Quarterly report pursuant to Section 13 or 15(d)

Other Receivables

Other Receivables

9 Months Ended

Sep. 30, 2015

NOTE 6 – OTHER RECEIVABLES

At September 30, 2015 and December 31, 2014, other receivables consisted of the following:

	September 30, 2015		December 31, 2014
Deposit for tax exemption application for import of fishing vessel equipment	$	-	$	165,187
Prepayments for acquisition of commercial retail space		-		22,488,003
Other		79,374		3,042
	$	79,374	$	22,656,232

In June 2014, Pingtan Fishing entered into three commercial retail space purchase agreements with third parties property developers in order to purchase retail space located in Hubei and Anhui provinces, China. As of December 31, 2014, Pingtan Fishing made total payments of $22,488,003. The Company planned to use these commercial retail spaces for market expansion in the fishery product markets in central and western areas of PRC in order to capture more sales directly to final customers. In January 2015, the purchase agreements were withdrawn and the prepayments were refunded in full to Pingtan Fishing.