balance sheet. A summary of exchange rate is as follows: | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
Balance sheet items, except for equity accounts | RMB6.0537= | RMB6.3086= | |||||||||
HKD7.7539= | HKD7.7507= | ||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Items in statements of income | RMB6.1412= | RMB6.3116= | RMB6.4640= | ||||||||
and cash flows | |||||||||||
HKD7.7565= | HKD7.7556= | HKD7.7793= | |||||||||
(e) | Cash | ||||||||||
Cash consists of cash on hand and at banks. | |||||||||||
(f) | Accounts receivable | ||||||||||
The Company only grants credit terms to established customers who are deemed to be financially responsible. Credit periods to independent customers are within 180 days after customers received the purchased goods. | |||||||||||
The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews customer credit worthiness, past transaction history, and changes in payment terms when determining the adequacy of these allowances. Accounts are written off against the allowance when it becomes evident collection will not occur. | |||||||||||
No allowance for doubtful accounts has been provided for accounts receivable from third party customers for the years ended December 31, 2013 and 2012, respectively. The company collected a majority of receivable balances from third party customers as of December 31, 2013 and 2012 within 60 days subsequent to respective balance sheet dates, and historically has not experienced uncollectible accounts from customers granted with credit sales. | |||||||||||
(g) | Revenue recognition | ||||||||||
The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the price to the customer is fixed or determinable, and collection of the resulting receivable is reasonably assured. | |||||||||||
With respects to the sale of frozen fish and other marine catches to third party customers, most of which are sole proprietor regional wholesalers in China, the Company recognizes revenue when customers pick up purchased goods at the Company’s cold storage warehouse, after payment is received by the Company or credit sale is approved by the Company for recurring customers who have history of financial responsibility. The Company does not offer promotional payments, customer coupons, rebates or other cash redemption offers to its customers. The Company does not accept returns from customers. Deposits or advance payments from customers prior to delivery of goods are recorded as receipt in advance. | |||||||||||
(h) | Government grant | ||||||||||
Government grants are recognized at their fair value where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognized as income over the periods necessary to match the grant on a systematic basis to the costs that it is intended to compensate. Where the grant relates to an asset, the fair value is credited to the cost of the asset and is released to the income statement over the expected useful life in a consistent manner with the depreciation method for the relevant asset. | |||||||||||
(i) | Deferred income | ||||||||||
Deferred income represents income collected but not earned as of the report date. This is primarily composed of receipts of the government grants to construct new fishing vessels. Upon the completion of the construction of the fishing vessels, the grant is deducted from the cost of the fishing vessels. | |||||||||||
(j) | Fishing licenses | ||||||||||
Each of the Company’s fishing vessels requires an approval from Ministry of Agriculture of the People's Republic of China to carry out ocean fishing projects in foreign territories. These approvals are valid for a period from three to twelve months, and are awarded to the Company at no cost. The Company applies for the renewal of the approval prior to expiration to avoid interruptions of fishing vessels’ operations. | |||||||||||
Each of the Company’s fishing vessels operated in Indonesia water requires a fishing license granted by the authority in Indonesia. Indonesia fishing licenses remain effective for a period of twelve months and the Company applies for renewal prior to expiration. The Company records cost of Indonesia fishing licenses in prepaid expenses and amortizes over the effective period of the licenses. | |||||||||||
(k) | Inventories | ||||||||||
Inventories are stated at the lower of cost or market. Cost comprises of fuel, depreciation, amortization, direct labor, shipping, consumables, and government levied charges and taxes. Consumables include fishing nets and metal containers used by fishing vessels. The Company’s fishing fleets in India and Indonesia waters operate around the year, although the May to July period demonstrates lower catch quantities compared to the October to January peak season. Cost of frozen fish and other marine catches at period-ends is calculated using the weighted average method. There was no inventory valuation reserve provided as at December 31, 2013 and 2012. | |||||||||||
(l) | Prepaid operating license rights | ||||||||||
Prepaid operating license rights is recorded at the lower of the net present value of the minimum license payments or the fair value of the licenses at the inception of the agreement. No interest element of the finance cost is charged to the comprehensive income over the license period as the license payment is fully satisfied. Amortization expense is computed using the straight-line method over the term of the license. | |||||||||||
(m) | Property, plant and equipment | ||||||||||
Property, plant and equipment are recorded at cost less accumulated depreciation. Expenditures for major additions and betterments are capitalized. Depreciation of property, plant and equipment is computed by the straight-line method over the assets estimated useful lives. | |||||||||||
Upon sale or retirement of property, plant and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in operations. | |||||||||||
The estimated useful lives of the assets are as follows: | |||||||||||
Estimated lives | |||||||||||
Fishing vessel | 20-Oct | ||||||||||
Major improvement on fishing vessel | 20-Apr | ||||||||||
Motor vehicle | 5-Mar | ||||||||||
Ship and office equipments | 5-Mar | ||||||||||
Expenditures for repairs and maintenance, which do not extend the useful life of the assets, are expensed as incurred. | |||||||||||
(n) | Capitalized interest | ||||||||||
Interest associated with the construction of a fishing vessel is capitalized and included in the cost of the fishing vessels. When no debt is incurred specifically for the construction of a fishing vessel, interest is capitalized on amounts expended on the construction using weighted-average cost of the Company’s outstanding borrowings. Capitalization of interest ceases when the construction is substantially complete or the construction activity is suspended for more than a brief period. The Company capitalized interest of $224,296, $244,619 and $109,899 for the years ended December 31, 2013, 2012 and 2011, respectively in the fishing vessels under construction. | |||||||||||
(o) | Impairment of long-lived assets | ||||||||||
In accordance with FASB ASC Topic 360, “Property, Plant and Equipment”, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. If long-lived assets are to be disposed, depreciation is discontinued, if applicable, and the assets are reclassified as held for sale at the lower of their carrying amounts or fair values less costs to sell. | |||||||||||
(p) | Income taxes | ||||||||||
Under the current laws of the Cayman Islands and British Virgin Islands, the Company and Merchant Supreme are not subject to any income or capital gains tax, and dividend payments that the Company may make are not subject to any withholding tax in the Cayman Islands or British Virgin Islands. Under the current laws of Hong Kong, Prime Cheer is not subject to any capital gains tax and dividend payments and are not subject to any withholding tax in Hong Kong. | |||||||||||
The Company is not incorporated nor does it engage in any trade or business in the United States and is not subject to United States federal income taxes. The Company did not derive any significant amount of income subject to such taxes after completion of the Share Exchange and accordingly, no relevant tax provision is made in the consolidated statements of operations. | |||||||||||
Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be effective when the differences are expected to reverse. | |||||||||||
Deferred tax assets are reduced by a valuation allowance to the extent that management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statements of income in the period that includes the enactment date. | |||||||||||
The Company has not recorded deferred income taxes applicable to undistributed earnings of the subsidiary and VIEs located in the PRC because it is the present intention of management to reinvest the undistributed earnings indefinitely in PRC. Undistributed earnings amounted to approximately $82.7 million and $36.5 million as of December 31, 2013 and 2012, respectively. If the earnings of such foreign subsidiaries were not definitely reinvested, a deferred tax liability of approximately $4.1 million and $1.8 million would have been required at December 31, 2013 and 2012, respectively. Generally, such earnings become subject to the PRC tax upon the remittance of dividends and under certain other circumstances. It is not practicable to estimate the amount of deferred tax liability on such undistributed earnings. | |||||||||||
The Company prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken in the tax return. This interpretation also provides guidance on de-recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods and income tax disclosures. As of December 31, 2013 and 2012, there were no amounts that had been accrued with respect to uncertain tax positions. | |||||||||||
The Company's VIE, Pingtan Fishing, is a qualified ocean fishing enterprise certified by the Ministry of Agriculture of the PRC. The qualification is renewed on April 1 each year. Pingtan Fishing is exempt from income tax derived from its ocean fishing operations in the periods it processes a valid Ocean Fishing Enterprise Qualification Certificate issued by the Ministry of Agriculture of the PRC. | |||||||||||
In addition, Pingtan Fishing is not subject to foreign income taxes for its operations in India and Indonesia Exclusive Economic Zones. | |||||||||||
(q) | Fair value measurements | ||||||||||
In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update “ASU 2010-06” “Fair Value Measurements and Disclosures”. The new guidance clarifies two existing disclosure requirements and requires two new disclosures as follows: (1) a “gross” presentation of activities (purchases, sales, and settlements) within the Level 3 rollforward reconciliation, which will replace the “net” presentation format; and (2) detailed disclosures about the transfers in and out of Level 1 and 2 measurements. This guidance is effective for the first interim or annual reporting period beginning after December 15, 2009, except for the gross presentation of the Level 3 rollforward information, which is required for annual reporting periods beginning after December 15, 2010, and for interim reporting periods thereafter. The Company adopted the amended fair value disclosures guidance on January 1, 2012. | |||||||||||
As of December 31, 2013 and 2012, none of the Company’s financial assets or liabilities were measured at fair value on a recurring basis. As of December 31, 2013 and 2012, none of the Company’s non-financial assets or liabilities was measured at fair value on a nonrecurring basis. | |||||||||||
The carrying values of the Company’s financial assets and liabilities, including accounts receivable, other receivables, other current assets, short-term loans, accounts payable, and accrued liabilities and other payables, are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and if applicable, their stated interest rate approximates current rates available. It is not practicable to estimate the fair values of advance to and advance from related parties because of the related party nature of such advances. | |||||||||||
(r) | Commitments and contingencies | ||||||||||
In the normal course of business, the Company is subject to contingencies, including legal proceedings and environmental claims arising out of the normal course of businesses that relate to a wide range of matters, including among others, contracts breach liability. The Company records accruals for such contingencies based upon the assessment of the probability of occurrence and, where determinable, an estimate of the liability. Management may consider many factors in making these assessments including past history, scientific evidence and the specifics of each matter. | |||||||||||
The Company’s management has evaluated all such proceedings and claims that existed as of December 31, 2013 and 2012. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial position, liquidity or results of operations. | |||||||||||
(s) | Economic and political risks | ||||||||||
The Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC economy. | |||||||||||
The Company’s operation in the PRC is subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances aboard, and rates and methods of taxation, among other things. | |||||||||||
According the sale agreement signed on December 4, 2014, the Company does not own 20 fishing vessels but has the license operating rights to operate these vessels which are owned by Hong Long and entitled to 100% of net profit (loss) of the vessels. The Company has latitude in establishing price and discretion in supplier selection. There were no economic risks associated with the license operating rights but the Company may need to bear the operation risks and credit risks as aforementioned. | |||||||||||
(t) | Pension and employee benefits | ||||||||||
Cost for pension and employee benefits was $24,502, $nil and $nil for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||
(u) | Segment information | ||||||||||
ASC 280 “Segment reporting” establishes standards for reporting information on operating segments in interim and annual financial statements. The Company currently has only one segment, all of the Company’s continuing operations and customers are in the PRC and all income is derived from ocean fishery. | |||||||||||
(v) | Earnings per ordinary share | ||||||||||
Earnings per ordinary share (basic and diluted) is based on the net income attributable to ordinary shareholders divided by the weighted average number of ordinary shares outstanding during each period. Ordinary share equivalents are not included in the calculation of diluted earnings per ordinary share if their effect would be anti-dilutive. Retroactive treatment as required by FASB ASC paragraph 260-10-55-12 has been applied in computing earnings per share to reflect the business combination held on February 25, 2013. | |||||||||||
The following table sets forth the computation of basic and diluted net income per ordinary share: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Net income | $ | 45,488,758 | $ | 21,297,586 | $ | 10,440,337 | |||||
- From continuing operations | 51,910,662 | 84,494,428 | 90,257,249 | ||||||||
- From discontinued operations | $ | 97,399,420 | $ | 105,792,014 | $ | 100,697,586 | |||||
Weighted average number of ordinary | 79,055,053 | 79,055,053 | 79,055,053 | ||||||||
shares outstanding (Basic and diluted) | |||||||||||
Earnings per ordinary share (Basic and diluted) | |||||||||||
- From continuing operations | $ | 0.58 | $ | 0.27 | $ | 0.13 | |||||
- From discontinued operations | 0.65 | 1.07 | 1.14 | ||||||||
- Net income | $ | 1.23 | $ | 1.34 | $ | 1.27 | |||||
For the years ended December 31, 2013, 2012 and 2011, the number of securities convertible into ordinary shares not included in diluted EPS because the effect would have been anti-dilutive consists of the following: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Warrants to purchase ordinary share | 8,966,667 | 8,966,667 | 8,966,667 | ||||||||
(w) | Recently issued accounting standards | ||||||||||
In February 2013, the FASB issued new authoritative accounting guidance related to the recognition and measurement of obligations arising from joint and several liability arrangements. This authoritative accounting guidance is effective for interim and annual periods beginning after December 15, 2013 and is to be applied retrospectively. Based on its evaluation, the Company determined this guidance does not currently impact the Company’s financial statements and disclosures. | |||||||||||
In July 2013, the FASB issued new authoritative accounting guidance related to the reporting of unrecognized tax benefits when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. The guidance states an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carry-forward, a similar tax loss, or a tax credit carry-forward, with certain exceptions. This authoritative accounting guidance is effective for interim and annual periods beginning after December 15, 2013, and is to be applied prospectively to all unrecognized tax benefits that exist at the effective date. The Company determined this guidance does not significantly impact the Company’s financial statements and disclosures. | |||||||||||
There are no new significant accounting standards applicable to the Company that have been issued but not yet adopted by the Company as of December 31, 2013. | |||||||||||
CASH
CASH | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Cash and Cash Equivalents [Abstract] | ' | |||||||
Cash and Cash Equivalents Disclosure [Text Block] | ' | |||||||
4 | CASH | |||||||
Cash is classified by geographical areas is set out as follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Hong Kong | $ | 269,299 | $ | 3,566,217 | ||||
The PRC | 7,887,300 | 6,859,923 | ||||||
$ | 8,156,599 | $ | 10,426,140 | |||||
Maximum exposure to credit risk | $ | 8,156,599 | $ | 10,426,140 | ||||
Cash is denominated in the following currencies: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
USD | $ | 381,516 | $ | 3,715,356 | ||||
RMB | 7,752,468 | 6,709,922 | ||||||
HKD | 22,615 | 862 | ||||||
$ | 8,156,599 | $ | 10,426,140 | |||||
In the PRC and Hong Kong, there are currently no rules or regulations mandating obligatory insurance of bank accounts. Management believes these financial institutions are of high credit quality. | ||||||||
Renminbi is not a freely convertible currency and the remittance of funds out of the PRC is subject to the exchange restrictions imposed by the PRC government. | ||||||||
ACCOUNTS_RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | |||||||
Accounts Receivable Third Parties [Text Block] | ' | |||||||
5 | ACCOUNTS RECEIVABLE | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Accounts receivable from independent third parties | $ | 9,133,130 | $ | 11,478,436 | ||||
INVENTORIES
INVENTORIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory Disclosure [Text Block] | ' | |||||||
6 | INVENTORIES | |||||||
Inventories as of December 31, 2013 and 2012 consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Frozen fish and marine catches in warehouse | $ | 9,095,736 | $ | 161,484 | ||||
Frozen fish and marine catches in transit | - | 32,847 | ||||||
$ | 9,095,736 | $ | 194,331 | |||||
OTHER_RECEIVABLES_NON_CURRENT_
OTHER RECEIVABLES - NON - CURRENT PORTION | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | |||||||
Other Receivables [Text Block] | ' | |||||||
7 | OTHER RECEIVABLES – NON – CURRENT PORTION | |||||||
Other receivables as of December 31, 2013 and 2012 consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Grants receivable from the PRC Government | $ | 1,213,440 | $ | - | ||||
Other receivables represented grant receivables for construction of new fishing vessels. | ||||||||
LONGTERM_INVESTMENT
LONG-TERM INVESTMENT | 12 Months Ended | ||
Dec. 31, 2013 | |||
Investment [Abstract] | ' | ||
Investment [Text Block] | ' | ||
8 | LONG-TERM INVESTMENT | ||
Long-term investment represents the Company’s VIE, Pingtan Fishing’s interest in Fujian Pingtan Rural-Commercial Bank Joint-Stock Co., Ltd. (“Pingtan Rural-Commercial Bank’’), a private financial institution. Pingtan Fishing completed its registration as a shareholder on October 17, 2012 and paid RMB 21 million, or approximately $3.4 million to subscribe to 15,113,250 shares, or 5% of the common stock of Pingtan Rural-Commercial Bank. There shares were as collateral for the company’s long term loan amounting to $2.3 million as of December 31, 2013. None of these shares were collateralized as of December 31, 2012. | |||
Pingtan Fishing used the cost method of accounting to record its investment since Pingtan Fishing does not have the ability to exercise significant influence over the operating and financing activities of Pingtan Rural-Commercial Bank. The Company determined that there was no impairment on this investment as of December 31, 2013 and 2012. | |||
Long-term investment for which there are no quoted market prices, a reasonable estimate of fair value could not be made without incurring excessive costs. | |||
DEPOSIT_ON_POTENTIAL_JOINT_VEN
DEPOSIT ON POTENTIAL JOINT VENTURE | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' | |||||||
9 | DEPOSIT ON POTENTIAL JOINT VENTURE | |||||||
Deposit on potential Joint Venture as of December 31, 2013 and 2012 consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Deposit for an asset interest acquisition and investment | $ | - | $ | 6,090,302 | ||||
in a proposed Indonesia joint venture | ||||||||
Pursuant to a Cooperative Agreement and a Joint-Venture Contract dated March 1, 2006 entered into between the Company’s VIE, Pingtan Fishing and PT. Avona Mina Lestari (“Avona”), a related party, and an Indonesian enterprise engaged in fishing base management and fishing vessel operations, Pingtan Fishing agreed to acquire 80% controlling interest in a fishing base owned by Avona. A joint venture company that would be controlled by Pingtan Fishing was to be established between Pingtan Fishing and Avona following Pingtan Fishing’s acquisition of controlling interest in Avona’s fishing base. Total investment for the acquisition of Avona fishing base 80% interest and establishment of a joint venture company was $7,200,000, comprising $5,470,000 cash and 14 fishing vessels to be valued at $1,730,000. | ||||||||
In the first quarter of 2013, Pingtan Fishing and Avona, as a result of non-approved of the proposed Joint Venture, entered into an agreement in which the deposit on setting up of joint venture would be used for settling the accounts payable of Avona that who provided ship agency, maintenance and other services to Pingtan Fishing. If the Indonesian Government authority subsequently approved the proposed Joint Venture, both companies would reconsider this investment. | ||||||||
PREPAID_OPERATING_LICENSE_RIGH
PREPAID OPERATING LICENSE RIGHTS | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Capital Leases in Financial Statements of Lessee Disclosure [Text Block] | ' | ||||
10 | PREPAID OPERATING LICENSE RIGHTS | ||||
On December 4, 2013, 25-year operating license rights to the 20 new fishing vessels assigned from Hong Long to the Company. Subsequent to the licensing of the operating rights, the Company is entitled to 100% of the operations and net profits (losses) from the vessels. The Company has latitude in establishing price and discretion in supplier selection. The cost of the operating license rights is included in the consolidated balance sheets under other assets and was $215,381,356 ($720,339 net of accumulated amortization) as of December 31, 2013. Amortization expense in the amount of $720,339 is included in the cost of revenue for the year 2013. | |||||
The future minimum amounts of the operating license rights will be charged to earnings in future years as of December 31, 2013, are as follows: | |||||
For the years ended December 31, | |||||
2014 | $ | 8,644,068 | |||
2015 | 8,644,068 | ||||
2016 | 8,644,068 | ||||
2017 | 8,644,068 | ||||
2018 | 8,644,068 | ||||
Thereafter | 172,161,016 | ||||
$ | 215,381,356 | ||||
The 25-year exclusive operating rights are fully satisfied and there are no further commitments and obligations. | |||||
PROPERTY_PLANT_AND_EQUIPMENTNE
PROPERTY, PLANT AND EQUIPMENT,NET | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
11 | PROPERTY, PLANT AND EQUIPMENT, NET | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Externally purchased fishing vessels | $ | 62,551,611 | $ | 20,934,880 | ||||
Office and other equipment | 147,894 | 134,684 | ||||||
Fishing vessels under construction | 49,245,794 | 17,436,515 | ||||||
111,945,299 | 38,506,079 | |||||||
Less: Accumulated depreciation | -4,767,030 | -1,364,173 | ||||||
$ | 107,178,269 | $ | 37,141,906 | |||||
