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Pingtan Marine Enterprise Ltd. – ‘10-K’ for 12/31/16 – ‘EX-101.INS’

On:  Thursday, 3/23/17, at 4:10pm ET   ·   For:  12/31/16   ·   Accession #:  1213900-17-2738   ·   File #:  1-35192

Previous ‘10-K’:  ‘10-K/A’ on 10/6/16 for 12/31/15   ·   Next:  ‘10-K’ on 3/14/18 for 12/31/17   ·   Latest:  ‘10-K/A’ on 10/19/21 for 12/31/20

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/23/17  Pingtan Marine Enterprise Ltd.    10-K       12/31/16   95:7.7M                                   Edgar Agents LLC/FA

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML    988K 
 2: EX-23.1     Consent of Bdo China Shu Lun Pan Certified Public   HTML     24K 
                Accountants LLP                                                  
 3: EX-31.1     Certification -- §302 - SOA'02                      HTML     31K 
 4: EX-31.2     Certification -- §302 - SOA'02                      HTML     31K 
 5: EX-32.1     Certification -- §906 - SOA'02                      HTML     27K 
12: R1          Document and Entity Information                     HTML     54K 
13: R2          Consolidated Balance Sheets                         HTML    135K 
14: R3          Consolidated Balance Sheets (Parenthetical)         HTML     34K 
15: R4          Consolidated Statements of Operations and           HTML    109K 
                Comprehensive (Loss) Income                                      
16: R5          Consolidated Statements of Changes in               HTML     59K 
                Shareholders' Equity                                             
17: R6          Consolidated Statements of Cash Flows               HTML    161K 
18: R7          Description of Business and Organization            HTML     71K 
19: R8          Summary of Significant Accounting Policies          HTML    146K 
20: R9          Accounts Receivable                                 HTML     33K 
21: R10         Inventories                                         HTML     34K 
22: R11         Advances to Suppliers and Other Receivables         HTML     40K 
23: R12         Cost Method Investment                              HTML     31K 
24: R13         Equity Method Investment                            HTML     44K 
25: R14         Prepayment for Long-Term Assets                     HTML     33K 
26: R15         Property, Plant and Equipment                       HTML     41K 
27: R16         Related Parties Transactions                        HTML    109K 
28: R17         Bank Loans                                          HTML     64K 
29: R18         Accrued Liabilities and Other Payables              HTML     32K 
30: R19         Shareholders' Equity                                HTML     61K 
31: R20         Certain Risks and Concentrations                    HTML     46K 
32: R21         Commitments and Contingencies                       HTML     40K 
33: R22         Condensed Parent Company Financial Information      HTML     90K 
34: R23         Selected Quarterly Financial Data (Unaudited)       HTML     45K 
35: R24         Subsequent Events                                   HTML     29K 
36: R25         Summary of Significant Accounting Policies          HTML    228K 
                (Policies)                                                       
37: R26         Description of Business and Organization (Tables)   HTML     65K 
38: R27         Summary of Significant Accounting Policies          HTML     37K 
                (Tables)                                                         
39: R28         Accounts Receivable (Tables)                        HTML     30K 
40: R29         Inventories (Tables)                                HTML     32K 
41: R30         Advances to Suppliers and Other Receivables         HTML     43K 
                (Tables)                                                         
42: R31         Equity Method Investment (Tables)                   HTML     35K 
43: R32         Prepayment for Long-Term Assets (Tables)            HTML     29K 
44: R33         Property, Plant and Equipment (Tables)              HTML     35K 
45: R34         Related Parties Transactions (Tables)               HTML     97K 
46: R35         Bank Loans (Tables)                                 HTML     64K 
47: R36         Accrued Liabilities and Other Payables (Tables)     HTML     31K 
48: R37         Shareholders' Equity (Tables)                       HTML     42K 
49: R38         Certain Risks and Concentrations (Tables)           HTML     35K 
50: R39         Condensed Parent Company Financial Information      HTML     79K 
                (Tables)                                                         
51: R40         Selected Quarterly Financial Data (Unaudited)       HTML     42K 
                (Tables)                                                         
52: R41         Description of Business and Organization (Details)  HTML     53K 
53: R42         Description of Business and Organization (Details   HTML     38K 
                Textual)                                                         
54: R43         Summary of Significant Accounting Policies          HTML     36K 
                (Details)                                                        
55: R44         Summary of Significant Accounting Policies          HTML     37K 
                (Details 1)                                                      
56: R45         Summary of Significant Accounting Policies          HTML    114K 
                (Details Textual)                                                
57: R46         Accounts Receivable (Details)                       HTML     34K 
58: R47         Inventories (Details)                               HTML     36K 
59: R48         Advances to Suppliers and Other Receivables         HTML     32K 
                (Details)                                                        
60: R49         Advances to Suppliers and Other Receivables         HTML     37K 
                (Details 1)                                                      
61: R50         Cost Method Investment (Details)                    HTML     36K 
62: R51         Equity Method Investment (Details)                  HTML     58K 
63: R52         Equity Method Investment (Details Textual)          HTML     65K 
64: R53         Prepayment for Long-Term Assets (Details)           HTML     33K 
65: R54         Prepayment for Long-Term Assets (Details Textual)   HTML     29K 
66: R55         Property, Plant and Equipment (Details)             HTML     51K 
67: R56         Property, Plant and Equipment (Details Textual)     HTML     35K 
68: R57         Related Parties Transactions (Details)              HTML     38K 
69: R58         Related Parties Transactions (Details 1)            HTML     32K 
70: R59         Related Parties Transactions (Details 2)            HTML     39K 
71: R60         Related Parties Transactions (Details 3)            HTML     29K 
72: R61         Related Parties Transactions (Details 4)            HTML     36K 
73: R62         Related Parties Transactions (Details 5)            HTML     32K 
74: R63         Related Parties Transactions (Details 6)            HTML     66K 
75: R64         Related Parties Transactions (Details Textual)      HTML     70K 
76: R65         Bank Loans (Details)                                HTML     57K 
77: R66         Bank Loans (Details 1)                              HTML     43K 
78: R67         Bank Loans (Details 2)                              HTML     49K 
79: R68         Bank Loans (Details Textual)                        HTML    110K 
80: R69         Accrued Liabilities and Other Payables (Details)    HTML     35K 
81: R70         Shareholders' Equity (Details)                      HTML     37K 
82: R71         Shareholders' Equity (Details 1)                    HTML     34K 
83: R72         Shareholders' Equity (Details Textual)              HTML     70K 
84: R73         Certain Risks and Concentrations (Details)          HTML     45K 
85: R74         Certain Risks and Concentrations (Details Textual)  HTML     50K 
86: R75         Commitments and Contingencies (Details)             HTML     50K 
87: R76         Condensed Parent Company Financial Information      HTML     88K 
                (Details)                                                        
88: R77         Condensed Parent Company Financial Information      HTML     70K 
                (Details 1)                                                      
89: R78         Condensed Parent Company Financial Information      HTML     94K 
                (Details 2)                                                      
90: R79         Condensed Parent Company Financial Information      HTML     37K 
                (Details Textual)                                                
91: R80         Selected Quarterly Financial Data (Unaudited)       HTML     44K 
                (Details)                                                        
92: R81         Subsequent Events (Details)                         HTML     35K 
94: XML         IDEA XML File -- Filing Summary                      XML    177K 
93: EXCEL       IDEA Workbook of Financial Reports                  XLSX    112K 
 6: EX-101.INS  XBRL Instance -- pme-20161231                        XML   2.15M 
 8: EX-101.CAL  XBRL Calculations -- pme-20161231_cal                XML    160K 
 9: EX-101.DEF  XBRL Definitions -- pme-20161231_def                 XML    601K 
10: EX-101.LAB  XBRL Labels -- pme-20161231_lab                      XML   1.36M 
11: EX-101.PRE  XBRL Presentations -- pme-20161231_pre               XML   1.03M 
 7: EX-101.SCH  XBRL Schema -- pme-20161231                          XSD    222K 
95: ZIP         XBRL Zipped Folder -- 0001213900-17-002738-xbrl      Zip    176K

‘EX-101.INS’   —   XBRL Instance — pme-20161231

This Exhibit is an XBRL XML File.

                                                                                                                                                                                
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<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">NOTE 1 – <u>DESCRIPTION OF BUSINESS AND ORGANIZATION</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Pingtan Marine Enterprise Ltd. (the “Company” or “PME”), formerly China Growth Equity Investment Limited (“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 People’s Republic of China (“PRC”).  In connection with its initial business combination, in February 2013, CGEI changed its name to Pingtan Marine Enterprise Ltd.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">On October 24, 2012, CGEI and China Dredging Group Co., Ltd (“CDGC” or “China Dredging”) entered into a Merger Agreement providing for the combination of CGEI and CDGC and on October 24, 2012, CGEI also acquired all of the outstanding capital shares and other equity interests of Merchant Supreme Co., Ltd. (“Merchant Supreme”), a company incorporated on June 25, 2012, in British Virgin Island (“BVI”), as per a Share Purchase Agreement.  On February 25, 2013, the merger between the Company, CDGC and Merchant Supreme became effective and has been accounted for as a “reverse merger” and recapitalization since the common shareholders of CDGC and Merchant Supreme (i) owned a majority of the outstanding ordinary shares of the Company immediately following the completion of the transaction, and (ii) have significant influence and the ability to elect or appoint or to remove a majority of the members of the governing body of the combined entity. In accordance with the provision of Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 805-40, CDGC and Merchant Supreme are deemed the accounting acquirers and the Company is the legal acquirer in the transaction and, consequently, the transaction is treated as a recapitalization of the Company. Accordingly, the assets and liabilities and the historical operations that are reflected in the consolidated financial statements are those of CDGC, Merchant Supreme and their subsidiaries and are recorded at the historical cost basis. The Company’s assets, liabilities and results of operations were consolidated with the assets, liabilities and results of operations of CDGC, Merchant Supreme and their subsidiaries subsequent to the acquisition date of February 25, 2013. Following the completion of the business combination which became effective 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”.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">In order to place increased focus on fishing business and pursue more effective growth opportunities, the Company decided to exit and sell the specialized dredging services operated by China Dredging; the Company completed the sale of CDGC and its subsidiaries on December 4, 2013.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">On February 9, 2015, the Company terminated its existing Variable Interest Entity (“VIE”) agreements, pursuant to an Agreement of Termination dated February 9, 2015, entered into by and among Ms. Honghong Zhuo, Mr. Zhiyan Lin (each a shareholder of Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd (“Pingtan Fishing”), together the “Pingtan Fishing’s Shareholders”), Pingtan Fishing and Pingtan Guansheng Ocean Fishing Co., Ltd. ("Pingtan Guansheng"). On February 9, 2015, the Pingtan Fishing’s Shareholders transferred 100% of their equity interest in Pingtan Fishing to Fujian Heyue Marine Fishing Development Co., Ltd. (“Fujian Heyue”), pursuant to an Equity Transfer Agreement dated February 9, 2015, entered into by and among the Pingtan Fishing’s Shareholders, Pingtan Fishing and Fujian Heyue. On February 15, 2015, China Agriculture Industry Development Fund Co., Ltd. (“China Agriculture”) invested RMB 400 million (approximately $65 million) into Pingtan Fishing for an 8% equity interest in Pingtan Fishing. After the restructuring transactions described above, Pingtan Fishing and its entities became the 92% equity-owned subsidiaries of the Company and was no longer a VIE.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><br /></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Details of the Company’s subsidiaries which are included in these consolidated financial statements as of December 31, 2016 are as follows: </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 674px; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Name of subsidiaries</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 16px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 251px; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Place and date of incorporation</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 16px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 313px; text-align: center; vertical-align: bottom; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Percentage of ownership</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 15px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 282px; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Principal activities</font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Merchant Supreme Co., Ltd. (Merchant Supreme”)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">BVI,</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">June 25, 2012</font></p></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">100% held by PME</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Intermediate holding</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">company</font></p></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Prime Cheer Corporation Ltd. ("Prime Cheer")</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Hong Kong,</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">May 3, 2012</font></p></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">100% held by Merchant</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Supreme</font></p></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Intermediate holding</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">company</font></p></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Pingtan Guansheng Ocean Fishing Co., Ltd. ("Pingtan Guansheng")</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">PRC,</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">October 12, 2012</font></p></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">100% held by Prime</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Cheer</font></p></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Intermediate holding</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">company</font></p></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Fujian Heyue Marine Fishing Development Co., Ltd. (“Fujian Heyue”)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">PRC,</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">January 27, 2015</font></p></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">100% held by Pingtan Guansheng</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Intermediate holding company  </font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Fujian Provincial Pingtan County Fishing Group Co., Ltd. (“Pingtan Fishing”)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">PRC,</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">February 27, 1998</font></p></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">92% held by Fujian Heyue</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Oceanic fishing</font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Pingtan Dingxin Fishing Information Consulting Co., Ltd. (“Pingtan Dingxin”)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">PRC,</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">October 23, 2012</font></p></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">100% held by Pingtan Fishing</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Dormant</font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Pingtan Duoying Fishing Information Consulting Co., Ltd. (“Pingtan Duoying”)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">PRC,</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">October 23, 2012</font></p></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">100% held by Pingtan Fishing</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Dormant</font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Pingtan Ruiying Fishing Information Consulting Co., Ltd. (“Pingtan Ruiying”)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">PRC,</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">October 23, 2012</font></p></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">100% held by Pingtan Fishing</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Dormant</font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">Fujian Heyue, through its PRC subsidiary, Pingtan Fishing, engages in ocean fishing with its owned and licensed vessels within the Indian Exclusive Economic Zone, Indo-Pacific waters, Arafura Sea of Indonesia and the international waters of Atlantic and Pacific Oceans.</p><p style="font: 10pt/normal 'times new roman', serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company meets its day-to-day working capital requirements through cash flow provided by operations, bank loans and related parties’ advances. The Indonesian government's moratorium on fishing licenses renewals creates uncertainty over fishing operations in Indonesian waters. The Company’s forecasts and projections, taking account of on-going operations in Indian waters and consideration of opportunities in new fishing territories, such as acquisition of 6 licensed vessels to operate in the <font style="font-family: 'times new roman', serif; font-size: 10pt;">international waters of Atlantic and Pacific Oceans, shows that the Company has adequate resources to continue in operational existence for the foreseeable future.</font></p></div>
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<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">NOTE 2 – <u>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Basis of presentation</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The accompanying 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).</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company’s consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. 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.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><br /></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Use of estimates</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates. Significant estimates in the years ended December 31, 2016, 2015 and 2014 include allowance for doubtful accounts, reserve for inventories, the useful life of property, plant and equipment, assumptions used in assessing impairment of long-term assets and valuation of deferred tax assets and accruals for taxes due. </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Cash</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Cash consists of cash on hand and cash in banks. The Company maintains cash with various financial institutions in the PRC and Hong Kong and none of these deposits are covered by insurance. At December 31, 2016 and 2015, cash balances in the PRC are $683,307 and $11,276,429, respectively, and cash balances in Hong Kong are $137,089 and $172,255, respectively, and are uninsured. The Company has not experienced any losses in bank accounts and believes it is not exposed to any risks on its cash in bank accounts.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Restricted cash</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Restricted cash consists of cash deposits held by China Development Bank to secure short term bank loans from China Development Bank. At December 31, 2016 and 2015, restricted cash amounted $2,911,922 and $1,577,642, respectively.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Fair value of financial instruments</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company adopted the guidance of ASC Topic 820 for fair value measurements which clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Level 1-Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Level 2-Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman',;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Level 3-Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The carrying amounts reported in the consolidated balance sheets for cash, restricted cash, accounts receivable, inventories, advances to suppliers, prepaid expenses, prepaid expenses – related parties, other receivables, other receivables – related parties, accounts payable, accounts payable – related parties, bank loans, accrued liabilities and other payables, accrued liabilities and other payables – related party, and due to related parties approximate their fair market value based on the short-term maturity of these instruments. As of December 31, 2016, the Company does not have any assets or liabilities that are measured on a recurring basis at fair value. The Company’s short-term bank borrowings that are considered Level 2 financial instruments measured at fair value on a non-recurring basis as of December 31, 2016. As of December 31, 2016, the Company does not have any level 3 financial instruments.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">ASC Topic 825-10 “Financial Instruments” allows entities to voluntarily choose to measure certain financial assets and liabilities at fair value (fair value option). The fair value option may be elected on an instrument-by-instrument basis and is irrevocable, unless a new election date occurs. If the fair value option is elected for an instrument, unrealized gains and losses for that instrument should be reported in earnings at each subsequent reporting date. The Company did not elect to apply the fair value option to any outstanding instruments.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><br /></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Accounts receivable</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Accounts receivable are presented net of an allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowance when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balance, the Company considers many factors, including the age of the balance, a customer’s historical payment history, its current credit-worthiness and current economic trends. Accounts are written off after exhaustive efforts at collection. The Company only grants credit terms to established customers who are deemed to be financially responsible. Credit periods to customers are within 180 days after customers received the purchased goods. At December 31, 2016 and 2015, the Company has established, based on a review of its outstanding balances, an allowance for doubtful accounts in the amounts of $252,558 and $372,634, respectively.  </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times,;"><u>Inventories</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><i> </i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Inventories, consisting of frozen fish and marine catches, are stated at the lower of cost or market utilizing the weighted average method. The cost of inventories is comprised of fuel, freight, depreciation, direct labor, consumables, and government levied charges and taxes. Consumables include fishing nets and metal containers used by fishing vessels. The Company’s fishing fleets in Indian and Indonesian waters and Western and Central Pacific Ocean of the international waters operate throughout the year, although the May to July period demonstrates lower catch quantities compared to the October to January period, which is the peak season.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">An allowance is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserve for the difference between the cost and the market value. These reserves are recorded based on estimates. At December 31, 2016 and 2015, the Company recorded a reserve for inventories in the amount of $0 and $218,236, respectively.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">When recorded, inventory reserves are intended to reduce the carrying value of inventories to their net realizable value. The Company regularly evaluates the ability to realize the value of inventories based on a combination of factors including the following: forecasted sales, estimated current and future market value.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Advances to suppliers</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;">Advances to suppliers represent the cash paid in advance for the purchase of raw material from suppliers. The advance payments are intended to ensure preferential pricing and delivery. According to related signed agreement, the Company has the right to receive refund for these prepayments if the situation of demands and supplies changes. The amounts advanced under such arrangements totaled $3,969,351 and $35,994,146 at December 31, 2016 and 2015, respectively.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Receivable from transferring equity method investment shares</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">In order to improve and focus on fishing business, the Company transferred 15% (RMB 150 million, approximately $21.6 million) of the total ownership in Global Deep Ocean Fishing (Pingtan) Industrial Limited (the “Global Deep Ocean”) to another shareholder of Global Deep Ocean in December 2015 (See note 7). In the second half of December 2015, the Company received RMB 50 million (approximately $7.2 million) from the transferee. As of December 31, 2015, the receivable resulting from the 15% ownership transfer amounted to $15,406,659 (RMB 100 million). The receivable was collected in full in January and February 2016.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Fishing licenses</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">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.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Investment in unconsolidated company – Global Deep Ocean</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company uses the equity method of accounting for its investment in, and earning or loss of, company that it does not control but over which it does exert significant influence. The Company considers whether the fair value of its equity method investment has declined below its carrying value whenever adverse events or changes in circumstances indicate that recorded value may not be recoverable. If the Company considers any decline to be other than temporary (based on various factors, including historical financial results and the overall health of the investee), then a write-down would be recorded to estimated fair value. See Note 7 for discussion of equity method investment.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Property, plant and equipment</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><i> </i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Property, plant and equipment are carried at cost and are depreciated on a straight-line basis over the estimated useful lives of the assets. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year of disposition. The Company examines the possibility of decreases in the value of fixed assets when events or changes in circumstances reflect the fact that their recorded value may not be recoverable.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Included in property, plant and equipment are fishing vessels under construction which includes the costs of construction and any interest charges arising from borrowings used to finance these assets during the period of construction of the assets. No provision for depreciation is made on fishing vessels under construction until such time as the relevant assets are completed and ready for their intended use.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The estimated useful lives of the assets are as follows:</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom; background-color: white;"> <td style="color: black; padding-bottom: 1.5pt; padding-left: 0pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td nowrap="nowrap" style="text-align: center; color: black; padding-left: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> Estimated useful life</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; color: black; padding-left: 0pt;">Fishing vessels</td> <td style="width: 15px; color: black;"> </td> <td style="width: 235px; text-align: center; color: black; padding-left: 0pt;"> 10 - 20 Years</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="color: black; padding-left: 0pt;">Vehicles</td> <td style="color: black;"> </td> <td style="text-align: center; color: black; padding-left: 0pt;"> 5 Years</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; color: black; padding-left: 0pt;">Office and other equipment</td> <td style="color: black;"> </td> <td style="text-align: center; color: black; padding-left: 0pt;"> 3 - 5 Years</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Expenditures for repairs and maintenance, which do not extend the useful life of the assets, are expensed as incurred. </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Capitalized interest</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Interest associated with the construction of fishing vessels 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 $1,039,092, $0 and $836,902 for the years ended December 31, 2016, 2015 and 2014, respectively, in the fishing vessels under construction.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Impairment of long-lived assets</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">In accordance with ASC Topic 360, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable, or at least annually. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s estimated fair value and its book value.  The Company did not record any impairment charge for the years ended December 31, 2016, 2015 and 2014.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Revenue recognition</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Pursuant to the guidance of ASC Topic 605 and ASC Topic 360, the Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the purchase price is fixed or determinable and collectability is reasonably assured. With respect 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 a 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.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Government grant</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Government grants are recognized when 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, it 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.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Income taxes</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">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 are not subject to any withholding tax in Hong Kong.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">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 accompanying consolidated statements of operations and comprehensive (loss) income.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company's subsidiary, 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.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The new China’s Enterprise Income Tax Law (“EIT Law”) also provides that an enterprise established under the laws of foreign countries or regions but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its worldwide income. The Implementing Rules of the new EIT Law merely defines the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, properties, etc., of a non-PRC company is located.” On April 22, 2009, the PRC State Administration of Taxation further issued a notice entitled “Notice Regarding Recognizing Offshore-Established Enterprises Controlled by PRC Shareholders as Resident Enterprises Based on Their Place of Effective Management.” Under this notice, a foreign company controlled by a PRC company or a group of PRC companies shall be deemed as a PRC resident enterprise if (i) the senior management and the core management departments in charge of its daily operations mainly function in the PRC; (ii) its financial decisions and human resource decisions are subject to decisions or approvals of persons or institutions in the PRC; (iii) its major assets, accounting books, company seals, minutes and files of board meetings and shareholders’ meetings are located or kept in the PRC; and (iv) more than half of the directors or senior management personnel with voting rights reside in the PRC. Based on a review of surrounding facts and circumstances, the company does not believe that it is likely that its operations outside of the PRC should be considered a resident enterprise for PRC tax purposes. However, due to limited guidance and implementation history of the new EIT Law, should the Company be treated as a resident enterprise for PRC tax purposes, the Company will be subject to PRC tax on worldwide income at a uniform tax rate of 25% retroactive to May 3, 2012.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">In addition, Pingtan Fishing is not subject to foreign income taxes for its operations in either India and Indonesia Exclusive Economic Zones or the Western and Central Pacific Fisheries Commission areas.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">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.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">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 operations and comprehensive (loss) income in the period that includes the enactment date.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company has not recorded deferred income taxes applicable to undistributed earnings of the subsidiaries located in the PRC because it is the present intention of management to reinvest the undistributed earnings indefinitely in PRC. The cumulative undistributed earnings from PRC subsidiaries amounted to approximately $179.3 million and $190.5 million as of December 31, 2016 and 2015, respectively, which are included in consolidated retained earnings. 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.  </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">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, 2016 and 2015, there were no amounts that had been accrued with respect to uncertain tax positions.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Shipping and handling costs</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Shipping and handling costs are included in selling expense and totaled $223,495, $369,912 and $721,972 for the years ended December 31, 2016, 2015 and 2014, respectively.