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Document And Entity Information
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6 Months Ended | |
|---|---|---|
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Jun. 30, 2014
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Aug. 06, 2014
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| 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 | |
| Entity Common Stock, Shares Outstanding | 79,055,053 | |
| Trading Symbol | PME | |
| Document Type | 10-Q | |
| Amendment Flag | true | |
| Document Period End Date | Jun. 30, 2014 | |
| Document Fiscal Period Focus | Q2 | |
| Document Fiscal Year Focus | 2014 | |
| Amendment Description | This Amendment No. 1 to the Quarterly Report on Form 10-Q (this “Amendment”) of Pingtan Marine Enterprise Ltd. for the period ended June 30, 2014 is amending the Quarterly Report on Form 10-Q originally filed on August 6, 2014 (the “Original Report”). We are filing this Amendment No. 1 to reflect the restatement of our audited consolidated financial statements contained herein for the year ended December 31, 2013. As disclosed in our Current Report on Form 8-K as filed on November 5, 2014, as of December 31, 2012, we incorrectly reflected certain balances of China Growth Equity Investments Ltd. in our consolidated financial statements at December 31, 2012 that should have been reflected as part of the recapitalization of the Company on the effective date of the share exchange agreement that occurred on February 25, 2013. Accordingly, we amended our consolidated financial statements for the six months ended June 30, 2013 to reflect the historical consolidated financial statements of CDGC and Merchant Supreme as the accounting acquirer prior to February 25, 2013 and the consolidated financial statements of PME, CDGC and Merchant Supreme and related subsidiaries for all periods subsequent to the closing date and to reflect other miscellaneous adjustments. Additionally, we restated our consolidated financial statements as of June 30, 2014 and for the three and six months ended June 30, 2014 and 2013 to: a) adjust the prepaid vessel rights to the historical cost of the vessels leased which is the historical cost of the 20 vessels on the books of Hong Long, to reflect the historical amount as a capital lease and reclassify such amounts to property, plant and equipment, adjust the related depreciation and amortization expense, and to reflect any excess amounts paid for the operating rights as a capital distribution pursuant to ASC 805-50; b) clarify certain disclosure related to the acquisition of 46 vessels from a related party in June 2013 and disclosure related to the acquisition of operating license rights to 20 vessels in December 2013 from a related party; and c) record other miscellaneous adjustments such as the reclassification of certain balance sheets items and accrued wages and social insurance for some employee. Please see Note 23 - Restatement contained in the Notes to Consolidated Financial Statements appearing later in this Amendment which further describes the effect of these restatements. |