Depreciation expenses were $3,297,751, $2,983,086 and $1,917,747 for years ended December 31, 2013, 2012 and 2011, respectively. Depreciation of $3,271,015, $2,959,622 and $1,917,747 was charged to cost of revenue for the years ended December 31, 2013, 2012 and 2011, respectively. Depreciation of $26,236, $23,464 and $nil was charged to general and administrative expenses for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
As of December 31, 2013 and 2012, the Company had 16 fishing vessels which were fully depreciated with estimated useful lives of 10 years. These fishing vessels were contributed by registered equity owners in exchange for Pingtan Fishing's paid-in capital and were recorded at the equity owners' historical cost of $nil at the time of contribution. | ||||||||
As of December 31, 2013 and 2012, the Company had 38 and 20 fishing vessels with net carrying amount of $33,117,389 and $17,334,990 respectively pledge as collateral for its term loans and term loan of a related party. The term loans of the related party were in the amount of approximately $20.7 million and $10.6 million as of December 31, 2013 and 2012 respectively (Note 14 (c)). | ||||||||
As of December 31, 2013 and 2012, the Company pledged $19,657,400 and $nil of fishing vessels under construction as collateral for its term loans. | ||||||||
ACCOUNTS_PAYABLE_RELATED_PARTI
ACCOUNTS PAYABLE - RELATED PARTIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Payable Related Parties [Abstract] | ' | |||||||
Accounts Payable Related Parties Disclosure [Text Block] | ' | |||||||
12 | ACCOUNTS PAYABLE - RELATED PARTIES | |||||||
Accounts payable to related parties as of December 31, 2013 and 2012 consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
PT. Avona Mina Lestari | $ | 1,967,151 | $ | 5,589,681 | ||||
Fuzhou Honglong Ocean Fishery Co., Ltd. (“Hong Long”) | 6,214,491 | 175,951 | ||||||
Hai Yi Shipping Limited | 251,341 | - | ||||||
Haifeng Dafu Enterprise Company Limited | 377,216 | - | ||||||
Hong Fa Shipping Limited | 4,996,031 | - | ||||||
Zhiyan Lin | 1,375 | - | ||||||
$ | 13,807,605 | $ | 5,765,632 | |||||
Accounts payable to related parties are not collateralized, carry no interest, and do not have specific repayment terms. | ||||||||
Deposit on setting up joint venture netted off with accounts payable - related parties. | ||||||||
See Note 16(a) for the relationship of related parties. | ||||||||
RECEIPT_IN_ADVANCE_RELATED_PAR
RECEIPT IN ADVANCE - RELATED PARTIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receipt In Advance Related Parties [Abstract] | ' | |||||||
Receipt In Advance Related Parties Disclosure [Text Block] | ' | |||||||
13 | RECEIPT IN ADVANCE - RELATED PARTIES | |||||||
Receipt in advance from related parties as of December 31, 2013 and 2012, consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Shenzhen Western Coast Fisherman Pier Co., Ltd (See Note 16 (a)) | $ | - | $ | 12,681,102 | ||||
In 2012, the Company received of $12,681,102 in advance from Shenzhen Western Coast Fisherman Pier Co., Ltd to supply fishery products in 2013. | ||||||||
TERM_LOANS
TERM LOANS | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||
Debt Disclosure [Text Block] | ' | |||||||||||||||||||||||
14 | TERM LOANS | |||||||||||||||||||||||
As of December 31, 2013 and 2012, the Company’s short and long-term loans consisted of the following items: | ||||||||||||||||||||||||
(a) | Short-term loans | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Classified by financial institutions: | ||||||||||||||||||||||||
Industrial and Commercial Bank of China | $ | - | $ | 14,390,323 | ||||||||||||||||||||
Fujian Haixia Bank | 9,085,353 | 7,133,120 | ||||||||||||||||||||||
China Minsheng Banking Corporation Limited | - | 3,645,817 | ||||||||||||||||||||||
$ | 9,085,353 | $ | 25,169,260 | |||||||||||||||||||||
Additional information: | ||||||||||||||||||||||||
Maximum balance outstanding during the year | $ | 25,169,260 | $ | 25,169,260 | ||||||||||||||||||||
Interest expense for the years ended December 31, 2013 and 2012 | $ | 1,229,965 | $ | 1,873,866 | ||||||||||||||||||||
Weighted average interest rate | 8.7 | % | 4.8 | % | ||||||||||||||||||||
The principal payments for the outstanding short-term loans are as follows: | ||||||||||||||||||||||||
Outstanding | ||||||||||||||||||||||||
Current | amount as of | |||||||||||||||||||||||
Principal | annualized | December | ||||||||||||||||||||||
Name of Banks | amount | interest rate | Terms of loans | Collateral | 312,013 | |||||||||||||||||||
Fujian Haixia | RMB30,000,000 | Fixed rate at | Due on | Guaranteed by | 4,955,647 | |||||||||||||||||||
Bank, Fuzhou | 8.400% per | March 22, 2014 | Xinrong | |||||||||||||||||||||
Hualin Branch | annum | Zhuo | ||||||||||||||||||||||
Fujian Haixia | RMB10,000,000 | Fixed rate at | Due on | Guaranteed by | 1,651,883 | |||||||||||||||||||
Bank, Fuzhou | 9.000% per | May 9, 2014 | Xinrong | |||||||||||||||||||||
Hualin Branch | annum | Zhuo | ||||||||||||||||||||||
Fujian Haixia | RMB15,000,000 | Fixed rate at | Due on | Guaranteed by | 2,477,823 | |||||||||||||||||||
Bank, Fuzhou | 9.000% per | April 23, 2014 | Xinrong | |||||||||||||||||||||
Hualin Branch | annum | Zhuo | ||||||||||||||||||||||
$ | 9,085,353 | |||||||||||||||||||||||
(b) | Long-term loans | |||||||||||||||||||||||
Term Loans consist of the following: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
China Minsheng Banking Corporation Limited, Fuzhou Branch | $ | 14,829,774 | $ | 20,028,216 | ||||||||||||||||||||
Fujian Haixia Bank, Fuzhou Hualin Branch | 3,303,764 | 4,755,413 | ||||||||||||||||||||||
The Export-Import Bank of China, Fujian Branch | 46,706,972 | - | ||||||||||||||||||||||
China Development Bank, Fujian Branch | 9,911,294 | - | ||||||||||||||||||||||
$ | 74,751,804 | $ | 24,783,629 | |||||||||||||||||||||
Less: Current portion | -20,252,077 | -8,094,308 | ||||||||||||||||||||||
Long-term debt | $ | 54,499,727 | $ | 16,689,321 | ||||||||||||||||||||
Additional information: | ||||||||||||||||||||||||
Weighted average interest rate | 6.8 | % | 7.9 | % | ||||||||||||||||||||
Interest expenses of long-term loans for the years ended December 31, 2013, 2012 and 2011 amounted to $2,942,024, $900,122 and $nil, respectively. Interest expenses of $224,296, $244,619 and $109,899 are capitalized to construction in progress for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
As of December 31, 2013, a related company, Fujian International Trading and Transportation Company collateralized its 0.3% investment in total equity interest of Xiamen International bank and 1% of its investment in total equity interest of Fujian Pingtan Rural-Commercial bank Joint-Stocked Co., Ltd to guarantee Pingtan Fishing’s term loans of $ 3.8 million and $0.5 million respectively. | ||||||||||||||||||||||||
As of December 31, 2013, Hong Long collateralized its 2.86% investment in total equity interest of Fujian Fuqing Rural-Commercial Bank, 1.75% investment in total equity interest of Xiamen International Bank and 2.7 % investment in total equity interest of Fujian Pingtan Rural-Commercial bank Joint-Stocked Co., Ltd to guarantee Pingtan Fishing’s term loans of $0.7 million, $19.6 million and $1.3 million respectively. | ||||||||||||||||||||||||
A summary of the principal payments for the outstanding term loans during the following eight fiscal years is as follows: | ||||||||||||||||||||||||
Total | ||||||||||||||||||||||||
Principal payment due during | outstanding | |||||||||||||||||||||||
Name of bank | Collateral | Term of loans | 2014 | 2015 | 2016 | 2017 | 2018-2021 | loan amount | ||||||||||||||||
China Minsheng | Pingtan Fishing’s | May 4, 2012 to | $ | 6,095,446 | $ | 3,047,723 | $ | - | $ | - | $ | - | $ | 9,143,169 | ||||||||||
Banking | and Hong Long’s | March 16, 2015 | ||||||||||||||||||||||
Corporation | fishing vessels | |||||||||||||||||||||||
Limited, Fuzhou | and guaranteed | |||||||||||||||||||||||
Branch | by Xinrong | |||||||||||||||||||||||
Zhuo | ||||||||||||||||||||||||
China Minsheng | Pingtan Fishing’s | June 15, 2012 to | 1,486,694 | 743,347 | - | - | - | 2,230,041 | ||||||||||||||||
Banking | and Hong Long’s | March 16, 2015 | ||||||||||||||||||||||
Corporation | fishing vessels | |||||||||||||||||||||||
Limited, Fuzhou | and guaranteed | |||||||||||||||||||||||
Branch | by Xinrong | |||||||||||||||||||||||
Zhuo | ||||||||||||||||||||||||
China Minsheng | Pingtan Fishing’s | June 29, 2012 to | 2,304,376 | 1,152,188 | - | - | - | 3,456,564 | ||||||||||||||||
Banking | and Hong Long’s | March 16, 2015 | ||||||||||||||||||||||
Corporation | fishing vessels | |||||||||||||||||||||||
Limited, Fuzhou | and guaranteed | |||||||||||||||||||||||
Branch | by Xinrong | |||||||||||||||||||||||
Zhuo | ||||||||||||||||||||||||
Fujian Haixia Bank, | Guaranteed by | April 25, 2012 to | 1,651,882 | 1,651,882 | - | - | - | 3,303,764 | ||||||||||||||||
Fuzhou Hualin | Xinrong Zhuo | March 22, 2015 | ||||||||||||||||||||||
Branch | ||||||||||||||||||||||||
The Export-Import | Hong Long’s | July 5, 2013 to | 3,386,359 | 4,724,383 | 5,418,174 | 6,111,965 | - | 19,640,881 | ||||||||||||||||
Bank of China | investment in | December 10, | ||||||||||||||||||||||
equity interest | 2017 | |||||||||||||||||||||||
of a PRC | ||||||||||||||||||||||||
local bank | ||||||||||||||||||||||||
The Export-Import | Hong Long’s | July 5, 2013 to | 123,891 | 181,707 | 198,226 | 214,745 | - | 718,569 | ||||||||||||||||
Bank of China | investment in | December 10, | ||||||||||||||||||||||
equity interest | 2017 | |||||||||||||||||||||||
of a PRC | ||||||||||||||||||||||||
local bank | ||||||||||||||||||||||||
The Export-Import | Fujian International | July 5, 2013 to | 660,753 | 925,054 | 1,024,167 | 1,172,836 | - | 3,782,810 | ||||||||||||||||
Bank of China | Trading and | December 10, | ||||||||||||||||||||||
Transportation | 2017 | |||||||||||||||||||||||
Company Ltd’s | ||||||||||||||||||||||||
investment in | ||||||||||||||||||||||||
equity interest | ||||||||||||||||||||||||
of a PRC local | ||||||||||||||||||||||||
bank | ||||||||||||||||||||||||
The Export-Import | Guarantee of | July 5, 2013 to | 3,270,727 | 4,592,233 | 5,219,948 | 2,775,162 | - | 15,858,070 | ||||||||||||||||
Bank of China | Hong Long | December 10, | ||||||||||||||||||||||
2017 | ||||||||||||||||||||||||
The Export-Import | Fujian International | September 29, | 82,594 | 99,113 | 132,151 | 148,669 | - | 462,527 | ||||||||||||||||
Bank of China | Trading and | 2013 to December | ||||||||||||||||||||||
Transportation | 10, 2017 | |||||||||||||||||||||||
Company Ltd’s | ||||||||||||||||||||||||
investment in | ||||||||||||||||||||||||
equity interest | ||||||||||||||||||||||||
of a PRC local | ||||||||||||||||||||||||
bank | ||||||||||||||||||||||||
The Export-Import | Hong Long’s | September 29, | 214,745 | 297,339 | 363,414 | 379,933 | - | 1,255,431 | ||||||||||||||||
Bank of China | investment in | 2013 to | ||||||||||||||||||||||
equity interest | December 10, | |||||||||||||||||||||||
of a PRC | 2017 | |||||||||||||||||||||||
local bank | ||||||||||||||||||||||||
The Export-Import | Hong Long’s | September 29, | - | - | - | 2,659,531 | - | 2,659,531 | ||||||||||||||||
Bank of China | investment in | 2013 to | ||||||||||||||||||||||
equity interest | December 10, | |||||||||||||||||||||||
of a PRC | 2017 | |||||||||||||||||||||||
local bank | ||||||||||||||||||||||||
The Export-Import | Pingtan Fishing’s | September 29, | 396,451 | 561,640 | 660,753 | 710,309 | - | 2,329,153 | ||||||||||||||||
Bank of China | investment in | 2013 to | ||||||||||||||||||||||
Fujian Branch | equity interest | December 10, | ||||||||||||||||||||||
of a PRC | 2017 | |||||||||||||||||||||||
local bank | ||||||||||||||||||||||||
China Development | Guaranteed by | November 28, | 578,159 | 1,156,318 | 1,238,912 | 1,404,100 | 5,533,805 | 9,911,294 | ||||||||||||||||
Bank Fujian | Xinrong Zhuo, | 2013 to | ||||||||||||||||||||||
Branch | Honghong Zhuo, | November 27, | ||||||||||||||||||||||
Mrs. and Mr. | 2021 | |||||||||||||||||||||||
Zhiyan Lin and | ||||||||||||||||||||||||
14 fishing vessels | ||||||||||||||||||||||||
under construction | ||||||||||||||||||||||||
$ | 20,252,077 | $ | 19,132,927 | $ | 14,255,745 | $ | 15,577,250 | $ | 5,533,805 | $ | 74,751,804 | |||||||||||||
(c) | Guarantees and collaterals provided to related parties | |||||||||||||||||||||||
In October 2012, Pingtan Fishing entered into two pledge contracts with China Minsheng Banking Corp., Ltd. Pursuant to the terms of the pledge contracts, Pingtan Fishing assigned 10 fishing vessels, as collateral to secure Hong Long’s long-term loans from the financial institution in amount of approximately $10.8 million, which are due on April 18, 2015. In addition to the collateral provided to Hong Long, Pingtan Fishing also guaranteed the repayment of $46.3 million for Hong Long’s long-term loans. | ||||||||||||||||||||||||
In August and September 2013, Pingtan Fishing entered into two pledge contracts with China Minsheng Banking Corp., Ltd. Pursuant to the terms of the pledge contracts, Pingtan Fishing assigned 12 fishing vessels, as collateral to provide maximum guarantees of $9.9 million to Hong Long’s term loans, which are due on June 25, 2014. | ||||||||||||||||||||||||
In December 2013, Pingtan Fishing entered into a guarantee agreement with Ping An Bank Co., Ltd. Pursuant to the terms of the guarantee agreement, Pingtan Fishing provide maximum guarantees approximately of $8.3 million to Hong Long’s credit line in amount of $16.5 million which is due on December 23, 2014. | ||||||||||||||||||||||||
As of the issuance date of these financial statements, Pingtan Fishing did not receive any demand from the lender that collateralized properties are intended to be disposed of or to make any payments under the guarantee. | ||||||||||||||||||||||||
ACCRUED_LIABILITIES_AND_OTHER_
ACCRUED LIABILITIES AND OTHER PAYABLES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | ' | |||||||
15 | ACCRUED LIABILITIES AND OTHER PAYABLES | |||||||
Accrued liabilities and other payables as of December 31, 2013 and 2012 consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Accrued salaries and wages | $ | 3,278,245 | $ | 673,234 | ||||
Accrued expenses | 152,000 | - | ||||||
Other payables | 420,802 | 360,550 | ||||||
$ | 3,851,047 | $ | 1,033,784 | |||||
As of December 31, 2013, the estimated social insurance and housing fund payment not provided are approximately $246,000 and $27,000, respectively, which are immaterial. No accruals have been provided for the Group's PRC social insurance and housing fund payments for the Group's PRC employees. | ||||||||
ADVANCES_TOFROM_RELATED_PARTIE
ADVANCES TO/FROM RELATED PARTIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Advance To From Related Parties [Abstract] | ' | |||||||
Advances To From Related Parties Disclosure [Text Block] | ' | |||||||
16 | ADVANCES TO/FROM RELATED PARTIES | |||||||
Advances to/from related parties as of December 31, 2013 and 2012 consisted of the following: | ||||||||
(a) | Name and relationship of related parties | |||||||
Name of related party | Relationship | |||||||
Panxing Zhuo | Father of Xinrong Zhuo, a Family Member | |||||||
Honghong Zhuo | Daughter of Xinrong Zhuo | |||||||
Qing Lin | Brother-in-law of Xinrong Zhuo, a Family Member | |||||||
Longfei Zhuo | Cousin of Xinrong Zhuo, a Family Member | |||||||
Sunqiang Zhou | Brother-in-law of Xinrong Zhuo, a Family Member | |||||||
Cheng Chen | Cousin of Xinrong Zhuo, a Family Member and | |||||||
shareholder of Hong Long | ||||||||
Xiaojie Wu | Brother-in-law of Xinrong Zhuo, a Family Member | |||||||
Xiaoqin Xu | An employee of an affiliate company | |||||||
Xiaomei Yang | An employee of the Company and niece of Xinrong Zhuo | |||||||
Xiaofang Zhuo | Cousin of Xinrong Zhuo, a Family Member | |||||||
Longhua Zhuo | Sister of Xinrong Zhuo,a Family Member | |||||||
Zhiyan Lin | Shareholder of Pingtan Fishing | |||||||
Fujian Yihai Investment Co., Ltd. | An affiliate company majority owned by Longjie Zhuo, sibling of Xinrong Zhuo | |||||||
Fuzhou Haifeng Dafu Ocean Fishing Co., Ltd. | An affiliate company owned by Longfei Zhuo and Honghong Zhuo | |||||||
Fujian Lutong Highway Engineering | An affiliate company majority owned by Xiaojie Wu, brother-in-law of Xinrong Zhuo | |||||||
Fujian Haiyi International Shipping Agency Co., Ltd. | An affiliate company to which the Company acted as a trustee equity owner. Haiyi International is ultimately majority owned and controlled by Sunqiang Zhou, brother-in-law of Xinrong Zhuo and a Family Member | |||||||
Fujian Xinnong Ocean Fisheries Development Co., Ltd. | An affiliate company to which the Company acted as a trustee equity owner. Xinnong is ultimately owned and controlled by Xiaojie Wu | |||||||
Fuzhou Haoyouli Fisheries Development Co., Ltd. | An affiliate company to which the Company acted as trustee equity owner. Haoyouli is ultimately owned and controlled by Sunqiang Zhou | |||||||
Fuzhou Honglong Ocean Fishery Co., Ltd. | An affiliate company majority owned and controlled by Ping Lin, spouse of Xinrong Zhuo and a Family Member | |||||||
PT. Avona Mina Lestari | An affiliate company controlled by Xinrong Zhuo family domiciled in Indonesia, engaged in fishing base management and fishing vessel service | |||||||
PT. Dwikarya Reksa Abadi | An affiliate company controlled by Xinrong Zhuo family domiciled in Indonesia, engaged in fishing base management and fishing vessel service | |||||||
Haifeng Dafu Enterprise Company Limited | An affiliate company ultimately owned by Xinrong Zhuo and domiciled in the Hong Kong Special Administrative Region of the PRC (“Hong Kong”) | |||||||
Name of related party | Relationship | |||||||
Hai Yi Shipping Limited | An affiliate company ultimately owned by Xinrong Zhuo and domiciled in Hong Kong Administrative Region of the PRC (“Hong Kong”) | |||||||
Fuzhou Wanhao Real Estate Property Investment Co., Ltd. | An affiliate company majority-owned and controlled by Qing Lin | |||||||
China Communication Materials Central and South Co., Ltd. | An affiliate company majority-owned by Lutong Highway | |||||||
Fujian Gangjun Construction Co., Ltd. | An affiliate company ultimately controlled by Xinrong Zhuo | |||||||
Fujian International Trading and Transportation Co., Ltd. | An affiliate company owned by Yihai Investment and Longhao Zhuo, sibling of Xinrong Zhuo and a Family Member | |||||||
Fuzhou Dongxing Longju Real Estate Co., Ltd. | An affiliate company owned by Xinrong Zhuo | |||||||
Shenzhen Western Coast Fisherman Pier Co., Ltd. | An affiliate company owned by Xinrong Zhuo | |||||||
Pingtan Heshun Fuel Co., Ltd. | An affiliate company under Xinrong Zhuo’s common control | |||||||
Fuzhou Hairong Trading Co., Ltd. | An affiliate company under Xinrong Zhuo’s common control | |||||||
Hong Fa Shipping Limited | An affiliate company ultimately owned by Xinrong Zhuo and domiciled in Hong Kong Administrative Region of the PRC (“Hong Kong”) | |||||||
(b) | Advances to related parties | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Honghong Zhuo | $ | - | $ | 1,642,203 | ||||
Panxing Zhuo | - | 6,196,248 | ||||||
Qing Lin | - | 100,855 | ||||||
Xiaofang Zhuo | - | 769,251 | ||||||
Xiaomei Yang | - | 7,598,782 | ||||||
China Communication Materials Central and South Co., Ltd | - | 6,895,349 | ||||||
Fujian Haiyi International Shipping Agency Co., Ltd. | - | 243,117 | ||||||
Fujian Lutong Highway Engineering Construction Co., Ltd. | - | 2,161,177 | ||||||
Fujian Yihai Investment Co., Ltd | - | 13,467,150 | ||||||
Fuzhou Haifeng Dafu Ocean Fishing Co., Ltd. | - | 956,315 | ||||||
Fuzhou Haoyouli Fisheries Development Co., Ltd. | - | 7,204,451 | ||||||
Fuzhou Wanhao Real Estate Property Investment Co., Ltd | - | 2,567,923 | ||||||
$ | - | $ | 49,802,821 | |||||
Advances to related parties represented loans to related parties. These balances are not collateralized, carry no interest, and do not have specific repayment terms. | ||||||||
(c) | Advances from related parties | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Kit Chan | $ | - | $ | 153,961 | ||||
CAPITAL
CAPITAL | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||
17 | CAPITAL | ||||||||
(a) | Share Capital | ||||||||
On February 25, 2013, CGEI completed its merger with CDGC and the various transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), dated as of October 24, 2012 among CGEI, CDGC, and China Dredging Sub Ltd. and the share purchase of Merchant Supreme contemplated by the Share Purchase Agreement, dated as of October 24, 2012 (the “Share Purchase Agreement”), among CGEI and Merchant Supreme (collectively, the “Business Combination”). Upon the consummation of the Business Combination, the ordinary shares, $0.001 par value per share of the Company were listed on The NASDAQ Capital Market under the symbol “PME”. Pursuant to the terms of the Merger Agreement, upon completion of the Merger, each share of then-issued outstanding ordinary shares and Class A preferred shares of CDGC was automatically cancelled and converted into the right to receive 0.82947 Company Ordinary Shares. Pursuant to the terms of the Share Purchase Agreement, all of the issued and outstanding shares of Merchant Supreme capital shares were purchased by the Company for an aggregate of 25,000,000 Company Ordinary Shares. On February 26, 2013, the Company announced that it had completed the Business Combination. | |||||||||
An aggregate of 30,329,883 ordinary shares and 3,966,667 warrants that were originally issued by CGEI, to Chum Capital Group Limited, in connection with a private placement prior to CGEI’s initial public offering, and that became exercisable for the Company’s ordinary shares beginning on March 27, 2013 (the “Sponsor Warrants”). The Sponsor Warrants have been registered for resale by the selling security-holders under Form S-3 filed on June 17, 2013 and declared effective on June 19, 2013. On June 2, 2011, the Company sold 5,000,000 units, at an offering price of $10.00 per unit, generating gross proceeds of $50,000,000. Each unit consists of one ordinary share, $0.001 par value, of the Company and one redeemable purchase warrant. Each warrant will entitle the holder to purchase from the Company one ordinary share at an exercise price of $12.00 commencing upon the completion of a business combination and expiring five years from the consummation of a business combination. The Company also registered an aggregate of 8,966,667 ordinary shares that are issuable by the Company upon exercise of the 3,966,667 Sponsor Warrants and 5,000,000 warrants that were issued in the CGEI’s initial public offering (the “Public Warrants”) and that became exercisable upon the consummation of the transactions contemplated by that certain Agreement and Plan of Merger, dated as of October 24, 2012, between CGEI, CDGC, China Growth Dredging Sub Ltd. and Xinrong Zhuo and by that certain Share Purchase Agreement, dated as of October 24, 2012, between CGEI and Merchant Supreme. | |||||||||
Each Public Warrants and Sponsor Warrant (the “Warrants”) entitles the registered holder thereof to purchase one of the Company’s ordinary shares upon payment of the exercise price of $12.00 per share. | |||||||||
The Sponsor Warrants are identical to the Public Warrants except that the Sponsor Warrants will be exercisable for cash or on a cashless basis, at the holder’s option, and will not be redeemable by the Company, in each case so long as they are still held by these purchases or their transferees. | |||||||||
In accordance with GAAP, the Company accounted for the Warrants as equity instruments. | |||||||||
A summary of all Warrants outstanding as of December 31, 2013 is presented below: | |||||||||
Number of | |||||||||
Warrants | Exercise Price | Terms | |||||||
Exercisable as of December 31, 2013 | 8,966,667 | $ | 12 | 4.2 years | |||||
During the year ended December 31, 2013 and 2012, no warrant was granted, exercised or expired. | |||||||||
(b) | Retained earnings and statutory reserves | ||||||||
Pingtan Guansheng and Pingtan Fishing Group operate in the PRC, are required to reserve 10% of their net profits after income tax, as determined in accordance with the PRC accounting rules and regulations. Appropriation to the statutory reserve by the Company is based on profit arrived at under PRC accounting standards for business enterprises for each year. The statutory reserves of the Company represent the statutory reserves of the above-mentioned companies as required under the PRC law. | |||||||||
The profit arrived at must be set off against any accumulated losses sustained by the Company in prior years, before allocation is made to the statutory reserve. Appropriation to the statutory reserve must be made before distribution of dividends to shareholders. The appropriation is required until the statutory reserve reaches 50% of the registered capital. This statutory reserve is not distributable in the form of cash dividends. | |||||||||