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Employee benefits</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company makes mandatory contributions to the PRC government’s health, retirement benefit and unemployment funds in accordance with the relevant Chinese social security laws. The costs of these payments are charged to the same accounts as the related salary costs in the same period as the related salary costs incurred. Employee benefit costs totaled $287,962, $903,594 and $1,172,444 for the years ended December 31, 2016, 2015 and 2014, respectively. </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><br /></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Advertising</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Advertising is expensed as incurred and is included in selling expense on the accompanying consolidated statements of operations and comprehensive (loss) income. Advertising totaled $42,208, $89,204 and $19,833 for the years ended December 31, 2016, 2015 and 2014, respectively.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Research and development</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Research and development costs are expensed as incurred and are included in general and administrative expense. The Company did not incur any research and development costs during the years ended December 31, 2016, 2015 and 2014.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Foreign currency translation</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The reporting currency of the Company is the U.S. dollar. The functional currency of the parent company and subsidiaries of Merchant Supreme and Prime Cheer is the U.S. dollar and the functional currency of the Company’s subsidiaries of Pingtan Guansheng, Fujian Heyue and Pingtan Fishing is the Chinese Renminbi (“RMB”). For the subsidiaries of Pingtan Guansheng, Fujian Heyue and Pingtan Fishing, whose functional currencies are the RMB, results of operations and cash flows are translated at average exchange rates during the period, assets and liabilities are translated at the unified exchange rate at the end of the period, and equity is translated at historical exchange rates. As a result, amounts relating to assets and liabilities reported on the statements of cash flows may not necessarily agree with the changes in the corresponding balances on the balance sheets. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive income. The cumulative translation adjustment and effect of exchange rate changes on cash for the years ended December 31, 2016, 2015 and 2014 was $(468,406), $148,733 and $(194,435), respectively. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">All of the Company’s revenue transactions are transacted in the functional currency of the operating subsidiaries. The Company does not enter into any material transaction in foreign currencies. Transaction gains or losses have not had, and are not expected to have, a material effect on the results of operations of the Company.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Asset and liability accounts at December 31, 2016 and 2015 were translated at 6.9370 RMB to $1.00 and at 6.4907 RMB to $1.00, respectively, which were the exchange rates on the balance sheet dates. Equity accounts were stated at their historical rate. The average translation rates applied to the statements of operations and comprehensive (loss) income for the years ended December 31, 2016, 2015 and 2014 were 6.6423 RMB, 6.2175 RMB and 6.1432 RMB to $1.00, respectively. Cash flows from the Company’s operations are calculated based upon the local currencies using the average translation rate.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Earnings (loss) per share</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">ASC Topic 260 “Earnings per Share,” requires presentation of both basic and diluted earnings (loss) per share (“EPS”) with a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Basic net (loss) income per share are computed by dividing net (loss) income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net (loss) income per share is computed by dividing net (loss) income by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period. Potentially dilutive common shares consist of the common shares issuable upon the exercise of common stock warrants (using the treasury stock method). Common stock equivalents are not included in the calculation of diluted earnings (loss) per share if their effect would be anti-dilutive. In a period in which the Company has a net loss, all potentially dilutive securities are excluded from the computation of diluted shares outstanding as they would have had an anti-dilutive impact. The following table presents a reconciliation of basic and diluted net (loss) income per share:</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="color: black; text-indent: -10pt; padding-left: 10pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">Year Ended December 31,</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="color: black; text-indent: -10pt; padding-left: 10pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 989.67px; text-align: justify; color: black; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 10pt;">Net (loss) income available to owners of the Company for basic and diluted net (loss) income per share of ordinary stock</td> <td style="width: 16px; color: black; padding-bottom: 1.5pt;"> </td> <td style="width: 16px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td> <td style="width: 142px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(13,717,623</td> <td style="width: 16px; text-align: left; color: black; padding-bottom: 1.5pt;">)</td> <td style="width: 16px; color: black; padding-bottom: 1.5pt;"> </td> <td style="width: 16px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td> <td style="width: 141px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">18,352,917</td> <td style="width: 15px; text-align: left; color: black; padding-bottom: 1.5pt;"> </td> <td style="width: 15px; color: black; padding-bottom: 1.5pt;"> </td> <td style="width: 15px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td> <td style="width: 141px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">85,760,705</td> <td style="width: 15px; text-align: left; color: black; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: justify; color: black; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 10pt;">Weighted average ordinary stock outstanding - basic and diluted</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">79,055,053</td> <td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">79,055,053</td> <td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">79,055,053</td> <td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: justify; color: black; text-indent: -10pt; padding-bottom: 4pt; padding-left: 10pt;">Net (loss) income per ordinary share attributable to owners of the Company - basic and diluted</td> <td style="color: black; padding-bottom: 4pt;"> </td> <td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(0.17</td> <td style="text-align: left; color: black; padding-bottom: 4pt;">)</td> <td style="color: black; padding-bottom: 4pt;"> </td> <td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">0.23</td> <td style="text-align: left; color: black; padding-bottom: 4pt;"> </td> <td style="color: black; padding-bottom: 4pt;"> </td> <td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1.08</td> <td style="text-align: left; color: black; padding-bottom: 4pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">For the years ended December 31, 2016, 2015 and 2014, warrants to purchase 8,966,667 shares of ordinary stock have not been included in the calculation of diluted earnings (loss) per share in order to avoid any anti-dilutive effect.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Non-controlling interest</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">On February 15, 2015, China Agriculture invested RMB 400 million (approximately $65 million) into Pingtan Fishing and acquired an 8% equity interest in Pingtan Fishing. As of December 31, 2016, China Agriculture owned 8% of the equity interest of Pingtan Fishing, which was not under the Company’s control.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Related parties</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal with if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all significant related party transactions.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Comprehensive (loss) income</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Comprehensive (loss) income is comprised of net (loss) income and all changes to the statements of stockholders’ equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders. For the Company, comprehensive (loss) income for the years ended December 31, 2016, 2015 and 2014 included net (loss) income and unrealized loss from foreign currency translation adjustments.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Segment information</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">ASC 280 “Segment reporting” establishes standards for reporting information on operating segments in interim and annual financial statements. All of the Company's operations are considered by the chief operating decision maker to be aggregated in one reportable operating segment. All of the Company’s customers are in the PRC and all income is derived from ocean fishery.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Commitments and contingencies</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">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.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company’s management has evaluated all such proceedings and claims that existed as of December 31, 2016 and 2015. 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.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Concentrations of credit, economic and political risks</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company’s operations are carried out 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’s 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.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and trade accounts receivable. All of the Company’s cash is maintained with state-owned banks within the PRC and Hong Kong, and none of these deposits are covered by insurance. The Company has not experienced any losses in such accounts and believes it is not exposed to any risks on its cash in bank accounts. A portion of the Company’s sales are credit sales which are primarily to customers whose abilities to pay are dependent upon the industry economics prevailing in these areas; however, concentrations of credit risk with respect to trade accounts receivables is limited due to generally short payment terms. The Company also performs ongoing credit evaluations of its customers to help further reduce credit risk.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">According to the sale agreement signed on December 4, 2013, the Company does not own 20 fishing vessels but has the leased operating rights to operate these vessels which are owned by a related company, Fuzhou Honglong Ocean Fishery Co., Ltd (“Hong Long”) and the Company is 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 leased operating rights but the Company may need to bear the operation risks and credit risks as aforementioned.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">As the Company has historically derived the majority of its revenue from Indonesian waters, the suspension of fishing operation in this area has had and will continue to have a significant negative impact on the Company.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Recent accounting pronouncements</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-01, <i>Business Combinations (Topic 805): Clarifying the Definition of a Business</i>, in an effort to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments of this ASU are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; color: black; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="background-color: white;">In February 2016, the FASB issued ASU No. 2016-02, <i>“Leases (Subtopic 842).”</i> The new guidance requires lessees to recognize assets and liabilities arising from leases as well as extensive quantitative and qualitative disclosures. A lessee will need to recognize on its balance sheet a right-of-use asset and a lease liability for the majority of its leases (other than leases that meet the definition of a short-term lease). The lease liabilities will be equal to the present value of lease payments. The right-of-use asset will be measured at the lease liability amount, adjusted for lease prepayment, lease incentives received and the lessee’s initial direct costs. The standard is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. ASU 2016-02 is required to be applied using the modified retrospective approach for all leases existing as of the effective date and provides for certain practical expedients. The Company is currently evaluating the impact of adopting ASU 2016-02 on its consolidated financial statements.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="background-color: white;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="background-color: white;">In August 2014, the FASB issued ASU No. 2014-15, <i>Presentation of Financial Statements Going Concern (Subtopic 205-40) </i>(“ASU 2014-15”). ASU 2014-15 requires management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles of current United States auditing standards. Specifically, ASU 2014-15 (1) provides a definition of the term “substantial doubt”, (2) requires an evaluation every reporting period, including interim periods, (3) provides principles for considering the mitigating effect of management’s plans, (4) requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) requires an express statement and other disclosures when substantial doubt is still present, and (6) requires an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for fiscal years ending after December 15, 2016. The Company adopted ASU 2014-15 during the fourth quarter of 2016. The adoption of ASU 2014-15 did not have an impact on the Company’s consolidated financial statements.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="background-color: white;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="background-color: white;"></font>In May 2014, the FASB issued ASU 2014-09 <font style="color: #252525;"><i>Revenues from Contracts with Customers (Topic 606). </i></font>The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In August 2015, the FASB deferred the effective date of this standard by one year, which will be for fiscal years, and interim periods within those years, beginning after December 15, 2017. <font style="color: #252525;">The Company </font>has begun its process of assessing the impact of the guidance. To date the Company's assessment efforts include the identification of various revenue streams within the scope of the guidance and the evaluation of certain revenue contracts with residents. The Company continues to evaluate the standard (and related clarifying guidance issued by the FASB) and the allowable methods of adoption. ASU 2014-09 may be applied retrospectively to each prior period (full retrospective) or retrospectively with the cumulative effect recognized as of the date of initial application (modified retrospective). The Company is currently evaluating the potential impact of adopting this new accounting standard.</p> </div>
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<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">NOTE 3 – <u>ACCOUNTS RECEIVABLE</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 7pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">At December 31, 2016 and 2015, accounts receivable consisted of the following:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 7pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left; color: black; padding-left: 0pt;">Accounts receivable</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 142px; text-align: right; color: black;">11,575,284</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">12,947,676</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Less: allowance for doubtful accounts</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(252,558</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;">)</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(372,634</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; padding-bottom: 4pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">11,322,726</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">12,575,042</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 7pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company reviews the accounts receivable on a periodic basis and makes general and specific allowance when there is doubt as to the collectability of individual balance.</font></p></div>
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<us-gaap:InventoryDisclosureTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">NOTE 4 - <u>INVENTORIES</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 7pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">At December 31, 2016 and 2015, inventories consisted of the following:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 7pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black; text-indent: -10pt; padding-left: 10pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1177.67px; text-align: left; color: black; text-indent: -10pt; padding-left: 10pt;">Frozen fish and marine catches in warehouse</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 142px; text-align: right; color: black;">7,082,129</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">2,463,135</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 10pt;">Frozen fish and marine catches in transit</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1,728,982</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">91,268</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; text-indent: -10pt; padding-left: 10pt;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">8,811,111</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">2,554,403</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 10pt;">Less: reserve for inventories</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(218,236</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; text-indent: -10pt; padding-bottom: 4pt; padding-left: 10pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">8,811,111</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,336,167</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 7pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">An allowance is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserve for the difference between the cost and the market value. These reserves are recorded based on estimates.</font></p></div>
</us-gaap:InventoryDisclosureTextBlock>
<pme:AdvancesToSuppliersAndOtherReceivablesDisclosureTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE 5 – <u>ADVANCES TO SUPPLIERS AND OTHER RECEIVABLES</u></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 7pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">At December 31, 2016 and 2015, advances to suppliers consisted of the following:</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, <br />2016</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31,<br />2015</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1191px; text-align: left;">Prepayments made for fishing nets and spare parts</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">3,969,351</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">4,093,597</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1.5pt;">Prepayments made for fish goods (1)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">31,900,549</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,969,351</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">35,994,146</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 7pt;">  </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">At December 31, 2016 and 2015, other receivables consisted of the following:</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p> <table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31,<br />2016</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, <br />2015</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1191px; text-align: left; font-family: 'times new roman', serif;">Prepayments made for fish goods (1)</td> <td style="width: 16px; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif;">$</td> <td style="width: 142px; text-align: right; font-family: 'times new roman', serif;">29,848,189</td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif;">$</td> <td style="width: 141px; text-align: right; font-family: 'times new roman', serif;">-</td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; font-family: 'times new roman', serif;">Interest receivable</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">1,819,258</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font style="font-family: 'times new roman', times, serif;">-</font></td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman', serif;">Security deposit</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">75,000</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">75,000</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">Other</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">93,009</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">3,051</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">31,835,456</td> <td style="text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">78,051</td> <td style="text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 7pt;">  </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p> <table style="font: 10pt/normal 'times new roman', serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="font: 10pt/normal calibri, helvetica, sans-serif; width: 18pt; font-stretch: normal;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">(1)</font></td> <td style="font: 10pt/normal calibri, helvetica, sans-serif; text-align: justify; font-stretch: normal;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">According to related signed agreement, the Company has the right to receive refund for these prepayments if the situation of demands and supplies changes. The Company received the refund in full in January and February 2017 (See Note 18). Accordingly, in December 2016, the Company reclassified the advances made to the supplier to other receivables.</font></td> </tr> </table>
</pme:AdvancesToSuppliersAndOtherReceivablesDisclosureTextBlock>
<us-gaap:CostMethodInvestmentsDescriptionTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">NOTE 6 – <u>COST METHOD INVESTMENT</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 7pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">At December 31, 2016 and 2015, cost method investment amounted to $3,027,245 and $3,235,398, respectively. The investment represents the Company’s subsidiary, Pingtan Fishing’s minority 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 (approximately $3.0 million) to subscribe 5% of the common stock of Pingtan Rural-Commercial Bank. Pingtan Fishing held 15,113,250 shares and accounted for 4.8% investment in the total equity investment of the bank as of December 31, 2016 and 2015.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 7pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">In according to ASC 325, the Company uses 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. 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. The Company monitors its investment in the non-marketable security and will recognize, if ever existing, a loss in value which is deemed to be other than temporary. The Company determined that there was no impairment on this investment as of December 31, 2016 and 2015.</font></p></div>
</us-gaap:CostMethodInvestmentsDescriptionTextBlock>
<us-gaap:EquityMethodInvestmentsDisclosureTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">NOTE 7 – <u>EQUITY METHOD INVESTMENT</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">At December 31, 2016 and 2015, equity method investment amounted to $28,493,273 and $30,486,314, respectively. The investment represents the Company’s subsidiary, Pingtan Fishing’s interest in Global Deep Ocean. On June 12, 2014, Pingtan Fishing incorporated Global Deep Ocean with other two unrelated companies in PRC. Pingtan Fishing and the other two investing companies accounted for 35%, 29% and 36% of the total ownership, respectively. Total registered capital of Global Deep Ocean is RMB 1 billion (approximately $144.2 million) and Pingtan Fishing needs to contribute RMB 350 million (approximately $50.5 million). As of September 30, 2015, Pingtan Fishing had contributed RMB 348 million (approximately $50.2 million). No company holds 50% or more of the total shares. Global Deep Ocean will process, cold storage, and transport deep ocean fishing products.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company transferred 15% (RMB 150 million, approximately $21.6 million) of the total ownership in Global Deep Ocean to one of the other shareholders of Global Deep Ocean in December 2015. In the second half of December 2015, the Company received RMB 50 million (approximately $7.2 million) from the transferee. As of December 31, 2015, the receivable resulting from the 15% ownership transfer amounted to $15,406,659 (RMB 100 million) which is included in receivable from transferring equity method investment shares on the accompanying consolidated balance sheets. In January and February 2016, the Company received RMB 100 million (approximately $14.4 million) from the transferee. As a result of this transfer, the Company and the other two investing companies accounted for 20%, 44% and 36% of the total ownership, respectively. All of the three investing companies hold less than 50% of the total shares. The Company needs to contribute RMB 200 million (approximately $28.8 million), and as of December 31, 2016, the Company has contributed RMB 198 million (approximately $28.5 million).</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company treats the equity investment in the consolidated financial statements under the equity method. Under the equity method, the investment is initially recorded at cost, adjusted for any excess of the Company’s share of the incorporated-date fair values of the investee’s identifiable net assets over the cost of the investment (if any). Thereafter, the investment is adjusted for the post incorporation change in the Company’s share of the investee’s net assets and any impairment loss relating to the investment. For the years ended December 31, 2016, 2015 and 2014, the Company’s share of Global Deep Ocean’s net loss was $33,073, $19,700 and $0, respectively, which was included in loss on equity method investment in the accompanying consolidated statements of operations and comprehensive (loss) income.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The tables below present the summarized financial information, as provided to the Company by the investee, for the unconsolidated company:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left; color: black; padding-left: 0pt;">Current assets</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 142px; text-align: right; color: black;">48,488,573</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">52,216,844</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">Noncurrent assets</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">4,335,801</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">4,404,656</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">Current liabilities</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">18,007</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">14,945</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">Noncurrent liabilities</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; padding-left: 0pt;">Equity</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">52,806,367</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">56,606,555</td><td style="text-align: left; color: black;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">Year ended December 31,</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">Net revenue</td><td style="color: black;"> </td><td style="text-align: left; color: black;">$</td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;">$</td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;">$</td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">Gross profit</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; text-align: left; color: black; padding-left: 0pt;">Loss from operation</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 142px; text-align: right; color: black;">165,293</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 141px; text-align: right; color: black;">84,468</td><td style="width: 15px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;"> </td><td style="width: 141px; text-align: right; color: black;">9,449</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">Net loss</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">165,365</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">84,468</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">9,547</td></tr></table></div>
</us-gaap:EquityMethodInvestmentsDisclosureTextBlock>
<pme:PrepaymentForLongTermAssetsTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">NOTE 8 – <u>PREPAYMENT FOR LONG-TERM ASSETS</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">At December 31, 2016 and 2015, prepayment for long-term assets consisted of prepayment for fishing vessels’ construction. In March 2016, the Company entered into two fishing vessels building agreements for 6 fishing vessels construction. In May 2016, the Company entered into one fishing vessels renovation agreement for 13 fishing vessels renovation. During the year ended December 31, 2016, the Company made prepayments of RMB 264,960,000 (approximately $39.9 million) for the construction of 6 fishing vessels and the renovation of 13 fishing vessels. The Company reclassifies the prepayment for fishing vessels’ construction to construction-in-progress using the percentage of completion method. During the year ended December 31, 2016, the Company reclassified RMB 257,960,000 (approximately $38.8 million) from prepayment for long-term assets to construction-in-progress. </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">For the year ended December 31, 2016, a summary of activities in prepayment for long-term assets was as follows:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Prepayment for fishing vessels’ construction</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1379px; color: black; padding-left: 0pt;">Balance – December 31, 2015</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">11,654,645</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">Prepayments made for fishing vessels’ construction</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">39,889,797</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">Reclassification to construction-in-progress</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">(38,835,945</td><td style="text-align: left; color: black;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Foreign currency fluctuation</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(794,585</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; padding-bottom: 4pt; padding-left: 0pt;">Balance – December 31, 2016</td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">11,913,912</td></tr></table></div>
</pme:PrepaymentForLongTermAssetsTextBlock>
<us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">NOTE 9 – <u>PROPERTY, PLANT AND EQUIPMENT</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">At December 31, 2016 and 2015, property, plant and equipment consisted of the following:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td><td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Useful life</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td><td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td><td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; text-align: left; font-family: 'times new roman', serif;">Fishing vessels</td><td style="width: 16px; font-family: 'times new roman', serif;"> </td><td style="width: 173px; text-align: center; font-family: 'times new roman', serif;">10 - 20 Years</td><td style="width: 16px; font-family: 'times new roman', serif;"> </td><td style="width: 16px; text-align: left; font-family: 'times new roman', serif;">$</td><td style="width: 142px; text-align: right; font-family: 'times new roman', serif;">122,989,702</td><td style="width: 15px; text-align: left; font-family: 'times new roman', serif;"> </td><td style="width: 15px; font-family: 'times new roman', serif;"> </td><td style="width: 15px; text-align: left; font-family: 'times new roman', serif;">$</td><td style="width: 141px; text-align: right; font-family: 'times new roman', serif;">108,182,380</td><td style="width: 15px; text-align: left; font-family: 'times new roman', serif;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-family: 'times new roman', serif;">Vehicles</td><td style="font-family: 'times new roman', serif;"> </td><td style="text-align: center; font-family: 'times new roman', serif;">5 Years</td><td style="font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif;"> </td><td style="text-align: right; font-family: 'times new roman', serif;">121,472</td><td style="text-align: left; font-family: 'times new roman', serif;"> </td><td style="font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif;"> </td><td style="text-align: right; font-family: 'times new roman', serif;">129,824</td><td style="text-align: left; font-family: 'times new roman', serif;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; font-family: 'times new roman', serif;">Office and other equipment</td><td style="font-family: 'times new roman', serif;"> </td><td style="text-align: center; font-family: 'times new roman', serif;">3 – 5 Years</td><td style="font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif;"> </td><td style="text-align: right; font-family: 'times new roman', serif;">423,001</td><td style="text-align: left; font-family: 'times new roman', serif;"> </td><td style="font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif;"> </td><td style="text-align: right; font-family: 'times new roman', serif;">1,215,692</td><td style="text-align: left; font-family: 'times new roman', serif;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">Construction-in-progress</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td><td style="text-align: center; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">-</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">18,754,740</td><td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td> </td><td> </td><td> </td><td style="font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif;"> </td><td style="text-align: right; font-family: 'times new roman', serif;">142,288,915</td><td style="text-align: left; font-family: 'times new roman', serif;"> </td><td style="font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif;"> </td><td style="text-align: right; font-family: 'times new roman', serif;">109,527,896</td><td style="text-align: left; font-family: 'times new roman', serif;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(20,092,321</td><td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(14,972,782</td><td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">122,196,594</td><td style="text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">94,555,114</td><td style="text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">For the years ended December 31, 2016, 2015 and 2014, depreciation expense amounted to $6,613,720, $6,353,055 and $6,017,886, respectively, of which $6,269,983, $6,120,248 and $5,988,845, respectively, was included in cost of revenue and inventories, and the remainder was included in general and administrative expense, respectively.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">At December 31, 2016 and 2015, the Company had 37 and 28 fishing vessels with net carrying amount of approximately $29.4 million and $22.3 million, respectively, pledged as collateral for its bank loans.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Included in construction-in-progress are fishing vessels under construction which includes the costs of construction and any interest charges arising from borrowings used to finance these assets during the period of construction of the assets. No provision for depreciation is made on fishing vessels under construction until such time as the relevant assets are completed and ready for their intended use.</font></p></div>
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<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">NOTE 10 – <u>RELATED PARTIES TRANSACTIONS</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Prepaid expenses – related parties</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">At December 31, 2016 and 2015, prepaid expenses – related parties consisted of the following:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left; color: black; padding-left: 0pt;">Prepaid miscellaneous items to PT. Avona Mina Lestari (1)</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 142px; text-align: right; color: black;">522,337</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">1,127,257</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">Prepaid fuel cost to Hai Yi Shipping Limited (2)</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">783,370</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">Prepaid fuel cost to Haifeng Dafu Enterprise Company Limited (3)</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">868,668</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Prepaid fuel cost to Hong Fa Shipping Limited (4)</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1,860,871</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; padding-bottom: 4pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">522,337</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,640,166</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(1)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: justify; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">PT. Avona Mina Lestari is an affiliate company controlled by Xinrong Zhuo family.</font></td></tr></table><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(2)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: justify; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Hai Yi Shipping Limited is an affiliate company ultimately controlled by Xinrong Zhuo, CEO of the Company.</font></td></tr></table><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(3)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: justify; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Haifeng Dafu Enterprise Company Limited is an affiliate company ultimately controlled by Xinrong Zhuo, CEO of the Company.</font></td></tr></table><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(4)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: justify; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Hong Fa Shipping Limited is an affiliate company owned by Xinrong Zhuo, CEO of the Company.</font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Other receivable – related parties</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">At December 31, 2016 and 2015, other receivable– related parties consisted of the following:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left; color: black; padding-left: 0pt;">Advance to Zhiyan Lin (1)</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 142px; text-align: right; color: black;">639,917</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">3,836,258</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Advance to Honghong Zhuo (2)</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">4,051,269</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; padding-bottom: 4pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">639,917</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">7,887,527</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(1)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: justify; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Zhiyan Lin is a shareholder and legal representative of Pingtan Fishing.</font></td></tr></table><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(2)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: justify; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Honghong Zhuo is daughter of Xinrong Zhuo.</font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">In connection with the termination of VIE structure and to comply with PRC regulation, the Company paid RMB 83 million in total, which is Pingtan Fishing’s registered capital, to Pingtan Fishing’s Shareholders to transfer their 100% of equity interest of Pingtan Fishing to Fujian Heyue, the Company’s subsidiary pursuant to the Equity Transfer Agreement dated February 9, 2015. Those payments are expected to be returned in full to the Company by December 31, 2017.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Accounts payable - related parties</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">At December 31, 2016 and 2015, accounts payable - related parties consisted of the following:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Name of related party</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left; color: black; padding-left: 0pt;">Hong Fa Shipping Limited</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 142px; text-align: right; color: black;">1,740,000</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">-</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">Hong Long (1)</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">805,930</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">408,631</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">Huna Lin (2)</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">14,320</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Hai Yi Shipping Limited</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">510</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; padding-bottom: 4pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,560,760</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">408,631</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(1)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: justify; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Hong Long is an affiliate company majority owned and controlled by Ping Lin, spouse of the Company’s CEO.</font></td></tr></table><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(2)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: justify; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Huna Lin is Zhiyan Lin’s daughter.</font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">These accounts payable – related parties’ amounts are short-term in nature, non-interest bearing, unsecured and payable on demand.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Accrued liabilities and other payables – related party</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">At December 31, 2016 and 2015, the accrued liabilities and other payables – related party consisted of the following:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Name of related party</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Hong Long</td><td style="width: 16px; color: black; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 142px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">18,147,152</td><td style="width: 16px; text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="width: 15px; color: black; padding-bottom: 1.5pt;"> </td><td style="width: 15px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 141px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">          -</td><td style="width: 15px; text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; padding-bottom: 4pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">18,147,152</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">-</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The significant increase in other payables – Hong Long was primarily attributable to the prepayment for long-term assets made by Hong Long on behalf of the Company of approximately $13,220,000 and other miscellaneous payments made by Hong Long on behalf of the Company to the Company’s vendors of approximately $4,927,000. The amount of other payable – Hong Long is short-term in nature, non-interest bearing, unsecured and payable on demand.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Due to related parties</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">At December 31, 2016 and 2015, the due to related parties amount consisted of the following:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center; color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left; color: black; padding-left: 0pt;">Accrued compensation for Roy Yu, Chief Financial Officer</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 142px; text-align: right; color: black;">40,000</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">20,000</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">Accrued compensation for Xinrong Zhuo</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">3,354</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">3,354</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Advance from Xinrong Zhuo, Chief Executive Officer</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1,361,290</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; padding-bottom: 4pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">43,354</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,384,644</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The advance from Xinrong Zhuo, the Company’s Chief Executive Officer, is for working capital purposes and short-term in nature, non-interest bearing, unsecured and payable on demand.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Operating lease</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">On July 31, 2012, the Company entered into a lease for office space with Ping Lin, spouse of the Company’s CEO, (the “Office Lease”). Pursuant to the Office Lease, annual payments of RMB 84,000 (approximately $13,000) were due for each year of the term. The term of the Office Lease was 3 years and expired on August 1, 2015. The Company renewed the Office Lease. Pursuant to the renewed Office Lease, the annual rent is RMB 84,000 (approximately $13,000) and the renewed Office Lease expires on July 31, 2017.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">For the years ended December 31, 2016, 2015 and 2014, rent expense related to the Office Lease amounted $12,646, $13,510 and $13,674, respectively. Future minimum rental payment required under the Office Lease is as follows:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Year Ending December 31:</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Amount</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1379px; text-align: center; color: black; padding-bottom: 4pt; padding-left: 0pt;">2017</td><td style="width: 16px; color: black; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">7,377</td><td style="width: 15px; text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Rental and related administrative service agreement</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">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 provided related administrative service (the “Service Agreement”). Pursuant to the Service Agreement, monthly payments of Hong Kong Dollar (“HK$”) HK$298,500 (approximately $38,000) were due for each month of the term. The term of the Service Agreement was 1.5 years and expired on December 31, 2014. The Company renewed the Service Agreement. Pursuant to the renewed Service Agreement, the monthly payments are HK$298,500 (approximately $38,000) and the renewed Service Agreement expires on December 31, 2017.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">For the years ended December 31, 2016, 2015 and 2014, rent expense and corresponding administrative service charge related to the Service Agreement amounted to $461,899, $462,387 and $461,934, respectively. Future minimum rental and related administrative service charge payment required under the Service Agreement is as follows: </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><br /></font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Year ending December 31:</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Amount</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1379px; text-align: center; color: black; padding-bottom: 4pt; padding-left: 0pt;">2017</td><td style="width: 16px; color: black; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">461,899</td><td style="width: 15px; text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Purchases from related parties</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">During the years ended December 31, 2016, 2015 and 2014, purchases from related parties were as follows:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10"><p style="margin: 0px;">Year Ended December 31,</p></td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td style="color: black;" colspan="2">Purchase of fuel, fishing nets and other on-board consumables</td><td style="color: black;"> </td><td style="color: black;" colspan="2"> </td><td style="color: black;"> </td><td style="color: black;"> </td><td style="color: black;" colspan="2"> </td><td style="color: black;"> </td><td style="color: black;"> </td><td style="color: black;" colspan="2"> </td><td style="color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 988.67px; text-align: left; color: black; padding-left: 10pt;"> from Hong Fa Shipping Limited</td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">15,636,809</td><td style="width: 15px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">11,328,966</td><td style="width: 15px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">30,996,630</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 10pt;"> from Hai Yi Shipping Ltd.</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">8,853,657</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">4,739,278</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">4,678,520</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 10pt;"> from Haifeng Dafu Enterprise Co., Ltd.</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">941,778</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">11,116</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">4,877,460</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 10pt;"> from PT. Dwikarya Reksa Abadi</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">1,414,640</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 10pt;"> From PT. Avona Mina Lestari</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">1,276,049</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 10pt;"> from Zhiyan Lin</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">34,230</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 10pt;"> from Fuzhou Honglong Ocean Fishery Co., Ltd.</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">45,409,020</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; padding-bottom: 1.5pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">25,432,244</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">18,770,049</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">85,995,860</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">Purchase of vessel maintenance service</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;"> </td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 10pt;"> from PT. Avona Mina Lestari</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">674,360</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">6,529,495</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">3,543,925</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 10pt;"> from PT. Dwikarya Reksa Abadi</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">3,207,011</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">3,385,466</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; padding-bottom: 1.5pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">674,360</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">9,736,506</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,929,391</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">Purchase of transportation service</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;"> </td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 10pt;"> from Fuzhou Honglong Ocean Fishery Co., Ltd.</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">39,622</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">177,567</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">9,925,585</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 10pt;"> from Haifeng Dafu Enterprise Company Limited</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">3,331,554</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 10pt;"> from Hai Yi Shipping Limited</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">305,686</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">1,695,132</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 10pt;"> from Hong Fa Shipping Limited</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,550,872</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; padding-bottom: 1.5pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">39,622</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">483,253</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">17,503,143</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">Purchase of Indonesia vessel agent service</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;"> </td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 10pt;"> from PT. Avona Mina Lestari (1)</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">2,317</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">1,225,000</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 10pt;"> from PT. Dwikarya Reksa Abadi (1)</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1,298,329</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; padding-bottom: 1.5pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,317</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,523,329</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(1)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">PT. Avona Mina Lestari and PT. Dwikarya Reksa Abadi act as Pingtan Fishing’s agents to apply and renew Indonesia fishing licenses and Pingtan Fishing pays the agent service fees to them.</font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">On June 26, 2015, the Company entered into a master agreement with each of Fuzhou Honglong Ocean Fishery Co., Ltd, (“Hong Long”) and Fuzhou Yishun Deep-Sea Fishing Co., Ltd. (“Yishun”), which are owned by the Company’s controlling shareholder and Chairman and CEO, Mr. Xinrong Zhuo, for the acquisition of 6 fishing vessels with total consideration of approximately $56.2 million representing the fair market value on the date of acquisition. The transaction between the Company and these two related companies was accounted as common control transaction. Based on Accounting Standards Codification (“ASC”) 805-50, the Company recorded the value of $0 as the cost of the vessels since the 6 vessels had been fully depreciated in Hong Long and Yishun’s books at the date of transfer. The balance of approximately $56.2 million above cost was treated as a return of capital in the equity accounts and was recorded as a reduction in additional paid-in capital.</font></p></div>
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<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">NOTE 11 – <u>BANK LOANS</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Short-term bank loans</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Short-term bank loans represent the amounts due to various banks that are due within one year. These loans can be renewed with the banks upon maturities. At December 31, 2016 and 2015, short-term bank loans consisted of the following:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, <br />2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: justify; color: black; padding-left: 0pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Loan from China Development Bank, due on February 11, 2016 with variable annual interest rate based on London Interbank Offered Rate (“LIBOR”)<sup>(1)</sup> plus 245 basis points (3.395% at December 31, 2015), guaranteed by Xinrong Zhuo, Honghong Zhuo, Zhiyan Lin and Shuhui Ke and repaid on due date</font></td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 142px; text-align: right; color: black;">-</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">7,000,000</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; color: black; padding-left: 0pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Loan from China Development Bank, due on November 25, 2016 with variable annual interest rate based on LIBOR<sup>(1)</sup> plus 230 basis points (2.941% at December 31, 2015), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.8 million  (RMB 5.12 million) and collateralized by a related party’s land use right and repaid on due date</font></td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">4,000,000</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; color: black; padding-left: 0pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Loan from China Development Bank, due on December 9, 2016 with variable annual interest rate based on LIBOR<sup>(1)</sup> plus 230 basis points (3.049% at December 31, 2015), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.8 million (RMB 5.12 million) and collateralized by a related party’s land use right and repaid on due date</font></td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">4,000,000</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; color: black; padding-left: 0pt;">Loan from Fujian Haixia Bank, due on September 7, 2016 with annual interest rate of 7.360% at December 31, 2015, collateralized by Pingtan Fishing's 17 fishing vessels and repaid on due date</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">4,621,998</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; color: black; padding-left: 0pt;">Loan from Fujian Haixia Bank, due on September 13, 2017 with annual interest rate of 6.960% at December 31, 2016, collateralized by Pingtan Fishing’s 17 fishing vessels</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">4,324,636</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; color: black; padding-left: 0pt;">Loan from Fujian Haixia Bank, due on September 20, 2016 with annual interest rate of 1.621% at December 31, 2015, collateralized by Pingtan Fishing’s 17 fishing vessels and repaid on due date</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">2,349,440</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; color: black; padding-left: 0pt;">Loan from Fujian Haixia Bank, due on September 22, 2017 with annual interest rate of 1.529% at December 31, 2016, collateralized by Pingtan Fishing’s 17 fishing vessels</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">1,150,000</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; color: black; padding-left: 0pt;">Loan from Fujian Haixia Bank, due on October 10, 2017 with annual interest rate of 1.739% at December 31, 2016, collateralized by Pingtan Fishing’s 17 fishing vessels</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">1,080,000</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; color: black; padding-left: 0pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Loan from China Development Bank, due on March 21, 2017 with variable annual interest rate based on LIBOR<sup>(1)</sup> plus 230 basis points (3.211% at December 31, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.6 million (RMB 4 million) and collateralized by a related party’s land use right</font></td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">3,000,000</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; color: black; padding-left: 0pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Loan from China Development Bank, due on April 18, 2017 with variable annual interest rate based on LIBOR<sup>(1)</sup> plus 230 basis points (3.204% at December 31, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.6 million (RMB 4 million) and collateralized by a related party’s land use right</font></td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">3,000,000</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; color: black; padding-left: 0pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Loan from China Development Bank, due on April 18, 2017 with variable annual interest rate based on LIBOR<sup>(1)</sup> plus 230 basis points (3.257% at December 31, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.3 million (RMB 2 million) and collateralized by a related party’s land use right</font></td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">1,500,000</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; color: black; padding-left: 0pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Loan from China Development Bank, due on August 22, 2017 with variable annual interest rate based on LIBOR<sup>(1)</sup> plus 230 basis points (3.510% at December 31, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $1.0 million (RMB 6.7 million) and collateralized by a related party’s two vessels</font></td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">5,000,000</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; color: black; padding-bottom: 1.5pt; padding-left: 0pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Loan from China Development Bank, due on December 9, 2017 with variable annual interest rate based on LIBOR<sup>(1)</sup> plus 230 basis points (3.593% at December 31, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.5 million (RMB 3.5 million) and collateralized by a related party’s two vessels</font></td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,500,000</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; padding-bottom: 4pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">21,554,636</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">21,971,438</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(1)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: justify; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Represents six-month LIBOR rate on the loan commencement date.</font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Long-term bank loans</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Long-term bank loans represent the amounts due to various banks lasting over one year. Usually, the long-term bank loans cannot be renewed with these banks upon maturities. At December 31, 2016 and 2015, long-term bank loans consisted of the following:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, <br />2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: justify; color: black; padding-left: 0pt;">Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 4.900% and 4.750% at December 31, 2016 and 2015, respectively, collateralized by Hong Long's investment in equity interest of a China local bank</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 142px; text-align: right; color: black;">5,852,674</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">11,832,314</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; color: black; padding-left: 0pt;"> Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 4.900% and 4.750% at December 31, 2016 and 2015, respectively, collateralized by Fujian International Trading and Transportation Co., Ltd.'s investment in equity interest of a China local bank</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">1,153,236</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">2,310,999</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; color: black; padding-left: 0pt;"> Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 4.900% and 4.750% at December 31, 2016 and 2015, respectively, guaranteed by Hong Long</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">4,742,684</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">9,937,295</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; color: black; padding-left: 0pt;"> Loan from The Export-Import Bank of China, due on various dates until January 30, 2023 with annual interest rate of 4.900% at December 31, 2016, guaranteed by Huanghai Ship Construction Co., Ltd, Xinrong Zhuo and Ping Lin and collateralized by 2 fishing vessels under construction and collateralized by three related parties’ investments in equity interest of two PRC local banks</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">18,019,317</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; color: black; padding-bottom: 1.5pt; padding-left: 0pt;"> Loan from China Development Bank, due on various dates until November 27, 2023 with annual interest rate of 5.145% at December 31, 2016 and 2015, guaranteed by Xinrong Zhuo, Honghong Zhuo, Mr. and Mrs. Zhiyan Lin and 6 fishing vessels</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">9,370,045</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">11,169,827</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">Total long-term bank loans</td><td style="color: black;"> </td><td style="text-align: left; color: black;">$</td><td style="text-align: right; color: black;">39,137,956</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;">$</td><td style="text-align: right; color: black;">35,250,435</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Less: current portion</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(17,298,544</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;">)</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(12,679,680</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-bottom: 4pt; padding-left: 0pt;">Long-term bank loans, non-current portion</td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">21,839,412</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">22,570,755</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The future maturities of long-term bank loans are as follows:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Due in twelve-month periods ending December 31,</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Principal</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1379px; text-align: left; color: black; padding-left: 0pt;">2017</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">17,298,544</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">2018</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">5,622,027</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">2019</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">5,694,104</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">2020</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">4,324,636</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">2021</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">1,513,623</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Thereafter</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">4,685,022</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;">$</td><td style="text-align: right; color: black;">39,137,956</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Less: current portion</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(17,298,544</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-bottom: 4pt; padding-left: 0pt;">Long-term liability</td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">21,839,412</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The weighted average interest rate for short-term bank loans was approximately 4.2%, 3.2% and 3.6% for the years ended December 31, 2016, 2015 and 2014, respectively.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The weighted average interest rate for long-term bank loans was approximately 6.7%, 5.7% and 6.8% for the years ended December 31, 2016, 2015 and 2014, respectively.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">For the years ended December 31, 2016, 2015 and 2014, interest expense related to bank loans amounted to $3,011,359, $3,630,200 and $5,652,572, respectively, of which, $1,039,092, $0 and $836,902 was capitalized to construction-in-progress, respectively.</font></p></div>
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<us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">NOTE 12 – <u>ACCRUED LIABILITIES AND OTHER PAYABLES</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">At December 31, 2016 and 2015, accrued liabilities and other payables consisted of the following:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left; color: black; padding-left: 0pt;">Accrued salaries and related benefits</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 142px; text-align: right; color: black;">4,126,938</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">4,935,942</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">Accrued interest due</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">92,329</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">6,635</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Other</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">180,269</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">101,472</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; padding-bottom: 4pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,399,536</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">5,044,049</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table></div>
</us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock>
<us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">NOTE 13 – <u>SHAREHOLDERS’ EQUITY</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Warrants</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">An aggregate of 30,329,883 ordinary shares and 3,966,667 warrants 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 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.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">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.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">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 .</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">In accordance with U.S. GAAP, the Company accounted for the Warrants as equity instruments.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">There were no stock warrants issued, expired/terminated/forfeited, exercised during the years ended December 31, 2016 and 2015.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The following table summarizes the shares of the Company’s ordinary stock issuable upon exercise of warrants outstanding and exercisable at December 31, 2016:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="14">Warrants outstanding</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Warrants exercisable</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Exercise price</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Number outstanding at December 31, 2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Weighted average remaining contractual life (years)</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Weighted average exercise price</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Number exercisable at December 31, 2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Weighted average exercise price</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 16px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 220px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">12.00</td><td style="width: 16px; text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="width: 16px; color: black; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="width: 220px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">8,966,667</td><td style="width: 16px; text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="width: 16px; color: black; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="width: 220px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1.2</td><td style="width: 16px; text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="width: 16px; color: black; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 220px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">12.00</td><td style="width: 15px; text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="width: 15px; color: black; padding-bottom: 4pt;"> </td><td style="width: 15px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="width: 219px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">8,966,667</td><td style="width: 15px; text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="width: 15px; color: black; padding-bottom: 4pt;"> </td><td style="width: 15px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 203px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">12.00</td><td style="width: 15px; text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Statutory reserve</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Pingtan Guansheng, Fujian Heyue, Pingtan Fishing, Pingtan Dingxin, Pingtan Duoying and Pingtan Ruiying 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.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">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, 2015, the Company appropriated the required 50% of its registered capital to statutory reserve for Heyue. Accordingly, no additional statutory reserve for Heyue is required for the year ended December 31, 2016. The Company did not make any appropriation to statutory reserve for Pingtan Fishing during the year ended December 31, 2016 as it incurred a net loss in the year.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Pingtan Guansheng, Pingtan Dingxin, Pingtan Duoying and Pingtan Ruiying had sustained losses since their establishments. No appropriation to statutory reserves for them was required as they incurred recurring net losses.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">For the years ended December 31, 2016 and 2015, statutory reserve activities for Pingtan Fishing and Fujian Heyue were as follows:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Pingtan Fishing</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Fujian Heyue</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; color: black; padding-left: 0pt;">Balance - December 31, 2014</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 142px; text-align: right; color: black;">6,412,892</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">-</td><td style="width: 15px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">6,412,892</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Addition to statutory reserve</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,174,753</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">804,182</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,978,935</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; padding-left: 0pt;">Balance – December 31, 2015</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">8,587,645</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">804,182</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">9,391,827</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Addition to statutory reserve</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; padding-bottom: 4pt; padding-left: 0pt;">Balance – December 31, 2016</td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">8,587,645</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">804,182</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">9,391,827</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table></div>