As of December 31, 2013, Pingtan Fishing allocated $2,378,191 of net profits of the year ended December 31, 2013 to the statutory surplus reserves to reach 50% of the registered capital. The registered capital of Pingtan Fishing is RMB 80 million in statutory record including RMB 29.5 million of capital injection by fishing vessels from related parties. According to SAB Topic 5G, this SAB requires that the assets be recorded at predecessor's cost and the registered capital of Pingtan Fishing per audit is $6,254,178 (RMB50.5 million). Pingtan Guansheng, Pingtan Dingxin, Pingtan Duoying and Pingtan Ruiying had sustained losses since its establishment; therefore no appropriation of net profits to the statutory reserves was required. | |||||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||
Related Party Transactions Disclosure [Text Block] | ' | ||||||||||
18 | RELATED PARTY TRANSACTIONS | ||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Service fee | |||||||||||
Hai Yi Shipping Limited (6) | $ | 230,903 | $ | - | $ | - | |||||
Sale of frozen fish and other marine catches | |||||||||||
Shenzhen Western Coast Fisherman Pier Co., Ltd. | $ | 10,372,611 | $ | - | $ | - | |||||
Fuzhou Haifeng Dafu Ocean Fishing Co., Ltd. | - | 4,574,118 | 4,312,036 | ||||||||
Fujian Xinnong Ocean Fisheries Development Co., Ltd. | - | 8,948,761 | - | ||||||||
Cheng Chen | - | 185,839 | 179,378 | ||||||||
Longhua Zhou | - | 78,902 | - | ||||||||
Total sales | $ | 10,372,611 | $ | 13,787,620 | $ | 4,491,414 | |||||
Purchase of fuel, fishing nets and other on board consumables (1) | |||||||||||
PT. Avona Mina Lestari | $ | 14,746,582 | $ | 10,709,195 | $ | 3,440,000 | |||||
PT. Dwikarya Reksa Abadi | 757,557 | - | - | ||||||||
Zhiyan Lin | 1,126 | - | - | ||||||||
15,505,265 | 10,709,195 | 3,440,000 | |||||||||
Purchase of fuel, fishing nets and other on board consumables paid on behalf | |||||||||||
Fuzhou Honglong Ocean Fishery Co., Ltd. | 1,953,494 | 3,245,177 | 1,037,441 | ||||||||
Hong Fa Shipping Limited | 16,065,535 | - | - | ||||||||
18,019,029 | 3,245,177 | 1,037,441 | |||||||||
Purchase of vessel maintenance service (2) | |||||||||||
PT. Avona Mina Lestari | 2,981,043 | 1,901,250 | 1,602,900 | ||||||||
PT. Dwikarya Reksa Adadi | - | - | 1,675,674 | ||||||||
2,981,043 | 1,901,250 | 3,278,574 | |||||||||
Purchase of vessel maintenance service paid on behalf | |||||||||||
Fuzhou Honglong Ocean Fishery Co., Ltd. | 1,196,983 | - | - | ||||||||
Purchase of transportation service (2) | |||||||||||
Haifeng Dafu Enterprise Company Limited | 4,122,861 | 2,118,321 | 237,207 | ||||||||
Hai Yi Shipping Limited | 1,653,682 | 505,154 | 352,252 | ||||||||
Hong Fa Shipping Limited | 3,345,589 | 1,016,098 | - | ||||||||
PT. Avona Mina Lestari | 35,149 | 573,545 | 1,402,616 | ||||||||
9,157,281 | 4,213,118 | 1,992,075 | |||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Cold storage warehouse and office rental | |||||||||||
Ping Lin (5) | $ | 13,678 | $ | 5,545 | $ | - | |||||
Fuzhou Honglong Ocean Fishery Co., Ltd. (3) | - | 206,498 | 488,861 | ||||||||
13,678 | 212,043 | 488,861 | |||||||||
Indonesia fleet vessel agency fee payable (4) | |||||||||||
PT. Avona Mina Lestari | 1,042,738 | 410,000 | 90,000 | ||||||||
Crewmen compensation paid on behalf | |||||||||||
Fuzhou Honglong Ocean Fishery Co., Ltd. | - | 435,569 | 155,569 | ||||||||
PT. Avona Mina Lestari | 1,125,043 | 550,000 | 153,156 | ||||||||
1,125,043 | 985,569 | 308,725 | |||||||||
Indonesia fishing licenses paid on behalf | |||||||||||
PT. Avona Mina Lestari | 1,748,239 | 1,155,774 | 305,318 | ||||||||
Total purchases and expenses | $ | 50,789,299 | $ | 22,832,126 | $ | 10,940,994 | |||||
-1 | Fuel, fishing nets and other consumables were sold to Pingtan Fishing. | ||||||||||
-2 | Vessel maintenance and transportation services were charged to Pingtan Fishing at prices mutually agreed by the related parties and Pingtan Fishing. | ||||||||||
-3 | The Company sub-leased office area and cold storage warehouse cells from Hong Long. Pursuant to an Office Space Rental and Staff Dispatch Agreement entered into on January 1, 2010 with a three-year term, annual lease and facilities expenses are RMB1,000,000. Cold storage warehouse cell sub-lease contracts were entered into simultaneously with Hong Long’s lease contracts with the third party lessor, which are renewed every 12-to-16 months. The agreements were terminated on July 31, 2012. | ||||||||||
-4 | Pursuant to a Fishery Cooperative Agreement dated December 31, 2012 with one-year term, entered into between Pingtan Fishing and Avona, Pingtan Fishing is payable to Avona an annual agency fee, calculated at mutually agreed amount of $20,000, for the period from January 1, 2013 to December 31, 2013, Avona acts as an agent for each of Pingtan Fishing’s fishing vessels. The agreement continues to be executed without disagreement from both parties. | ||||||||||
-5 | Pingtan Fishing entered into a three-year term office rental lease with Ping Lin on July 31, 2012. The annual lease is $13,678. | ||||||||||
-6 | On July 1, 2013, the Company entered into a service agreement with Hai Yi Shipping Limited that provided the Company a portion of use of premises located in Hong Kong as office, and clerical and administrative support and consultation services. The agreement will expire on December 31, 2014. | ||||||||||
CERTAIN_RISKS_AND_CONCENTRATIO
CERTAIN RISKS AND CONCENTRATIONS | 12 Months Ended | ||
Dec. 31, 2013 | |||
Risks and Uncertainties [Abstract] | ' | ||
Concentration Risk Disclosure [Text Block] | ' | ||
19 | CERTAIN RISKS AND CONCENTRATIONS | ||
(a) | Credit risk | ||
As of December 31, 2013 and 2012, a substantial portion part of the Company’s cash included bank deposits in accounts maintained within the PRC where there is currently no rule or regulation in place for obligatory insurance to cover bank deposits in the event of bank failure. However, the Company does not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. | |||
(b) | Major customers | ||
During the year ended December 31, 2013, two customers accounted for 0% (2012 : 13% and 2011 : 32%) of the Company's revenue. | |||
During the year ended December 31, 2013, related companies Fujian Xiannong Ocean Fisheries Development Co., Ltd and Haifeng Dafu Enterprise Company Limited accounted for 0% (2012 : 13% and 2011 : 0%) and 0% (2012 : 7% and 2011 : 18%) of the Company's revenue respectively. | |||
(c) | Major suppliers | ||
During the year ended December 31, 2013, two suppliers accounted for 41% (2012 : 37% and 2011 : 40%) of the Company's purchase. | |||
During the year ended December 31, 2013, related companies PT. Avona Mina Lestari and PT. Dwikarya Reksa Adadi accounted for 26% (2012 : 42% and 2011 : 40%) and 1% (2012 : 0% and 2011 : 10%) of the Company's purchase respectively. | |||
COMMITEMTS_AND_CONTINGENCIES
COMMITEMTS AND CONTINGENCIES | 12 Months Ended | ||
Dec. 31, 2013 | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ||
Commitments Disclosure [Text Block] | ' | ||
20 | COMMITEMTS AND CONTINGENCIES | ||
The Company has employment agreements with certain employees that provided severance payments upon termination of employment under certain circumstances, as defined in the applicable agreements. As of December 31, 2013, the Company’s potential minimum cash obligation to these employees was approximately $10,059. | |||
The Company entered into a service agreement with Hai Yi Shipping Limited that provided use of a portion of the premises, and to provide clerical, administrative support and consultation services upon the agreement expires on December 31, 2014. As of December 31, 2013, the Company’s potential minimum cash obligation to this agreement was approximately $461,961. | |||
Pursuant to the Shares Purchase Agreement (“the Agreement”) dated December 4, 2013, where the Company exited and sold China Dredging Group to Hong Long (“the buyer”) (Please see Note 2 of consolidated financial statements included in this report), the Company is required to indemnify the buyer and the same indemnification responsibility applies to the buyer for the events arising out of any breach of the Agreement or the memorandum of agreement in relation to the sale, purchase and delivery of the vessels for two years until December 3, 2015 and will be liable for the full amount of damages that exceed $1,000,000. The amount of damage shall be the amount finally determined by a court of competent jurisdiction or appropriate governmental administrative agency, or the amount agreed to upon settlement in accordance with the terms of the Agreement. | |||
OPERATING_LEASE_COMMITMENT
OPERATING LEASE COMMITMENT | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Leases, Operating [Abstract] | ' | |||||||||||||
Operating Leases of Lessor Disclosure [Text Block] | ' | |||||||||||||
21 | OPERATING LEASE COMMITMENT | |||||||||||||
On July 1, 2013, the Company entered into a service agreement with Hai Yi Shipping Limited that provided use of a portion of the premises, and to provide clerical, administrative support and consultation services. The service fee is approximately $231,000 for the year ended December 31, 2013. | ||||||||||||||
Pingtan Fishing leased office from Ping Lin. Pursuant to a rental agreement entered into on July 31, 2012 with three-year term, annual lease is $13,678. The total future minimum lease payments under non-cancellable operating leases with respect to service fee, cold storage warehouse and office as of December 31, 2013 were as follows: | ||||||||||||||
Cold storage | ||||||||||||||
Service fee | Warehouse | Office rental | Total | |||||||||||
For the years ended December 31, | ||||||||||||||
2014 | $ | 461,961 | $ | 244,637 | $ | 13,876 | $ | 720,474 | ||||||
2015 | - | - | 8,094 | 8,094 | ||||||||||
$ | 461,961 | $ | 244,637 | $ | 21,970 | $ | 728,568 | |||||||
The operating lease commitments below include both the related parties commitments and non-related parties commitments. The total future lease payments as of December 31, 2013 are summarized as follows: | ||||||||||||||
Cold storage | ||||||||||||||
Service fee | Warehouse | Office rental | Total | |||||||||||
Related parties commitments | $ | 461,961 | $ | - | $ | 21,970 | $ | 483,931 | ||||||
Non-related parties commitments | - | 244,637 | - | 244,637 | ||||||||||
$ | 461,961 | $ | 244,637 | $ | 21,970 | $ | 728,568 | |||||||
Rental expenses and service fee under operating leases for the years ended December 31, 2013, 2012 and 2011 was $827,282, $307,559 and $488,861 respectively, of which $244,581, $212,043 and $488,861 are paid to the related parties (Note 18). | ||||||||||||||
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 12 Months Ended | ||
Dec. 31, 2013 | |||
Subsequent Events [Abstract] | ' | ||
Subsequent Events [Text Block] | ' | ||
22 | SUBSEQUENT EVENTS | ||
On January 6, 2014, the Company borrowed a short term loan from Industrial & Commercial Bank of China, Fuzhou Dongjiekou Branch, in amount of $1,849,120. The loan is due on March 25, 2014. | |||
On January 20 and 21, 2014, the Company borrowed short term loans from Industrial & Commercial Bank of China, Fuzhou Dongjiekou Branch, in amounts of $1,717,040 and $3,501,660 respectively. These loans are due on April 15 and 20, 2014 respectively. | |||
On January 15, 2014, the Company borrowed a short term loan from The Export-Import Bank of China, Fujian Branch, in amount of approximately $3,303,765. The loan is due on November 27, 2023. | |||
CONDENSED_PARENT_COMPANY_FINAN
CONDENSED PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | |||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' | |||||||
23 | CONDENSED PARENT COMPANY FINANCIAL INFORMATION | |||||||
For the purpose of preparing these supplemental condensed parent company (unconsolidated) financial statements, the Company records its investment in subsidiaries under the equity method of accounting as prescribed in ASC Topic 323, “Investments - Equity Method and Joint Ventures”. Such investment and long-term loans to subsidiaries are presented on the balance sheet as “Investments in subsidiaries” and the income of the subsidiaries is presented as “Equity in income of subsidiaries” on the statements of income. | ||||||||
These supplemental condensed parent company (unconsolidated) financial statements should be read in conjunction with the notes to the Company’s consolidated financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. | ||||||||
As of December 31, 2013, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except as separately disclosed in the Company’s consolidated financial statements, if any. | ||||||||
CONDENSED BALANCE SHEETS | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Assets | ||||||||
Cash | $ | 246,684 | $ | 3,565,355 | ||||
Prepaid expenses | 2,820 | 24,000 | ||||||
Investments in subsidiaries | 36,808,242 | 396,709,649 | ||||||
Total current assets | 37,057,746 | 400,299,004 | ||||||
Other assets | ||||||||
Prepaid operating license rights | 215,381,356 | - | ||||||
Total assets | $ | 252,439,102 | $ | 400,299,004 | ||||
Liabilities and equity | ||||||||
Current liabilities | ||||||||
Accrued liabilities and other payables | $ | 201,672 | $ | 18 | ||||
Shareholders' equity | ||||||||
Total shareholders' equity | 252,237,430 | 400,298,986 | ||||||
Total liabilities and equity | $ | 252,439,102 | $ | 400,299,004 | ||||
CONDENSED STATEMENTS OF INCOME | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Cost of revenue | $ | -720,339 | $ | - | ||||
General and administrative expenses | -2,225,543 | -2,366,419 | ||||||
Other income | 117 | - | ||||||
Equity in income of subsidiaries | 100,345,185 | 108,161,433 | ||||||
Net income | $ | 97,399,420 | $ | 105,795,014 | ||||
CONDENSED STATEMENTS OF CASH FLOW | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Net cash used in operating activities | $ | -2,002,592 | $ | -2,390,401 | ||||
Net cash provided by investing activities | 123,865,099 | - | ||||||
Net cash (used in)/provided by financing activities | -125,181,178 | 5,955,756 | ||||||
Net (decrease)/increase in cash | -3,318,671 | 3,565,355 | ||||||
Cash at the beginning of the year | 3,565,355 | - | ||||||
Cash at the end of the year | $ | 246,684 | $ | 3,565,355 | ||||
QUARTERLY_CONSOLIDATED_FINANCI
QUARTERLY CONSOLIDATED FINANCIAL DATA (UNAUDITED) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||
24 | QUARTERLY CONSOLIDATED FINANCIAL DATA (UNAUDITED) | |||||||||||||
The following table shows the Company’s quarterly consolidated financial data for the four quarters of 2013: | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||
Revenue | $ | 19,669,476 | $ | 21,362,357 | $ | 20,609,107 | $ | 61,026,829 | ||||||
Cost of revenue | -14,292,134 | -12,235,475 | -12,446,879 | -36,785,545 | ||||||||||
Gross Profit | 5,377,342 | 9,126,882 | 8,162,228 | 24,241,284 | ||||||||||
Operating expenses: | ||||||||||||||
Selling and marketing expenses | -194,688 | -174,046 | -362,000 | -887,544 | ||||||||||
General and administrative expenses | -301,342 | -866,194 | -1,178,033 | -846,068 | ||||||||||
Total operating expenses | -496,030 | -1,040,240 | -1,540,033 | -1,733,612 | ||||||||||
Operating income | 4,881,312 | 8,086,642 | 6,622,195 | 22,507,672 | ||||||||||
Other income (expenses) | ||||||||||||||
Investment income | - | 69,071 | 218 | 230 | ||||||||||
Interest income | 1,096 | 1,460 | 2,305 | 3,389 | ||||||||||
Interest expenses | -685,377 | -710,365 | -1,049,040 | -1,727,207 | ||||||||||
Subsidy income | 35,387 | 205 | 168,900 | 7,133,781 | ||||||||||
Sundry income | 2,003 | 11 | 7 | 123 | ||||||||||
Gain/(Loss) on foreign exchange, net | 207,984 | -428,389 | 194,433 | 170,712 | ||||||||||
Income from continuing operations before income | 4,442,405 | 7,018,635 | 5,939,018 | 28,088,700 | ||||||||||
taxes | ||||||||||||||
Income tax expense | - | - | - | - | ||||||||||
Net income from continuing operations | 4,442,405 | 7,018,635 | 5,939,018 | 28,088,700 | ||||||||||
Net income from discontinued operations, net of taxes | 9,340,136 | 17,759,118 | 12,362,523 | 12,448,885 | ||||||||||
Consolidated net income | 13,782,541 | 24,777,753 | 18,301,541 | 40,537,585 | ||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Basis Of Accounting, Policy [Policy Text Block] | ' | ||||||||||
(a) | Basis of presentation | ||||||||||
The accompanying audited consolidated financial statements and related notes have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). | |||||||||||
The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and VIEs in which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated. The consolidated financial statements of the Company have been prepared as if the existing corporate structure had been in existence throughout the periods presented and as if the reorganization had occurred as of the beginning of the earliest period presented. | |||||||||||
On December 4, 2013, the Company sold its 100% interest in CDGC and its subsidiaries to Hong Long. As such, CDGC’s assets and liabilities have been classified on the balance sheet as assets and liabilities of discontinued operations as of December 31, 2012. The operating results of CDGC have been classified as discontinued operations in our statements of operations for all years presented. Unless otherwise indicated, all disclosures and amounts in the notes to the consolidated financial statements relate to the Company’s continuing operations. | |||||||||||
Reclassifications | |||||||||||
Certain prior year information has been reclassified to be comparable with the current period presentation. This reclassification has no effect on previously reported net income. | |||||||||||
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | ' | ||||||||||
(b) | Consolidation of VIE | ||||||||||
The Company has no direct or indirect legal or equity ownership interest in Pingtan Fishing. Moreover, another set of VIE agreements have been entered between Pingtan Guansheng and the shareholders of Pingtan Fishing. The shareholders of Pingtan Fishing also have assigned all their rights as shareholders, including voting rights and disposition rights of their equity interest in Pingtan Fishing to Pingtan Guansheng, our direct, wholly-owned subsidiary. Accordingly, by virtue of the VIE Agreements, Pingtan Guansheng is the primary beneficiary of Pingtan Fishing as defined by ASC 810 “Consolidation of Variable Interest Entities”. Therefore, Pingtan Fishing is consolidated as VIE. | |||||||||||
In accordance with ASC 810-10-15-14, Pingtan Fishing and its subsidiaries; namely Pingtan Dingxin, Pingtan Duoying and Pingtan Ruiying are deemed VIEs for two reasons. First, the equity stockholders of Pingtan Fishing do not significantly enjoy the benefits of income or suffer the consequences of losses. Second, the equity stockholders of Pingtan Fishing do not possess the direct or indirect ability through voting or similar rights to make decisions regarding their activities that have a significant effect on the success of Pingtan Fishing. Therefore, in accordance with ASC 810-10-25-38A, the Company is deemed to be the primary beneficiary of Pingtan Fishing and the financial statements of Pingtan Fishing are consolidated in the Company’s consolidated financial statements. | |||||||||||
The following tables show the assets and liabilities of the Company’s VIEs after eliminating the intercompany balances as of December 31, 2013 and 2012. The VIEs include Pingtan Fishing Group which comprises of Pingtan Fishing itself and its three subsidiaries; namely Pingtan Dingxin, Pingtan Duoying and Pingtan Ruiying. The creditors of Pingtan Fishing Group do not have recourse against the general creditors of their primary beneficiaries or other Group members. | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
ASSETS | |||||||||||
Cash | $ | 7,736,308 | $ | 6,710,472 | |||||||
Notes receivable (banker's acceptances) transferred from | - | 3,645,817 | |||||||||
related parties | |||||||||||
Accounts receivable | 9,133,130 | 11,478,436 | |||||||||
Other receivables | 1,225,073 | 29,885 | |||||||||
Advances to related parties | - | 49,802,897 | |||||||||
Inventories | 9,095,736 | 194,331 | |||||||||
Prepaid expenses | 2,378,054 | 386,966 | |||||||||
Long-term investment | 3,468,953 | 3,328,789 | |||||||||
Deposit on potential Joint Venture | - | 6,092,302 | |||||||||
Prepaid fixed asset deposits | 1,928,700 | - | |||||||||
Property, plant and equipment, net | 107,178,269 | 37,141,906 | |||||||||
$ | 142,144,223 | $ | 118,811,801 | ||||||||
LIABILITIES | |||||||||||
Accounts payable - third parties | $ | 2,184,964 | $ | 70,732 | |||||||
- related parties | 13,807,605 | 5,765,632 | |||||||||
Receipt in advance - third parties | 297,034 | - | |||||||||
- related parties | - | 12,681,102 | |||||||||
Short-term loans | 9,085,353 | 25,169,260 | |||||||||
Accrued liabilities and other payables | 3,631,622 | 1,033,640 | |||||||||
Long-term loans | 74,751,804 | 24,783,629 | |||||||||
Deferred income | 1,733,485 | - | |||||||||
$ | 105,491,867 | $ | 69,503,995 | ||||||||
The following tables show the revenue and cost of revenue, and net income of the Company’s VIEs after eliminating the intercompany balances for the years ended December 31, 2013, 2012 and 2011. | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Revenue | $ | 122,667,769 | $ | 67,461,468 | $ | 25,600,636 | |||||
Cost of revenue | $ | -75,039,694 | $ | -41,876,140 | $ | -14,600,579 | |||||
Net income attributable to the Company | $ | 48,524,935 | $ | 23,667,802 | $ | 10,440,337 | |||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||
(c) | Use of estimates | ||||||||||
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the years. Significant items subject to such estimates and assumptions include the recoverability of the carrying amount and the estimated useful lives of long-lived assets; valuation allowances for receivables, and realizable values for inventories. Accordingly, actual results could differ from those estimates. | |||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | ||||||||||
(d) | Foreign currency translation | ||||||||||
The Company uses United States dollars (“U.S. Dollar” or “US$” or “$”) for financial reporting purposes. The subsidiaries within the Company maintain their books and records in their respective functional currency, Chinese Renminbi (“RMB”) and Hong Kong dollars (“HKD”), being the lawful currency in the PRC and Hong Kong, respectively. Assets and liabilities of foreign subsidiaries are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the average rate of exchange prevailing during the period. The related transaction adjustments are reflected in “Accumulated other comprehensive income’’ in the equity section of the Company’s consolidated balance sheet. A summary of exchange rate is as follows: | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
Balance sheet items, except for equity accounts | RMB6.0537= | RMB6.3086= | |||||||||
HKD7.7539= | HKD7.7507= | ||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Items in statements of income | RMB6.1412= | RMB6.3116= | RMB6.4640= | ||||||||
and cash flows | |||||||||||
HKD7.7565= | HKD7.7556= | HKD7.7793= | |||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||
(e) | Cash | ||||||||||
Cash consists of cash on hand and at banks. | |||||||||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' | ||||||||||
(f) | Accounts receivable | ||||||||||
The Company only grants credit terms to established customers who are deemed to be financially responsible. Credit periods to independent customers are within 180 days after customers received the purchased goods. | |||||||||||
The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews customer credit worthiness, past transaction history, and changes in payment terms when determining the adequacy of these allowances. Accounts are written off against the allowance when it becomes evident collection will not occur. | |||||||||||
No allowance for doubtful accounts has been provided for accounts receivable from third party customers for the years ended December 31, 2013 and 2012, respectively. The company collected a majority of receivable balances from third party customers as of December 31, 2013 and 2012 within 60 days subsequent to respective balance sheet dates, and historically has not experienced uncollectible accounts from customers granted with credit sales. | |||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||||
(g) | Revenue recognition | ||||||||||
The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the price to the customer is fixed or determinable, and collection of the resulting receivable is reasonably assured. | |||||||||||