</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
<us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">NOTE 14 – <u>CERTAIN RISKS AND CONCENTRATIONS</u></font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"><u>Credit risk</u></font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">At December 31, 2016 and 2015, the Company’s cash included bank deposits in accounts maintained within the PRC and Hong Kong where there are currently no rules or regulations in place for obligatory insurance to cover bank deposits in event of bank failure. However, the Company does not experience any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts.</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"><u>Major customers</u></font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify; background-color: white;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">No customer accounted for 10% or more of the Company’s sales during the years ended December 31, 2016, 2015 and 2014.</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify; background-color: white;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">No customer accounted for 10% or more of the Company’s total outstanding accounts receivable at December 31, 2016 and 2015.</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify; background-color: white;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"><u>Major suppliers</u></font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">The following table sets forth information as to each supplier that accounted for 10% or more of the Company’s purchases for the years ended December 31, 2016, 2015 and 2014.</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; text-align: center; border-bottom: 1.5pt solid black;" colspan="10">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; color: black;"> </td></tr><tr style="vertical-align: bottom;"><td style="color: black; text-align: center; border-bottom: 1.5pt solid black;">Supplier</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; text-align: center; border-bottom: 1.5pt solid black;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; text-align: center; border-bottom: 1.5pt solid black;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; text-align: center; border-bottom: 1.5pt solid black;" colspan="2">2014</td><td style="padding-bottom: 1.5pt; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; color: black; text-align: left; padding-left: 0pt;">A (Hong Fa Shipping Limited, a related party)</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; color: black; text-align: left;"> </td><td style="width: 142px; color: black; text-align: right;">44</td><td style="width: 16px; color: black; text-align: left;">%</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; color: black; text-align: left;"> </td><td style="width: 141px; color: black; text-align: right;">30</td><td style="width: 15px; color: black; text-align: left;">%</td><td style="width: 15px; color: black;"> </td><td style="width: 15px; color: black; text-align: left;"> </td><td style="width: 141px; color: black; text-align: right;">23</td><td style="width: 15px; color: black; text-align: left;">%</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; text-align: left; padding-left: 0pt;">B (Hai Yi Shipping Limited, a related party)</td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;">25</td><td style="color: black; text-align: left;">%</td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;">14</td><td style="color: black; text-align: left;">%</td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">*</font></td><td style="color: black; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; padding-left: 0pt;">C</td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;">13</td><td style="color: black; text-align: left;">%</td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">*</font></td><td style="color: black; text-align: left;"> </td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">*</font></td><td style="color: black; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; text-align: left; padding-left: 0pt;">D (PT Avona Mina Lestari, a related party)</td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">*</font></td><td style="color: black; text-align: left;"> </td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;">34</td><td style="color: black; text-align: left;">%</td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">*</font></td><td style="color: black; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; text-align: left; padding-left: 0pt;">E (Hong Long, a related party)</td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">*</font></td><td style="color: black; text-align: left;"> </td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;">11</td><td style="color: black; text-align: left;">%</td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;">44</td><td style="color: black; text-align: left;">%</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; padding-left: 0pt;">F</td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">*</font></td><td style="color: black; text-align: left;"> </td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">*</font></td><td style="color: black; text-align: left;"> </td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;">10</td><td style="color: black; text-align: left;">%</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">* less than 10%</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify; background-color: white;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">Three suppliers, whose outstanding accounts payable accounted for 10% or more of the Company’s total outstanding accounts payable and accounts payable – related parties at December 31, 2016, accounted for 95.9% of the Company’s total outstanding accounts payable and accounts payable – related parties at December 31, 2016. Three suppliers, whose outstanding accounts payable accounted for 10% or more of the Company’s total outstanding accounts payable and accounts payable – related parties at December 31, 2016, accounted for 99.2% of the Company’s total outstanding accounts payable and accounts payable – related parties at December 31, 2015.</font></p>
</us-gaap:ConcentrationRiskDisclosureTextBlock>
<us-gaap:CommitmentsDisclosureTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">NOTE 15 – <u>COMMITMENTS AND CONTINGENCIES</u></font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"><u>Severance payments</u></font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">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. The Company has estimated its possible severance payments of approximately $10,000 as of December 31, 2016 and 2015, which have not been reflected in its consolidated financial statements. </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"><u>Operating lease</u></font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">See note 10 for related party operating lease commitment.</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"><u>Rental payment and related administrative service charge</u></font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">See note 10 for related party rental and related administrative service agreement commitment.</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"><u>Equity investment commitment</u></font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">On June 12, 2014, Pingtan Fishing incorporated an equity investment with two companies for the fishery processing purpose. Total registered capital of the equity investment is RMB 1 billion (approximately $144.2 million) and Pingtan Fishing accounted for 35% of the total ownership. Accordingly, Pingtan Fishing has the obligation to contribute RMB 350 million (approximately $50.5 million) as the equity investment’s registered capital. In the fourth quarter of 2015, Pingtan fishing transferred 15% of the total ownership to another shareholder of the fishery processing company. Therefore, Pingtan Fishing has the obligation to contribute RMB 200 million (approximately $28.8 million) as the equity investment’s registered capital. As of December 31, 2016, the Pingtan Fishing has contributed RMB 198 million (approximately $28.5 million) as registered capital that was included in equity method investment on the accompanying consolidated balance sheets. Pingtan Fishing intends to use its present working capital together with bank loans to fund the project cost.</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify; background-color: white;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"><u>Fishing vessels construction agreements</u></font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify; text-indent: 36pt; background-color: white;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify; background-color: white;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">In December 2015, Hong Long entered into an agreement with Fujian Xinchang Ship Construction Co., Ltd. (“Xinchang”) related to the construction of 4 fishing vessels (“Xinchang Construction Agreement”). The agreement expired in October 2016. In March 2016, Pingtan Fishing and Hong Long and Xinchang entered into a Three-party Agreement. According to the Three-party Agreement, Hong Long assigned all of its rights and obligations related to the Xinchang Construction Agreement to Pingtan Fishing. The project requires a total investment of RMB 140 million (approximately $20.2 million). The funds are required to be invested over the construction period of the project. As of December 31, 2016, Pingtan Fishing has paid RMB 133.0 million (approximately $19.2 million) of the total investment that was recorded as property, plant and equipment (construction-in-progress) and prepayment for long-term assets on the accompanying balance sheets.</font></p>
</us-gaap:CommitmentsDisclosureTextBlock>
<us-gaap:CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">NOTE 16 – <u>CONDENSED PARENT COMPANY FINANCIAL INFORMATION</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X as the restricted net assets of the Company’s China-based operating subsidiaries’ and VIEs’ exceed 25% of the consolidated net assets of Pingtan Marine Enterprise Ltd.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The condensed parent company financial statements have been prepared using the same accounting principles and policies described in the notes to the consolidated financial statements, with the only exception being that the parent company accounts for its subsidiaries and VIEs using the equity method. Refer to the consolidated financial statements and notes presented above for additional information and disclosures with respect to these financial statements.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', serif; margin: 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Condensed Parent Company Balance Sheets</p> <p style="font: 10pt/normal 'times new roman', serif; margin: 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', serif; margin: 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;">ASSETS</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td>Current assets:</td> <td> </td> <td style="text-align: right;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: right;" colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1177.67px; padding-left: 10pt;">Cash</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">136,750</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">171,329</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-left: 10pt;">Other receivable</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">75,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">75,000</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt;">Investments in subsidiaries and VIEs at equity</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">128,507,533</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">149,195,133</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1.5pt;">Total current assets</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">128,719,283</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">149,441,462</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Other assets:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt;">Property, plant and equipment</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">22,359,945</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">23,681,715</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 4pt;">Total assets</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">151,079,228</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">173,123,177</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: center;">LIABILITIES AND EQUITY</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Current liabilities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt;">Due to related parties</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">11,366,974</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,283,354</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 4pt;">Total liabilities</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">11,366,974</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">6,283,354</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Shareholders' equity:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-left: 10pt;">Equity attributable to owners of the company:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -10pt; padding-left: 20pt;">Ordinary shares ($0.001 par value; 225,000,000 shares authorized; 79,055,053 shares issued and outstanding at December 31, 2016 and 2015)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">79,055</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">79,055</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-left: 10pt;">Additional paid-in capital</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">111,008,085</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">111,008,085</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-left: 10pt;">Retained earnings</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">26,830,042</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">43,709,867</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt;">Accumulated other comprehensive loss</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(12,879,051</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(4,326,351</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-left: 10pt;">Total equity attributable to owners of the company</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">125,038,131</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">150,470,656</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt;">Non-controlling interest</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">14,674,123</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">16,369,167</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1.5pt;">Total shareholders' equity</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">139,712,254</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">166,839,823</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 4pt;">Total liabilities and equity</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">151,079,228</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">173,123,177</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', serif; margin: 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Condensed Parent Company Statements of Operations</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p> <table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">For the Year Ended December 31,</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font-family: 'times new roman', serif;">Revenue</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;">$</td> <td style="text-align: right; font-family: 'times new roman', serif;">-</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;">$</td> <td style="text-align: right; font-family: 'times new roman', serif;">-</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;">$</td> <td style="text-align: right; font-family: 'times new roman', serif;">-</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">Cost of revenue</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman', serif;">Operating expenses:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 1003px; text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">General and administrative</td> <td style="width: 16px; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="width: 142px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,456,219</td> <td style="width: 16px; text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td> <td style="width: 16px; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="width: 141px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,074,964</td> <td style="width: 15px; text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td> <td style="width: 15px; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="width: 141px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(1,899,368</td> <td style="width: 15px; text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">Total operating expenses</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,456,219</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,074,964</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(1,899,368</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; font-family: 'times new roman', serif;">Loss from operations</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(2,456,219</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(2,074,964</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(1,899,368</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">Other (expense) income</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(542</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(593</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">82,855</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; font-family: 'times new roman', serif;">Loss attributable to parent only</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(2,456,761</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(2,075,557</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(1,816,513</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">Equity in (loss) income of subsidiaries and VIEs</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(12,220,550</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">21,633,959</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">87,577,218</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">Net (loss) income</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(14,677,311</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">19,558,402</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">85,760,705</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">Less: net (loss) income attributable to the non-controlling interest</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(959,688</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1,205,485</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;">Net (loss) income attributable to owners of the company</td> <td style="padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(13,717,623</td> <td style="text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;">)</td> <td style="padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">18,352,917</td> <td style="text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">85,760,705</td> <td style="text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p> <p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Condensed Parent Company Statements of Cash Flows</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">For the Year Ended December 31,</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td>CASH FLOWS FROM OPERATING ACTIVITES</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 976.34px; text-align: left; text-indent: -10pt; padding-left: 20pt;">Net (loss) income</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">(14,677,311</td> <td style="width: 16px; text-align: left;">)</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">19,558,402</td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">85,760,705</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt;">Adjustments to reconcile net (loss) income to net cash used in operating activities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt;">Equity in loss (income) of subsidiaries and VIEs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12,220,550</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(21,633,959</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(87,577,218</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt;">Changes in assets and liabilities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt;">Prepaid expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,819</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt;">Other receivable</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(75,000</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(33</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt;">Accrued liabilities and other payables</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(11,099</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(198,075</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 30pt;">Due to related parties</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">20,000</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">23,352</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 10pt;">NET CASH USED IN OPERATING ACTIVITIES</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,436,761</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,158,835</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(1,991,268</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">CASH FLOWS FROM INVESTING ACTIVITIES</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 30pt;">Investment payments to subsidiaries and VIEs</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(114,036</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(244,033</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 10pt;">NET CASH USED IN INVESTING ACTIVITIES</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(114,036</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(244,033</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">CASH FLOWS FROM FINANCING ACTIVITIES</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt;">Cash acquired from subsidiaries and VIEs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">614,800</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">636,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">584,983</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt;">Advances from related parties</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,063,620</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,910,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,350,000</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 30pt;">Payments made for dividend</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(3,162,202</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,371,652</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(790,550</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 10pt;">NET CASH PROVIDED BY FINANCING ACTIVITIES</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,516,218</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,174,348</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,144,433</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">NET (DECREASE) INCREASE IN CASH</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(34,579</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(228,520</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">153,165</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 10pt;">CASH - beginning of year</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">171,329</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">399,849</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">246,684</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-bottom: 4pt; padding-left: 10pt;">CASH - end of year</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">136,750</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">171,329</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">399,849</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Note 1. Basis of Preparation</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The condensed financial information of the Company has been prepared using the same accounting policies as set out in the Group’s consolidated financial statements except that the Company used the equity method to account for investments in its subsidiaries and VIEs.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Note 2. Investments in Subsidiaries and VIEs</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company and its subsidiaries and variable interest entities were included in the consolidated financial statements where the inter-company balances and transactions were eliminated upon consolidation. For purpose of the Company’s stand-alone financial statements, its investments in subsidiaries and variable interest entities were reported using the equity method of accounting. The Company’s share of income and losses from its subsidiaries and variable interest entities were reported as equity in earnings of subsidiaries and variable interest entities in the accompanying parent company financial statements.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Note 3. Retained Earnings</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The retained earnings in the Company’s stand-alone financial statements do not represent the distributable earnings of the Group as it includes the statutory reserve of its subsidiaries and VIEs in PRC of $9,391,827 as of December 31, 2016 and 2015.</font></p> </div>
</us-gaap:CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock>
<us-gaap:QuarterlyFinancialInformationTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">NOTE 17 - <u>SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Set forth below is the unaudited selected quarterly financial data. We believe that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the unaudited selected quarterly financial data when read in conjunction with our consolidated financial statements (in thousands, except share and per share data). The sum of the quarterly net (loss) income per share amounts do not necessarily equal the annual amount reported, as per share amounts are computed independently for each quarter and the annual period based on the weighted average common shares outstanding in each period. The operating results for any quarter are not necessarily indicative of results for any future period.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p> <table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="14">Quarter</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2016</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">First</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Second</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Third</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Fourth</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 815px; font-family: 'times new roman', serif;">Revenue</td> <td style="width: 16px; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif;">$</td> <td style="width: 142px; text-align: right; font-family: 'times new roman', serif;">4,115</td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif;">$</td> <td style="width: 142px; text-align: right; font-family: 'times new roman', serif;">2,104</td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif;">$</td> <td style="width: 141px; text-align: right; font-family: 'times new roman', serif;">1,169</td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif;">$</td> <td style="width: 141px; text-align: right; font-family: 'times new roman', serif;">13,153</td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; font-family: 'times new roman', serif;">Gross (loss) profit</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(3,313</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(3,041</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(12,313</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">9,879</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman', serif;">Net (loss) income</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(5,479</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(4,522</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(13,899</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">9,223</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; font-family: 'times new roman', serif;">Net (loss) income attributable to owners of the company</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(5,100</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(4,225</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(12,823</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">8,430</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'times new roman', serif;">Basic and diluted net (loss) income per ordinary share attributable to owners of the company</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;">$</td> <td style="text-align: right; font-family: 'times new roman', serif;">(0.06</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;">$</td> <td style="text-align: right; font-family: 'times new roman', serif;">(0.05</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;">$</td> <td style="text-align: right; font-family: 'times new roman', serif;">(0.16</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;">$</td> <td style="text-align: right; font-family: 'times new roman', serif;">0.11</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font> </p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="color: black;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="14">Quarter</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2015</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">First</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Second</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Third</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Fourth</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 815px; color: black; padding-left: 0pt;">Revenue</td> <td style="width: 16px; color: black;"> </td> <td style="width: 16px; text-align: left; color: black;">$</td> <td style="width: 142px; text-align: right; color: black;">28,733</td> <td style="width: 16px; text-align: left; color: black;"> </td> <td style="width: 16px; color: black;"> </td> <td style="width: 16px; text-align: left; color: black;">$</td> <td style="width: 142px; text-align: right; color: black;">15,254</td> <td style="width: 16px; text-align: left; color: black;"> </td> <td style="width: 15px; color: black;"> </td> <td style="width: 15px; text-align: left; color: black;">$</td> <td style="width: 141px; text-align: right; color: black;">2,741</td> <td style="width: 15px; text-align: left; color: black;"> </td> <td style="width: 15px; color: black;"> </td> <td style="width: 15px; text-align: left; color: black;">$</td> <td style="width: 141px; text-align: right; color: black;">13,972</td> <td style="width: 15px; text-align: left; color: black;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; color: black; padding-left: 0pt;">Gross profit (loss)</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">11,467</td> <td style="text-align: left; color: black;"> </td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">1,206</td> <td style="text-align: left; color: black;"> </td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">(6,508</td> <td style="text-align: left; color: black;">)</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">(8,941</td> <td style="text-align: left; color: black;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; color: black; padding-left: 0pt;">Net income (loss)</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">8,416</td> <td style="text-align: left; color: black;"> </td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">(1,584</td> <td style="text-align: left; color: black;">)</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">22,518</td> <td style="text-align: left; color: black;"> </td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">(9,792</td> <td style="text-align: left; color: black;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; color: black; padding-left: 0pt;">Net income (loss) attributable to owners of the company</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">8,223</td> <td style="text-align: left; color: black;"> </td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">(1,482</td> <td style="text-align: left; color: black;">)</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">20,684</td> <td style="text-align: left; color: black;"> </td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">(9,072</td> <td style="text-align: left; color: black;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; color: black; text-indent: -10pt; padding-left: 10pt;">Basic and diluted net income (loss) per ordinary share attributable to owners of the company</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;">$</td> <td style="text-align: right; color: black;">0.10</td> <td style="text-align: left; color: black;"> </td> <td style="color: black;"> </td> <td style="text-align: left; color: black;">$</td> <td style="text-align: right; color: black;">(0.02</td> <td style="text-align: left; color: black;">)</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;">$</td> <td style="text-align: right; color: black;">0.26</td> <td style="text-align: left; color: black;"> </td> <td style="color: black;"> </td> <td style="text-align: left; color: black;">$</td> <td style="text-align: right; color: black;">(0.11</td> <td style="text-align: left; color: black;">)</td> </tr> </table> </div>
</us-gaap:QuarterlyFinancialInformationTextBlock>
<us-gaap:SubsequentEventsTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">NOTE 18 – <u>SUBSEQUENT EVENT</u></font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">On January 17, 2017, the Company’s Board of Directors declared a cash dividend of $0.01 per share to the Company’s common stock shareholders of record on January 31, 2017.</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">The Company received the refund for prepayments made for fish goods of $29,848,189 from a third party in January and February 2017 (See Note 5).</font></p>
</us-gaap:SubsequentEventsTextBlock>
<us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Basis of presentation</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The accompanying 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).</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company’s consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. 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.</font></p></div>
</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
<us-gaap:UseOfEstimates contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Use of estimates</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates. Significant estimates in the years ended December 31, 2016, 2015 and 2014 include allowance for doubtful accounts, reserve for inventories, the useful life of property, plant and equipment, assumptions used in assessing impairment of long-term assets and valuation of deferred tax assets and accruals for taxes due.</font></p></div>
</us-gaap:UseOfEstimates>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Cash</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Cash consists of cash on hand and cash in banks. The Company maintains cash with various financial institutions in the PRC and Hong Kong and none of these deposits are covered by insurance. At December 31, 2016 and 2015, cash balances in the PRC are $683,307 and $11,276,429, respectively, and cash balances in Hong Kong are $137,089 and $172,255, respectively, and are uninsured. The Company has not experienced any losses in bank accounts and believes it is not exposed to any risks on its cash in bank accounts.</font></p></div>
</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Restricted cash</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Restricted cash consists of cash deposits held by China Development Bank to secure short term bank loans from China Development Bank. At December 31, 2016 and 2015, restricted cash amounted $2,911,922 and $1,577,642, respectively.</font></p></div>
</us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy>
<us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Fair value of financial instruments</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company adopted the guidance of ASC Topic 820 for fair value measurements which clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Level 1-Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Level 2-Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Level 3-Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The carrying amounts reported in the consolidated balance sheets for cash, restricted cash, accounts receivable, inventories, advances to suppliers, prepaid expenses, prepaid expenses – related parties, other receivables, other receivables – related parties, accounts payable, accounts payable – related parties, bank loans, accrued liabilities and other payables, accrued liabilities and other payables – related party, and due to related parties approximate their fair market value based on the short-term maturity of these instruments. As of December 31, 2016, the Company does not have any assets or liabilities that are measured on a recurring basis at fair value. The Company’s short-term bank borrowings that are considered Level 2 financial instruments measured at fair value on a non-recurring basis as of December 31, 2016. As of December 31, 2016, the Company does not have any level 3 financial instruments.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">ASC Topic 825-10 “Financial Instruments” allows entities to voluntarily choose to measure certain financial assets and liabilities at fair value (fair value option). The fair value option may be elected on an instrument-by-instrument basis and is irrevocable, unless a new election date occurs. If the fair value option is elected for an instrument, unrealized gains and losses for that instrument should be reported in earnings at each subsequent reporting date. The Company did not elect to apply the fair value option to any outstanding instruments.</font></p></div>
</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
<us-gaap:TradeAndOtherAccountsReceivablePolicy contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Accounts receivable</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Accounts receivable are presented net of an allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowance when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balance, the Company considers many factors, including the age of the balance, a customer’s historical payment history, its current credit-worthiness and current economic trends. Accounts are written off after exhaustive efforts at collection. The Company only grants credit terms to established customers who are deemed to be financially responsible. Credit periods to customers are within 180 days after customers received the purchased goods. At December 31, 2016 and 2015, the Company has established, based on a review of its outstanding balances, an allowance for doubtful accounts in the amounts of $252,558 and $372,634, respectively.</font></p></div>
</us-gaap:TradeAndOtherAccountsReceivablePolicy>
<us-gaap:InventoryPolicyTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Inventories</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><i> </i></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Inventories, consisting of frozen fish and marine catches, are stated at the lower of cost or market utilizing the weighted average method. The cost of inventories is comprised of fuel, freight, depreciation, direct labor, consumables, and government levied charges and taxes. Consumables include fishing nets and metal containers used by fishing vessels. The Company’s fishing fleets in Indian and Indonesian waters and Western and Central Pacific Ocean of the international waters operate throughout the year, although the May to July period demonstrates lower catch quantities compared to the October to January period, which is the peak season.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">An allowance is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserve for the difference between the cost and the market value. These reserves are recorded based on estimates. At December 31, 2016 and 2015, the Company recorded a reserve for inventories in the amount of $0 and $218,236, respectively.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">When recorded, inventory reserves are intended to reduce the carrying value of inventories to their net realizable value. The Company regularly evaluates the ability to realize the value of inventories based on a combination of factors including the following: forecasted sales, estimated current and future market value.</font></p></div>
</us-gaap:InventoryPolicyTextBlock>
<pme:AdvancesToSuppliersPolicyTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Advances to suppliers</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;">Advances to suppliers represent the cash paid in advance for the purchase of raw material from suppliers. The advance payments are intended to ensure preferential pricing and delivery. According to related signed agreement, the Company has the right to receive refund for these prepayments if the situation of demands and supplies changes. The amounts advanced under such arrangements totaled $3,969,351 and $35,994,146 at December 31, 2016 and 2015, respectively.</p> </div>
</pme:AdvancesToSuppliersPolicyTextBlock>
<us-gaap:EquityMethodInvestmentsPolicy contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Receivable from transferring equity method investment shares</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">In order to improve and focus on fishing business, the Company transferred 15% (RMB 150 million, approximately $21.6 million) of the total ownership in Global Deep Ocean Fishing (Pingtan) Industrial Limited (the “Global Deep Ocean”) to another shareholder of Global Deep Ocean in December 2015 (See note 7). In the second half of December 2015, the Company received RMB 50 million (approximately $7.2 million) from the transferee. As of December 31, 2015, the receivable resulting from the 15% ownership transfer amounted to $15,406,659 (RMB 100 million). The receivable was collected in full in January and February 2016.</font></p></div>
</us-gaap:EquityMethodInvestmentsPolicy>
<pme:FishingLicensesPolicyTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Fishing licenses</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">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.</font></p></div>
</pme:FishingLicensesPolicyTextBlock>
<us-gaap:InvestmentPolicyTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Investment in unconsolidated company – Global Deep Ocean</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company uses the equity method of accounting for its investment in, and earning or loss of, company that it does not control but over which it does exert significant influence. The Company considers whether the fair value of its equity method investment has declined below its carrying value whenever adverse events or changes in circumstances indicate that recorded value may not be recoverable. If the Company considers any decline to be other than temporary (based on various factors, including historical financial results and the overall health of the investee), then a write-down would be recorded to estimated fair value. See Note 7 for discussion of equity method investment.</font></p></div>
</us-gaap:InvestmentPolicyTextBlock>
<us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Property, plant and equipment</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><i> </i></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Property, plant and equipment are carried at cost and are depreciated on a straight-line basis over the estimated useful lives of the assets. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year of disposition. The Company examines the possibility of decreases in the value of fixed assets when events or changes in circumstances reflect the fact that their recorded value may not be recoverable.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Included in property, plant and equipment are fishing vessels under construction which includes the costs of construction and any interest charges arising from borrowings used to finance these assets during the period of construction of the assets. No provision for depreciation is made on fishing vessels under construction until such time as the relevant assets are completed and ready for their intended use.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The estimated useful lives of the assets are as follows:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; padding-bottom: 1.5pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="text-align: center; color: black; padding-left: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> Estimated useful life</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">Fishing vessels</td><td style="width: 15px; color: black;"> </td><td style="width: 235px; text-align: center; color: black; padding-left: 0pt;"> 10 - 20 Years</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; padding-left: 0pt;">Vehicles</td><td style="color: black;"> </td><td style="text-align: center; color: black; padding-left: 0pt;"> 5 Years</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">Office and other equipment</td><td style="color: black;"> </td><td style="text-align: center; color: black; padding-left: 0pt;"> 3 - 5 Years</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Expenditures for repairs and maintenance, which do not extend the useful life of the assets, are expensed as incurred.</font></p></div>
</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
<us-gaap:InterestCapitalizationPolicyPolicyTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Capitalized interest</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Interest associated with the construction of fishing vessels 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 $1,039,092, $0 and $836,902 for the years ended December 31, 2016, 2015 and 2014, respectively, in the fishing vessels under construction.</font></p></div>
</us-gaap:InterestCapitalizationPolicyPolicyTextBlock>
<us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Impairment of long-lived assets</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">In accordance with ASC Topic 360, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable, or at least annually. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s estimated fair value and its book value.  The Company did not record any impairment charge for the years ended December 31, 2016, 2015 and 2014.</font></p></div>
</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock>
<us-gaap:RevenueRecognitionPolicyTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Revenue recognition</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Pursuant to the guidance of ASC Topic 605 and ASC Topic 360, the Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the purchase price is fixed or determinable and collectability is reasonably assured. With respect 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 a 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.</font></p></div>
</us-gaap:RevenueRecognitionPolicyTextBlock>
<us-gaap:GovernmentContractorsPolicyPolicyTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Government grant</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Government grants are recognized when 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, it 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.</font></p></div>
</us-gaap:GovernmentContractorsPolicyPolicyTextBlock>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Income taxes</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">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 are not subject to any withholding tax in Hong Kong.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">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 accompanying consolidated statements of operations and comprehensive (loss) income.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company's subsidiary, 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.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The new China’s Enterprise Income Tax Law (“EIT Law”) also provides that an enterprise established under the laws of foreign countries or regions but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its worldwide income. The Implementing Rules of the new EIT Law merely defines the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, properties, etc., of a non-PRC company is located.” On April 22, 2009, the PRC State Administration of Taxation further issued a notice entitled “Notice Regarding Recognizing Offshore-Established Enterprises Controlled by PRC Shareholders as Resident Enterprises Based on Their Place of Effective Management.” Under this notice, a foreign company controlled by a PRC company or a group of PRC companies shall be deemed as a PRC resident enterprise if (i) the senior management and the core management departments in charge of its daily operations mainly function in the PRC; (ii) its financial decisions and human resource decisions are subject to decisions or approvals of persons or institutions in the PRC; (iii) its major assets, accounting books, company seals, minutes and files of board meetings and shareholders’ meetings are located or kept in the PRC; and (iv) more than half of the directors or senior management personnel with voting rights reside in the PRC. Based on a review of surrounding facts and circumstances, the company does not believe that it is likely that its operations outside of the PRC should be considered a resident enterprise for PRC tax purposes. However, due to limited guidance and implementation history of the new EIT Law, should the Company be treated as a resident enterprise for PRC tax purposes, the Company will be subject to PRC tax on worldwide income at a uniform tax rate of 25% retroactive to May 3, 2012.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">In addition, Pingtan Fishing is not subject to foreign income taxes for its operations in either India and Indonesia Exclusive Economic Zones or the Western and Central Pacific Fisheries Commission areas.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">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.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">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 operations and comprehensive (loss) income in the period that includes the enactment date.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company has not recorded deferred income taxes applicable to undistributed earnings of the subsidiaries located in the PRC because it is the present intention of management to reinvest the undistributed earnings indefinitely in PRC. The cumulative undistributed earnings from PRC subsidiaries amounted to approximately $179.3 million and $190.5 million as of December 31, 2016 and 2015, respectively, which are included in consolidated retained earnings. 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.  </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">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, 2016 and 2015, there were no amounts that had been accrued with respect to uncertain tax positions.</font></p> </div>
</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:ShippingAndHandlingCostPolicyTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Shipping and handling costs</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Shipping and handling costs are included in selling expense and totaled $223,495, $369,912 and $721,972 for the years ended December 31, 2016, 2015 and 2014, respectively.</font></p></div>
</us-gaap:ShippingAndHandlingCostPolicyTextBlock>
<us-gaap:PensionAndOtherPostretirementPlansNonpensionBenefitsPolicy contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Employee benefits</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company makes mandatory contributions to the PRC government’s health, retirement benefit and unemployment funds in accordance with the relevant Chinese social security laws. The costs of these payments are charged to the same accounts as the related salary costs in the same period as the related salary costs incurred. Employee benefit costs totaled $287,962, $903,594 and $1,172,444 for the years ended December 31, 2016, 2015 and 2014, respectively.</font></p></div>
</us-gaap:PensionAndOtherPostretirementPlansNonpensionBenefitsPolicy>
<us-gaap:AdvertisingCostsPolicyTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Advertising</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Advertising is expensed as incurred and is included in selling expense on the accompanying consolidated statements of operations and comprehensive (loss) income. Advertising totaled $42,208, $89,204 and $19,833 for the years ended December 31, 2016, 2015 and 2014, respectively.</font></p></div>
</us-gaap:AdvertisingCostsPolicyTextBlock>
<us-gaap:ResearchAndDevelopmentExpensePolicy contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Research and development</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Research and development costs are expensed as incurred and are included in general and administrative expense. The Company did not incur any research and development costs during the years ended December 31, 2016, 2015 and 2014.</font></p></div>
</us-gaap:ResearchAndDevelopmentExpensePolicy>
<us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Foreign currency translation</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The reporting currency of the Company is the U.S. dollar. The functional currency of the parent company and subsidiaries of Merchant Supreme and Prime Cheer is the U.S. dollar and the functional currency of the Company’s subsidiaries of Pingtan Guansheng, Fujian Heyue and Pingtan Fishing is the Chinese Renminbi (“RMB”). For the subsidiaries of Pingtan Guansheng, Fujian Heyue and Pingtan Fishing, whose functional currencies are the RMB, results of operations and cash flows are translated at average exchange rates during the period, assets and liabilities are translated at the unified exchange rate at the end of the period, and equity is translated at historical exchange rates. As a result, amounts relating to assets and liabilities reported on the statements of cash flows may not necessarily agree with the changes in the corresponding balances on the balance sheets. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive income. The cumulative translation adjustment and effect of exchange rate changes on cash for the years ended December 31, 2016, 2015 and 2014 was $(468,406), $148,733 and $(194,435), respectively. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">All of the Company’s revenue transactions are transacted in the functional currency of the operating subsidiaries. The Company does not enter into any material transaction in foreign currencies. Transaction gains or losses have not had, and are not expected to have, a material effect on the results of operations of the Company.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Asset and liability accounts at December 31, 2016 and 2015 were translated at 6.9370 RMB to $1.00 and at 6.4907 RMB to $1.00, respectively, which were the exchange rates on the balance sheet dates. Equity accounts were stated at their historical rate. The average translation rates applied to the statements of operations and comprehensive (loss) income for the years ended December 31, 2016, 2015 and 2014 were 6.6423 RMB, 6.2175 RMB and 6.1432 RMB to $1.00, respectively. Cash flows from the Company’s operations are calculated based upon the local currencies using the average translation rate.</font></p></div>
</us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock>
<us-gaap:EarningsPerSharePolicyTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Earnings (loss) per share</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">ASC Topic 260 “Earnings per Share,” requires presentation of both basic and diluted earnings (loss) per share (“EPS”) with a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Basic net (loss) income per share are computed by dividing net (loss) income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net (loss) income per share is computed by dividing net (loss) income by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period. Potentially dilutive common shares consist of the common shares issuable upon the exercise of common stock warrants (using the treasury stock method). Common stock equivalents are not included in the calculation of diluted earnings (loss) per share if their effect would be anti-dilutive. In a period in which the Company has a net loss, all potentially dilutive securities are excluded from the computation of diluted shares outstanding as they would have had an anti-dilutive impact. The following table presents a reconciliation of basic and diluted net (loss) income per share:</font></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="color: black; text-indent: -10pt; padding-left: 10pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">Year Ended December 31,</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="color: black; text-indent: -10pt; padding-left: 10pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 989.67px; text-align: justify; color: black; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 10pt;">Net (loss) income available to owners of the Company for basic and diluted net (loss) income per share of ordinary stock</td> <td style="width: 16px; color: black; padding-bottom: 1.5pt;"> </td> <td style="width: 16px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td> <td style="width: 142px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(13,717,623</td> <td style="width: 16px; text-align: left; color: black; padding-bottom: 1.5pt;">)</td> <td style="width: 16px; color: black; padding-bottom: 1.5pt;"> </td> <td style="width: 16px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td> <td style="width: 141px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">18,352,917</td> <td style="width: 15px; text-align: left; color: black; padding-bottom: 1.5pt;"> </td> <td style="width: 15px; color: black; padding-bottom: 1.5pt;"> </td> <td style="width: 15px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td> <td style="width: 141px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">85,760,705</td> <td style="width: 15px; text-align: left; color: black; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: justify; color: black; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 10pt;">Weighted average ordinary stock outstanding - basic and diluted</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">79,055,053</td> <td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">79,055,053</td> <td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">79,055,053</td> <td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: justify; color: black; text-indent: -10pt; padding-bottom: 4pt; padding-left: 10pt;">Net (loss) income per ordinary share attributable to owners of the Company - basic and diluted</td> <td style="color: black; padding-bottom: 4pt;"> </td> <td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(0.17</td> <td style="text-align: left; color: black; padding-bottom: 4pt;">)</td> <td style="color: black; padding-bottom: 4pt;"> </td> <td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">0.23</td> <td style="text-align: left; color: black; padding-bottom: 4pt;"> </td> <td style="color: black; padding-bottom: 4pt;"> </td> <td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1.08</td> <td style="text-align: left; color: black; padding-bottom: 4pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">For the years ended December 31, 2016, 2015 and 2014, warrants to purchase 8,966,667 shares of ordinary stock have not been included in the calculation of diluted earnings (loss) per share in order to avoid any anti-dilutive effect.</font></p> </div>
</us-gaap:EarningsPerSharePolicyTextBlock>
<pme:NonControllingInterestPolicyTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Non-controlling interest</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">On February 15, 2015, China Agriculture invested RMB 400 million (approximately $65 million) into Pingtan Fishing and acquired an 8% equity interest in Pingtan Fishing. As of December 31, 2016, China Agriculture owned 8% of the equity interest of Pingtan Fishing, which was not under the Company’s control.</font></p></div>
</pme:NonControllingInterestPolicyTextBlock>
<pme:RelatedPartiesPolicyTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Related parties</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal with if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all significant related party transactions.</font></p></div>
</pme:RelatedPartiesPolicyTextBlock>
<us-gaap:ComprehensiveIncomePolicyPolicyTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Comprehensive (loss) income</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Comprehensive (loss) income is comprised of net (loss) income and all changes to the statements of stockholders’ equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders. For the Company, comprehensive (loss) income for the years ended December 31, 2016, 2015 and 2014 included net (loss) income and unrealized loss from foreign currency translation adjustments.</font></p></div>
</us-gaap:ComprehensiveIncomePolicyPolicyTextBlock>
<us-gaap:SegmentReportingPolicyPolicyTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Segment information</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">ASC 280 “Segment reporting” establishes standards for reporting information on operating segments in interim and annual financial statements. All of the Company's operations are considered by the chief operating decision maker to be aggregated in one reportable operating segment. All of the Company’s customers are in the PRC and all income is derived from ocean fishery.</font></p></div>
</us-gaap:SegmentReportingPolicyPolicyTextBlock>
<us-gaap:CommitmentsAndContingenciesPolicyTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Commitments and contingencies</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">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.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company’s management has evaluated all such proceedings and claims that existed as of December 31, 2016 and 2015. 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.</font></p></div>
</us-gaap:CommitmentsAndContingenciesPolicyTextBlock>
<us-gaap:ConcentrationRiskCreditRisk contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Concentrations of credit, economic and political risks</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company’s operations are carried out 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’s 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.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and trade accounts receivable. All of the Company’s cash is maintained with state-owned banks within the PRC and Hong Kong, and none of these deposits are covered by insurance. The Company has not experienced any losses in such accounts and believes it is not exposed to any risks on its cash in bank accounts. A portion of the Company’s sales are credit sales which are primarily to customers whose abilities to pay are dependent upon the industry economics prevailing in these areas; however, concentrations of credit risk with respect to trade accounts receivables is limited due to generally short payment terms. The Company also performs ongoing credit evaluations of its customers to help further reduce credit risk.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">According to the sale agreement signed on December 4, 2013, the Company does not own 20 fishing vessels but has the leased operating rights to operate these vessels which are owned by a related company, Fuzhou Honglong Ocean Fishery Co., Ltd (“Hong Long”) and the Company is 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 leased operating rights but the Company may need to bear the operation risks and credit risks as aforementioned.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">As the Company has historically derived the majority of its revenue from Indonesian waters, the suspension of fishing operation in this area has had and will continue to have a significant negative impact on the Company.</font></p></div>
</us-gaap:ConcentrationRiskCreditRisk>
<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Recent accounting pronouncements</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-01, <i>Business Combinations (Topic 805): Clarifying the Definition of a Business</i>, in an effort to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments of this ASU are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; color: black; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="background-color: white;">In February 2016, the FASB issued ASU No. 2016-02, <i>“Leases (Subtopic 842).”</i> The new guidance requires lessees to recognize assets and liabilities arising from leases as well as extensive quantitative and qualitative disclosures. A lessee will need to recognize on its balance sheet a right-of-use asset and a lease liability for the majority of its leases (other than leases that meet the definition of a short-term lease). The lease liabilities will be equal to the present value of lease payments. The right-of-use asset will be measured at the lease liability amount, adjusted for lease prepayment, lease incentives received and the lessee’s initial direct costs. The standard is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. ASU 2016-02 is required to be applied using the modified retrospective approach for all leases existing as of the effective date and provides for certain practical expedients. The Company is currently evaluating the impact of adopting ASU 2016-02 on its consolidated financial statements.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="background-color: white;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="background-color: white;">In August 2014, the FASB issued ASU No. 2014-15, <i>Presentation of Financial Statements Going Concern (Subtopic 205-40) </i>(“ASU 2014-15”). ASU 2014-15 requires management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles of current United States auditing standards. Specifically, ASU 2014-15 (1) provides a definition of the term “substantial doubt”, (2) requires an evaluation every reporting period, including interim periods, (3) provides principles for considering the mitigating effect of management’s plans, (4) requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) requires an express statement and other disclosures when substantial doubt is still present, and (6) requires an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for fiscal years ending after December 15, 2016. The Company adopted ASU 2014-15 during the fourth quarter of 2016. The adoption of ASU 2014-15 did not have an impact on the Company’s consolidated financial statements.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="background-color: white;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="background-color: white;"></font>In May 2014, the FASB issued ASU 2014-09 <font style="color: #252525;"><i>Revenues from Contracts with Customers (Topic 606). </i></font>The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In August 2015, the FASB deferred the effective date of this standard by one year, which will be for fiscal years, and interim periods within those years, beginning after December 15, 2017. <font style="color: #252525;">The Company </font>has begun its process of assessing the impact of the guidance. To date the Company's assessment efforts include the identification of various revenue streams within the scope of the guidance and the evaluation of certain revenue contracts with residents. The Company continues to evaluate the standard (and related clarifying guidance issued by the FASB) and the allowable methods of adoption. ASU 2014-09 may be applied retrospectively to each prior period (full retrospective) or retrospectively with the cumulative effect recognized as of the date of initial application (modified retrospective). The Company is currently evaluating the potential impact of adopting this new accounting standard.</p></div>
</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