With respects to the sale of frozen fish and other marine catches to third party customers, most of which are sole proprietor regional wholesalers in China, the Company recognizes revenue when customers pick up purchased goods at the Company’s cold storage warehouse, after payment is received by the Company or credit sale is approved by the Company for recurring customers who have history of financial responsibility. The Company does not offer promotional payments, customer coupons, rebates or other cash redemption offers to its customers. The Company does not accept returns from customers. Deposits or advance payments from customers prior to delivery of goods are recorded as receipt in advance. | |||||||||||
Government Contractors, Policy [Policy Text Block] | ' | ||||||||||
(h) | Government grant | ||||||||||
Government grants are recognized at their fair value where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognized as income over the periods necessary to match the grant on a systematic basis to the costs that it is intended to compensate. Where the grant relates to an asset, the fair value is credited to the cost of the asset and is released to the income statement over the expected useful life in a consistent manner with the depreciation method for the relevant asset. | |||||||||||
Deferred Income, Policy [Policy Text Block] | ' | ||||||||||
(i) | Deferred income | ||||||||||
Deferred income represents income collected but not earned as of the report date. This is primarily composed of receipts of the government grants to construct new fishing vessels. Upon the completion of the construction of the fishing vessels, the grant is deducted from the cost of the fishing vessels. | |||||||||||
Fishing Licenses [Policy Text Block] | ' | ||||||||||
(j) | Fishing licenses | ||||||||||
Each of the Company’s fishing vessels requires an approval from Ministry of Agriculture of the People's Republic of China to carry out ocean fishing projects in foreign territories. These approvals are valid for a period from three to twelve months, and are awarded to the Company at no cost. The Company applies for the renewal of the approval prior to expiration to avoid interruptions of fishing vessels’ operations. | |||||||||||
Each of the Company’s fishing vessels operated in Indonesia water requires a fishing license granted by the authority in Indonesia. Indonesia fishing licenses remain effective for a period of twelve months and the Company applies for renewal prior to expiration. The Company records cost of Indonesia fishing licenses in prepaid expenses and amortizes over the effective period of the licenses. | |||||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||||
(k) | Inventories | ||||||||||
Inventories are stated at the lower of cost or market. Cost comprises of fuel, depreciation, amortization, direct labor, shipping, consumables, and government levied charges and taxes. Consumables include fishing nets and metal containers used by fishing vessels. The Company’s fishing fleets in India and Indonesia waters operate around the year, although the May to July period demonstrates lower catch quantities compared to the October to January peak season. Cost of frozen fish and other marine catches at period-ends is calculated using the weighted average method. There was no inventory valuation reserve provided as at December 31, 2013 and 2012. | |||||||||||
Lease, Policy [Policy Text Block] | ' | ||||||||||
(l) | Prepaid operating license rights | ||||||||||
Prepaid operating license rights is recorded at the lower of the net present value of the minimum license payments or the fair value of the licenses at the inception of the agreement. No interest element of the finance cost is charged to the comprehensive income over the license period as the license payment is fully satisfied. Amortization expense is computed using the straight-line method over the term of the license. | |||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||||
(m) | Property, plant and equipment | ||||||||||
Property, plant and equipment are recorded at cost less accumulated depreciation. Expenditures for major additions and betterments are capitalized. Depreciation of property, plant and equipment is computed by the straight-line method over the assets estimated useful lives. | |||||||||||
Upon sale or retirement of property, plant and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in operations. | |||||||||||
The estimated useful lives of the assets are as follows: | |||||||||||
Estimated lives | |||||||||||
Fishing vessel | 20-Oct | ||||||||||
Major improvement on fishing vessel | 20-Apr | ||||||||||
Motor vehicle | 5-Mar | ||||||||||
Ship and office equipments | 5-Mar | ||||||||||
Expenditures for repairs and maintenance, which do not extend the useful life of the assets, are expensed as incurred. | |||||||||||
Interest Capitalization, Policy [Policy Text Block] | ' | ||||||||||
(n) | Capitalized interest | ||||||||||
Interest associated with the construction of a fishing vessel is capitalized and included in the cost of the fishing vessels. When no debt is incurred specifically for the construction of a fishing vessel, interest is capitalized on amounts expended on the construction using weighted-average cost of the Company’s outstanding borrowings. Capitalization of interest ceases when the construction is substantially complete or the construction activity is suspended for more than a brief period. The Company capitalized interest of $224,296, $244,619 and $109,899 for the years ended December 31, 2013, 2012 and 2011, respectively in the fishing vessels under construction. | |||||||||||
Property, Plant and Equipment, Impairment [Policy Text Block] | ' | ||||||||||
(o) | Impairment of long-lived assets | ||||||||||
In accordance with FASB ASC Topic 360, “Property, Plant and Equipment”, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. If long-lived assets are to be disposed, depreciation is discontinued, if applicable, and the assets are reclassified as held for sale at the lower of their carrying amounts or fair values less costs to sell. | |||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||
(p) | Income taxes | ||||||||||
Under the current laws of the Cayman Islands and British Virgin Islands, the Company and Merchant Supreme are not subject to any income or capital gains tax, and dividend payments that the Company may make are not subject to any withholding tax in the Cayman Islands or British Virgin Islands. Under the current laws of Hong Kong, Prime Cheer is not subject to any capital gains tax and dividend payments and are not subject to any withholding tax in Hong Kong. | |||||||||||
The Company is not incorporated nor does it engage in any trade or business in the United States and is not subject to United States federal income taxes. The Company did not derive any significant amount of income subject to such taxes after completion of the Share Exchange and accordingly, no relevant tax provision is made in the consolidated statements of operations. | |||||||||||
Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be effective when the differences are expected to reverse. | |||||||||||
Deferred tax assets are reduced by a valuation allowance to the extent that management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statements of income in the period that includes the enactment date. | |||||||||||
The Company has not recorded deferred income taxes applicable to undistributed earnings of the subsidiary and VIEs located in the PRC because it is the present intention of management to reinvest the undistributed earnings indefinitely in PRC. Undistributed earnings amounted to approximately $82.7 million and $36.5 million as of December 31, 2013 and 2012, respectively. If the earnings of such foreign subsidiaries were not definitely reinvested, a deferred tax liability of approximately $4.1 million and $1.8 million would have been required at December 31, 2013 and 2012, respectively. Generally, such earnings become subject to the PRC tax upon the remittance of dividends and under certain other circumstances. It is not practicable to estimate the amount of deferred tax liability on such undistributed earnings. | |||||||||||
The Company prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken in the tax return. This interpretation also provides guidance on de-recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods and income tax disclosures. As of December 31, 2013 and 2012, there were no amounts that had been accrued with respect to uncertain tax positions. | |||||||||||
The Company's VIE, Pingtan Fishing, is a qualified ocean fishing enterprise certified by the Ministry of Agriculture of the PRC. The qualification is renewed on April 1 each year. Pingtan Fishing is exempt from income tax derived from its ocean fishing operations in the periods it processes a valid Ocean Fishing Enterprise Qualification Certificate issued by the Ministry of Agriculture of the PRC. | |||||||||||
In addition, Pingtan Fishing is not subject to foreign income taxes for its operations in India and Indonesia Exclusive Economic Zones. | |||||||||||
Fair Value Measurement, Policy [Policy Text Block] | ' | ||||||||||
(q) | Fair value measurements | ||||||||||
In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update “ASU 2010-06” “Fair Value Measurements and Disclosures”. The new guidance clarifies two existing disclosure requirements and requires two new disclosures as follows: (1) a “gross” presentation of activities (purchases, sales, and settlements) within the Level 3 rollforward reconciliation, which will replace the “net” presentation format; and (2) detailed disclosures about the transfers in and out of Level 1 and 2 measurements. This guidance is effective for the first interim or annual reporting period beginning after December 15, 2009, except for the gross presentation of the Level 3 rollforward information, which is required for annual reporting periods beginning after December 15, 2010, and for interim reporting periods thereafter. The Company adopted the amended fair value disclosures guidance on January 1, 2012. | |||||||||||
As of December 31, 2013 and 2012, none of the Company’s financial assets or liabilities were measured at fair value on a recurring basis. As of December 31, 2013 and 2012, none of the Company’s non-financial assets or liabilities was measured at fair value on a nonrecurring basis. | |||||||||||
The carrying values of the Company’s financial assets and liabilities, including accounts receivable, other receivables, other current assets, short-term loans, accounts payable, and accrued liabilities and other payables, are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and if applicable, their stated interest rate approximates current rates available. It is not practicable to estimate the fair values of advance to and advance from related parties because of the related party nature of such advances. | |||||||||||
Commitments and Contingencies, Policy [Policy Text Block] | ' | ||||||||||
(r) | Commitments and contingencies | ||||||||||
In the normal course of business, the Company is subject to contingencies, including legal proceedings and environmental claims arising out of the normal course of businesses that relate to a wide range of matters, including among others, contracts breach liability. The Company records accruals for such contingencies based upon the assessment of the probability of occurrence and, where determinable, an estimate of the liability. Management may consider many factors in making these assessments including past history, scientific evidence and the specifics of each matter. | |||||||||||
The Company’s management has evaluated all such proceedings and claims that existed as of December 31, 2013 and 2012. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial position, liquidity or results of operations. | |||||||||||
Economic and Political Risks [Policy Text Block] | ' | ||||||||||
(s) | Economic and political risks | ||||||||||
The Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC economy. | |||||||||||
The Company’s operation in the PRC is subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances aboard, and rates and methods of taxation, among other things. | |||||||||||
According the sale agreement signed on December 4, 2014, the Company does not own 20 fishing vessels but has the license operating rights to operate these vessels which are owned by Hong Long and entitled to 100% of net profit (loss) of the vessels. The Company has latitude in establishing price and discretion in supplier selection. There were no economic risks associated with the license operating rights but the Company may need to bear the operation risks and credit risks as aforementioned. | |||||||||||
Pension and Other Postretirement Plans, Nonpension Benefits, Policy [Policy Text Block] | ' | ||||||||||
(t) | Pension and employee benefits | ||||||||||
Cost for pension and employee benefits was $24,502, $nil and $nil for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||
Segment Reporting, Policy [Policy Text Block] | ' | ||||||||||
(u) | Segment information | ||||||||||
ASC 280 “Segment reporting” establishes standards for reporting information on operating segments in interim and annual financial statements. The Company currently has only one segment, all of the Company’s continuing operations and customers are in the PRC and all income is derived from ocean fishery. | |||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||
(v) | Earnings per ordinary share | ||||||||||
Earnings per ordinary share (basic and diluted) is based on the net income attributable to ordinary shareholders divided by the weighted average number of ordinary shares outstanding during each period. Ordinary share equivalents are not included in the calculation of diluted earnings per ordinary share if their effect would be anti-dilutive. Retroactive treatment as required by FASB ASC paragraph 260-10-55-12 has been applied in computing earnings per share to reflect the business combination held on February 25, 2013. | |||||||||||
The following table sets forth the computation of basic and diluted net income per ordinary share: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Net income | $ | 45,488,758 | $ | 21,297,586 | $ | 10,440,337 | |||||
- From continuing operations | 51,910,662 | 84,494,428 | 90,257,249 | ||||||||
- From discontinued operations | $ | 97,399,420 | $ | 105,792,014 | $ | 100,697,586 | |||||
Weighted average number of ordinary | 79,055,053 | 79,055,053 | 79,055,053 | ||||||||
shares outstanding (Basic and diluted) | |||||||||||
Earnings per ordinary share (Basic and diluted) | |||||||||||
- From continuing operations | $ | 0.58 | $ | 0.27 | $ | 0.13 | |||||
- From discontinued operations | 0.65 | 1.07 | 1.14 | ||||||||
- Net income | $ | 1.23 | $ | 1.34 | $ | 1.27 | |||||
For the years ended December 31, 2013, 2012 and 2011, the number of securities convertible into ordinary shares not included in diluted EPS because the effect would have been anti-dilutive consists of the following: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Warrants to purchase ordinary share | 8,966,667 | 8,966,667 | 8,966,667 | ||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||
(w) | Recently issued accounting standards | ||||||||||
In February 2013, the FASB issued new authoritative accounting guidance related to the recognition and measurement of obligations arising from joint and several liability arrangements. This authoritative accounting guidance is effective for interim and annual periods beginning after December 15, 2013 and is to be applied retrospectively. Based on its evaluation, the Company determined this guidance does not currently impact the Company’s financial statements and disclosures. | |||||||||||
In July 2013, the FASB issued new authoritative accounting guidance related to the reporting of unrecognized tax benefits when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. The guidance states an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carry-forward, a similar tax loss, or a tax credit carry-forward, with certain exceptions. This authoritative accounting guidance is effective for interim and annual periods beginning after December 15, 2013, and is to be applied prospectively to all unrecognized tax benefits that exist at the effective date. The Company determined this guidance does not significantly impact the Company’s financial statements and disclosures. | |||||||||||
There are no new significant accounting standards applicable to the Company that have been issued but not yet adopted by the Company as of December 31, 2013. | |||||||||||
DESCRIPTION_OF_BUSINESS_AND_OR1
DESCRIPTION OF BUSINESS AND ORGANIZATION (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' | ||||||
Schedule Of Subsidiary and Variable Interest Entity [Table Text Block] | ' | ||||||
Details of the Company’s subsidiaries and VIEs which are included as continuing operations in these consolidated financial statements as of December 31, 2013 are as follows: | |||||||
Name of subsidiaries | Place and date of | Percentage of ownership | Principal activities | ||||
incorporation | |||||||
Merchant Supreme | BVI, | 100% held by PME | Intermediate holding company | ||||
Co., Ltd. (“Merchant | 25-Jun-12 | ||||||
Supreme”) | |||||||
Prime Cheer | Hong Kong, | 100% held by Merchant | Intermediate holding company | ||||
Corporation Ltd. | 3-May-12 | Supreme | |||||
(“Prime Cheer”) | |||||||
Pingtan Guansheng | PRC, | 100% held by Prime Cheer | Intermediate holding company | ||||
Ocean Fishing Co., | 12-Oct-12 | ||||||
Ltd. ("Pingtan | |||||||
Guansheng") | |||||||
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) (China Dredging Group Co Ltd [Member]) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
China Dredging Group Co Ltd [Member] | ' | ||||||||||
Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures [Table Text Block] | ' | ||||||||||
The following table provides the financial results included in net income from discontinued operations during the periods presented: | |||||||||||
January 1 to | January 1 to | January 1 to | |||||||||
December 4 , | December 31, | December 31, | |||||||||
2013 | 2012 | 2011 | |||||||||
Revenue | $ | 161,497,136 | $ | 209,619,489 | $ | 226,953,070 | |||||
Income from discontinued operations before income tax | $ | 67,251,697 | $ | 110,805,122 | $ | 126,499,331 | |||||
Income tax | $ | -15,341,035 | $ | -26,310,694 | $ | -30,107,070 | |||||
Net income from discontinued operations | $ | 51,910,662 | $ | 84,494,428 | $ | 90,257,249 | |||||
Schedule of Disposal Groups, Including Discontinued Operations, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||
The carrying amounts of the major classes of assets and liabilities as of December 4, 2013 (disposal date) and December 31, 2012 were as follows: | |||||||||||
December 4, | December 31, | ||||||||||
2013 | 2012 | ||||||||||
Cash | $ | 84,917,899 | $ | 165,062,575 | |||||||
Other current assets | 28,821,788 | 36,613,112 | |||||||||
Non - current assets | 148,710,213 | 159,784,757 | |||||||||
Total assets of discontinued operations | $ | 262,449,900 | $ | 361,460,444 | |||||||
Current liabilities | $ | 25,873,709 | $ | 14,052,751 | |||||||
Net asset disposed | $ | 236,576,191 | |||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Schedule Of Foreign Currency Translation [Table Text Block] | ' | ||||||||||
A summary of exchange rate is as follows: | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
Balance sheet items, except for equity accounts | RMB6.0537= | RMB6.3086= | |||||||||
HKD7.7539= | HKD7.7507= | ||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Items in statements of income | RMB6.1412= | RMB6.3116= | RMB6.4640= | ||||||||
and cash flows | |||||||||||
HKD7.7565= | HKD7.7556= | HKD7.7793= | |||||||||
Schedule of Public Utility Property, Plant, and Equipment [Table Text Block] | ' | ||||||||||
The estimated useful lives of the assets are as follows: | |||||||||||
Estimated lives | |||||||||||
Fishing vessel | 20-Oct | ||||||||||
Major improvement on fishing vessel | 20-Apr | ||||||||||
Motor vehicle | 5-Mar | ||||||||||
Ship and office equipments | 5-Mar | ||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||
The following table sets forth the computation of basic and diluted net income per ordinary share: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Net income | $ | 45,488,758 | $ | 21,297,586 | $ | 10,440,337 | |||||
- From continuing operations | 51,910,662 | 84,494,428 | 90,257,249 | ||||||||
- From discontinued operations | $ | 97,399,420 | $ | 105,792,014 | $ | 100,697,586 | |||||
Weighted average number of ordinary | 79,055,053 | 79,055,053 | 79,055,053 | ||||||||
shares outstanding (Basic and diluted) | |||||||||||
Earnings per ordinary share (Basic and diluted) | |||||||||||
- From continuing operations | $ | 0.58 | $ | 0.27 | $ | 0.13 | |||||
- From discontinued operations | 0.65 | 1.07 | 1.14 | ||||||||
- Net income | $ | 1.23 | $ | 1.34 | $ | 1.27 | |||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | ||||||||||
For the years ended December 31, 2013, 2012 and 2011, the number of securities convertible into ordinary shares not included in diluted EPS because the effect would have been anti-dilutive consists of the following: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Warrants to purchase ordinary share | 8,966,667 | 8,966,667 | 8,966,667 | ||||||||
Statement Of Balance Sheet [Member] | ' | ||||||||||
Schedule of Variable Interest Entities [Table Text Block] | ' | ||||||||||
The creditors of Pingtan Fishing Group do not have recourse against the general creditors of their primary beneficiaries or other Group members. | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
ASSETS | |||||||||||
Cash | $ | 7,736,308 | $ | 6,710,472 | |||||||
Notes receivable (banker's acceptances) transferred from | - | 3,645,817 | |||||||||
related parties | |||||||||||
Accounts receivable | 9,133,130 | 11,478,436 | |||||||||
Other receivables | 1,225,073 | 29,885 | |||||||||
Advances to related parties | - | 49,802,897 | |||||||||
Inventories | 9,095,736 | 194,331 | |||||||||
Prepaid expenses | 2,378,054 | 386,966 | |||||||||
Long-term investment | 3,468,953 | 3,328,789 | |||||||||
Deposit on potential Joint Venture | - | 6,092,302 | |||||||||
Prepaid fixed asset deposits | 1,928,700 | - | |||||||||
Property, plant and equipment, net | 107,178,269 | 37,141,906 | |||||||||
$ | 142,144,223 | $ | 118,811,801 | ||||||||
LIABILITIES | |||||||||||
Accounts payable - third parties | $ | 2,184,964 | $ | 70,732 | |||||||
- related parties | 13,807,605 | 5,765,632 | |||||||||
Receipt in advance - third parties | 297,034 | - | |||||||||
- related parties | - | 12,681,102 | |||||||||
Short-term loans | 9,085,353 | 25,169,260 | |||||||||
Accrued liabilities and other payables | 3,631,622 | 1,033,640 | |||||||||
Long-term loans | 74,751,804 | 24,783,629 | |||||||||
Deferred income | 1,733,485 | - | |||||||||
$ | 105,491,867 | $ | 69,503,995 | ||||||||
Statement Of Income [Member] | ' | ||||||||||
Schedule of Variable Interest Entities [Table Text Block] | ' | ||||||||||
The following tables show the revenue and cost of revenue, and net income of the Company’s VIEs after eliminating the intercompany balances for the years ended December 31, 2013, 2012 and 2011. | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Revenue | $ | 122,667,769 | $ | 67,461,468 | $ | 25,600,636 | |||||
Cost of revenue | $ | -75,039,694 | $ | -41,876,140 | $ | -14,600,579 | |||||
Net income attributable to the Company | $ | 48,524,935 | $ | 23,667,802 | $ | 10,440,337 | |||||
CASH_Tables
CASH (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Cash and Cash Equivalents Classification and Exposure To Credit Risk [Table Text Block] | ' | |||||||
Cash is classified by geographical areas is set out as follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Hong Kong | $ | 269,299 | $ | 3,566,217 | ||||
The PRC | 7,887,300 | 6,859,923 | ||||||
$ | 8,156,599 | $ | 10,426,140 | |||||
Maximum exposure to credit risk | $ | 8,156,599 | $ | 10,426,140 | ||||
Cash is denominated in the following currencies: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
USD | $ | 381,516 | $ | 3,715,356 | ||||
RMB | 7,752,468 | 6,709,922 | ||||||
HKD | 22,615 | 862 | ||||||
$ | 8,156,599 | $ | 10,426,140 | |||||
ACCOUNTS_RECEIVABLE_Tables
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Schedule Of Accounts Receivable Third Party [Table Text Block] | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Accounts receivable from independent third parties | $ | 9,133,130 | $ | 11,478,436 | ||||
INVENTORIES_Tables
INVENTORIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories as of December 31, 2013 and 2012 consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Frozen fish and marine catches in warehouse | $ | 9,095,736 | $ | 161,484 | ||||
Frozen fish and marine catches in transit | - | 32,847 | ||||||
$ | 9,095,736 | $ | 194,331 | |||||
OTHER_RECEIVABLES_NON_CURRENT_1
OTHER RECEIVABLES - NON - CURRENT PORTION (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | |||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||
Other receivables as of December 31, 2013 and 2012 consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Grants receivable from the PRC Government | $ | 1,213,440 | $ | - | ||||
DEPOSIT_ON_POTENTIAL_JOINT_VEN1
DEPOSIT ON POTENTIAL JOINT VENTURE (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||
Schedule of Equity Method Investments [Table Text Block] | ' | |||||||
Deposit on potential Joint Venture as of December 31, 2013 and 2012 consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Deposit for an asset interest acquisition and investment | $ | - | $ | 6,090,302 | ||||
in a proposed Indonesia joint venture | ||||||||
PREPAID_OPERATING_LICENSE_RIGH1
PREPAID OPERATING LICENSE RIGHTS (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | ||||
The future minimum amounts of the operating license rights will be charged to earnings in future years as of December 31, 2013, are as follows: | |||||
For the years ended December 31, | |||||
2014 | $ | 8,644,068 | |||
2015 | 8,644,068 | ||||
2016 | 8,644,068 | ||||
2017 | 8,644,068 | ||||
2018 | 8,644,068 | ||||
Thereafter | 172,161,016 | ||||
$ | 215,381,356 | ||||
PROPERTY_PLANT_AND_EQUIPMENTNE1
PROPERTY, PLANT AND EQUIPMENT,NET (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Schedule Of Property, Plant and Equipment, Useful Life [Table Text Block] | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Externally purchased fishing vessels | $ | 62,551,611 | $ | 20,934,880 | ||||
Office and other equipment | 147,894 | 134,684 | ||||||
Fishing vessels under construction | 49,245,794 | 17,436,515 | ||||||
111,945,299 | 38,506,079 | |||||||
Less: Accumulated depreciation | -4,767,030 | -1,364,173 | ||||||
$ | 107,178,269 | $ | 37,141,906 | |||||
ACCOUNTS_PAYABLE_RELATED_PARTI1
ACCOUNTS PAYABLE - RELATED PARTIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Payable Related Parties [Abstract] | ' | |||||||
Accounts Payable Related Parties Disclosure [Table Text Block] | ' | |||||||
Accounts payable to related parties as of December 31, 2013 and 2012 consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
PT. Avona Mina Lestari | $ | 1,967,151 | $ | 5,589,681 | ||||
Fuzhou Honglong Ocean Fishery Co., Ltd. (“Hong Long”) | 6,214,491 | 175,951 | ||||||
Hai Yi Shipping Limited | 251,341 | - | ||||||
Haifeng Dafu Enterprise Company Limited | 377,216 | - | ||||||
Hong Fa Shipping Limited | 4,996,031 | - | ||||||
Zhiyan Lin | 1,375 | - | ||||||
$ | 13,807,605 | $ | 5,765,632 | |||||
RECEIPT_IN_ADVANCE_RELATED_PAR1
RECEIPT IN ADVANCE - RELATED PARTIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receipt In Advance Related Parties [Abstract] | ' | |||||||
Receipt In Advance Related Parties [Table Text Block] | ' | |||||||
Receipt in advance from related parties as of December 31, 2013 and 2012, consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Shenzhen Western Coast Fisherman Pier Co., Ltd (See Note 16 (a)) | $ | - | $ | 12,681,102 | ||||
TERM_LOANS_Tables
TERM LOANS (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Short-term Debt [Table Text Block] | ' | |||||||||||||||||||||||
As of December 31, 2013 and 2012, the Company’s short and long-term loans consisted of the following items: | ||||||||||||||||||||||||
(a) | Short-term loans | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Classified by financial institutions: | ||||||||||||||||||||||||
Industrial and Commercial Bank of China | $ | - | $ | 14,390,323 | ||||||||||||||||||||
Fujian Haixia Bank | 9,085,353 | 7,133,120 | ||||||||||||||||||||||
China Minsheng Banking Corporation Limited | - | 3,645,817 | ||||||||||||||||||||||
$ | 9,085,353 | $ | 25,169,260 | |||||||||||||||||||||
Additional information: | ||||||||||||||||||||||||
Maximum balance outstanding during the year | $ | 25,169,260 | $ | 25,169,260 | ||||||||||||||||||||
Interest expense for the years ended December 31, 2013 and 2012 | $ | 1,229,965 | $ | 1,873,866 | ||||||||||||||||||||
Weighted average interest rate | 8.7 | % | 4.8 | % | ||||||||||||||||||||
Schedule Of Short Term Debt Principal Or Outstanding [Table Text Block] | ' | |||||||||||||||||||||||
The principal payments for the outstanding short-term loans are as follows: | ||||||||||||||||||||||||
Outstanding | ||||||||||||||||||||||||
Current | amount as of | |||||||||||||||||||||||
Principal | annualized | December | ||||||||||||||||||||||
Name of Banks | amount | interest rate | Terms of loans | Collateral | 312,013 | |||||||||||||||||||
Fujian Haixia | RMB30,000,000 | Fixed rate at | Due on | Guaranteed by | 4,955,647 | |||||||||||||||||||
Bank, Fuzhou | 8.400% per | March 22, 2014 | Xinrong | |||||||||||||||||||||
Hualin Branch | annum | Zhuo | ||||||||||||||||||||||
Fujian Haixia | RMB10,000,000 | Fixed rate at | Due on | Guaranteed by | 1,651,883 | |||||||||||||||||||
Bank, Fuzhou | 9.000% per | May 9, 2014 | Xinrong | |||||||||||||||||||||
Hualin Branch | annum | Zhuo | ||||||||||||||||||||||
Fujian Haixia | RMB15,000,000 | Fixed rate at | Due on | Guaranteed by | 2,477,823 | |||||||||||||||||||
Bank, Fuzhou | 9.000% per | April 23, 2014 | Xinrong | |||||||||||||||||||||
Hualin Branch | annum | Zhuo | ||||||||||||||||||||||
$ | 9,085,353 | |||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||||||||||||||||||
Term Loans consist of the following: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
China Minsheng Banking Corporation Limited, Fuzhou Branch | $ | 14,829,774 | $ | 20,028,216 | ||||||||||||||||||||
Fujian Haixia Bank, Fuzhou Hualin Branch | 3,303,764 | 4,755,413 | ||||||||||||||||||||||
The Export-Import Bank of China, Fujian Branch | 46,706,972 | - | ||||||||||||||||||||||
China Development Bank, Fujian Branch | 9,911,294 | - | ||||||||||||||||||||||
$ | 74,751,804 | $ | 24,783,629 | |||||||||||||||||||||
Less: Current portion | -20,252,077 | -8,094,308 | ||||||||||||||||||||||
Long-term debt | $ | 54,499,727 | $ | 16,689,321 | ||||||||||||||||||||
Additional information: | ||||||||||||||||||||||||
Weighted average interest rate | 6.8 | % | 7.9 | % | ||||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||||||||||||||||||
A summary of the principal payments for the outstanding term loans during the following eight fiscal years is as follows: | ||||||||||||||||||||||||
Total | ||||||||||||||||||||||||
Principal payment due during | outstanding | |||||||||||||||||||||||
Name of bank | Collateral | Term of loans | 2014 | 2015 | 2016 | 2017 | 2018-2021 | loan amount | ||||||||||||||||
China Minsheng | Pingtan Fishing’s | May 4, 2012 to | $ | 6,095,446 | $ | 3,047,723 | $ | - | $ | - | $ | - | $ | 9,143,169 | ||||||||||
Banking | and Hong Long’s | March 16, 2015 | ||||||||||||||||||||||
Corporation | fishing vessels | |||||||||||||||||||||||
Limited, Fuzhou | and guaranteed | |||||||||||||||||||||||
Branch | by Xinrong | |||||||||||||||||||||||
Zhuo | ||||||||||||||||||||||||
China Minsheng | Pingtan Fishing’s | June 15, 2012 to | 1,486,694 | 743,347 | - | - | - | 2,230,041 | ||||||||||||||||
Banking | and Hong Long’s | March 16, 2015 | ||||||||||||||||||||||
Corporation | fishing vessels | |||||||||||||||||||||||
Limited, Fuzhou | and guaranteed | |||||||||||||||||||||||
Branch | by Xinrong | |||||||||||||||||||||||
Zhuo | ||||||||||||||||||||||||
China Minsheng | Pingtan Fishing’s | June 29, 2012 to | 2,304,376 | 1,152,188 | - | - | - | 3,456,564 | ||||||||||||||||
Banking | and Hong Long’s | March 16, 2015 | ||||||||||||||||||||||
Corporation | fishing vessels | |||||||||||||||||||||||
Limited, Fuzhou | and guaranteed | |||||||||||||||||||||||
Branch | by Xinrong | |||||||||||||||||||||||
Zhuo | ||||||||||||||||||||||||
Fujian Haixia Bank, | Guaranteed by | April 25, 2012 to | 1,651,882 | 1,651,882 | - | - | - | 3,303,764 | ||||||||||||||||
Fuzhou Hualin | Xinrong Zhuo | March 22, 2015 | ||||||||||||||||||||||
Branch | ||||||||||||||||||||||||
The Export-Import | Hong Long’s | July 5, 2013 to | 3,386,359 | 4,724,383 | 5,418,174 | 6,111,965 | - | 19,640,881 | ||||||||||||||||
Bank of China | investment in | December 10, | ||||||||||||||||||||||
equity interest | 2017 | |||||||||||||||||||||||
of a PRC | ||||||||||||||||||||||||
local bank | ||||||||||||||||||||||||
The Export-Import | Hong Long’s | July 5, 2013 to | 123,891 | 181,707 | 198,226 | 214,745 | - | 718,569 | ||||||||||||||||
Bank of China | investment in | December 10, | ||||||||||||||||||||||
equity interest | 2017 | |||||||||||||||||||||||
of a PRC | ||||||||||||||||||||||||
local bank | ||||||||||||||||||||||||
The Export-Import | Fujian International | July 5, 2013 to | 660,753 | 925,054 | 1,024,167 | 1,172,836 | - | 3,782,810 | ||||||||||||||||
Bank of China | Trading and | December 10, | ||||||||||||||||||||||
Transportation | 2017 | |||||||||||||||||||||||
Company Ltd’s | ||||||||||||||||||||||||
investment in | ||||||||||||||||||||||||
equity interest | ||||||||||||||||||||||||
of a PRC local | ||||||||||||||||||||||||
bank | ||||||||||||||||||||||||
The Export-Import | Guarantee of | July 5, 2013 to | 3,270,727 | 4,592,233 | 5,219,948 | 2,775,162 | - | 15,858,070 | ||||||||||||||||
Bank of China | Hong Long | December 10, | ||||||||||||||||||||||
2017 | ||||||||||||||||||||||||
The Export-Import | Fujian International | September 29, | 82,594 | 99,113 | 132,151 | 148,669 | - | 462,527 | ||||||||||||||||
Bank of China | Trading and | 2013 to December | ||||||||||||||||||||||
Transportation | 10, 2017 | |||||||||||||||||||||||
Company Ltd’s | ||||||||||||||||||||||||
investment in | ||||||||||||||||||||||||
equity interest | ||||||||||||||||||||||||
of a PRC local | ||||||||||||||||||||||||
bank | ||||||||||||||||||||||||
The Export-Import | Hong Long’s | September 29, | 214,745 | 297,339 | 363,414 | 379,933 | - | 1,255,431 | ||||||||||||||||
Bank of China | investment in | 2013 to | ||||||||||||||||||||||
equity interest | December 10, | |||||||||||||||||||||||
of a PRC | 2017 | |||||||||||||||||||||||
local bank | ||||||||||||||||||||||||
The Export-Import | Hong Long’s | September 29, | - | - | - | 2,659,531 | - | 2,659,531 | ||||||||||||||||
Bank of China | investment in | 2013 to | ||||||||||||||||||||||
equity interest | December 10, | |||||||||||||||||||||||
of a PRC | 2017 | |||||||||||||||||||||||
local bank | ||||||||||||||||||||||||
The Export-Import | Pingtan Fishing’s | September 29, | 396,451 | 561,640 | 660,753 | 710,309 | - | 2,329,153 | ||||||||||||||||
Bank of China | investment in | 2013 to | ||||||||||||||||||||||
Fujian Branch | equity interest | December 10, | ||||||||||||||||||||||
of a PRC | 2017 | |||||||||||||||||||||||
local bank | ||||||||||||||||||||||||
China Development | Guaranteed by | November 28, | 578,159 | 1,156,318 | 1,238,912 | 1,404,100 | 5,533,805 | 9,911,294 | ||||||||||||||||
Bank Fujian | Xinrong Zhuo, | 2013 to | ||||||||||||||||||||||
Branch | Honghong Zhuo, | November 27, | ||||||||||||||||||||||
Mrs. and Mr. | 2021 | |||||||||||||||||||||||
Zhiyan Lin and | ||||||||||||||||||||||||
14 fishing vessels | ||||||||||||||||||||||||
under construction | ||||||||||||||||||||||||
$ | 20,252,077 | $ | 19,132,927 | $ | 14,255,745 | $ | 15,577,250 | $ | 5,533,805 | $ | 74,751,804 | |||||||||||||
ACCRUED_LIABILITIES_AND_OTHER_1
ACCRUED LIABILITIES AND OTHER PAYABLES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | ' | |||||||
Accrued liabilities and other payables as of December 31, 2013 and 2012 consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Accrued salaries and wages | $ | 3,278,245 | $ | 673,234 | ||||
Accrued expenses | 152,000 | - | ||||||
Other payables | 420,802 | 360,550 | ||||||
$ | 3,851,047 | $ | 1,033,784 | |||||
ADVANCES_TOFROM_RELATED_PARTIE1
ADVANCES TO/FROM RELATED PARTIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Schedule Of Names and Relationship Of Related Parties [Table Text Block] | ' | |||||||
Advances to/from related parties as of December 31, 2013 and 2012 consisted of the following: | ||||||||
(a) | Name and relationship of related parties | |||||||
Name of related party | Relationship | |||||||
Panxing Zhuo | Father of Xinrong Zhuo, a Family Member | |||||||
Honghong Zhuo | Daughter of Xinrong Zhuo | |||||||
Qing Lin | Brother-in-law of Xinrong Zhuo, a Family Member | |||||||
Longfei Zhuo | Cousin of Xinrong Zhuo, a Family Member | |||||||
Sunqiang Zhou | Brother-in-law of Xinrong Zhuo, a Family Member | |||||||
Cheng Chen | Cousin of Xinrong Zhuo, a Family Member and | |||||||
shareholder of Hong Long | ||||||||
Xiaojie Wu | Brother-in-law of Xinrong Zhuo, a Family Member | |||||||
Xiaoqin Xu | An employee of an affiliate company | |||||||
Xiaomei Yang | An employee of the Company and niece of Xinrong Zhuo | |||||||
Xiaofang Zhuo | Cousin of Xinrong Zhuo, a Family Member | |||||||
Longhua Zhuo | Sister of Xinrong Zhuo,a Family Member | |||||||
Zhiyan Lin | Shareholder of Pingtan Fishing | |||||||
Fujian Yihai Investment Co., Ltd. | An affiliate company majority owned by Longjie Zhuo, sibling of Xinrong Zhuo | |||||||
Fuzhou Haifeng Dafu Ocean Fishing Co., Ltd. | An affiliate company owned by Longfei Zhuo and Honghong Zhuo | |||||||
Fujian Lutong Highway Engineering | An affiliate company majority owned by Xiaojie Wu, brother-in-law of Xinrong Zhuo | |||||||
Fujian Haiyi International Shipping Agency Co., Ltd. | An affiliate company to which the Company acted as a trustee equity owner. Haiyi International is ultimately majority owned and controlled by Sunqiang Zhou, brother-in-law of Xinrong Zhuo and a Family Member | |||||||
Fujian Xinnong Ocean Fisheries Development Co., Ltd. | An affiliate company to which the Company acted as a trustee equity owner. Xinnong is ultimately owned and controlled by Xiaojie Wu | |||||||
Fuzhou Haoyouli Fisheries Development Co., Ltd. | An affiliate company to which the Company acted as trustee equity owner. Haoyouli is ultimately owned and controlled by Sunqiang Zhou | |||||||
Fuzhou Honglong Ocean Fishery Co., Ltd. | An affiliate company majority owned and controlled by Ping Lin, spouse of Xinrong Zhuo and a Family Member | |||||||
PT. Avona Mina Lestari | An affiliate company controlled by Xinrong Zhuo family domiciled in Indonesia, engaged in fishing base management and fishing vessel service | |||||||
PT. Dwikarya Reksa Abadi | An affiliate company controlled by Xinrong Zhuo family domiciled in Indonesia, engaged in fishing base management and fishing vessel service | |||||||
Haifeng Dafu Enterprise Company Limited | An affiliate company ultimately owned by Xinrong Zhuo and domiciled in the Hong Kong Special Administrative Region of the PRC (“Hong Kong”) | |||||||
Name of related party | Relationship | |||||||
Hai Yi Shipping Limited | An affiliate company ultimately owned by Xinrong Zhuo and domiciled in Hong Kong Administrative Region of the PRC (“Hong Kong”) | |||||||
Fuzhou Wanhao Real Estate Property Investment Co., Ltd. | An affiliate company majority-owned and controlled by Qing Lin | |||||||
China Communication Materials Central and South Co., Ltd. | An affiliate company majority-owned by Lutong Highway | |||||||
Fujian Gangjun Construction Co., Ltd. | An affiliate company ultimately controlled by Xinrong Zhuo | |||||||
Fujian International Trading and Transportation Co., Ltd. | An affiliate company owned by Yihai Investment and Longhao Zhuo, sibling of Xinrong Zhuo and a Family Member | |||||||
Fuzhou Dongxing Longju Real Estate Co., Ltd. | An affiliate company owned by Xinrong Zhuo | |||||||
Shenzhen Western Coast Fisherman Pier Co., Ltd. | An affiliate company owned by Xinrong Zhuo | |||||||
Pingtan Heshun Fuel Co., Ltd. | An affiliate company under Xinrong Zhuo’s common control | |||||||
Fuzhou Hairong Trading Co., Ltd. | An affiliate company under Xinrong Zhuo’s common control | |||||||
Hong Fa Shipping Limited | An affiliate company ultimately owned by Xinrong Zhuo and domiciled in Hong Kong Administrative Region of the PRC (“Hong Kong”) | |||||||
Schedule Of Advances To Related Parties [Table Text Block] | ' | |||||||
(b) | Advances to related parties | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Honghong Zhuo | $ | - | $ | 1,642,203 | ||||
Panxing Zhuo | - | 6,196,248 | ||||||
Qing Lin | - | 100,855 | ||||||
Xiaofang Zhuo | - | 769,251 | ||||||
Xiaomei Yang | - | 7,598,782 | ||||||
China Communication Materials Central and South Co., Ltd | - | 6,895,349 | ||||||
Fujian Haiyi International Shipping Agency Co., Ltd. | - | 243,117 | ||||||
Fujian Lutong Highway Engineering Construction Co., Ltd. | - | 2,161,177 | ||||||
Fujian Yihai Investment Co., Ltd | - | 13,467,150 | ||||||
Fuzhou Haifeng Dafu Ocean Fishing Co., Ltd. | - | 956,315 | ||||||
Fuzhou Haoyouli Fisheries Development Co., Ltd. | - | 7,204,451 | ||||||
Fuzhou Wanhao Real Estate Property Investment Co., Ltd | - | 2,567,923 | ||||||
$ | - | $ | 49,802,821 | |||||
Schedule Of Advances From Related Parties [Table Text Block] | ' | |||||||
(c) | Advances from related parties | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Kit Chan | $ | - | $ | 153,961 | ||||
CAPITAL_Tables
CAPITAL (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||
Schedule of Warrants outstanding [Table Text Block] | ' | ||||||||
A summary of all Warrants outstanding as of December 31, 2013 is presented below: | |||||||||
Number of | |||||||||
Warrants | Exercise Price | Terms | |||||||
Exercisable as of December 31, 2013 | 8,966,667 | $ | 12 | 4.2 years | |||||
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Service fee | |||||||||||
Hai Yi Shipping Limited (6) | $ | 230,903 | $ | - | $ | - | |||||
Sale of frozen fish and other marine catches | |||||||||||
Shenzhen Western Coast Fisherman Pier Co., Ltd. | $ | 10,372,611 | $ | - | $ | - | |||||
Fuzhou Haifeng Dafu Ocean Fishing Co., Ltd. | - | 4,574,118 | 4,312,036 | ||||||||
Fujian Xinnong Ocean Fisheries Development Co., Ltd. | - | 8,948,761 | - | ||||||||
Cheng Chen | - | 185,839 | 179,378 | ||||||||
Longhua Zhou | - | 78,902 | - | ||||||||
Total sales | $ | 10,372,611 | $ | 13,787,620 | $ | 4,491,414 | |||||
Purchase of fuel, fishing nets and other on board consumables (1) | |||||||||||
PT. Avona Mina Lestari | $ | 14,746,582 | $ | 10,709,195 | $ | 3,440,000 | |||||
PT. Dwikarya Reksa Abadi | 757,557 | - | - | ||||||||
Zhiyan Lin | 1,126 | - | - | ||||||||
15,505,265 | 10,709,195 | 3,440,000 | |||||||||
Purchase of fuel, fishing nets and other on board consumables paid on behalf | |||||||||||
Fuzhou Honglong Ocean Fishery Co., Ltd. | 1,953,494 | 3,245,177 | 1,037,441 | ||||||||
Hong Fa Shipping Limited | 16,065,535 | - | - | ||||||||
18,019,029 | 3,245,177 | 1,037,441 | |||||||||
Purchase of vessel maintenance service (2) | |||||||||||
PT. Avona Mina Lestari | 2,981,043 | 1,901,250 | 1,602,900 | ||||||||
PT. Dwikarya Reksa Adadi | - | - | 1,675,674 | ||||||||
2,981,043 | 1,901,250 | 3,278,574 | |||||||||
Purchase of vessel maintenance service paid on behalf | |||||||||||
Fuzhou Honglong Ocean Fishery Co., Ltd. | 1,196,983 | - | - | ||||||||
Purchase of transportation service (2) | |||||||||||
Haifeng Dafu Enterprise Company Limited | 4,122,861 | 2,118,321 | 237,207 | ||||||||
Hai Yi Shipping Limited | 1,653,682 | 505,154 | 352,252 | ||||||||
Hong Fa Shipping Limited | 3,345,589 | 1,016,098 | - | ||||||||
PT. Avona Mina Lestari | 35,149 | 573,545 | 1,402,616 | ||||||||
9,157,281 | 4,213,118 | 1,992,075 | |||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Cold storage warehouse and office rental | |||||||||||
Ping Lin (5) | $ | 13,678 | $ | 5,545 | $ | - | |||||
Fuzhou Honglong Ocean Fishery Co., Ltd. (3) | - | 206,498 | 488,861 | ||||||||
13,678 | 212,043 | 488,861 | |||||||||
Indonesia fleet vessel agency fee payable (4) | |||||||||||
PT. Avona Mina Lestari | 1,042,738 | 410,000 | 90,000 | ||||||||
Crewmen compensation paid on behalf | |||||||||||
Fuzhou Honglong Ocean Fishery Co., Ltd. | - | 435,569 | 155,569 | ||||||||
PT. Avona Mina Lestari | 1,125,043 | 550,000 | 153,156 | ||||||||
1,125,043 | 985,569 | 308,725 | |||||||||
Indonesia fishing licenses paid on behalf | |||||||||||
PT. Avona Mina Lestari | 1,748,239 | 1,155,774 | 305,318 | ||||||||
Total purchases and expenses | $ | 50,789,299 | $ | 22,832,126 | $ | 10,940,994 | |||||
-1 | Fuel, fishing nets and other consumables were sold to Pingtan Fishing. | ||||||||||
-2 | Vessel maintenance and transportation services were charged to Pingtan Fishing at prices mutually agreed by the related parties and Pingtan Fishing. | ||||||||||
-3 | The Company sub-leased office area and cold storage warehouse cells from Hong Long. Pursuant to an Office Space Rental and Staff Dispatch Agreement entered into on January 1, 2010 with a three-year term, annual lease and facilities expenses are RMB1,000,000. Cold storage warehouse cell sub-lease contracts were entered into simultaneously with Hong Long’s lease contracts with the third party lessor, which are renewed every 12-to-16 months. The agreements were terminated on July 31, 2012. | ||||||||||
-4 | Pursuant to a Fishery Cooperative Agreement dated December 31, 2012 with one-year term, entered into between Pingtan Fishing and Avona, Pingtan Fishing is payable to Avona an annual agency fee, calculated at mutually agreed amount of $20,000, for the period from January 1, 2013 to December 31, 2013, Avona acts as an agent for each of Pingtan Fishing’s fishing vessels. The agreement continues to be executed without disagreement from both parties. | ||||||||||
-5 | Pingtan Fishing entered into a three-year term office rental lease with Ping Lin on July 31, 2012. The annual lease is $13,678. | ||||||||||
-6 | On July 1, 2013, the Company entered into a service agreement with Hai Yi Shipping Limited that provided the Company a portion of use of premises located in Hong Kong as office, and clerical and administrative support and consultation services. The agreement will expire on December 31, 2014. | ||||||||||
OPERATING_LEASE_COMMITMENT_Tab
OPERATING LEASE COMMITMENT (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||||||||||||
The total future minimum lease payments under non-cancellable operating leases with respect to service fee, cold storage warehouse and office as of December 31, 2013 were as follows: | ||||||||||||||
Cold storage | ||||||||||||||
Service fee | Warehouse | Office rental | Total | |||||||||||
For the years ended December 31, | ||||||||||||||
2014 | $ | 461,961 | $ | 244,637 | $ | 13,876 | $ | 720,474 | ||||||
2015 | - | - | 8,094 | 8,094 | ||||||||||
$ | 461,961 | $ | 244,637 | $ | 21,970 | $ | 728,568 | |||||||
Schedule Of Future Minimum Rental Payments For Operating Leases Related Party and Non Related Party [Table Text Block] | ' | |||||||||||||
The total future lease payments as of December 31, 2013 are summarized as follows: | ||||||||||||||
Cold storage | ||||||||||||||
Service fee | Warehouse | Office rental | Total | |||||||||||
Related parties commitments | $ | 461,961 | $ | - | $ | 21,970 | $ | 483,931 | ||||||
Non-related parties commitments | - | 244,637 | - | 244,637 | ||||||||||
$ | 461,961 | $ | 244,637 | $ | 21,970 | $ | 728,568 | |||||||
CONDENSED_PARENT_COMPANY_FINAN1
CONDENSED PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | |||||||
Schedule of Condensed Balance Sheet [Table Text Block] | ' | |||||||
As of December 31, 2013, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except as separately disclosed in the Company’s consolidated financial statements, if any. | ||||||||
CONDENSED BALANCE SHEETS | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Assets | ||||||||
Cash | $ | 246,684 | $ | 3,565,355 | ||||
Prepaid expenses | 2,820 | 24,000 | ||||||
Investments in subsidiaries | 36,808,242 | 396,709,649 | ||||||
Total current assets | 37,057,746 | 400,299,004 | ||||||
Other assets | ||||||||
Prepaid operating license rights | 215,381,356 | - | ||||||
Total assets | $ | 252,439,102 | $ | 400,299,004 | ||||
Liabilities and equity | ||||||||
Current liabilities | ||||||||
Accrued liabilities and other payables | $ | 201,672 | $ | 18 | ||||
Shareholders' equity | ||||||||
Total shareholders' equity | 252,237,430 | 400,298,986 | ||||||
Total liabilities and equity | $ | 252,439,102 | $ | 400,299,004 | ||||
Schedule of Condensed Income Statement [Table Text Block] | ' | |||||||
CONDENSED STATEMENTS OF INCOME | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Cost of revenue | $ | -720,339 | $ | - | ||||
General and administrative expenses | -2,225,543 | -2,366,419 | ||||||
Other income | 117 | - | ||||||
Equity in income of subsidiaries | 100,345,185 | 108,161,433 | ||||||
Net income | $ | 97,399,420 | $ | 105,795,014 | ||||
Schedule of Condensed Cash Flow Statement [Table Text Block] | ' | |||||||
CONDENSED STATEMENTS OF CASH FLOW | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Net cash used in operating activities | $ | -2,002,592 | $ | -2,390,401 | ||||