<us-gaap:ScheduleOfVariableInterestEntitiesTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 674px; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Name of subsidiaries</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 16px; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 251px; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Place and date of incorporation</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 16px; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 313px; text-align: center; vertical-align: bottom; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Percentage of ownership</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 15px; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 282px; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Principal activities</font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Merchant Supreme Co., Ltd. (Merchant Supreme”)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">BVI,</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">June 25, 2012</font></p></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">100% held by PME</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Intermediate holding</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">company</font></p></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Prime Cheer Corporation Ltd. ("Prime Cheer")</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Hong Kong,</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">May 3, 2012</font></p></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">100% held by Merchant</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Supreme</font></p></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Intermediate holding</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">company</font></p></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Pingtan Guansheng Ocean Fishing Co., Ltd. ("Pingtan Guansheng")</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">PRC,</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">October 12, 2012</font></p></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">100% held by Prime</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Cheer</font></p></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Intermediate holding</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">company</font></p></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Fujian Heyue Marine Fishing Development Co., Ltd. (“Fujian Heyue”)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">PRC,</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">January 27, 2015</font></p></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">100% held by Pingtan Guansheng</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Intermediate holding company  </font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Fujian Provincial Pingtan County Fishing Group Co., Ltd. (“Pingtan Fishing”)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">PRC,</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">February 27, 1998</font></p></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">92% held by Fujian Heyue</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Oceanic fishing</font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Pingtan Dingxin Fishing Information Consulting Co., Ltd. (“Pingtan Dingxin”)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">PRC,</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">October 23, 2012</font></p></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">100% held by Pingtan Fishing</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Dormant</font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Pingtan Duoying Fishing Information Consulting Co., Ltd. (“Pingtan Duoying”)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">PRC,</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">October 23, 2012</font></p></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">100% held by Pingtan Fishing</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Dormant</font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Pingtan Ruiying Fishing Information Consulting Co., Ltd. (“Pingtan Ruiying”)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">PRC,</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">October 23, 2012</font></p></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: left; vertical-align: top; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">100% held by Pingtan Fishing</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; vertical-align: bottom; font-size-adjust: none; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Dormant</font></td></tr></table>
</us-gaap:ScheduleOfVariableInterestEntitiesTextBlock>
<us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; padding-bottom: 1.5pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="text-align: center; color: black; padding-left: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> Estimated useful life</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">Fishing vessels</td><td style="width: 15px; color: black;"> </td><td style="width: 235px; text-align: center; color: black; padding-left: 0pt;"> 10 - 20 Years</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; padding-left: 0pt;">Vehicles</td><td style="color: black;"> </td><td style="text-align: center; color: black; padding-left: 0pt;"> 5 Years</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">Office and other equipment</td><td style="color: black;"> </td><td style="text-align: center; color: black; padding-left: 0pt;"> 3 - 5 Years</td></tr></table>
</us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock>
<us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="color: black; text-indent: -10pt; padding-left: 10pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">Year Ended December 31,</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="color: black; text-indent: -10pt; padding-left: 10pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 989.67px; text-align: justify; color: black; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 10pt;">Net (loss) income available to owners of the Company for basic and diluted net (loss) income per share of ordinary stock</td> <td style="width: 16px; color: black; padding-bottom: 1.5pt;"> </td> <td style="width: 16px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td> <td style="width: 142px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(13,717,623</td> <td style="width: 16px; text-align: left; color: black; padding-bottom: 1.5pt;">)</td> <td style="width: 16px; color: black; padding-bottom: 1.5pt;"> </td> <td style="width: 16px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td> <td style="width: 141px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">18,352,917</td> <td style="width: 15px; text-align: left; color: black; padding-bottom: 1.5pt;"> </td> <td style="width: 15px; color: black; padding-bottom: 1.5pt;"> </td> <td style="width: 15px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td> <td style="width: 141px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">85,760,705</td> <td style="width: 15px; text-align: left; color: black; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: justify; color: black; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 10pt;">Weighted average ordinary stock outstanding - basic and diluted</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">79,055,053</td> <td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">79,055,053</td> <td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">79,055,053</td> <td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: justify; color: black; text-indent: -10pt; padding-bottom: 4pt; padding-left: 10pt;">Net (loss) income per ordinary share attributable to owners of the Company - basic and diluted</td> <td style="color: black; padding-bottom: 4pt;"> </td> <td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(0.17</td> <td style="text-align: left; color: black; padding-bottom: 4pt;">)</td> <td style="color: black; padding-bottom: 4pt;"> </td> <td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">0.23</td> <td style="text-align: left; color: black; padding-bottom: 4pt;"> </td> <td style="color: black; padding-bottom: 4pt;"> </td> <td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1.08</td> <td style="text-align: left; color: black; padding-bottom: 4pt;"> </td> </tr> </table> </div>
</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
<us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"></td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left; color: black; padding-left: 0pt;">Accounts receivable</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 142px; text-align: right; color: black;">11,575,284</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">12,947,676</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Less: allowance for doubtful accounts</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(252,558</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;">)</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(372,634</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; padding-bottom: 4pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">11,322,726</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">12,575,042</td></tr></table>
</us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock>
<us-gaap:ScheduleOfInventoryCurrentTableTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black; text-indent: -10pt; padding-left: 10pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1177px; text-align: left; color: black; text-indent: -10pt; padding-left: 10pt;">Frozen fish and marine catches in warehouse</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 142px; text-align: right; color: black;">7,082,129</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">2,463,135</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 10pt;">Frozen fish and marine catches in transit</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1,728,982</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">91,268</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; text-indent: -10pt; padding-left: 10pt;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">8,811,111</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">2,554,403</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 10pt;">Less: reserve for inventories</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(218,236</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; text-indent: -10pt; padding-bottom: 4pt; padding-left: 10pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">8,811,111</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,336,167</td></tr></table>
</us-gaap:ScheduleOfInventoryCurrentTableTextBlock>
<us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, <br />2016</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31,<br />2015</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1191px; text-align: left;">Prepayments made for fishing nets and spare parts</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">3,969,351</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">4,093,597</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1.5pt;">Prepayments made for fish goods (1)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">31,900,549</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,969,351</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">35,994,146</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 7pt;">  </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"></p> <table style="font: 10pt/normal 'times new roman', serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="font: 10pt/normal calibri, helvetica, sans-serif; width: 18pt; font-stretch: normal;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">(1)</font></td> <td style="font: 10pt/normal calibri, helvetica, sans-serif; text-align: justify; font-stretch: normal;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">According to related signed agreement, the Company has the right to receive refund for these prepayments if the situation of demands and supplies changes. The Company received the refund in full in January and February 2017 (See Note 18). Accordingly, in December 2016, the Company reclassified the advances made to the supplier to other receivables.</font></td> </tr> </table> </div>
</us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock>
<us-gaap:ScheduleOfFinancingReceivablesNonAccrualStatusTableTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31,<br />2016</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, <br />2015</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1191px; text-align: left; font-family: 'times new roman', serif;">Prepayments made for fish goods (1)</td> <td style="width: 16px; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif;">$</td> <td style="width: 142px; text-align: right; font-family: 'times new roman', serif;">29,848,189</td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif;">$</td> <td style="width: 141px; text-align: right; font-family: 'times new roman', serif;">-</td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; font-family: 'times new roman', serif;">Interest receivable</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">1,819,258</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font style="font-family: 'times new roman', times, serif;">-</font></td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman', serif;">Security deposit</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">75,000</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">75,000</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">Other</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">93,009</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">3,051</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">31,835,456</td> <td style="text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">78,051</td> <td style="text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 7pt;">  </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p> <table style="font: 10pt/normal 'times new roman', serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="font: 10pt/normal calibri, helvetica, sans-serif; width: 18pt; font-stretch: normal;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">(1)</font></td> <td style="font: 10pt/normal calibri, helvetica, sans-serif; text-align: justify; font-stretch: normal;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">According to related signed agreement, the Company has the right to receive refund for these prepayments if the situation of demands and supplies changes. The Company received the refund in full in January and February 2017 (See Note 18). Accordingly, in December 2016, the Company reclassified the advances made to the supplier to other receivables.</font></td> </tr> </table>
</us-gaap:ScheduleOfFinancingReceivablesNonAccrualStatusTableTextBlock>
<us-gaap:EquityMethodInvestmentsTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left; color: black; padding-left: 0pt;">Current assets</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 142px; text-align: right; color: black;">48,488,573</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">52,216,844</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">Noncurrent assets</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">4,335,801</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">4,404,656</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">Current liabilities</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">18,007</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">14,945</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">Noncurrent liabilities</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; padding-left: 0pt;">Equity</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">52,806,367</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">56,606,555</td><td style="text-align: left; color: black;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">Year ended December 31,</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">Net revenue</td><td style="color: black;"> </td><td style="text-align: left; color: black;">$</td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;">$</td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;">$</td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">Gross profit</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; text-align: left; color: black; padding-left: 0pt;">Loss from operation</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 142px; text-align: right; color: black;">165,293</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 141px; text-align: right; color: black;">84,468</td><td style="width: 15px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;"> </td><td style="width: 141px; text-align: right; color: black;">9,449</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">Net loss</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">165,365</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">84,468</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">9,547</td><td style="text-align: left; color: black;"></td></tr></table></div>
</us-gaap:EquityMethodInvestmentsTextBlock>
<pme:PrepaymentForLongTermAssetsTableTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Prepayment for fishing vessels’ construction</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1379px; color: black; padding-left: 0pt;">Balance – December 31, 2015</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">11,654,645</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">Prepayments made for fishing vessels’ construction</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">39,889,797</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">Reclassification to construction-in-progress</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">(38,835,945</td><td style="text-align: left; color: black;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Foreign currency fluctuation</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(794,585</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; padding-bottom: 4pt; padding-left: 0pt;">Balance – December 31, 2016</td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">11,913,912</td></tr></table>
</pme:PrepaymentForLongTermAssetsTableTextBlock>
<us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td><td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Useful life</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td><td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td><td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; text-align: left; font-family: 'times new roman', serif;">Fishing vessels</td><td style="width: 16px; font-family: 'times new roman', serif;"> </td><td style="width: 173px; text-align: center; font-family: 'times new roman', serif;">10 - 20 Years</td><td style="width: 16px; font-family: 'times new roman', serif;"> </td><td style="width: 16px; text-align: left; font-family: 'times new roman', serif;">$</td><td style="width: 142px; text-align: right; font-family: 'times new roman', serif;">122,989,702</td><td style="width: 15px; text-align: left; font-family: 'times new roman', serif;"> </td><td style="width: 15px; font-family: 'times new roman', serif;"> </td><td style="width: 15px; text-align: left; font-family: 'times new roman', serif;">$</td><td style="width: 141px; text-align: right; font-family: 'times new roman', serif;">108,182,380</td><td style="width: 15px; text-align: left; font-family: 'times new roman', serif;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-family: 'times new roman', serif;">Vehicles</td><td style="font-family: 'times new roman', serif;"> </td><td style="text-align: center; font-family: 'times new roman', serif;">5 Years</td><td style="font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif;"> </td><td style="text-align: right; font-family: 'times new roman', serif;">121,472</td><td style="text-align: left; font-family: 'times new roman', serif;"> </td><td style="font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif;"> </td><td style="text-align: right; font-family: 'times new roman', serif;">129,824</td><td style="text-align: left; font-family: 'times new roman', serif;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; font-family: 'times new roman', serif;">Office and other equipment</td><td style="font-family: 'times new roman', serif;"> </td><td style="text-align: center; font-family: 'times new roman', serif;">3 – 5 Years</td><td style="font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif;"> </td><td style="text-align: right; font-family: 'times new roman', serif;">423,001</td><td style="text-align: left; font-family: 'times new roman', serif;"> </td><td style="font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif;"> </td><td style="text-align: right; font-family: 'times new roman', serif;">1,215,692</td><td style="text-align: left; font-family: 'times new roman', serif;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">Construction-in-progress</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td><td style="text-align: center; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">-</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">18,754,740</td><td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td> </td><td> </td><td> </td><td style="font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif;"> </td><td style="text-align: right; font-family: 'times new roman', serif;">142,288,915</td><td style="text-align: left; font-family: 'times new roman', serif;"> </td><td style="font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif;"> </td><td style="text-align: right; font-family: 'times new roman', serif;">109,527,896</td><td style="text-align: left; font-family: 'times new roman', serif;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(20,092,321</td><td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(14,972,782</td><td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">122,196,594</td><td style="text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">94,555,114</td></tr></table>
</us-gaap:PropertyPlantAndEquipmentTextBlock>
<pme:ScheduleOfPrepaidExpenseRelatedPartiesTableTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left; color: black; padding-left: 0pt;">Prepaid miscellaneous items to PT. Avona Mina Lestari (1)</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 142px; text-align: right; color: black;">522,337</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">1,127,257</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">Prepaid fuel cost to Hai Yi Shipping Limited (2)</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">783,370</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">Prepaid fuel cost to Haifeng Dafu Enterprise Company Limited (3)</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">868,668</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Prepaid fuel cost to Hong Fa Shipping Limited (4)</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1,860,871</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; padding-bottom: 4pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">522,337</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,640,166</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(1)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: justify; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">PT. Avona Mina Lestari is an affiliate company controlled by Xinrong Zhuo family.</font></td></tr></table><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(2)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: justify; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Hai Yi Shipping Limited is an affiliate company ultimately controlled by Xinrong Zhuo, CEO of the Company.</font></td></tr></table><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(3)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: justify; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Haifeng Dafu Enterprise Company Limited is an affiliate company ultimately controlled by Xinrong Zhuo, CEO of the Company.</font></td></tr></table><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(4)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: justify; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Hong Fa Shipping Limited is an affiliate company owned by Xinrong Zhuo, CEO of the Company.</font></td></tr></table></div>
</pme:ScheduleOfPrepaidExpenseRelatedPartiesTableTextBlock>
<pme:ScheduleOfOtherReceivableRelatedPartiesTableTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left; color: black; padding-left: 0pt;">Advance to Zhiyan Lin (1)</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 142px; text-align: right; color: black;">639,917</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">3,836,258</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Advance to Honghong Zhuo (2)</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">4,051,269</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; padding-bottom: 4pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">639,917</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">7,887,527</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(1)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: justify; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Zhiyan Lin is a shareholder and legal representative of Pingtan Fishing.</font></td></tr></table><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(2)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: justify; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Honghong Zhuo is daughter of Xinrong Zhuo.</font></td></tr></table></div>
</pme:ScheduleOfOtherReceivableRelatedPartiesTableTextBlock>
<pme:ScheduleOfAccountsPayableRelatedPartiesTableTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Name of related party</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left; color: black; padding-left: 0pt;">Hong Fa Shipping Limited</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 142px; text-align: right; color: black;">1,740,000</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">-</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">Hong Long (1)</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">805,930</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">408,631</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">Huna Lin (2)</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">14,320</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Hai Yi Shipping Limited</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">510</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; padding-bottom: 4pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,560,760</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">408,631</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(1)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: justify; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Hong Long is an affiliate company majority owned and controlled by Ping Lin, spouse of the Company’s CEO.</font></td></tr></table><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(2)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: justify; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Huna Lin is Zhiyan Lin’s daughter.</font></td></tr></table></div>
</pme:ScheduleOfAccountsPayableRelatedPartiesTableTextBlock>
<pme:ScheduleOfAccruedLiabilitiesAndOtherPayablesRelatedPartiesTableTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Name of related party</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Hong Long</td><td style="width: 16px; color: black; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 142px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">18,147,152</td><td style="width: 16px; text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="width: 15px; color: black; padding-bottom: 1.5pt;"> </td><td style="width: 15px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="width: 141px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">          -</td><td style="width: 15px; text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; padding-bottom: 4pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">18,147,152</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">-</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table></div>
</pme:ScheduleOfAccruedLiabilitiesAndOtherPayablesRelatedPartiesTableTextBlock>
<pme:ScheduleOfDueToRelatedPartiesTableTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center; color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left; color: black; padding-left: 0pt;">Accrued compensation for Roy Yu, Chief Financial Officer</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 142px; text-align: right; color: black;">40,000</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">20,000</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">Accrued compensation for Xinrong Zhuo</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">3,354</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">3,354</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Advance from Xinrong Zhuo, Chief Executive Officer</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1,361,290</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; padding-bottom: 4pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">43,354</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,384,644</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table></div>
</pme:ScheduleOfDueToRelatedPartiesTableTextBlock>
<us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingLinMember">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Year Ending December 31:</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Amount</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1379px; text-align: center; color: black; padding-bottom: 4pt; padding-left: 0pt;">2017</td><td style="width: 16px; color: black; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">7,377</td><td style="width: 15px; text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table></div>
</us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock>
<us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaiYiShippingLimitedMember">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Year ending December 31:</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Amount</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1379px; text-align: center; color: black; padding-bottom: 4pt; padding-left: 0pt;">2017</td><td style="width: 16px; color: black; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">461,899</td><td style="width: 15px; text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table></div>
</us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock>
<pme:ScheduleOfPurchasesFromRelatedPartiesTableTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10"><p style="margin: 0px;">Year Ended December 31,</p></td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td style="color: black;" colspan="2">Purchase of fuel, fishing nets and other on-board consumables</td><td style="color: black;"> </td><td style="color: black;" colspan="2"> </td><td style="color: black;"> </td><td style="color: black;"> </td><td style="color: black;" colspan="2"> </td><td style="color: black;"> </td><td style="color: black;"> </td><td style="color: black;" colspan="2"> </td><td style="color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 988.67px; text-align: left; color: black; padding-left: 10pt;"> from Hong Fa Shipping Limited</td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">15,636,809</td><td style="width: 15px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">11,328,966</td><td style="width: 15px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">30,996,630</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 10pt;"> from Hai Yi Shipping Ltd.</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">8,853,657</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">4,739,278</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">4,678,520</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 10pt;"> from Haifeng Dafu Enterprise Co., Ltd.</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">941,778</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">11,116</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">4,877,460</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 10pt;"> from PT. Dwikarya Reksa Abadi</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">1,414,640</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 10pt;"> From PT. Avona Mina Lestari</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">1,276,049</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 10pt;"> from Zhiyan Lin</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">34,230</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 10pt;"> from Fuzhou Honglong Ocean Fishery Co., Ltd.</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">45,409,020</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; padding-bottom: 1.5pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">25,432,244</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">18,770,049</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">85,995,860</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">Purchase of vessel maintenance service</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;"> </td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 10pt;"> from PT. Avona Mina Lestari</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">674,360</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">6,529,495</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">3,543,925</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 10pt;"> from PT. Dwikarya Reksa Abadi</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">3,207,011</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">3,385,466</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; padding-bottom: 1.5pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">674,360</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">9,736,506</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,929,391</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">Purchase of transportation service</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;"> </td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 10pt;"> from Fuzhou Honglong Ocean Fishery Co., Ltd.</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">39,622</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">177,567</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">9,925,585</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 10pt;"> from Haifeng Dafu Enterprise Company Limited</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">3,331,554</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 10pt;"> from Hai Yi Shipping Limited</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">305,686</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">1,695,132</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 10pt;"> from Hong Fa Shipping Limited</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,550,872</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; padding-bottom: 1.5pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">39,622</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">483,253</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">17,503,143</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">Purchase of Indonesia vessel agent service</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;"> </td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 10pt;"> from PT. Avona Mina Lestari (1)</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">2,317</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">1,225,000</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 10pt;"> from PT. Dwikarya Reksa Abadi (1)</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1,298,329</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; padding-bottom: 1.5pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,317</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,523,329</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(1)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">PT. Avona Mina Lestari and PT. Dwikarya Reksa Abadi act as Pingtan Fishing’s agents to apply and renew Indonesia fishing licenses and Pingtan Fishing pays the agent service fees to them.</font></td></tr></table></div>
</pme:ScheduleOfPurchasesFromRelatedPartiesTableTextBlock>
<us-gaap:ScheduleOfShortTermDebtTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, <br />2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: justify; color: black; padding-left: 0pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Loan from China Development Bank, due on February 11, 2016 with variable annual interest rate based on London Interbank Offered Rate (“LIBOR”)<sup>(1)</sup> plus 245 basis points (3.395% at December 31, 2015), guaranteed by Xinrong Zhuo, Honghong Zhuo, Zhiyan Lin and Shuhui Ke and repaid on due date</font></td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 142px; text-align: right; color: black;">-</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">7,000,000</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; color: black; padding-left: 0pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Loan from China Development Bank, due on November 25, 2016 with variable annual interest rate based on LIBOR<sup>(1)</sup> plus 230 basis points (2.941% at December 31, 2015), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.8 million  (RMB 5.12 million) and collateralized by a related party’s land use right and repaid on due date</font></td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">4,000,000</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; color: black; padding-left: 0pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Loan from China Development Bank, due on December 9, 2016 with variable annual interest rate based on LIBOR<sup>(1)</sup> plus 230 basis points (3.049% at December 31, 2015), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.8 million (RMB 5.12 million) and collateralized by a related party’s land use right and repaid on due date</font></td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">4,000,000</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; color: black; padding-left: 0pt;">Loan from Fujian Haixia Bank, due on September 7, 2016 with annual interest rate of 7.360% at December 31, 2015, collateralized by Pingtan Fishing's 17 fishing vessels and repaid on due date</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">4,621,998</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; color: black; padding-left: 0pt;">Loan from Fujian Haixia Bank, due on September 13, 2017 with annual interest rate of 6.960% at December 31, 2016, collateralized by Pingtan Fishing’s 17 fishing vessels</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">4,324,636</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; color: black; padding-left: 0pt;">Loan from Fujian Haixia Bank, due on September 20, 2016 with annual interest rate of 1.621% at December 31, 2015, collateralized by Pingtan Fishing’s 17 fishing vessels and repaid on due date</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">2,349,440</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; color: black; padding-left: 0pt;">Loan from Fujian Haixia Bank, due on September 22, 2017 with annual interest rate of 1.529% at December 31, 2016, collateralized by Pingtan Fishing’s 17 fishing vessels</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">1,150,000</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; color: black; padding-left: 0pt;">Loan from Fujian Haixia Bank, due on October 10, 2017 with annual interest rate of 1.739% at December 31, 2016, collateralized by Pingtan Fishing’s 17 fishing vessels</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">1,080,000</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; color: black; padding-left: 0pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Loan from China Development Bank, due on March 21, 2017 with variable annual interest rate based on LIBOR<sup>(1)</sup> plus 230 basis points (3.211% at December 31, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.6 million (RMB 4 million) and collateralized by a related party’s land use right</font></td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">3,000,000</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; color: black; padding-left: 0pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Loan from China Development Bank, due on April 18, 2017 with variable annual interest rate based on LIBOR<sup>(1)</sup> plus 230 basis points (3.204% at December 31, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.6 million (RMB 4 million) and collateralized by a related party’s land use right</font></td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">3,000,000</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; color: black; padding-left: 0pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Loan from China Development Bank, due on April 18, 2017 with variable annual interest rate based on LIBOR<sup>(1)</sup> plus 230 basis points (3.257% at December 31, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.3 million (RMB 2 million) and collateralized by a related party’s land use right</font></td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">1,500,000</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; color: black; padding-left: 0pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Loan from China Development Bank, due on August 22, 2017 with variable annual interest rate based on LIBOR<sup>(1)</sup> plus 230 basis points (3.510% at December 31, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $1.0 million (RMB 6.7 million) and collateralized by a related party’s two vessels</font></td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">5,000,000</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; color: black; padding-bottom: 1.5pt; padding-left: 0pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Loan from China Development Bank, due on December 9, 2017 with variable annual interest rate based on LIBOR<sup>(1)</sup> plus 230 basis points (3.593% at December 31, 2016), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.5 million (RMB 3.5 million) and collateralized by a related party’s two vessels</font></td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,500,000</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; padding-bottom: 4pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">21,554,636</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">21,971,438</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; width: 18pt; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(1)</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0pt; text-align: justify; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Represents six-month LIBOR rate on the loan commencement date.</font></td></tr></table></div>
</us-gaap:ScheduleOfShortTermDebtTextBlock>
<us-gaap:ScheduleOfDebtInstrumentsTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, <br />2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: justify; color: black; padding-left: 0pt;">Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 4.900% and 4.750% at December 31, 2016 and 2015, respectively, collateralized by Hong Long's investment in equity interest of a China local bank</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 142px; text-align: right; color: black;">5,852,674</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">11,832,314</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; color: black; padding-left: 0pt;"> Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 4.900% and 4.750% at December 31, 2016 and 2015, respectively, collateralized by Fujian International Trading and Transportation Co., Ltd.'s investment in equity interest of a China local bank</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">1,153,236</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">2,310,999</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; color: black; padding-left: 0pt;"> Loan from The Export-Import Bank of China, due on various dates until December 10, 2017 with annual interest rate of 4.900% and 4.750% at December 31, 2016 and 2015, respectively, guaranteed by Hong Long</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">4,742,684</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">9,937,295</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; color: black; padding-left: 0pt;"> Loan from The Export-Import Bank of China, due on various dates until January 30, 2023 with annual interest rate of 4.900% at December 31, 2016, guaranteed by Huanghai Ship Construction Co., Ltd, Xinrong Zhuo and Ping Lin and collateralized by 2 fishing vessels under construction and collateralized by three related parties’ investments in equity interest of two PRC local banks</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">18,019,317</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">-</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; color: black; padding-bottom: 1.5pt; padding-left: 0pt;"> Loan from China Development Bank, due on various dates until November 27, 2023 with annual interest rate of 5.145% at December 31, 2016 and 2015, guaranteed by Xinrong Zhuo, Honghong Zhuo, Mr. and Mrs. Zhiyan Lin and 6 fishing vessels</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">9,370,045</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">11,169,827</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">Total long-term bank loans</td><td style="color: black;"> </td><td style="text-align: left; color: black;">$</td><td style="text-align: right; color: black;">39,137,956</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;">$</td><td style="text-align: right; color: black;">35,250,435</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Less: current portion</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(17,298,544</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;">)</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(12,679,680</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-bottom: 4pt; padding-left: 0pt;">Long-term bank loans, non-current portion</td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">21,839,412</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">22,570,755</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table></div>
</us-gaap:ScheduleOfDebtInstrumentsTextBlock>
<us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Due in twelve-month periods ending December 31,</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Principal</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1379px; text-align: left; color: black; padding-left: 0pt;">2017</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">17,298,544</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">2018</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">5,622,027</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">2019</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">5,694,104</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">2020</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">4,324,636</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;">2021</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">1,513,623</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Thereafter</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">4,685,022</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-left: 0pt;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;">$</td><td style="text-align: right; color: black;">39,137,956</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Less: current portion</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(17,298,544</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; color: black; padding-bottom: 4pt; padding-left: 0pt;">Long-term liability</td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">21,839,412</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table></div>
</us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock>
<us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left; color: black; padding-left: 0pt;">Accrued salaries and related benefits</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 142px; text-align: right; color: black;">4,126,938</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">4,935,942</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-left: 0pt;">Accrued interest due</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">92,329</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">6,635</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Other</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">180,269</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">101,472</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; padding-bottom: 4pt; padding-left: 0pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,399,536</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">5,044,049</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table></div>
</us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock>
<us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="14">Warrants outstanding</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Warrants exercisable</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Exercise price</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Number outstanding at December 31, 2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Weighted average remaining contractual life (years)</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Weighted average exercise price</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Number exercisable at December 31, 2016</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Weighted average exercise price</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 16px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 220px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">12.00</td><td style="width: 16px; text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="width: 16px; color: black; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="width: 220px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">8,966,667</td><td style="width: 16px; text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="width: 16px; color: black; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="width: 220px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1.2</td><td style="width: 16px; text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="width: 16px; color: black; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 220px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">12.00</td><td style="width: 15px; text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="width: 15px; color: black; padding-bottom: 4pt;"> </td><td style="width: 15px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="width: 219px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">8,966,667</td><td style="width: 15px; text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="width: 15px; color: black; padding-bottom: 4pt;"> </td><td style="width: 15px; text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 203px; text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">12.00</td><td style="width: 15px; text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table></div>
</us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock>
<pme:ScheduleOfStatutoryReserveActivitiesTableTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Pingtan Fishing</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Fujian Heyue</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; color: black; padding-left: 0pt;">Balance - December 31, 2014</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 142px; text-align: right; color: black;">6,412,892</td><td style="width: 16px; text-align: left; color: black;"> </td><td style="width: 16px; color: black;"> </td><td style="width: 16px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">-</td><td style="width: 15px; text-align: left; color: black;"> </td><td style="width: 15px; color: black;"> </td><td style="width: 15px; text-align: left; color: black;">$</td><td style="width: 141px; text-align: right; color: black;">6,412,892</td><td style="width: 15px; text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Addition to statutory reserve</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,174,753</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">804,182</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,978,935</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; padding-left: 0pt;">Balance – December 31, 2015</td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">8,587,645</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">804,182</td><td style="text-align: left; color: black;"> </td><td style="color: black;"> </td><td style="text-align: left; color: black;"> </td><td style="text-align: right; color: black;">9,391,827</td><td style="text-align: left; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; color: black; padding-bottom: 1.5pt; padding-left: 0pt;">Addition to statutory reserve</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; color: black; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; padding-bottom: 4pt; padding-left: 0pt;">Balance – December 31, 2016</td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">8,587,645</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">804,182</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td><td style="color: black; padding-bottom: 4pt;"> </td><td style="text-align: left; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; color: black; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">9,391,827</td><td style="text-align: left; color: black; padding-bottom: 4pt;"> </td></tr></table></div>
</pme:ScheduleOfStatutoryReserveActivitiesTableTextBlock>
<us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; text-align: center; border-bottom: 1.5pt solid black;" colspan="10">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; color: black;"> </td></tr><tr style="vertical-align: bottom;"><td style="color: black; text-align: center; border-bottom: 1.5pt solid black;">Supplier</td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; text-align: center; border-bottom: 1.5pt solid black;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; text-align: center; border-bottom: 1.5pt solid black;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; color: black;"> </td><td style="color: black; padding-bottom: 1.5pt;"> </td><td style="color: black; text-align: center; border-bottom: 1.5pt solid black;" colspan="2">2014</td><td style="padding-bottom: 1.5pt; color: black;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; color: black; text-align: left; padding-left: 0pt;">A (Hong Fa Shipping Limited, a related party)</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; color: black; text-align: left;"> </td><td style="width: 142px; color: black; text-align: right;">44</td><td style="width: 16px; color: black; text-align: left;">%</td><td style="width: 16px; color: black;"> </td><td style="width: 16px; color: black; text-align: left;"> </td><td style="width: 141px; color: black; text-align: right;">30</td><td style="width: 15px; color: black; text-align: left;">%</td><td style="width: 15px; color: black;"> </td><td style="width: 15px; color: black; text-align: left;"> </td><td style="width: 141px; color: black; text-align: right;">23</td><td style="width: 15px; color: black; text-align: left;">%</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; text-align: left; padding-left: 0pt;">B (Hai Yi Shipping Limited, a related party)</td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;">25</td><td style="color: black; text-align: left;">%</td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;">14</td><td style="color: black; text-align: left;">%</td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">*</font></td><td style="color: black; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; padding-left: 0pt;">C</td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;">13</td><td style="color: black; text-align: left;">%</td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">*</font></td><td style="color: black; text-align: left;"> </td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">*</font></td><td style="color: black; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; text-align: left; padding-left: 0pt;">D (PT Avona Mina Lestari, a related party)</td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">*</font></td><td style="color: black; text-align: left;"> </td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;">34</td><td style="color: black; text-align: left;">%</td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">*</font></td><td style="color: black; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="color: black; text-align: left; padding-left: 0pt;">E (Hong Long, a related party)</td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">*</font></td><td style="color: black; text-align: left;"> </td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;">11</td><td style="color: black; text-align: left;">%</td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;">44</td><td style="color: black; text-align: left;">%</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="color: black; padding-left: 0pt;">F</td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">*</font></td><td style="color: black; text-align: left;"> </td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">*</font></td><td style="color: black; text-align: left;"> </td><td style="color: black;"> </td><td style="color: black; text-align: left;"> </td><td style="color: black; text-align: right;">10</td><td style="color: black; text-align: left;">%</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: normal; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">* less than 10%</font></p>
</us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock>
<us-gaap:ScheduleOfCondensedBalanceSheetTableTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;">ASSETS</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td>Current assets:</td> <td> </td> <td style="text-align: right;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: right;" colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1177.67px; padding-left: 10pt;">Cash</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">136,750</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">171,329</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-left: 10pt;">Other receivable</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">75,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">75,000</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt;">Investments in subsidiaries and VIEs at equity</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">128,507,533</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">149,195,133</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1.5pt;">Total current assets</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">128,719,283</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">149,441,462</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Other assets:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt;">Property, plant and equipment</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">22,359,945</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">23,681,715</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 4pt;">Total assets</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">151,079,228</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">173,123,177</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: center;">LIABILITIES AND EQUITY</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Current liabilities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt;">Due to related parties</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">11,366,974</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,283,354</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 4pt;">Total liabilities</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">11,366,974</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">6,283,354</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Shareholders' equity:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-left: 10pt;">Equity attributable to owners of the company:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -10pt; padding-left: 20pt;">Ordinary shares ($0.001 par value; 225,000,000 shares authorized; 79,055,053 shares issued and outstanding at December 31, 2016 and 2015)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">79,055</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">79,055</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-left: 10pt;">Additional paid-in capital</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">111,008,085</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">111,008,085</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-left: 10pt;">Retained earnings</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">26,830,042</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">43,709,867</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt;">Accumulated other comprehensive loss</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(12,879,051</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(4,326,351</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-left: 10pt;">Total equity attributable to owners of the company</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">125,038,131</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">150,470,656</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt;">Non-controlling interest</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">14,674,123</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">16,369,167</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1.5pt;">Total shareholders' equity</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">139,712,254</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">166,839,823</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 4pt;">Total liabilities and equity</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">151,079,228</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">173,123,177</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> </div>
</us-gaap:ScheduleOfCondensedBalanceSheetTableTextBlock>
<us-gaap:ScheduleOfCondensedIncomeStatementTableTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div> <table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">For the Year Ended December 31,</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font-family: 'times new roman', serif;">Revenue</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;">$</td> <td style="text-align: right; font-family: 'times new roman', serif;">-</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;">$</td> <td style="text-align: right; font-family: 'times new roman', serif;">-</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;">$</td> <td style="text-align: right; font-family: 'times new roman', serif;">-</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">Cost of revenue</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman', serif;">Operating expenses:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 1003px; text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">General and administrative</td> <td style="width: 16px; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="width: 142px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,456,219</td> <td style="width: 16px; text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td> <td style="width: 16px; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="width: 141px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,074,964</td> <td style="width: 15px; text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td> <td style="width: 15px; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="width: 141px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(1,899,368</td> <td style="width: 15px; text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">Total operating expenses</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,456,219</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,074,964</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(1,899,368</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; font-family: 'times new roman', serif;">Loss from operations</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(2,456,219</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(2,074,964</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(1,899,368</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">Other (expense) income</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(542</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(593</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">82,855</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; font-family: 'times new roman', serif;">Loss attributable to parent only</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(2,456,761</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(2,075,557</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(1,816,513</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">Equity in (loss) income of subsidiaries and VIEs</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(12,220,550</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">21,633,959</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">87,577,218</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">Net (loss) income</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(14,677,311</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">19,558,402</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">85,760,705</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">Less: net (loss) income attributable to the non-controlling interest</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(959,688</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;">)</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1,205,485</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;">Net (loss) income attributable to owners of the company</td> <td style="padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(13,717,623</td> <td style="text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;">)</td> <td style="padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">18,352,917</td> <td style="text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">85,760,705</td> <td style="text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> </tr> </table> </div>
</us-gaap:ScheduleOfCondensedIncomeStatementTableTextBlock>
<us-gaap:ScheduleOfCondensedCashFlowStatementTableTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div> <p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">For the Year Ended December 31,</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td>CASH FLOWS FROM OPERATING ACTIVITES</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 976.34px; text-align: left; text-indent: -10pt; padding-left: 20pt;">Net (loss) income</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">(14,677,311</td> <td style="width: 16px; text-align: left;">)</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">19,558,402</td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">85,760,705</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt;">Adjustments to reconcile net (loss) income to net cash used in operating activities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt;">Equity in loss (income) of subsidiaries and VIEs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12,220,550</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(21,633,959</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(87,577,218</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt;">Changes in assets and liabilities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt;">Prepaid expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,819</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt;">Other receivable</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(75,000</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(33</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt;">Accrued liabilities and other payables</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(11,099</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(198,075</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 30pt;">Due to related parties</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">20,000</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">23,352</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 10pt;">NET CASH USED IN OPERATING ACTIVITIES</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,436,761</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,158,835</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(1,991,268</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">CASH FLOWS FROM INVESTING ACTIVITIES</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 30pt;">Investment payments to subsidiaries and VIEs</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(114,036</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(244,033</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 10pt;">NET CASH USED IN INVESTING ACTIVITIES</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(114,036</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(244,033</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">CASH FLOWS FROM FINANCING ACTIVITIES</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt;">Cash acquired from subsidiaries and VIEs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">614,800</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">636,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">584,983</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt;">Advances from related parties</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,063,620</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,910,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,350,000</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 30pt;">Payments made for dividend</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(3,162,202</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,371,652</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(790,550</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 10pt;">NET CASH PROVIDED BY FINANCING ACTIVITIES</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,516,218</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,174,348</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,144,433</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">NET (DECREASE) INCREASE IN CASH</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(34,579</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(228,520</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">153,165</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 10pt;">CASH - beginning of year</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">171,329</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">399,849</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">246,684</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-bottom: 4pt; padding-left: 10pt;">CASH - end of year</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">136,750</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">171,329</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">399,849</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> </div>
</us-gaap:ScheduleOfCondensedCashFlowStatementTableTextBlock>
<us-gaap:ScheduleOfQuarterlyFinancialInformationTableTextBlock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00">