Net cash provided by investing activities | 123,865,099 | - | ||||||
Net cash (used in)/provided by financing activities | -125,181,178 | 5,955,756 | ||||||
Net (decrease)/increase in cash | -3,318,671 | 3,565,355 | ||||||
Cash at the beginning of the year | 3,565,355 | - | ||||||
Cash at the end of the year | $ | 246,684 | $ | 3,565,355 | ||||
QUARTERLY_CONSOLIDATED_FINANCI1
QUARTERLY CONSOLIDATED FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||
The following table shows the Company’s quarterly consolidated financial data for the four quarters of 2013: | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||
Revenue | $ | 19,669,476 | $ | 21,362,357 | $ | 20,609,107 | $ | 61,026,829 | ||||||
Cost of revenue | -14,292,134 | -12,235,475 | -12,446,879 | -36,785,545 | ||||||||||
Gross Profit | 5,377,342 | 9,126,882 | 8,162,228 | 24,241,284 | ||||||||||
Operating expenses: | ||||||||||||||
Selling and marketing expenses | -194,688 | -174,046 | -362,000 | -887,544 | ||||||||||
General and administrative expenses | -301,342 | -866,194 | -1,178,033 | -846,068 | ||||||||||
Total operating expenses | -496,030 | -1,040,240 | -1,540,033 | -1,733,612 | ||||||||||
Operating income | 4,881,312 | 8,086,642 | 6,622,195 | 22,507,672 | ||||||||||
Other income (expenses) | ||||||||||||||
Investment income | - | 69,071 | 218 | 230 | ||||||||||
Interest income | 1,096 | 1,460 | 2,305 | 3,389 | ||||||||||
Interest expenses | -685,377 | -710,365 | -1,049,040 | -1,727,207 | ||||||||||
Subsidy income | 35,387 | 205 | 168,900 | 7,133,781 | ||||||||||
Sundry income | 2,003 | 11 | 7 | 123 | ||||||||||
Gain/(Loss) on foreign exchange, net | 207,984 | -428,389 | 194,433 | 170,712 | ||||||||||
Income from continuing operations before income | 4,442,405 | 7,018,635 | 5,939,018 | 28,088,700 | ||||||||||
taxes | ||||||||||||||
Income tax expense | - | - | - | - | ||||||||||
Net income from continuing operations | 4,442,405 | 7,018,635 | 5,939,018 | 28,088,700 | ||||||||||
Net income from discontinued operations, net of taxes | 9,340,136 | 17,759,118 | 12,362,523 | 12,448,885 | ||||||||||
Consolidated net income | 13,782,541 | 24,777,753 | 18,301,541 | 40,537,585 | ||||||||||
DESCRIPTION_OF_BUSINESS_AND_OR2
DESCRIPTION OF BUSINESS AND ORGANIZATION (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Merchant Supreme Co Ltd [Member] | ' |
DESCRIPTION OF BUSINESS AND ORGANIZATION [Line Items] | ' |
Place and date of incorporation (place) | 'BVI |
Place and date of incorporation (date) | 25-Jun-12 |
Prime Cheer Corporation Ltd [Member] | ' |
DESCRIPTION OF BUSINESS AND ORGANIZATION [Line Items] | ' |
Place and date of incorporation (place) | 'Hong Kong |
Place and date of incorporation (date) | 3-May-12 |
Pingtan Guansheng Ocean Fishing Co Ltd [Member] | ' |
DESCRIPTION OF BUSINESS AND ORGANIZATION [Line Items] | ' |
Place and date of incorporation (place) | 'PRC |
Place and date of incorporation (date) | 12-Oct-12 |
DESCRIPTION_OF_BUSINESS_AND_OR3
DESCRIPTION OF BUSINESS AND ORGANIZATION (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Feb. 25, 2013 | Dec. 31, 2012 | Jun. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 01, 2013 | Dec. 31, 2013 | |
Additional Paid-in Capital [Member] | Retained Earnings [Member] | Hong Long [Member] | MS.PingLin [Member] | Other shareholders [Member] | Mr.Zho [Member] | Pingtan Fishing [Member] | China Dredging Group Co Ltd [Member] | |||||
Subsequent Event Date 4 December 2013 [Member] | ||||||||||||
DESCRIPTION OF BUSINESS AND ORGANIZATION [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ordinary shares, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Business Acquisition, Date Of Acquisition Agreement | 1-Mar-06 | ' | ' | ' | ' | ' | 19-Jun-13 | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred, Total | ' | ' | ' | ' | ' | ' | $410,100,000 | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | 66.50% | 33.50% | 56.20% | ' | ' |
Related Party Transaction, Purchases from Related Party | 388,330,794 | ' | ' | ' | 276,072,797 | 112,257,997 | ' | ' | ' | ' | ' | ' |
Cost Of Fishing Vessels | $21,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Rights Appraised Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '25-year exclusive rights of 20 new fishing vessels assigned from Hong Long to the Company as part of the sale consideration on the disposal of CDGC and its subsidiaries. Such operating rights were appraised at $216.1 million |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details) (USD $) | 3 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 04, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
China Dredging Group Co Ltd [Member] | China Dredging Group Co Ltd [Member] | China Dredging Group Co Ltd [Member] | |||||||||||
Disposal Groups Including Discontinued Operations Income Statement Disclosures [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | ' | ' | ' | ' | $122,667,769 | $67,461,468 | $25,600,636 | [1] | $161,497,136 | $209,619,489 | $226,953,070 | ||
Income from discontinued operations before income tax | ' | ' | ' | ' | ' | ' | ' | 67,251,697 | 110,805,122 | 126,499,331 | |||
Income tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | [1] | -15,341,035 | -26,310,694 | -30,107,070 | ||
Net income from discontinued operations | $12,448,885 | $12,362,523 | $17,759,118 | $9,340,136 | $51,910,662 | [2] | $84,494,428 | [2] | $90,257,249 | [1],[2] | $51,910,662 | $84,494,428 | $90,257,249 |
[1] | Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as China Growth Equity Investment Ltd.) completed its merger with China Dredging Group Co., Ltd. and the share purchase of Merchant Supreme Co., Ltd. on January 1, 2011 rather than on February 25, 2013. | ||||||||||||
[2] | Total net income and net income from discontinued operations, net of tax included accretion of discount on Class A Preferred Shares in amount of $6,135,012. |
DISCONTINUED_OPERATIONS_Detail1
DISCONTINUED OPERATIONS (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 04, 2013 | Dec. 31, 2012 | |
China Dredging Group Co Ltd [Member] | China Dredging Group Co Ltd [Member] | ||||
Disposal Groups Including Discontinued Operations Balance Sheet And Additional Disclosures [Line Items] | ' | ' | ' | ' | |
Cash | $8,156,599 | $10,426,140 | [1] | $84,917,899 | $165,062,575 |
Other current assets | ' | ' | 28,821,788 | 36,613,112 | |
Non - current assets | 329,170,718 | 46,560,997 | [1] | 148,710,213 | 159,784,757 |
Total assets of discontinued operations | 357,948,722 | 484,009,837 | [1] | 262,449,900 | 361,460,444 |
Current liabilities | 51,211,565 | 67,021,530 | [1] | 25,873,709 | 14,052,751 |
Net asset disposed | ' | ' | $236,576,191 | ' | |
[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, 2011 rather than on February 25, 2013. Assets and liabilities of discontinued operations are retrospectively reclassified as of December 31, 2012 after taking into account of the Companybs plan to sell China Dredging Group Co., Ltd. and its subsidiaries to an affiliate of the Companybs Chairman, CEO and major shareholder, Mr. Xinrong Zhuo. |
DISCONTINUED_OPERATIONS_Detail2
DISCONTINUED OPERATIONS (Details Textual) (USD $) | 12 Months Ended | 11 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 04, 2013 | Dec. 31, 2013 | ||
China Dredging Group Co Ltd [Member] | China Dredging Group Co Ltd [Member] | |||||
DISCONTINUED OPERATIONS [Line Items] | ' | ' | ' | ' | ' | |
Debt Instrument, Decrease, Forgiveness | ' | ' | ' | ' | $155,200,000 | |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | 4.00% | |
Debt Instrument, Maturity Date | ' | ' | ' | ' | 19-Jun-15 | |
Operating Rights Appraised Description | ' | ' | ' | ' | 'the transfer to the Company of the 25-year license operating rights for 20 new fishing vessels, with such rights appraised at $216.1 million | |
Due to Related Parties, Current | ' | ' | ' | ' | 172,500,000 | |
Assets, Net, Total | ' | ' | ' | ' | 236,600,000 | |
Gain (Loss) on Disposition of Assets, Total | ' | ' | ' | ' | 134,700,000 | |
Payments for (Proceeds from) Businesses and Interest in Affiliates, Total | $84,917,899 | $0 | $0 | [1] | $543,800,000 | ' |
[1] | Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as China Growth Equity Investment Ltd.) completed its merger with China Dredging Group Co., Ltd. and the share purchase of Merchant Supreme Co., Ltd. on January 1, 2011 rather than on February 25, 2013. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
ASSETS | ' | ' | |
Cash | $8,156,599 | $10,426,140 | [1] |
Notes receivable (banker's acceptances) transferred from related parties | 0 | 3,645,817 | [1] |
Accounts receivable | 9,133,130 | 11,478,436 | [1] |
Other receivables | 1,213,440 | 0 | [1] |
Advances to related parties | 0 | 49,802,821 | [1] |
Inventories | 9,095,736 | 194,331 | [1] |
Long-term investment | 3,468,953 | 3,328,789 | [1] |
Deposit on potential Joint Venture | 0 | 6,090,302 | [1] |
Prepaid fixed asset deposits | 1,928,700 | 0 | [1] |
Property, Plant and Equipment, Net | 107,178,269 | 37,141,906 | [1] |
Total assets | 357,948,722 | 484,009,837 | [1] |
LIABILITIES | ' | ' | |
Accounts payable - third parties | 2,184,964 | 70,732 | [1] |
Accounts payable - related parties | 13,807,605 | 5,765,632 | [1] |
Short-term loans | 9,085,353 | 25,169,260 | [1] |
Accrued liabilities and other payables | 3,851,047 | 1,033,784 | [1] |
Long-term loans | 20,252,077 | 8,094,308 | [1] |
Total Current Liabilities | 51,211,565 | 67,021,530 | [1] |
Deferred income | 1,733,485 | 0 | [1] |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' | |
ASSETS | ' | ' | |
Cash | 7,736,308 | 6,710,472 | |
Notes receivable (banker's acceptances) transferred from related parties | 0 | 3,645,817 | |
Accounts receivable | 9,133,130 | 11,478,436 | |
Other receivables | 1,225,073 | 29,885 | |
Advances to related parties | 0 | 49,802,897 | |
Inventories | 9,095,736 | 194,331 | |
Prepaid expenses | 2,378,054 | 386,966 | |
Long-term investment | 3,468,953 | 3,328,789 | |
Deposit on potential Joint Venture | 0 | 6,092,302 | |
Prepaid fixed asset deposits | 1,928,700 | 0 | |
Property, Plant and Equipment, Net | 107,178,269 | 37,141,906 | |
Total assets | 142,144,223 | 118,811,801 | |
LIABILITIES | ' | ' | |
Accounts payable - third parties | 2,184,964 | 70,732 | |
Accounts payable - related parties | 13,807,605 | 5,765,632 | |
Receipt in advance - third parties | 297,034 | 0 | |
Receipt in advance - related parties | 0 | 12,681,102 | |
Short-term loans | 9,085,353 | 25,169,260 | |
Accrued liabilities and other payables | 3,631,622 | 1,033,640 | |
Long-term loans | 74,751,804 | 24,783,629 | |
Total Current Liabilities | 105,491,867 | 69,503,995 | |
Deferred income | $1,733,485 | $0 | |
[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, 2011 rather than on February 25, 2013. Assets and liabilities of discontinued operations are retrospectively reclassified as of December 31, 2012 after taking into account of the Companybs plan to sell China Dredging Group Co., Ltd. and its subsidiaries to an affiliate of the Companybs Chairman, CEO and major shareholder, Mr. Xinrong Zhuo. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | ' | ' | ' | ' | $122,667,769 | $67,461,468 | $25,600,636 | [1] | ||
Cost of revenue | -36,785,545 | -12,446,879 | -12,235,475 | -14,292,134 | -75,760,033 | -41,876,140 | -14,600,579 | [1] | ||
Net income attributable to the Company | 40,537,585 | 18,301,541 | 24,777,753 | 13,782,541 | 97,399,420 | [2] | 105,792,014 | [2] | 100,697,586 | [1],[2] |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' | ' | ' | ' | ' | ' | |||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | ' | ' | ' | ' | 122,667,769 | 67,461,468 | 25,600,636 | |||
Cost of revenue | ' | ' | ' | ' | -75,039,694 | -41,876,140 | -14,600,579 | |||
Net income attributable to the Company | ' | ' | ' | ' | $48,524,935 | $23,667,802 | $10,440,337 | |||
[1] | Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as China Growth Equity Investment Ltd.) completed its merger with China Dredging Group Co., Ltd. and the share purchase of Merchant Supreme Co., Ltd. on January 1, 2011 rather than on February 25, 2013. | |||||||||
[2] | Total net income and net income from discontinued operations, net of tax included accretion of discount on Class A Preferred Shares in amount of $6,135,012. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Balance Sheet Items Except Equity Accounts [Member] | ' | ' | ' |
Foreign Currency Translation [Line Items] | ' | ' | ' |
Foreign Currency Translation Adjustment Description CNY For $1 | '6.0537 | '6.3086 | ' |
Foreign Currency Translation Adjustment Description HKD For $1 | '7.7539 | '7.7507 | ' |
Income Statement And Cashflow [Member] | ' | ' | ' |
Foreign Currency Translation [Line Items] | ' | ' | ' |
Foreign Currency Translation Adjustment Description CNY For $1 | '6.1412 | '6.3116 | '6.4640 |
Foreign Currency Translation Adjustment Description HKD For $1 | '7.7565 | '7.7556 | '7.7793 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fishing Vessel [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | '10 years |
Maximum [Member] | Fishing Vessel [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '20 years | ' |
Maximum [Member] | Office Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' |
Maximum [Member] | Major improvement on fishing vessel [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '20 years | ' |
Maximum [Member] | Motor vehicle [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' |
Minimum [Member] | Fishing Vessel [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | ' |
Minimum [Member] | Office Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' |
Minimum [Member] | Major improvement on fishing vessel [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '4 years | ' |
Minimum [Member] | Motor vehicle [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Net income | $40,537,585 | $18,301,541 | $24,777,753 | $13,782,541 | $97,399,420 | [1] | $105,792,014 | [1] | $100,697,586 | [1],[2] |
- From continuing operations | 28,088,700 | 5,939,018 | 7,018,635 | 4,442,405 | 45,488,758 | 21,297,586 | 10,440,337 | [2] | ||
- From discontinued operations | $12,448,885 | $12,362,523 | $17,759,118 | $9,340,136 | $51,910,662 | [1] | $84,494,428 | [1] | $90,257,249 | [1],[2] |
Weighted average number of ordinary shares outstanding (Basic and diluted) (in shares) | ' | ' | ' | ' | 79,055,053 | 79,055,053 | 79,055,053 | [2] | ||
Earnings per share from continuing operation (Basic and diluted) (in dollars per share) | ' | ' | ' | ' | $0.58 | $0.27 | $0.13 | |||
Earnings per share from discontinued operation (Basic and diluted) (in dollars per share) | ' | ' | ' | ' | $0.65 | $1.07 | $1.14 | |||
Earnings per ordinary share (Basic and diluted) (in dollars per share) | ' | ' | ' | ' | $1.23 | $1.34 | $1.27 | [2] | ||
[1] | Total net income and net income from discontinued operations, net of tax included accretion of discount on Class A Preferred Shares in amount of $6,135,012. | |||||||||
[2] | Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as China Growth Equity Investment Ltd.) completed its merger with China Dredging Group Co., Ltd. and the share purchase of Merchant Supreme Co., Ltd. on January 1, 2011 rather than on February 25, 2013. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 5) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Warrants to purchase ordinary share | 8,966,667 | 8,966,667 | 8,966,667 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounting Policies [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 100.00% | ' | ' |
Interest Costs Capitalized | $224,296 | $244,619 | $109,899 |
Undistributed Earnings of Domestic Subsidiaries | 82,700,000 | 36,500,000 | ' |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 4,100,000 | 1,800,000 | ' |
Entitlement Of Net Profit Loss Towards Fishing Vessels By Entity, Percentage | 100.00% | ' | ' |
Merchant Supreme Co Ltd [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Pension and Other Postretirement Benefit Expense | 24,502 | 0 | 0 |
Interest Costs Capitalized | $224,296 | $244,619 | $109,899 |
Merchant Supreme Co Ltd [Member] | Third Party Customer [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Accounts Receivable Credit Period | '60 years | ' | ' |
Merchant Supreme Co Ltd [Member] | Independent Customer [Member] | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Accounts Receivable Credit Period | '180 years | ' | ' |
CASH_Details
CASH (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Cash and Cash Equivalents [Line Items] | ' | ' |
Maximum exposure to credit risk | $8,156,599 | $10,426,140 |
Merchant Supreme Co Ltd [Member] | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Maximum exposure to credit risk | 8,156,599 | 10,426,140 |
Merchant Supreme Co Ltd [Member] | USD [Member] | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Maximum exposure to credit risk | 381,516 | 3,715,356 |
Merchant Supreme Co Ltd [Member] | RMB [Member] | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Maximum exposure to credit risk | 7,752,468 | 6,709,922 |
Merchant Supreme Co Ltd [Member] | HKD [Member] | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Maximum exposure to credit risk | 22,615 | 862 |
Merchant Supreme Co Ltd [Member] | Hong Kong [Member] | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Maximum exposure to credit risk | 269,299 | 3,566,217 |
Merchant Supreme Co Ltd [Member] | PRC [Member] | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Maximum exposure to credit risk | $7,887,300 | $6,859,923 |
ACCOUNTS_RECEIVABLE_Details
ACCOUNTS RECEIVABLE (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | |
Accounts receivable - third parties | $9,133,130 | $11,478,436 | [1] |
[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, 2011 rather than on February 25, 2013. Assets and liabilities of discontinued operations are retrospectively reclassified as of December 31, 2012 after taking into account of the Companybs plan to sell China Dredging Group Co., Ltd. and its subsidiaries to an affiliate of the Companybs Chairman, CEO and major shareholder, Mr. Xinrong Zhuo. |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
Inventory [Line Items] | ' | ' | |
Frozen fish and marine catches in warehouse | $9,095,736 | $161,484 | |
Frozen fish and marine catches in transit | 0 | 32,847 | |
Inventory, Net, Total | $9,095,736 | $194,331 | [1] |
[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, 2011 rather than on February 25, 2013. Assets and liabilities of discontinued operations are retrospectively reclassified as of December 31, 2012 after taking into account of the Companybs plan to sell China Dredging Group Co., Ltd. and its subsidiaries to an affiliate of the Companybs Chairman, CEO and major shareholder, Mr. Xinrong Zhuo. |
OTHER_RECEIVABLES_NON_CURRENT_2
OTHER RECEIVABLES - NON - CURRENT PORTION (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | |
Other Receivables, Net, Current | $11,665 | $29,885 | [1] |
Grants Receivable From Prc Government [Member] | ' | ' | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | |
Other Receivables, Net, Current | $1,213,440 | $0 | |
[1] | Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as China Growth Equity Investment Limited) completed its merger with China Dredging Group Co., Ltd. and the share purchase of Merchant Supreme Co., Ltd. on January 1, 2011 rather than on February 25, 2013. Assets and liabilities of discontinued operations are retrospectively reclassified as of December 31, 2012 after taking into account of the Companybs plan to sell China Dredging Group Co., Ltd. and its subsidiaries to an affiliate of the Companybs Chairman, CEO and major shareholder, Mr. Xinrong Zhuo. |
LONGTERM_INVESTMENT_Details_Te
LONG-TERM INVESTMENT (Details Textual) | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | Oct. 17, 2012 | Oct. 17, 2012 | |
USD ($) | USD ($) | Pingtan Fishing [Member] | Pingtan Fishing [Member] | Pingtan Fishing [Member] | ||
USD ($) | CNY | |||||
Long Term Investments [Line Items] | ' | ' | ' | ' | ' | |
Long-term investment | $3,468,953 | $3,328,789 | [1] | ' | $3,400,000 | 21,000,000 |
Number Of Shares Held As Investment | ' | ' | ' | 15,113,250 | 15,113,250 | |
Cost Method Investment Ownership Percentage | ' | ' | 5.00% | ' | ' | |
Shares Held As Collateral For Long Term Loan, Amount | $2,300,000 | $0 | ' | ' | ' | |
[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, 2011 rather than on February 25, 2013. Assets and liabilities of discontinued operations are retrospectively reclassified as of December 31, 2012 after taking into account of the Companybs plan to sell China Dredging Group Co., Ltd. and its subsidiaries to an affiliate of the Companybs Chairman, CEO and major shareholder, Mr. Xinrong Zhuo. |
DEPOSIT_ON_POTENTIAL_JOINT_VEN2
DEPOSIT ON POTENTIAL JOINT VENTURE (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | |
Deposit for an asset interest acquisition and investment in a proposed Indonesia joint venture | $0 | $6,090,302 | [1] |
[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, 2011 rather than on February 25, 2013. Assets and liabilities of discontinued operations are retrospectively reclassified as of December 31, 2012 after taking into account of the Companybs plan to sell China Dredging Group Co., Ltd. and its subsidiaries to an affiliate of the Companybs Chairman, CEO and major shareholder, Mr. Xinrong Zhuo. |
DEPOSIT_ON_POTENTIAL_JOINT_VEN3
DEPOSIT ON POTENTIAL JOINT VENTURE (Details Textual) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | ' |
Business Acquisition, Date of Acquisition Agreement | 1-Mar-06 |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 80.00% |
Payments to Acquire Interest in Joint Venture | $7,200,000 |
Cash [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Payments to Acquire Interest in Joint Venture | 5,470,000 |
Cash Equivalents [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Payments to Acquire Interest in Joint Venture | $1,730,000 |
PREPAID_OPERATING_LICENSE_RIGH2
PREPAID OPERATING LICENSE RIGHTS (Details) (USD $) | Dec. 31, 2013 |
For the years ended December 31, | ' |
2014 | $8,644,068 |
2015 | 8,644,068 |
2016 | 8,644,068 |
2017 | 8,644,068 |
2018 | 8,644,068 |
Thereafter | 172,161,016 |
Total | $215,381,356 |
PREPAID_OPERATING_LICENSE_RIGH3
PREPAID OPERATING LICENSE RIGHTS (Details Textual) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Capital Lease Minimum Future Payment Due [Line Items] | ' |
Capital Leases, Future Minimum Payments Due, Total | $215,381,356 |
Amortization Of Operating Rights Prepaid Lease Payment | 720,339 |
Exclusive Operating Rights Term | '25 years |
Entitlement Of Net Profit Loss Towards Fishing Vessels By Entity, Percentage | 100.00% |
Amortization of Intangible Assets | $720,339 |
PROPERTY_PLANT_AND_EQUIPMENT_N
PROPERTY, PLANT AND EQUIPMENT, NET (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | ||
Property, Plant and Equipment [Line Items] | ' | ' | |
Property, Plant and Equipment, Gross | $111,945,299 | $38,506,079 | |
Less: Accumulated depreciation | -4,767,030 | -1,364,173 | |
Property, Plant and Equipment, Net | 107,178,269 | 37,141,906 | [1] |
Externally Purchased Fishing Vessels [Member] | ' | ' | |
Property, Plant and Equipment [Line Items] | ' | ' | |
Property, Plant and Equipment, Gross | 62,551,611 | 20,934,880 | |
Office and Other Equipment [Member] | ' | ' | |
Property, Plant and Equipment [Line Items] | ' | ' | |
Property, Plant and Equipment, Gross | 147,894 | 134,684 | |
Fishing Vessels Under Construction [Member] | ' | ' | |
Property, Plant and Equipment [Line Items] | ' | ' | |
Property, Plant and Equipment, Gross | $49,245,794 | $17,436,515 | |
[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, 2011 rather than on February 25, 2013. Assets and liabilities of discontinued operations are retrospectively reclassified as of December 31, 2012 after taking into account of the Companybs plan to sell China Dredging Group Co., Ltd. and its subsidiaries to an affiliate of the Companybs Chairman, CEO and major shareholder, Mr. Xinrong Zhuo. |
PROPERTY_PLANT_AND_EQUIPMENT_N1
PROPERTY, PLANT AND EQUIPMENT, NET (Details Textual) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | |
Depreciation of property, plant and equipment | $3,297,751 | $2,983,086 | $1,917,747 | [1] |
Net Carrying Amount Of Fishing Vessels | 33,117,389 | 17,334,990 | ' | |
Historical Cost Of Fishing Vessel | 0 | ' | ' | |
Loans Pledged as Collateral | 20,700,000 | 10,600,000 | ' | |
Loans Pledged As Collateral Fishing Vessels Under Construction | 19,657,400 | ' | ' | |
Cost of Sales [Member] | ' | ' | ' | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | |
Depreciation of property, plant and equipment | 3,271,015 | 2,959,622 | 1,917,747 | |
General and Administrative Expense [Member] | ' | ' | ' | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | |
Depreciation of property, plant and equipment | $26,236 | $23,464 | ' | |
Fishing Vessel [Member] | ' | ' | ' | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | |
Property, Plant and Equipment, Useful Life | '10 years | '10 years | ' | |
[1] | Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as China Growth Equity Investment Ltd.) completed its merger with China Dredging Group Co., Ltd. and the share purchase of Merchant Supreme Co., Ltd. on January 1, 2011 rather than on February 25, 2013. |
ACCOUNTS_PAYABLE_RELATED_PARTI2
ACCOUNTS PAYABLE - RELATED PARTIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | ' | ' | |
Accounts Payable - related parties | $13,807,605 | $5,765,632 | [1] |
PT. Avona Mina Lestari [Member] | ' | ' | |
Related Party Transaction [Line Items] | ' | ' | |
Accounts Payable - related parties | 1,967,151 | 5,589,681 | |
Fuzhou Honglong Ocean Fishing Co Ltd [Member] | ' | ' | |
Related Party Transaction [Line Items] | ' | ' | |
Accounts Payable - related parties | 6,214,491 | 175,951 | |
Hai Yi Shipping Limited [Member] | ' | ' | |
Related Party Transaction [Line Items] | ' | ' | |
Accounts Payable - related parties | 251,341 | 0 | |
Haifeng Dafu Enterprise Company Limited [Member] | ' | ' | |
Related Party Transaction [Line Items] | ' | ' | |
Accounts Payable - related parties | 377,216 | 0 | |
Hong Fa Shipping Limited [Member] | ' | ' | |
Related Party Transaction [Line Items] | ' | ' | |
Accounts Payable - related parties | 4,996,031 | 0 | |
Zhiyan Lin [Member] | ' | ' | |
Related Party Transaction [Line Items] | ' | ' | |
Accounts Payable - related parties | $1,375 | $0 | |
[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, 2011 rather than on February 25, 2013. Assets and liabilities of discontinued operations are retrospectively reclassified as of December 31, 2012 after taking into account of the Companybs plan to sell China Dredging Group Co., Ltd. and its subsidiaries to an affiliate of the Companybs Chairman, CEO and major shareholder, Mr. Xinrong Zhuo. |
RECEIPT_IN_ADVANCE_RELATED_PAR2
RECEIPT IN ADVANCE - RELATED PARTIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | ' | ' | |
Shenzhen Western Coast Fisherman Pier Co., Ltd (see 15 (a)) | $297,034 | $0 | [1] |
Shenzhen Western Coast Fisherman Pier Co Ltd [Member] | ' | ' | |
Related Party Transaction [Line Items] | ' | ' | |
Shenzhen Western Coast Fisherman Pier Co., Ltd (see 15 (a)) | $0 | $12,681,102 | |
[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, 2011 rather than on February 25, 2013. Assets and liabilities of discontinued operations are retrospectively reclassified as of December 31, 2012 after taking into account of the Companybs plan to sell China Dredging Group Co., Ltd. and its subsidiaries to an affiliate of the Companybs Chairman, CEO and major shareholder, Mr. Xinrong Zhuo. |
TERM_LOANS_Details
TERM LOANS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | ||
Short-term Debt [Line Items] | ' | ' | |
Short-term loans | $9,085,353 | $25,169,260 | [1] |
Maximum balance outstanding during the year | 25,169,260 | 25,169,260 | |
Interest expense for the years ended December 31, 2013 and 2012 | 1,229,965 | 1,873,866 | |
Weighted average interest rate | 8.70% | 4.80% | |
Industrial and Commercial Bank Of China [Member] | ' | ' | |
Short-term Debt [Line Items] | ' | ' | |
Short-term loans | 0 | 14,390,323 | |
Fujian Haixia Bank [Member] | ' | ' | |
Short-term Debt [Line Items] | ' | ' | |
Short-term loans | 9,085,353 | 7,133,120 | |
China Minsheng Banking Corp Limited [Member] | ' | ' | |
Short-term Debt [Line Items] | ' | ' | |
Short-term loans | $0 | $3,645,817 | |
[1] | Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as China Growth Equity Investment Limited) completed its merger with China Dredging Group Co., Ltd. and the share purchase of Merchant Supreme Co., Ltd. on January 1, 2011 rather than on February 25, 2013. Assets and liabilities of discontinued operations are retrospectively reclassified as of December 31, 2012 after taking into account of the Companybs plan to sell China Dredging Group Co., Ltd. and its subsidiaries to an affiliate of the Companybs Chairman, CEO and major shareholder, Mr. Xinrong Zhuo. |
TERM_LOANS_Details_1
TERM LOANS (Details 1) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | Fujian Haixia Bank Limited, Fuzhou Hualin Branch Transaction One [Member] | Fujian Haixia Bank Limited, Fuzhou Hualin Branch Transaction One [Member] | Fujian Haixia Bank Limited, Fuzhou Hualin Branch Transaction Two [Member] | Fujian Haixia Bank Limited, Fuzhou Hualin Branch Transaction Two [Member] | Fujian Haixia Bank, Fuzhou Hualin Branch Transaction Three [Member] | Fujian Haixia Bank, Fuzhou Hualin Branch Transaction Three [Member] | ||
CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | ||||
Short Term Debt Principal Or Outstanding [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Principal amount | ' | ' | 30,000,000 | ' | 10,000,000 | ' | 15,000,000 | ' | |
Current annualized interest rate | ' | ' | 8.40% | ' | 9.00% | ' | 9.00% | ' | |
Terms of loans | ' | ' | 22-Mar-14 | ' | 9-May-14 | ' | 23-Apr-14 | ' | |
Collateral | ' | ' | 'Guarantee by Xinrong Zhuo | ' | 'Guarantee by Xinrong Zhuo | ' | 'Guarantee by Xinrong Zhuo | ' | |
Outstanding amount as of December 31,2013 | $9,085,353 | $25,169,260 | [1] | ' | $4,955,647 | ' | $1,651,883 | ' | $2,477,823 |
[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, 2011 rather than on February 25, 2013. Assets and liabilities of discontinued operations are retrospectively reclassified as of December 31, 2012 after taking into account of the Companybs plan to sell China Dredging Group Co., Ltd. and its subsidiaries to an affiliate of the Companybs Chairman, CEO and major shareholder, Mr. Xinrong Zhuo. |
TERM_LOANS_Details_2
TERM LOANS (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' | |
Long-term Debt, Total | $74,751,804 | $24,783,629 | |
Less: Current portion | -20,252,077 | -8,094,308 | [1] |
Long-term debt | 54,499,727 | 16,689,321 | [1] |
Weighted average interest rate | 6.80% | 7.90% | |
China Minsheng Banking Corporation Limited, Fuzhou Branch [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Long-term Debt, Total | 14,829,774 | 20,028,216 | |
Fujian Haixia Bank, Fuzhou Hualin Branch [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Long-term Debt, Total | 3,303,764 | 4,755,413 | |
The Export-Import Bank of China, Fujian Branch [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Long-term Debt, Total | 46,706,972 | 0 | |
China Development Bank, Fujian Branch [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Long-term Debt, Total | $9,911,294 | $0 | |
[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, 2011 rather than on February 25, 2013. Assets and liabilities of discontinued operations are retrospectively reclassified as of December 31, 2012 after taking into account of the Companybs plan to sell China Dredging Group Co., Ltd. and its subsidiaries to an affiliate of the Companybs Chairman, CEO and major shareholder, Mr. Xinrong Zhuo. |
TERM_LOANS_Details_3
TERM LOANS (Details 3) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Maturities Of Term Loans [Line Items] | ' |
Debt Instrument Periodic Payment Principal Current Year | $20,252,077 |
Debt Instrument Periodic Payment Principal Current Year One | 19,132,927 |
Debt Instrument Periodic Payment Principal Current Year Two | 14,255,745 |
Debt Instrument Periodic Payment Principal Current Year Three | 15,577,250 |
Debt Instrument Periodic Payment Principal Current Year Four To Seven | 5,533,805 |
Long-term loans - current portion | 74,751,804 |
Industrial and Commercial Bank Of China [Member] | ' |
Maturities Of Term Loans [Line Items] | ' |
Debt Instrument, Collateral | 'Guaranteed by Xinrong Zhuo, Honghong Zhuo, Mrs. and Mr. Zhiyan Lin and 14 fishing vessels under construction |
Debt Instrument Term Description | 'November 28, 2013 to November 27, 2021 |
Debt Instrument Periodic Payment Principal Current Year | 578,159 |
Debt Instrument Periodic Payment Principal Current Year One | 1,156,318 |
Debt Instrument Periodic Payment Principal Current Year Two | 1,238,912 |
Debt Instrument Periodic Payment Principal Current Year Three | 1,404,100 |
Debt Instrument Periodic Payment Principal Current Year Four To Seven | 5,533,805 |
Long-term loans - current portion | 9,911,294 |
Minsheng Bank Of China, Fuzhou Branch Transaction One [Member] | ' |
Maturities Of Term Loans [Line Items] | ' |
Debt Instrument, Collateral | 'Pingtan Fishing's and Hong Long's fishing vessels and guaranteed by Xinrong Zhuo |
Debt Instrument Term Description | 'May 4, 2012 to March 16, 2015 |
Debt Instrument Periodic Payment Principal Current Year | 6,095,446 |
Debt Instrument Periodic Payment Principal Current Year One | 3,047,723 |
Debt Instrument Periodic Payment Principal Current Year Two | 0 |
Debt Instrument Periodic Payment Principal Current Year Three | 0 |
Debt Instrument Periodic Payment Principal Current Year Four To Seven | 0 |
Long-term loans - current portion | 9,143,169 |
Minsheng Bank Of China, Fuzhou Branch Transaction Two [Member] | ' |
Maturities Of Term Loans [Line Items] | ' |
Debt Instrument, Collateral | 'Pingtan Fishing's and Hong Long's fishing vessels and guaranteed by Xinrong Zhuo |
Debt Instrument Term Description | 'June 15, 2012 to March 16, 2015 |
Debt Instrument Periodic Payment Principal Current Year | 1,486,694 |
Debt Instrument Periodic Payment Principal Current Year One | 743,347 |
Debt Instrument Periodic Payment Principal Current Year Two | 0 |
Debt Instrument Periodic Payment Principal Current Year Three | 0 |
Debt Instrument Periodic Payment Principal Current Year Four To Seven | 0 |
Long-term loans - current portion | 2,230,041 |
Minsheng Bank Of China, Fuzhou Branch Transaction Three [Member] | ' |
Maturities Of Term Loans [Line Items] | ' |
Debt Instrument, Collateral | 'Pingtan Fishing’s and Hong Long’s fishing vessels and guaranteed by Xinrong Zhuo |
Debt Instrument Term Description | 'June 29, 2012 to March 16, 2015 |
Debt Instrument Periodic Payment Principal Current Year | 2,304,376 |
Debt Instrument Periodic Payment Principal Current Year One | 1,152,188 |
Debt Instrument Periodic Payment Principal Current Year Two | 0 |
Debt Instrument Periodic Payment Principal Current Year Three | 0 |
Debt Instrument Periodic Payment Principal Current Year Four To Seven | 0 |
Long-term loans - current portion | 3,456,564 |
Fujian Haixia Bank, Fuzhou Hualin Branch [Member] | ' |
Maturities Of Term Loans [Line Items] | ' |
Debt Instrument, Collateral | 'Guaranteed by Xinrong Zhuo |
Debt Instrument Term Description | 'April 25, 2012 to March 22, 2015 |
Debt Instrument Periodic Payment Principal Current Year | 1,651,882 |
Debt Instrument Periodic Payment Principal Current Year One | 1,651,882 |
Debt Instrument Periodic Payment Principal Current Year Two | 0 |
Debt Instrument Periodic Payment Principal Current Year Three | 0 |
Debt Instrument Periodic Payment Principal Current Year Four To Seven | 0 |
Long-term loans - current portion | 3,303,764 |
Export-Import Bank Of China [Member] | ' |
Maturities Of Term Loans [Line Items] | ' |
Debt Instrument, Collateral | 'Hong Long’s investment in equity interest of a PRC local bank |
Debt Instrument Term Description | 'July 5, 2013 to December 10, 2017 |
Debt Instrument Periodic Payment Principal Current Year | 3,386,359 |
Debt Instrument Periodic Payment Principal Current Year One | 4,724,383 |
Debt Instrument Periodic Payment Principal Current Year Two | 5,418,174 |
Debt Instrument Periodic Payment Principal Current Year Three | 6,111,965 |
Debt Instrument Periodic Payment Principal Current Year Four To Seven | 0 |
Long-term loans - current portion | 19,640,881 |
Export-Import Bank Of China One [Member] | ' |
Maturities Of Term Loans [Line Items] | ' |
Debt Instrument, Collateral | 'Hong Long’s investment in equity interest of a PRC local bank |
Debt Instrument Term Description | 'July 5, 2013 to December 10, 2017 |
Debt Instrument Periodic Payment Principal Current Year | 123,891 |
Debt Instrument Periodic Payment Principal Current Year One | 181,707 |
Debt Instrument Periodic Payment Principal Current Year Two | 198,226 |
Debt Instrument Periodic Payment Principal Current Year Three | 214,745 |
Debt Instrument Periodic Payment Principal Current Year Four To Seven | 0 |
Long-term loans - current portion | 718,569 |
Export-Import Bank Of China Two [Member] | ' |
Maturities Of Term Loans [Line Items] | ' |
Debt Instrument, Collateral | 'Fujian International Trading and Transportation Company Ltd’s investment in equity interest of a PRC local bank |
Debt Instrument Term Description | 'July 5, 2013 to December 10, 2017 |
Debt Instrument Periodic Payment Principal Current Year | 660,753 |
Debt Instrument Periodic Payment Principal Current Year One | 925,054 |
Debt Instrument Periodic Payment Principal Current Year Two | 1,024,167 |
Debt Instrument Periodic Payment Principal Current Year Three | 1,172,836 |
Debt Instrument Periodic Payment Principal Current Year Four To Seven | 0 |
Long-term loans - current portion | 3,782,810 |
Export-Import Bank Of China Three [Member] | ' |
Maturities Of Term Loans [Line Items] | ' |
Debt Instrument, Collateral | 'Guarantee of Hong Long |
Debt Instrument Term Description | 'July 5, 2013 to December 10, 2017 |
Debt Instrument Periodic Payment Principal Current Year | 3,270,727 |
Debt Instrument Periodic Payment Principal Current Year One | 4,592,233 |
Debt Instrument Periodic Payment Principal Current Year Two | 5,219,948 |
Debt Instrument Periodic Payment Principal Current Year Three | 2,775,162 |
Debt Instrument Periodic Payment Principal Current Year Four To Seven | 0 |
Long-term loans - current portion | 15,858,070 |
Export-Import Bank Of China Four [Member] | ' |
Maturities Of Term Loans [Line Items] | ' |
Debt Instrument, Collateral | 'Fujian International Trading and Transportation Company Ltd’s investment in equity interest of a PRC local bank |
Debt Instrument Term Description | 'September 29, 2013 to December 10, 2017 |
Debt Instrument Periodic Payment Principal Current Year | 82,594 |
Debt Instrument Periodic Payment Principal Current Year One | 99,113 |
Debt Instrument Periodic Payment Principal Current Year Two | 132,151 |
Debt Instrument Periodic Payment Principal Current Year Three | 148,669 |
Debt Instrument Periodic Payment Principal Current Year Four To Seven | 0 |
Long-term loans - current portion | 462,527 |
Export-Import Bank Of China Five [Member] | ' |
Maturities Of Term Loans [Line Items] | ' |
Debt Instrument, Collateral | 'Hong Long’s investment in equity interest of a PRC local bank |
Debt Instrument Term Description | 'September 29, 2013 to December 10, 2017 |
Debt Instrument Periodic Payment Principal Current Year | 214,745 |
Debt Instrument Periodic Payment Principal Current Year One | 297,339 |
Debt Instrument Periodic Payment Principal Current Year Two | 363,414 |
Debt Instrument Periodic Payment Principal Current Year Three | 379,933 |
Debt Instrument Periodic Payment Principal Current Year Four To Seven | 0 |
Long-term loans - current portion | 1,255,431 |
Export-Import Bank Of China Six [Member] | ' |
Maturities Of Term Loans [Line Items] | ' |
Debt Instrument, Collateral | 'Hong Long’s investment in equity interest of a PRC local bank |
Debt Instrument Term Description | 'September 29, 2013 to December 10, 2017 |
Debt Instrument Periodic Payment Principal Current Year | 0 |
Debt Instrument Periodic Payment Principal Current Year One | 0 |
Debt Instrument Periodic Payment Principal Current Year Two | 0 |
Debt Instrument Periodic Payment Principal Current Year Three | 2,659,531 |
Debt Instrument Periodic Payment Principal Current Year Four To Seven | 0 |
Long-term loans - current portion | 2,659,531 |
Export-Import Bank Of China Seven [Member] | ' |
Maturities Of Term Loans [Line Items] | ' |
Debt Instrument, Collateral | 'Pingtan Fishing’s investment in equity interest of a PRC local bank |
Debt Instrument Term Description | 'September 29, 2013 to December 10, 2017 |
Debt Instrument Periodic Payment Principal Current Year | 396,451 |
Debt Instrument Periodic Payment Principal Current Year One | 561,640 |
Debt Instrument Periodic Payment Principal Current Year Two | 660,753 |
Debt Instrument Periodic Payment Principal Current Year Three | 710,309 |
Debt Instrument Periodic Payment Principal Current Year Four To Seven | 0 |
Long-term loans - current portion | $2,329,153 |
TERM_LOANS_Details_Textual
TERM LOANS (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | 2 Months Ended | 12 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
China Minsheng Banking Corp Limited [Member] | China Minsheng Banking Corp Limited [Member] | China Minsheng Banking Corp Limited [Member] | Fujian International Trading and Transportation Company, Collateral One [Member] | Fujian International Trading and Transportation Company, Collateral Two [Member] | Hong Long, Collateral One [Member] | Hong Long, Collateral Two [Member] | Hong Long, Collateral Three [Member] | Ping An Bank Co Ltd [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense, Long-term Debt | $2,942,024 | $900,122 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | 18-Apr-15 | 25-Jun-14 | ' | ' | ' | ' | ' | ' | 23-Dec-14 |
Debt Instrument, Collateral | ' | ' | ' | 'Pingtan Fishing assigned 10 fishing vessels, as collateral to secure Hong Longs long-term loans from the financial institution in amount of approximately $10.8 million | 'Pingtan Fishing assigned 12 fishing vessels, as collateral to provide maximum guarantees of $9.9 million | ' | ' | ' | ' | ' | ' | 'Pingtan Fishing provide maximum guarantees approximately of $8.3 million to Hong Longs credit line in amount of $16.5 million |
Debt Instrument Guaranteed Payment | ' | ' | ' | ' | ' | 46,300,000 | ' | ' | ' | ' | ' | ' |
Interest Costs Capitalized | 224,296 | 244,619 | 109,899 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Fishing Vessels Pledged Under Pledge Contract | ' | ' | ' | 10 | 12 | ' | ' | ' | ' | ' | ' | ' |
Securities Received as Collateral | ' | ' | ' | ' | ' | ' | $3,800,000 | $500,000 | $700,000 | $19,600,000 | $1,300,000 | ' |
Percentage of Investment Held As Collateral | ' | ' | ' | ' | ' | ' | 0.30% | 1.00% | 2.86% | 1.75% | 2.70% | ' |
ACCRUED_LIABILITIES_AND_OTHER_2
ACCRUED LIABILITIES AND OTHER PAYABLES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
Accrued Liabilities And Other Payables [Line Items] | ' | ' | |
Accrued Liabilities and Other Liabilities | $3,851,047 | $1,033,784 | [1] |
Pingtan Marine Enterprise [Member] | ' | ' | |
Accrued Liabilities And Other Payables [Line Items] | ' | ' | |
Accrued salaries and wages | 3,278,245 | 673,234 | |
Accrued expenses | 152,000 | 0 | |
Other payables | 420,802 | 360,550 | |
Accrued Liabilities and Other Liabilities | $3,851,047 | $1,033,784 | |
[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, 2011 rather than on February 25, 2013. Assets and liabilities of discontinued operations are retrospectively reclassified as of December 31, 2012 after taking into account of the Companybs plan to sell China Dredging Group Co., Ltd. and its subsidiaries to an affiliate of the Companybs Chairman, CEO and major shareholder, Mr. Xinrong Zhuo. |
ACCRUED_LIABILITIES_AND_OTHER_3
ACCRUED LIABILITIES AND OTHER PAYABLES (Details Textual) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Accrued Liabilities And Other Payables [Line Items] | ' |
Accrued Insurance | $246,000 |
Payment Of Housing Fund | $27,000 |
ADVANCES_TOFROM_RELATED_PARTIE2
ADVANCES TO/FROM RELATED PARTIES (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Panxing Zhuo [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'Father of Xinrong Zhuo, a Family Member |
Honghong Zhuo [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'Daughter of Xinrong Zhuo |
Qing Lin [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'Brother-in-law of Xinrong Zhuo, a Family Member |
Longfei Zhuo [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'Cousin of Xinrong Zhuo, a Family Member |
Sunqiang Zhou [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'Brother-in-law of Xinrong Zhuo, a Family Member |
Cheng Chen [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'Cousin of Xinrong Zhuo, a Family Member and shareholder of Hong Long |
Xiaojie Wu [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'Brother-in-law of Xinrong Zhuo, a Family Member |
Xiaoqin Xu [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'An employee of an affiliate company |
Xiaomei Yang [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'An employee of the Company and niece of Xinrong Zhuo |
Xiaofang Zhuo [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'Cousin of Xinrong Zhuo, a Family Member |
Longhua Zhuo [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'Sister of Xinrong Zhuo,a Family Member |
Zhiyan Lin [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'Shareholder of Pingtan Fishing |
Fujian Yihai Investment Co Ltd [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'An affiliate company majority owned by Longjie Zhuo, sibling of Xinrong Zhuo |
Fuzhou Haifeng Dafu Ocean Fishing Co Ltd [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'An affiliate company owned by Longfei Zhuo and Honghong Zhuo |
Fujian Lutong Highway Engineering Construction Co Ltd [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'An affiliate company majority owned by Xiaojie Wu, brother-in-law of Xinrong Zhuo |
Fujian Haiyi International Shipping Agency Co Ltd [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'An affiliate company to which the Company acted as a trustee equity owner. Haiyi International is ultimately majority owned and controlled by Sunqiang Zhou, brother-in-law of Xinrong Zhuo and a Family Member |
Fujian Xinnong Ocean Fisheries Development Co Ltd [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'An affiliate company to which the Company acted as a trustee equity owner. Xinnong is ultimately owned and controlled by Xiaojie Wu |
Fuzhou Haoyouli Fisheries Development Co Ltd [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'An affiliate company to which the Company acted as trustee equity owner. Haoyouli is ultimately owned and controlled by Sunqiang Zhou |
Fuzhou Honglong Ocean Fishing Company Limited [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'An affiliate company majority owned and controlled by Ping Lin, spouse of Xinrong Zhuo and a Family Member |
Pt Avona Mina Lestari [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'An affiliate company controlled by Xinrong Zhuo family domiciled in Indonesia, engaged in fishing base management and fishing vessel service |
Pt Dwikarya Reksa Abadi [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'An affiliate company controlled by Xinrong Zhuo family domiciled in Indonesia, engaged in fishing base management and fishing vessel service |
Haifeng Dafu Enterprise Company Limited [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'An affiliate company ultimately owned by Xinrong Zhuo and domiciled in the Hong Kong Special Administrative Region of the PRC (“Hong Kong”) |
Hai Yi Shipping Limited [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'An affiliate company ultimately owned by Xinrong Zhuo and domiciled in Hong Kong Administrative Region of the PRC (“Hong Kong”) |
Fuzhou Wanhao Real Estate Property Investment Co Ltd [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'An affiliate company majority-owned and controlled by Qing Lin |
China Communication Materials Central and South Co Ltd [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'An affiliate company majority-owned by Lutong Highway |
Fujian Gangjun Construction Co Ltd [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'An affiliate company ultimately controlled by Xinrong Zhuo |
Fujian International Trading and Transportation Co Ltd [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'An affiliate company owned by Yihai Investment and Longhao Zhuo, sibling of Xinrong Zhuo and a Family Member |
Fuzhou Dongxing Longju Real Estate Co Ltd [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'An affiliate company owned by Xinrong Zhuo |
Shenzhen Western Coast Fisherman Pier Co Ltd [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'An affiliate company owned by Xinrong Zhuo |
Pingtan Heshun Fuel Co Ltd [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'An affiliate company under Xinrong Zhuo’s common control |
Fuzhou Hairong Trading Co Ltd [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'An affiliate company under Xinrong Zhuo’s common control |
Hong Fa Shipping Limited [Member] | ' |
Related Party Transaction [Line Items] | ' |
Nature of Common Ownership or Management Control Relationships | 'An affiliate company ultimately owned by Xinrong Zhuo and domiciled in Hong Kong Administrative Region of the PRC (“Hong Kong”) |
ADVANCES_TOFROM_RELATED_PARTIE3
ADVANCES TO/FROM RELATED PARTIES (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | ' | ' |
Advances to related parties | $0 | $49,802,821 |
Honghong Zhuo [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Advances to related parties | 0 | 1,642,203 |
Panxing Zhuo [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Advances to related parties | 0 | 6,196,248 |
Qing Lin [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Advances to related parties | 0 | 100,855 |
Xiaofang Zhuo [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Advances to related parties | 0 | 769,251 |
Xiaomei Yang [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Advances to related parties | 0 | 7,598,782 |
China Communication Materials Central and South Co Ltd [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Advances to related parties | 0 | 6,895,349 |
Fujian Haiyi International Shipping Agency Co Ltd [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Advances to related parties | 0 | 243,117 |
Fujian Lutong Highway Engineering Construction Co Ltd [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Advances to related parties | 0 | 2,161,177 |
Fujian Yihai Investment Co Ltd [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Advances to related parties | 0 | 13,467,150 |
Fuzhou Haifeng Dafu Ocean Fishing Co Ltd [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Advances to related parties | 0 | 956,315 |
Fuzhou Haoyouli Fisheries Development Co Ltd [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Advances to related parties | 0 | 7,204,451 |
Fuzhou Wanhao Real Estate Property Investment Co Ltd [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Advances to related parties | $0 | $2,567,923 |
ADVANCES_TOFROM_RELATED_PARTIE4
ADVANCES TO/FROM RELATED PARTIES (Details 2) (Kit Chan [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Kit Chan [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Advances from related parties | $0 | $153,961 |
CAPITAL_Details
CAPITAL (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Class of Warrant or Right [Line Items] | ' |
Number of Warrants | 8,966,667 |
Exercise Price | 12 |
Terms | '4 years 2 months 12 days |
CAPITAL_Details_Textual
CAPITAL (Details Textual) | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||
Feb. 25, 2013 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Pingtan Guansheng [Member] | Pingtan Fishing [Member] | Pingtan Fishing [Member] | |
USD ($) | CNY | |||||||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Contingent Consideration Issuance Shares | 0.82947 | ' | ' | ' | ' | ' | ' | ' |
Ordinary shares, par value (in dollars per share) | $0.00 | ' | $0.00 | $0.00 | $0.00 | ' | ' | ' |
Percentage Of Net Profits Transfer To Statutory Reserve | ' | ' | ' | ' | ' | 10.00% | 50.00% | 50.00% |
Shares Issued Under Purchase Agreement | 25,000,000 | ' | ' | ' | ' | ' | ' | ' |
Ordinary Stock Units Issued During Period Initial Public Offering Shares | ' | ' | 30,329,883 | 5,000,000 | ' | ' | ' | ' |
Warrants Issued During Period Initial Public Offering Shares | ' | ' | 3,966,667 | ' | ' | ' | ' | ' |
Sale of Stock, Number of Shares Issued in Transaction | ' | 5,000,000 | ' | ' | ' | ' | ' | ' |
Sale of Stock, Price Per Share | ' | ' | ' | ' | $10 | ' | ' | ' |
Proceeds from Issuance of Common Stock | ' | $50,000,000 | ' | ' | ' | ' | ' | ' |
Exercise Price, Common Stock | ' | $12 | ' | ' | ' | ' | ' | ' |
Warrant Term | ' | '5 years | ' | ' | ' | ' | ' | ' |
Common Stock Shares Reserved For Future Issuance Exercise Of Warrants | ' | ' | ' | 8,966,667 | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | ' | 12 | ' | ' | ' | ' | ' |
Net Profit Transferred To Statutory Surplus Reserves | ' | ' | ' | ' | ' | ' | 2,378,191 | ' |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | ' | ' | 22,410,773 | 19,386,642 | ' | ' | ' | 80,000,000 |
Capital Injection Included In Registered Capital From Related Party | ' | ' | ' | ' | ' | ' | ' | 29,500,000 |
Amount Of Registered Capital As Per Audit | ' | ' | ' | ' | ' | ' | $6,254,178 | 50,500,000 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Sale of frozen fish and other marine catches | ' | ' | ' | |||
Sale of frozen fish and other marine catches, Total Sales | $10,372,611 | $13,787,620 | $4,491,414 | |||
Purchase of fuel, fishing nets and other onboard consumables | ' | ' | ' | |||
Purchase of fuel, fishing nets and other on board consumables | 15,505,265 | 10,709,195 | 3,440,000 | |||
Purchase of fuel, fishing nets and other on board consumables paid on behalf | ' | ' | ' | |||
Purchase of fuel, fishing nets and other on board consumables paid on behalf | 18,019,029 | 3,245,177 | 1,037,441 | |||
Purchase of vessel maintenance service | ' | ' | ' | |||
Purchase of vessel maintenance service | 2,981,043 | [1] | 1,901,250 | [1] | 3,278,574 | [1] |
Purchase of transportation service | ' | ' | ' | |||
Purchase of transportation service | 9,157,281 | [1] | 4,213,118 | [1] | 1,992,075 | [1] |
Cold storage warehouse and office rental | ' | ' | ' | |||
Cold storage warehouse and office rental | 13,678 | 212,043 | 488,861 | |||
Crewmen compensation paid on behalf | ' | ' | ' | |||
Crewmen compensation paid on behalf | 1,125,043 | 985,569 | 308,725 | |||
Indonesia fishing licenses paid on behalf | ' | ' | ' | |||
Indonesia fishing licenses paid on behalf, Total purchases and expenses | 50,789,299 | 22,832,126 | 10,940,994 | |||
Haifeng Dafu Enterprise Company Limited [Member] | ' | ' | ' | |||
Purchase of transportation service | ' | ' | ' | |||
Purchase of transportation service | 4,122,861 | [1] | 2,118,321 | [1] | 237,207 | [1] |
Hai Yi Shipping Limited [Member] | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
Servicing Fees | 230,903 | [2] | 0 | [2] | 0 | [2] |
Purchase of transportation service | ' | ' | ' | |||
Purchase of transportation service | 1,653,682 | [1] | 505,154 | [1] | 352,252 | [1] |
Shenzhen Western Coast Fisherman Pier Co Ltd [Member] | ' | ' | ' | |||
Sale of frozen fish and other marine catches | ' | ' | ' | |||
Sale of frozen fish and other marine catches, Total Sales | 10,372,611 | 0 | 0 | |||
Fuzhou Haifeng Dafu Ocean Fishing Co Ltd [Member] | ' | ' | ' | |||
Sale of frozen fish and other marine catches | ' | ' | ' | |||
Sale of frozen fish and other marine catches, Total Sales | 0 | 4,574,118 | 4,312,036 | |||
Fujian Xinnong Ocean Fisheries Development Co Ltd [Member] | ' | ' | ' | |||
Sale of frozen fish and other marine catches | ' | ' | ' | |||
Sale of frozen fish and other marine catches, Total Sales | 0 | 8,948,761 | 0 | |||
PT. Avona Mina Lestari [Member] | ' | ' | ' | |||
Purchase of fuel, fishing nets and other onboard consumables | ' | ' | ' | |||
Purchase of fuel, fishing nets and other on board consumables | 14,746,582 | 10,709,195 | 3,440,000 | |||
Purchase of vessel maintenance service | ' | ' | ' | |||
Purchase of vessel maintenance service | 2,981,043 | [1] | 1,901,250 | [1] | 1,602,900 | [1] |
Purchase of transportation service | ' | ' | ' | |||
Purchase of transportation service | 35,149 | [1] | 573,545 | [1] | 1,402,616 | [1] |
Indonesia fleet vessel agency fee payable | ' | ' | ' | |||
Indonesia fleet vessel agency fee payable | 1,042,738 | [3] | 410,000 | [3] | 90,000 | [3] |
Crewmen compensation paid on behalf | ' | ' | ' | |||
Crewmen compensation paid on behalf | 1,125,043 | 550,000 | 153,156 | |||
Indonesia fishing licenses paid on behalf | ' | ' | ' | |||
Indonesia fishing licenses paid on behalf, Total purchases and expenses | 1,748,239 | 1,155,774 | 305,318 | |||
PT. Dwikarya Reksa Abadi [Member] | ' | ' | ' | |||
Purchase of fuel, fishing nets and other onboard consumables | ' | ' | ' | |||
Purchase of fuel, fishing nets and other on board consumables | 757,557 | 0 | 0 | |||
Purchase of vessel maintenance service | ' | ' | ' | |||
Purchase of vessel maintenance service | 0 | [1] | 0 | [1] | 1,675,674 | [1] |
Fuzhou Honglong Ocean Fishery Co Ltd [Member] | ' | ' | ' | |||
Purchase of fuel, fishing nets and other on board consumables paid on behalf | ' | ' | ' | |||
Purchase of fuel, fishing nets and other on board consumables paid on behalf | 1,953,494 | 3,245,177 | 1,037,441 | |||
Purchase of vessel maintenance service paid on behalf | ' | ' | ' | |||
Purchase of vessel maintenance service paid on behalf | 1,196,983 | 0 | 0 | |||
Cold storage warehouse and office rental | ' | ' | ' | |||
Cold storage warehouse and office rental | 0 | [4] | 206,498 | [4] | 488,861 | [4] |
Crewmen compensation paid on behalf | ' | ' | ' | |||
Crewmen compensation paid on behalf | 0 | 435,569 | 155,569 | |||
Hongfa Shipping Limited [Member] | ' | ' | ' | |||
Purchase of fuel, fishing nets and other on board consumables paid on behalf | ' | ' | ' | |||
Purchase of fuel, fishing nets and other on board consumables paid on behalf | 16,065,535 | 0 | 0 | |||
Purchase of transportation service | ' | ' | ' | |||
Purchase of transportation service | 3,345,589 | [1] | 1,016,098 | [1] | 0 | [1] |
Ping Lin [Member] | ' | ' | ' | |||
Cold storage warehouse and office rental | ' | ' | ' | |||
Cold storage warehouse and office rental | 13,678 | [5] | 5,545 | [5] | 0 | [5] |
Zhiyan Lin [Member] | ' | ' | ' | |||
Purchase of fuel, fishing nets and other onboard consumables | ' | ' | ' | |||
Purchase of fuel, fishing nets and other on board consumables | 1,126 | 0 | 0 | |||
Cheng Chen [Member] | ' | ' | ' | |||
Sale of frozen fish and other marine catches | ' | ' | ' | |||
Sale of frozen fish and other marine catches, Total Sales | 0 | 185,839 | 179,378 | |||
Longhua Zhuo [Member] | ' | ' | ' | |||
Sale of frozen fish and other marine catches | ' | ' | ' | |||
Sale of frozen fish and other marine catches, Total Sales | $0 | $78,902 | $0 | |||
[1] | Vessel maintenance and transportation services were charged to Pingtan Fishing at prices mutually agreed by the related parties and Pingtan Fishing. | |||||
[2] | On July 1, 2013, the Company entered into a service agreement with Hai Yi Shipping Limited that provided the Company a portion of use of premises located in Hong Kong as office, and clerical and administrative support and consultation services. The agreement will expire on December 31, 2014. | |||||
[3] | Pursuant to a Fishery Cooperative Agreement dated December 31, 2012 with one-year term, entered into between Pingtan Fishing and Avona, Pingtan Fishing is payable to Avona an annual agency fee, calculated at mutually agreed amount of $20,000, for the period from January 1, 2013 to December 31, 2013, Avona acts as an agent for each of Pingtan Fishingbs fishing vessels. The agreement continues to be executed without disagreement from both parties. | |||||
[4] | The Company sub-leased office area and cold storage warehouse cells from Hong Long. Pursuant to an Office Space Rental and Staff Dispatch Agreement entered into on January 1, 2010 with a three-year term, annual lease and facilities expenses are RMB1,000,000. Cold storage warehouse cell sub-lease contracts were entered into simultaneously with Hong Longbs lease contracts with the third party lessor, which are renewed every 12-to-16 months. The agreements were terminated on July 31, 2012. | |||||
[5] | Pingtan Fishing entered into a three-year term office rental lease with Ping Lin on July 31, 2012. The annual lease is $13,678. |
RELATED_PARTY_TRANSACTIONS_Det1
RELATED PARTY TRANSACTIONS (Details Textual) | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2012 | |
USD ($) | CNY | USD ($) | USD ($) | Ping Lin [Member] | |
USD ($) | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense | $827,282 | 1,000,000 | $307,559 | $488,861 | $13,678 |
Lease Term | ' | ' | ' | ' | '3 years |
Lease Expiration Date | 31-Jul-12 | 31-Jul-12 | ' | ' | ' |
Annual Agency Fee | $20,000 | ' | ' | ' | ' |
CERTAIN_RISKS_AND_CONCENTRATIO1
CERTAIN RISKS AND CONCENTRATIONS (Details Textual) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Sales [Member] | ' | ' | ' |
Certain Risks And Concentrations [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 0.00% | 13.00% | 32.00% |
Purchases [Member] | ' | ' | ' |
Certain Risks And Concentrations [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 41.00% | 37.00% | 40.00% |
Fujian Xiannong Ocean Fisheries Development Co Ltd [Member] | Sales [Member] | ' | ' | ' |
Certain Risks And Concentrations [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 0.00% | 13.00% | 0.00% |
Haifeng Dafu Enterprises Company Limited [Member] | Sales [Member] | ' | ' | ' |
Certain Risks And Concentrations [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 0.00% | 7.00% | 18.00% |
Pt Avona Mina Lestari [Member] | Purchases [Member] | ' | ' | ' |
Certain Risks And Concentrations [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 26.00% | 42.00% | 40.00% |
Pt Dwikarya Reksa Abadi [Member] | Purchases [Member] | ' | ' | ' |
Certain Risks And Concentrations [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 1.00% | 0.00% | 10.00% |
COMMITEMTS_AND_CONTINGENCIES_D
COMMITEMTS AND CONTINGENCIES (Details Textual) (USD $) | Dec. 31, 2013 |
Commitments And Contingencies [Line Items] | ' |
Potential Minimum Cash Obligation | $10,059 |
Loss Contingency, Amount to Indemnify Majority Shareholder | 1,000,000 |
Hai Yi Shipping Limited [Member] | ' |
Commitments And Contingencies [Line Items] | ' |
Potential Minimum Cash Obligation | $461,961 |
OPERATING_LEASE_COMMITMENT_Det
OPERATING LEASE COMMITMENT (Details) (USD $) | Dec. 31, 2013 |
Schedule of Future Minimum Rental Payments for Operating Leases [Line Items] | ' |
2014 | $720,474 |
2015 | 8,094 |
Operating Leases, Future Minimum Payments Due | 728,568 |
Service Fee [Member] | ' |
Schedule of Future Minimum Rental Payments for Operating Leases [Line Items] | ' |
2014 | 461,961 |
2015 | 0 |
Operating Leases, Future Minimum Payments Due | 461,961 |
Cold Storage Warehouse [Member] | ' |
Schedule of Future Minimum Rental Payments for Operating Leases [Line Items] | ' |
2014 | 244,637 |
2015 | 0 |
Operating Leases, Future Minimum Payments Due | 244,637 |
Office Rental [Member] | ' |
Schedule of Future Minimum Rental Payments for Operating Leases [Line Items] | ' |
2014 | 13,876 |
2015 | 8,094 |
Operating Leases, Future Minimum Payments Due | $21,970 |
OPERATING_LEASE_COMMITMENT_Det1
OPERATING LEASE COMMITMENT (Details 1) (USD $) | Dec. 31, 2013 |
Future Minimum Rental Payments For Operating Leases Related Party and Non Related Party [Line Items] | ' |
Related parties commitments | $483,931 |
Non-related parties commitments | 244,637 |
Operating Leases Future Minimum Payments Due Related Party and Non Related Party | 728,568 |
Service Fee [Member] | ' |
Future Minimum Rental Payments For Operating Leases Related Party and Non Related Party [Line Items] | ' |
Related parties commitments | 461,961 |
Non-related parties commitments | 0 |
Operating Leases Future Minimum Payments Due Related Party and Non Related Party | 461,961 |
Cold Storage Warehouse [Member] | ' |
Future Minimum Rental Payments For Operating Leases Related Party and Non Related Party [Line Items] | ' |
Related parties commitments | 0 |
Non-related parties commitments | 244,637 |
Operating Leases Future Minimum Payments Due Related Party and Non Related Party | 244,637 |
Office Rental [Member] | ' |
Future Minimum Rental Payments For Operating Leases Related Party and Non Related Party [Line Items] | ' |
Related parties commitments | 21,970 |
Non-related parties commitments | 0 |
Operating Leases Future Minimum Payments Due Related Party and Non Related Party | $21,970 |
OPERATING_LEASE_COMMITMENT_Det2
OPERATING LEASE COMMITMENT (Details Textual) | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jul. 31, 2012 | |
USD ($) | CNY | USD ($) | USD ($) | Hai Yi Shipping Limited [Member] | Ping Lin [Member] | |
USD ($) | USD ($) | |||||
Operating Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Annual Service Fee | ' | ' | ' | ' | $231,000 | ' |
Operating Leases, Rent Expense And Service Fees | 827,282 | 1,000,000 | 307,559 | 488,861 | ' | 13,678 |
Lease And Rental Expense Paid To Related Paries | $244,581 | ' | $212,043 | $488,861 | ' | ' |
Lease Term | ' | ' | ' | ' | ' | '3 years |
SUBSEQUENT_EVENT_Details_Textu
SUBSEQUENT EVENT (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Industrial Commercial Bank Of China, Fuzhou Dongjiekou Branch Transaction One [Member] | Industrial Commercial Bank Of China, Fuzhou Dongjiekou Branch Transaction Two [Member] | Industrial Commercial Bank Of China, Fuzhou Dongjiekou Branch Transaction Three [Member] | Export-Import Bank of China, Fujian Branch Transcation [Member] | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | |
Subsequent Event, Date | ' | ' | 6-Jan-14 | 20-Jan-14 | 21-Jan-14 | 15-Jan-14 | |
Short-Term Debt | $9,085,353 | $25,169,260 | [1] | $1,849,120 | $1,717,040 | $3,501,660 | $3,303,765 |
Debt Instrument, Maturity Date | ' | ' | 25-Mar-14 | 15-Apr-14 | 20-Apr-14 | 27-Nov-23 | |
[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, 2011 rather than on February 25, 2013. Assets and liabilities of discontinued operations are retrospectively reclassified as of December 31, 2012 after taking into account of the Companybs plan to sell China Dredging Group Co., Ltd. and its subsidiaries to an affiliate of the Companybs Chairman, CEO and major shareholder, Mr. Xinrong Zhuo. |
CONDENSED_PARENT_COMPANY_FINAN2
CONDENSED PARENT COMPANY FINANCIAL INFORMATION (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
Assets | ' | ' | ' | ' | ||
Cash | $8,156,599 | $10,426,140 | [1] | ' | ' | |
Prepaid expenses | 2,380,874 | 410,966 | [1] | ' | ' | |
Total current assets | 28,778,004 | 437,448,840 | [1] | ' | ' | |
Other assets | ' | ' | ' | ' | ||
Total assets | 357,948,722 | 484,009,837 | [1] | ' | ' | |
Current liabilities | ' | ' | ' | ' | ||
Accrued liabilities and other payables | 3,851,047 | 1,033,784 | [1] | ' | ' | |
Shareholders' equity | ' | ' | ' | ' | ||
Total shareholders' equity | 252,237,430 | 400,298,986 | 295,488,518 | 5,000,001 | [2] | |
Total liabilities and equity | 357,948,722 | 484,009,837 | ' | ' | ||
Parent [Member] | ' | ' | ' | ' | ||
Assets | ' | ' | ' | ' | ||
Cash | 246,684 | 3,565,355 | ' | ' | ||
Prepaid expenses | 2,820 | 24,000 | ' | ' | ||
Investments in subsidiaries | 36,808,242 | 396,709,649 | ' | ' | ||
Total current assets | 37,057,746 | 400,299,004 | ' | ' | ||
Other assets | ' | ' | ' | ' | ||
Prepaid operating license rights | 215,381,356 | 0 | ' | ' | ||
Total assets | 252,439,102 | 400,299,004 | ' | ' | ||
Current liabilities | ' | ' | ' | ' | ||
Accrued liabilities and other payables | 201,672 | 18 | ' | ' | ||
Shareholders' equity | ' | ' | ' | ' | ||
Total shareholders' equity | 252,237,430 | 400,298,986 | ' | ' | ||
Total liabilities and equity | $252,439,102 | $400,299,004 | ' | ' | ||
[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, 2011 rather than on February 25, 2013. Assets and liabilities of discontinued operations are retrospectively reclassified as of December 31, 2012 after taking into account of the Companybs plan to sell China Dredging Group Co., Ltd. and its subsidiaries to an affiliate of the Companybs Chairman, CEO and major shareholder, Mr. Xinrong Zhuo. | |||||
[2] | Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as China Growth Equity Investment Ltd.) completed its merger with China Dredging Group Co., Ltd. and the share purchase of Merchant Supreme Co., Ltd. on January 1, 2011 rather than on February 25, 2013. |
CONDENSED_PARENT_COMPANY_FINAN3
CONDENSED PARENT COMPANY FINANCIAL INFORMATION (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Cost of revenue | ($36,785,545) | ($12,446,879) | ($12,235,475) | ($14,292,134) | ($75,760,033) | ($41,876,140) | ($14,600,579) | [1] | ||
General and administrative expenses | -846,068 | -1,178,033 | -866,194 | -301,342 | -3,191,637 | -2,839,848 | -251,343 | [1] | ||
Other income | 123 | 7 | 11 | 2,003 | 2,144 | 0 | 0 | [1] | ||
Net income | 40,537,585 | 18,301,541 | 24,777,753 | 13,782,541 | 97,399,420 | [2] | 105,792,014 | [2] | 100,697,586 | [1],[2] |
Parent [Member] | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Cost of revenue | ' | ' | ' | ' | -720,339 | 0 | ' | |||
General and administrative expenses | ' | ' | ' | ' | -2,225,543 | -2,366,419 | ' | |||
Other income | ' | ' | ' | ' | 117 | 0 | ' | |||
Equity in income of subsidiaries | ' | ' | ' | ' | 100,345,185 | 108,161,433 | ' | |||
Net income | ' | ' | ' | ' | $97,399,420 | $105,795,014 | ' | |||
[1] | Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as China Growth Equity Investment Ltd.) completed its merger with China Dredging Group Co., Ltd. and the share purchase of Merchant Supreme Co., Ltd. on January 1, 2011 rather than on February 25, 2013. | |||||||||
[2] | Total net income and net income from discontinued operations, net of tax included accretion of discount on Class A Preferred Shares in amount of $6,135,012. |
CONDENSED_PARENT_COMPANY_FINAN4
CONDENSED PARENT COMPANY FINANCIAL INFORMATION (Details 2) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' | |
Net cash used in operating activities | $47,651,313 | $42,558,162 | $7,709,972 | [1] |
Net cash provided by investing activities | -335,642,367 | -77,050,831 | -30,084,978 | [1] |
Net cash (used in)/provided by financing activities | 31,327,336 | 43,107,542 | 23,642,852 | [1] |
Cash at the beginning of year | 10,426,140 | ' | ' | |
Cash at the end of year | 8,156,599 | 10,426,140 | ' | |
Parent [Member] | ' | ' | ' | |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' | |
Net cash used in operating activities | -2,002,592 | -2,390,401 | ' | |
Net cash provided by investing activities | 123,865,099 | 0 | ' | |
Net cash (used in)/provided by financing activities | -125,181,178 | 5,955,756 | ' | |
Net (decrease)/increase in cash | -3,318,671 | 3,565,355 | ' | |
Cash at the beginning of year | 3,565,355 | 0 | ' | |
Cash at the end of year | $246,684 | $3,565,355 | ' | |
[1] | Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as China Growth Equity Investment Ltd.) completed its merger with China Dredging Group Co., Ltd. and the share purchase of Merchant Supreme Co., Ltd. on January 1, 2011 rather than on February 25, 2013. |
QUARTERLY_CONSOLIDATED_FINANCI2
QUARTERLY CONSOLIDATED FINANCIAL DATA (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Schedule of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | $61,026,829 | $20,609,107 | $21,362,357 | $19,669,476 | ' | ' | ' | |||
Cost of revenue | -36,785,545 | -12,446,879 | -12,235,475 | -14,292,134 | -75,760,033 | -41,876,140 | -14,600,579 | [1] | ||
Gross Profit | 24,241,284 | 8,162,228 | 9,126,882 | 5,377,342 | 46,907,736 | 25,585,328 | 11,000,057 | [1] | ||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | |||
Selling and marketing expenses | -887,544 | -362,000 | -174,046 | -194,688 | -1,618,278 | -647,850 | -383,472 | [1] | ||
General and administrative expenses | -846,068 | -1,178,033 | -866,194 | -301,342 | -3,191,637 | -2,839,848 | -251,343 | [1] | ||
Total operating expenses | -1,733,612 | -1,540,033 | -1,040,240 | -496,030 | ' | ' | ' | |||
Operating income | 22,507,672 | 6,622,195 | 8,086,642 | 4,881,312 | 42,097,821 | 22,097,630 | 10,365,242 | [1] | ||
Other income (expenses) | ' | ' | ' | ' | ' | ' | ' | |||
Investment income | 230 | 218 | 69,071 | 0 | 69,519 | 15,138 | 0 | [1] | ||
Interest income | 3,389 | 2,305 | 1,460 | 1,096 | 8,250 | 3,276 | 2,349 | [1] | ||
Interest expenses | -1,727,207 | -1,049,040 | -710,365 | -685,377 | -4,171,989 | -3,176,920 | -844,650 | [1] | ||
Subsidy income | 7,133,781 | 168,900 | 205 | 35,387 | 7,338,273 | 2,363,575 | 830,446 | [1] | ||
Sundry income | 123 | 7 | 11 | 2,003 | 2,144 | 0 | 0 | [1] | ||
Gain/(Loss) on foreign exchange, net | 170,712 | 194,433 | -428,389 | 207,984 | 144,740 | -5,113 | 86,950 | [1] | ||
Income from continuing operations before income taxes | 28,088,700 | 5,939,018 | 7,018,635 | 4,442,405 | 45,488,758 | 21,297,586 | 10,440,337 | [1] | ||
Income tax expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | [1] | ||
Net income from continuing operations | 28,088,700 | 5,939,018 | 7,018,635 | 4,442,405 | 45,488,758 | 21,297,586 | 10,440,337 | [1] | ||
Net income from discontinued operations, net of income tax expense | 12,448,885 | 12,362,523 | 17,759,118 | 9,340,136 | 51,910,662 | [2] | 84,494,428 | [2] | 90,257,249 | [1],[2] |
Consolidated net income | $40,537,585 | $18,301,541 | $24,777,753 | $13,782,541 | $97,399,420 | [2] | $105,792,014 | [2] | $100,697,586 | [1],[2] |
[1] | Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as China Growth Equity Investment Ltd.) completed its merger with China Dredging Group Co., Ltd. and the share purchase of Merchant Supreme Co., Ltd. on January 1, 2011 rather than on February 25, 2013. | |||||||||
[2] | Total net income and net income from discontinued operations, net of tax included accretion of discount on Class A Preferred Shares in amount of $6,135,012. |