<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p> <table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="14">Quarter</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2016</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">First</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Second</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Third</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Fourth</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 815px; font-family: 'times new roman', serif;">Revenue</td> <td style="width: 16px; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif;">$</td> <td style="width: 142px; text-align: right; font-family: 'times new roman', serif;">4,115</td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif;">$</td> <td style="width: 142px; text-align: right; font-family: 'times new roman', serif;">2,104</td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif;">$</td> <td style="width: 141px; text-align: right; font-family: 'times new roman', serif;">1,169</td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif;">$</td> <td style="width: 141px; text-align: right; font-family: 'times new roman', serif;">13,153</td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; font-family: 'times new roman', serif;">Gross (loss) profit</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(3,313</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(3,041</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(12,313</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">9,879</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman', serif;">Net (loss) income</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(5,479</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(4,522</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(13,899</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">9,223</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; font-family: 'times new roman', serif;">Net (loss) income attributable to owners of the company</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(5,100</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(4,225</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">(12,823</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">8,430</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'times new roman', serif;">Basic and diluted net (loss) income per ordinary share attributable to owners of the company</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;">$</td> <td style="text-align: right; font-family: 'times new roman', serif;">(0.06</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;">$</td> <td style="text-align: right; font-family: 'times new roman', serif;">(0.05</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;">$</td> <td style="text-align: right; font-family: 'times new roman', serif;">(0.16</td> <td style="text-align: left; font-family: 'times new roman', serif;">)</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;">$</td> <td style="text-align: right; font-family: 'times new roman', serif;">0.11</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font> </p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="color: black;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="14">Quarter</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2015</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">First</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Second</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Third</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="color: black; padding-bottom: 1.5pt;"> </td> <td style="text-align: center; color: black; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Fourth</td> <td style="color: black; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 815px; color: black; padding-left: 0pt;">Revenue</td> <td style="width: 16px; color: black;"> </td> <td style="width: 16px; text-align: left; color: black;">$</td> <td style="width: 142px; text-align: right; color: black;">28,733</td> <td style="width: 16px; text-align: left; color: black;"> </td> <td style="width: 16px; color: black;"> </td> <td style="width: 16px; text-align: left; color: black;">$</td> <td style="width: 142px; text-align: right; color: black;">15,254</td> <td style="width: 16px; text-align: left; color: black;"> </td> <td style="width: 15px; color: black;"> </td> <td style="width: 15px; text-align: left; color: black;">$</td> <td style="width: 141px; text-align: right; color: black;">2,741</td> <td style="width: 15px; text-align: left; color: black;"> </td> <td style="width: 15px; color: black;"> </td> <td style="width: 15px; text-align: left; color: black;">$</td> <td style="width: 141px; text-align: right; color: black;">13,972</td> <td style="width: 15px; text-align: left; color: black;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; color: black; padding-left: 0pt;">Gross profit (loss)</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">11,467</td> <td style="text-align: left; color: black;"> </td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">1,206</td> <td style="text-align: left; color: black;"> </td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">(6,508</td> <td style="text-align: left; color: black;">)</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">(8,941</td> <td style="text-align: left; color: black;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; color: black; padding-left: 0pt;">Net income (loss)</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">8,416</td> <td style="text-align: left; color: black;"> </td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">(1,584</td> <td style="text-align: left; color: black;">)</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">22,518</td> <td style="text-align: left; color: black;"> </td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">(9,792</td> <td style="text-align: left; color: black;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; color: black; padding-left: 0pt;">Net income (loss) attributable to owners of the company</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">8,223</td> <td style="text-align: left; color: black;"> </td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">(1,482</td> <td style="text-align: left; color: black;">)</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">20,684</td> <td style="text-align: left; color: black;"> </td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">(9,072</td> <td style="text-align: left; color: black;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; color: black; text-indent: -10pt; padding-left: 10pt;">Basic and diluted net income (loss) per ordinary share attributable to owners of the company</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;">$</td> <td style="text-align: right; color: black;">0.10</td> <td style="text-align: left; color: black;"> </td> <td style="color: black;"> </td> <td style="text-align: left; color: black;">$</td> <td style="text-align: right; color: black;">(0.02</td> <td style="text-align: left; color: black;">)</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;">$</td> <td style="text-align: right; color: black;">0.26</td> <td style="text-align: left; color: black;"> </td> <td style="color: black;"> </td> <td style="text-align: left; color: black;">$</td> <td style="text-align: right; color: black;">(0.11</td> <td style="text-align: left; color: black;">)</td> </tr> </table> </div>
</us-gaap:ScheduleOfQuarterlyFinancialInformationTableTextBlock>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_FujianHeyueMarineFishingDevelopmentCoLtdMember"> PRC </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_MerchantSupremeCoLtdMember"> BVI </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PrimeCheerCorporationLtdMember"> Hong Kong </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PingtanGuanshengOceanFishingCoLtdMember"> PRC </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_FujianProvincialPingtanCountyFishingGroupCoLtdMember"> PRC </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PingtanDingxinFishingInformationConsultingCoLtdMember"> PRC </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PingtanDuoyingFishingInformationConsultingCoLtdMember"> PRC </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PingtanRuiyingFishingInformationConsultingCoLtdMember"> PRC </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipState>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_FujianHeyueMarineFishingDevelopmentCoLtdMember"> 2015-01-27 </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDate>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_MerchantSupremeCoLtdMember"> 2012-06-25 </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDate>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PrimeCheerCorporationLtdMember"> 2012-05-03 </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDate>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PingtanGuanshengOceanFishingCoLtdMember"> 2012-10-12 </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDate>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_FujianProvincialPingtanCountyFishingGroupCoLtdMember"> 1998-02-27 </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDate>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PingtanDingxinFishingInformationConsultingCoLtdMember"> 2012-10-23 </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDate>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PingtanDuoyingFishingInformationConsultingCoLtdMember"> 2012-10-23 </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDate>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PingtanRuiyingFishingInformationConsultingCoLtdMember"> 2012-10-23 </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDate>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_FujianHeyueMarineFishingDevelopmentCoLtdMember" unitRef="pure" decimals="2"> 1.00 </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_MerchantSupremeCoLtdMember" unitRef="pure" decimals="2"> 1.00 </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PrimeCheerCorporationLtdMember" unitRef="pure" decimals="2"> 1.00 </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PingtanGuanshengOceanFishingCoLtdMember" unitRef="pure" decimals="2"> 1.00 </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_FujianProvincialPingtanCountyFishingGroupCoLtdMember" unitRef="pure" decimals="2"> 0.92 </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PingtanDingxinFishingInformationConsultingCoLtdMember" unitRef="pure" decimals="2"> 1.00 </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PingtanDuoyingFishingInformationConsultingCoLtdMember" unitRef="pure" decimals="2"> 1.00 </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PingtanRuiyingFishingInformationConsultingCoLtdMember" unitRef="pure" decimals="2"> 1.00 </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_FujianHeyueMarineFishingDevelopmentCoLtdMember"> Intermediate holding company </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_MerchantSupremeCoLtdMember"> Intermediate holding company </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PrimeCheerCorporationLtdMember"> Intermediate holding company </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PingtanGuanshengOceanFishingCoLtdMember"> Intermediate holding company </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_FujianProvincialPingtanCountyFishingGroupCoLtdMember"> Oceanic fishing </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PingtanDingxinFishingInformationConsultingCoLtdMember"> Dormant </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PingtanDuoyingFishingInformationConsultingCoLtdMember"> Dormant </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose>
<us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PingtanRuiyingFishingInformationConsultingCoLtdMember"> Dormant </us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipBusinessPurpose>
<us-gaap:InvestmentOwnedAtCost contextRef="Context_As_Of_15_Feb_2015T00_00_00_TO_15_Feb_2015T00_00_00_BusinessAcquisitionAxis_ChinaAgricultureIndustryDevelopmentFundCoLtdMember" unitRef="USD" decimals="-6"> 65000000 </us-gaap:InvestmentOwnedAtCost>
<us-gaap:InvestmentOwnedAtCost contextRef="Context_As_Of_15_Feb_2015T00_00_00_TO_15_Feb_2015T00_00_00_BusinessAcquisitionAxis_ChinaAgricultureIndustryDevelopmentFundCoLtdMember" unitRef="CNY" decimals="-6"> 400000000 </us-gaap:InvestmentOwnedAtCost>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_12_Jun_2014T00_00_00_TO_12_Jun_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingtanFishingMember" unitRef="pure" decimals="2"> 0.35 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_12_Jun_2014T00_00_00_TO_12_Jun_2014T00_00_00_LegalEntityAxis_PingtanFishingMember" unitRef="pure" decimals="2"> 0.35 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_12_Jun_2014T00_00_00_TO_12_Jun_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_FirstUnrelatedCompanyMember" unitRef="pure" decimals="2"> 0.29 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_12_Jun_2014T00_00_00_TO_12_Jun_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_SecondUnrelatedCompanyMember" unitRef="pure" decimals="2"> 0.36 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_09_Feb_2015T00_00_00_TO_09_Feb_2015T00_00_00_BusinessAcquisitionAxis_PingtanFishingMember" unitRef="pure" decimals="2"> 1.00 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_15_Feb_2015T00_00_00_TO_15_Feb_2015T00_00_00_BusinessAcquisitionAxis_ChinaAgricultureIndustryDevelopmentFundCoLtdMember" unitRef="pure" decimals="2"> 0.08 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GlobalDeepOceanMember" unitRef="pure" decimals="2"> 0.15 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingtanFishingMember" unitRef="pure" decimals="2"> 0.20 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_FirstUnrelatedCompanyMember" unitRef="pure" decimals="2"> 0.44 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_SecondUnrelatedCompanyMember" unitRef="pure" decimals="2"> 0.36 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_BusinessAcquisitionAxis_ChinaAgricultureIndustryDevelopmentFundCoLtdMember" unitRef="pure" decimals="2"> 0.08 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_VariableInterestEntityVIEOrPotentialVIEInformationUnavailabilityMember" unitRef="pure" decimals="2"> 1.00 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:SaleOfStockPercentageOfOwnershipBeforeTransaction contextRef="Context_Custom_13_Feb_2015T00_00_00_TO_15_Feb_2015T00_00_00_BusinessAcquisitionAxis_PingtanFishingMember" unitRef="pure" decimals="2"> 0.92 </us-gaap:SaleOfStockPercentageOfOwnershipBeforeTransaction>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_PropertyPlantAndEquipmentByTypeAxis_VehiclesMember"> P5Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RangeAxis_MinimumMember_PropertyPlantAndEquipmentByTypeAxis_FishingVesselsMember"> P10Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RangeAxis_MaximumMember_PropertyPlantAndEquipmentByTypeAxis_FishingVesselsMember"> P20Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RangeAxis_MinimumMember_PropertyPlantAndEquipmentByTypeAxis_OfficeEquipmentMember"> P3Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RangeAxis_MaximumMember_PropertyPlantAndEquipmentByTypeAxis_OfficeEquipmentMember"> P5Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_PropertyPlantAndEquipmentByTypeAxis_OtherMachineryAndEquipmentMember_RangeAxis_MinimumMember"> P3Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_PropertyPlantAndEquipmentByTypeAxis_OtherMachineryAndEquipmentMember_RangeAxis_MaximumMember"> P5Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PensionAndOtherPostretirementBenefitExpense contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="0"> 1172444 </us-gaap:PensionAndOtherPostretirementBenefitExpense>
<us-gaap:PensionAndOtherPostretirementBenefitExpense contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 903594 </us-gaap:PensionAndOtherPostretirementBenefitExpense>
<us-gaap:PensionAndOtherPostretirementBenefitExpense contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 287962 </us-gaap:PensionAndOtherPostretirementBenefitExpense>
<us-gaap:InterestCostsCapitalized contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="0"> 836902 </us-gaap:InterestCostsCapitalized>
<us-gaap:InterestCostsCapitalized contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 0 </us-gaap:InterestCostsCapitalized>
<us-gaap:InterestCostsCapitalized contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 1039092 </us-gaap:InterestCostsCapitalized>
<us-gaap:DeferredTaxLiabilitiesUndistributedForeignEarnings contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-5"> 190500000 </us-gaap:DeferredTaxLiabilitiesUndistributedForeignEarnings>
<us-gaap:DeferredTaxLiabilitiesUndistributedForeignEarnings contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5"> 179300000 </us-gaap:DeferredTaxLiabilitiesUndistributedForeignEarnings>
<us-gaap:AllowanceForDoubtfulAccountsReceivable contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 372634 </us-gaap:AllowanceForDoubtfulAccountsReceivable>
<us-gaap:AllowanceForDoubtfulAccountsReceivable contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 252558 </us-gaap:AllowanceForDoubtfulAccountsReceivable>
<us-gaap:AdvertisingExpense contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="0"> 19833 </us-gaap:AdvertisingExpense>
<us-gaap:AdvertisingExpense contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 89204 </us-gaap:AdvertisingExpense>
<us-gaap:AdvertisingExpense contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 42208 </us-gaap:AdvertisingExpense>
<us-gaap:CumulativeTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="0"> -194435 </us-gaap:CumulativeTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease>
<us-gaap:CumulativeTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 148733 </us-gaap:CumulativeTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease>
<us-gaap:CumulativeTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> -468406 </us-gaap:CumulativeTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease>
<us-gaap:ShippingHandlingAndTransportationCosts contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="0"> 721972 </us-gaap:ShippingHandlingAndTransportationCosts>
<us-gaap:ShippingHandlingAndTransportationCosts contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 369912 </us-gaap:ShippingHandlingAndTransportationCosts>
<us-gaap:ShippingHandlingAndTransportationCosts contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 223495 </us-gaap:ShippingHandlingAndTransportationCosts>
<pme:EntitlementOfNetProfitLossTowardsFishingVesselsByEntityPercentage contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="2"> 1.00 </pme:EntitlementOfNetProfitLossTowardsFishingVesselsByEntityPercentage>
<pme:WarrantsToPurchaseCommonStock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="shares" decimals="INF"> 8966667 </pme:WarrantsToPurchaseCommonStock>
<pme:WarrantsToPurchaseCommonStock contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="shares" decimals="INF"> 8966667 </pme:WarrantsToPurchaseCommonStock>
<pme:WarrantsToPurchaseCommonStock contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="shares" decimals="INF"> 8966667 </pme:WarrantsToPurchaseCommonStock>
<us-gaap:AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="CNY" decimals="4"> 6.4907 </us-gaap:AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax>
<us-gaap:AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="2"> 1.00 </us-gaap:AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax>
<us-gaap:AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="CNY" decimals="4"> 6.9370 </us-gaap:AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax>
<us-gaap:AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="2"> 1.00 </us-gaap:AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="CNY" decimals="4"> 6.1432 </us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="2"> 1.00 </us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="CNY" decimals="4"> 6.2175 </us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="2"> 1.00 </us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="CNY" decimals="4"> 6.6423 </us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="2"> 1.00 </us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax>
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<us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="2"> 0.25 </us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes>
<us-gaap:InventoryAdjustments contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 218236 </us-gaap:InventoryAdjustments>
<us-gaap:InventoryAdjustments contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 0 </us-gaap:InventoryAdjustments>
<pme:CreditPeriod contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00"> P180D </pme:CreditPeriod>
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<pme:EquityMethodInvestmentReceived contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GlobalDeepOceanMember" unitRef="CNY" decimals="-6"> 50000000 </pme:EquityMethodInvestmentReceived>
<pme:EquityMethodInvestmentReceived contextRef="Context_As_Of_31_Jan_2016T00_00_00_TO_31_Jan_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GlobalDeepOceanMember" unitRef="USD" decimals="-5"> 14400000 </pme:EquityMethodInvestmentReceived>
<pme:EquityMethodInvestmentReceived contextRef="Context_As_Of_31_Jan_2016T00_00_00_TO_31_Jan_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GlobalDeepOceanMember" unitRef="CNY" decimals="-6"> 100000000 </pme:EquityMethodInvestmentReceived>
<pme:EquityMethodInvestmentReceived contextRef="Context_As_Of_29_Feb_2016T00_00_00_TO_29_Feb_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GlobalDeepOceanMember" unitRef="USD" decimals="-5"> 14400000 </pme:EquityMethodInvestmentReceived>
<pme:EquityMethodInvestmentReceived contextRef="Context_As_Of_29_Feb_2016T00_00_00_TO_29_Feb_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GlobalDeepOceanMember" unitRef="CNY" decimals="-6"> 100000000 </pme:EquityMethodInvestmentReceived>
<us-gaap:AccountsReceivableGross contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 12947676 </us-gaap:AccountsReceivableGross>
<us-gaap:AccountsReceivableGross contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 11575284 </us-gaap:AccountsReceivableGross>
<us-gaap:AccountsReceivableNet contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 12575042 </us-gaap:AccountsReceivableNet>
<us-gaap:AccountsReceivableNet contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 11322726 </us-gaap:AccountsReceivableNet>
<us-gaap:OtherInventoryWarehouse contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 2463135 </us-gaap:OtherInventoryWarehouse>
<us-gaap:OtherInventoryWarehouse contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 7082129 </us-gaap:OtherInventoryWarehouse>
<us-gaap:OtherInventoryInTransit contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 91268 </us-gaap:OtherInventoryInTransit>
<us-gaap:OtherInventoryInTransit contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 1728982 </us-gaap:OtherInventoryInTransit>
<us-gaap:InventoryGross contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 2554403 </us-gaap:InventoryGross>
<us-gaap:InventoryGross contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 8811111 </us-gaap:InventoryGross>
<pme:PrepaymentsOnNetsAndSpareParts contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 4093597 </pme:PrepaymentsOnNetsAndSpareParts>
<pme:PrepaymentsOnNetsAndSpareParts contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 3969351 </pme:PrepaymentsOnNetsAndSpareParts>
<pme:PrepaymentsMadeForFishGoods contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0" id="Footnote-10_1"> 31900549 </pme:PrepaymentsMadeForFishGoods>
<pme:PrepaymentsMadeForFishGoods contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" xsi:nil="true" id="Footnote-10_2"/>
<us-gaap:AdvancesOnInventoryPurchases contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" xsi:nil="true" id="Footnote-10_3"/>
<us-gaap:AdvancesOnInventoryPurchases contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0" id="Footnote-10_4"> 29848189 </us-gaap:AdvancesOnInventoryPurchases>
<us-gaap:AdvancesOnInventoryPurchases contextRef="Context_As_Of_31_Jan_2017T00_00_00_TO_31_Jan_2017T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="USD" decimals="0"> 29848189 </us-gaap:AdvancesOnInventoryPurchases>
<us-gaap:AdvancesOnInventoryPurchases contextRef="Context_As_Of_28_Feb_2017T00_00_00_TO_28_Feb_2017T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="USD" decimals="0"> 29848189 </us-gaap:AdvancesOnInventoryPurchases>
<us-gaap:SecurityDeposit contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 75000 </us-gaap:SecurityDeposit>
<us-gaap:SecurityDeposit contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 75000 </us-gaap:SecurityDeposit>
<us-gaap:OtherReceivables contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 3051 </us-gaap:OtherReceivables>
<us-gaap:OtherReceivables contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 93009 </us-gaap:OtherReceivables>
<pme:PercentageOfCommonStockSubscribed contextRef="Context_As_Of_17_Oct_2012T00_00_00_TO_17_Oct_2012T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingtanFishingMember" unitRef="pure" decimals="2"> 0.05 </pme:PercentageOfCommonStockSubscribed>
<pme:NumberOfSharesHeldAsInvestment contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingtanFishingMember" unitRef="shares" decimals="INF"> 15113250 </pme:NumberOfSharesHeldAsInvestment>
<pme:NumberOfSharesHeldAsInvestment contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingtanFishingMember" unitRef="shares" decimals="INF"> 15113250 </pme:NumberOfSharesHeldAsInvestment>
<us-gaap:MinorityInterestOwnershipPercentageByParent contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingtanFishingMember" unitRef="pure" decimals="3"> 0.048 </us-gaap:MinorityInterestOwnershipPercentageByParent>
<us-gaap:MinorityInterestOwnershipPercentageByParent contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingtanFishingMember" unitRef="pure" decimals="3"> 0.048 </us-gaap:MinorityInterestOwnershipPercentageByParent>
<us-gaap:EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 52216844 </us-gaap:EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets>
<us-gaap:EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 48488573 </us-gaap:EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets>
<us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 4404656 </us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets>
<us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 4335801 </us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets>
<us-gaap:EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 14945 </us-gaap:EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities>
<us-gaap:EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 18007 </us-gaap:EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities>
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<us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:EquityMethodInvestmentSummarizedFinancialInformationEquity contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 56606555 </us-gaap:EquityMethodInvestmentSummarizedFinancialInformationEquity>
<us-gaap:EquityMethodInvestmentSummarizedFinancialInformationEquity contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 52806367 </us-gaap:EquityMethodInvestmentSummarizedFinancialInformationEquity>
<us-gaap:EquityMethodInvestmentSummarizedFinancialInformationRevenue contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:EquityMethodInvestmentSummarizedFinancialInformationRevenue contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:EquityMethodInvestmentSummarizedFinancialInformationRevenue contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:EquityMethodInvestmentSummarizedFinancialInformationIncomeLossFromContinuingOperationsBeforeExtraordinaryItems contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="0"> 9449 </us-gaap:EquityMethodInvestmentSummarizedFinancialInformationIncomeLossFromContinuingOperationsBeforeExtraordinaryItems>
<us-gaap:EquityMethodInvestmentSummarizedFinancialInformationIncomeLossFromContinuingOperationsBeforeExtraordinaryItems contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 84468 </us-gaap:EquityMethodInvestmentSummarizedFinancialInformationIncomeLossFromContinuingOperationsBeforeExtraordinaryItems>
<us-gaap:EquityMethodInvestmentSummarizedFinancialInformationIncomeLossFromContinuingOperationsBeforeExtraordinaryItems contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 165293 </us-gaap:EquityMethodInvestmentSummarizedFinancialInformationIncomeLossFromContinuingOperationsBeforeExtraordinaryItems>
<us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="0"> 9547 </us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss>
<us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 84468 </us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss>
<us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 165365 </us-gaap:EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss>
<pme:JointVentureRegisteredCapital contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5"> 144200000 </pme:JointVentureRegisteredCapital>
<pme:JointVentureRegisteredCapital contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="CNY" decimals="-9"> 1000000000 </pme:JointVentureRegisteredCapital>
<pme:JointVentureRegisteredCapital contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingtanFishingMember" unitRef="USD" decimals="-5"> 50500000 </pme:JointVentureRegisteredCapital>
<pme:JointVentureRegisteredCapital contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingtanFishingMember" unitRef="CNY" decimals="-6"> 350000000 </pme:JointVentureRegisteredCapital>
<pme:JointVentureRegisteredCapital contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GlobalDeepOceanMember" unitRef="USD" decimals="-5"> 28800000 </pme:JointVentureRegisteredCapital>
<pme:JointVentureRegisteredCapital contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GlobalDeepOceanMember" unitRef="CNY" decimals="-6"> 200000000 </pme:JointVentureRegisteredCapital>
<pme:CapitalContributionBySubsidiary contextRef="Context_Custom_01_Sep_2015T00_00_00_TO_30_Sep_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingtanFishingMember" unitRef="USD" decimals="-5"> 50200000 </pme:CapitalContributionBySubsidiary>
<pme:CapitalContributionBySubsidiary contextRef="Context_Custom_01_Sep_2015T00_00_00_TO_30_Sep_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingtanFishingMember" unitRef="CNY" decimals="-6"> 348000000 </pme:CapitalContributionBySubsidiary>
<pme:CapitalContributionBySubsidiary contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GlobalDeepOceanMember" unitRef="USD" decimals="-5"> 28500000 </pme:CapitalContributionBySubsidiary>
<pme:CapitalContributionBySubsidiary contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GlobalDeepOceanMember" unitRef="CNY" decimals="-6"> 198000000 </pme:CapitalContributionBySubsidiary>
<us-gaap:EquityMethodInvestmentDescriptionOfPrincipalActivities contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00"> Less than 50 </us-gaap:EquityMethodInvestmentDescriptionOfPrincipalActivities>
<us-gaap:PaymentsForConstructionInProcess contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5"> 39900000 </us-gaap:PaymentsForConstructionInProcess>
<us-gaap:PaymentsForConstructionInProcess contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="CNY" decimals="0"> 264960000 </us-gaap:PaymentsForConstructionInProcess>
<us-gaap:ConstructionInProgressGross contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5"> 38800000 </us-gaap:ConstructionInProgressGross>
<us-gaap:ConstructionInProgressGross contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="CNY" decimals="0"> 257960000 </us-gaap:ConstructionInProgressGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 109527896 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_PropertyPlantAndEquipmentByTypeAxis_VehiclesMember" unitRef="USD" decimals="0"> 129824 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_PropertyPlantAndEquipmentByTypeAxis_OtherMachineryAndEquipmentMember" unitRef="USD" decimals="0"> 1215692 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_PropertyPlantAndEquipmentByTypeAxis_FishingVesselsMember" unitRef="USD" decimals="0"> 108182380 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_PropertyPlantAndEquipmentByTypeAxis_ConstructionInProgressMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 142288915 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_PropertyPlantAndEquipmentByTypeAxis_VehiclesMember" unitRef="USD" decimals="0"> 121472 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_PropertyPlantAndEquipmentByTypeAxis_OtherMachineryAndEquipmentMember" unitRef="USD" decimals="0"> 423001 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_PropertyPlantAndEquipmentByTypeAxis_FishingVesselsMember" unitRef="USD" decimals="0"> 122989702 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_PropertyPlantAndEquipmentByTypeAxis_ConstructionInProgressMember" unitRef="USD" decimals="0"> 18754740 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 14972782 </us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 20092321 </us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
<pme:NetCarryingAmountOfFishingVessels contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_CreditFacilityAxis_SecuredDebtMember" unitRef="USD" decimals="-5"> 22300000 </pme:NetCarryingAmountOfFishingVessels>
<pme:NetCarryingAmountOfFishingVessels contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_CreditFacilityAxis_SecuredDebtMember" unitRef="USD" decimals="-5"> 29400000 </pme:NetCarryingAmountOfFishingVessels>
<pme:NumberOfFishingVessels contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_PingtanFishingMember_ProjectAxis_ProjectOneMember" unitRef="Fishingvessels" decimals="INF"> 4 </pme:NumberOfFishingVessels>
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<pme:NumberOfFishingVessels contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_CreditFacilityAxis_SecuredDebtMember" unitRef="vessels" decimals="INF"> 37 </pme:NumberOfFishingVessels>
<pme:AccruedCompensationRelatedParty contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_XinrongZhuoMember" unitRef="USD" decimals="0"> 3354 </pme:AccruedCompensationRelatedParty>
<pme:AccruedCompensationRelatedParty contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ChiefFinancialOfficerMember" unitRef="USD" decimals="0"> 20000 </pme:AccruedCompensationRelatedParty>
<pme:AccruedCompensationRelatedParty contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_XinrongZhuoMember" unitRef="USD" decimals="0"> 3354 </pme:AccruedCompensationRelatedParty>
<pme:AccruedCompensationRelatedParty contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ChiefFinancialOfficerMember" unitRef="USD" decimals="0"> 40000 </pme:AccruedCompensationRelatedParty>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingLinMember" unitRef="USD" decimals="0"> 7377 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent>
<pme:FutureMinimumRentalAndRelatedAdministrativeServiceChargePayment contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaiYiShippingLimitedMember" unitRef="USD" decimals="0"> 461899 </pme:FutureMinimumRentalAndRelatedAdministrativeServiceChargePayment>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HongFaShippingLimitedMember_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember" unitRef="USD" decimals="0"> 30996630 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_FuzhouHonglongOceanFisheryMember_RelatedPartyTransactionAxis_TransportationServiceMember" unitRef="USD" decimals="0"> 9925585 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaifengDafuEnterpriseCompanyLimitedMember_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember" unitRef="USD" decimals="0"> 4877460 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaiYiShippingLimitedMember_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember" unitRef="USD" decimals="0"> 4678520 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember" unitRef="USD" decimals="0"> 85995860 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember_RelatedPartyTransactionsByRelatedPartyAxis_PtAvonaMinaLestariMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember_RelatedPartyTransactionsByRelatedPartyAxis_PtDwikaryaReksaAbadiMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionAxis_VesselMaintenanceServiceMember_RelatedPartyTransactionsByRelatedPartyAxis_PtDwikaryaReksaAbadiMember" unitRef="USD" decimals="0"> 3385466 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionAxis_VesselMaintenanceServiceMember" unitRef="USD" decimals="0"> 6929391 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionAxis_TransportationServiceMember_RelatedPartyTransactionsByRelatedPartyAxis_HaiYiShippingLimitedMember" unitRef="USD" decimals="0"> 1695132 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionAxis_TransportationServiceMember" unitRef="USD" decimals="0"> 17503143 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionAxis_IndonesiaVesselAgentServiceMember_RelatedPartyTransactionsByRelatedPartyAxis_PtAvonaMinaLestariMember" unitRef="USD" decimals="0" id="Footnote-11_1"> 1225000 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionAxis_IndonesiaVesselAgentServiceMember" unitRef="USD" decimals="0" id="Footnote-11_2"> 2523329 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionAxis_VesselMaintenanceServiceMember_RelatedPartyTransactionsByRelatedPartyAxis_PtAvonaMinaLestariMember" unitRef="USD" decimals="0"> 3543925 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember_RelatedPartyTransactionsByRelatedPartyAxis_FuzhouHonglongOceanFisheryMember" unitRef="USD" decimals="0"> 45409020 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember_RelatedPartyTransactionsByRelatedPartyAxis_ZhiyanLinMember" unitRef="USD" decimals="0"> 34230 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaifengDafuEnterpriseCompanyLimitedMember_RelatedPartyTransactionAxis_TransportationServiceMember" unitRef="USD" decimals="0"> 3331554 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionAxis_TransportationServiceMember_RelatedPartyTransactionsByRelatedPartyAxis_HongFaShippingLimitedMember" unitRef="USD" decimals="0"> 2550872 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionAxis_IndonesiaVesselAgentServiceMember_RelatedPartyTransactionsByRelatedPartyAxis_PtDwikaryaReksaAbadiMember" unitRef="USD" decimals="0" id="Footnote-11_3"> 1298329 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HongFaShippingLimitedMember_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember" unitRef="USD" decimals="0"> 11328966 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_FuzhouHonglongOceanFisheryMember_RelatedPartyTransactionAxis_TransportationServiceMember" unitRef="USD" decimals="0"> 177567 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaifengDafuEnterpriseCompanyLimitedMember_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember" unitRef="USD" decimals="0"> 11116 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaiYiShippingLimitedMember_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember" unitRef="USD" decimals="0"> 4739278 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember" unitRef="USD" decimals="0"> 18770049 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember_RelatedPartyTransactionsByRelatedPartyAxis_PtAvonaMinaLestariMember" unitRef="USD" decimals="0"> 1276049 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember_RelatedPartyTransactionsByRelatedPartyAxis_PtDwikaryaReksaAbadiMember" unitRef="USD" decimals="0"> 1414640 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionAxis_VesselMaintenanceServiceMember_RelatedPartyTransactionsByRelatedPartyAxis_PtDwikaryaReksaAbadiMember" unitRef="USD" decimals="0"> 3207011 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionAxis_VesselMaintenanceServiceMember" unitRef="USD" decimals="0"> 9736506 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionAxis_TransportationServiceMember_RelatedPartyTransactionsByRelatedPartyAxis_HaiYiShippingLimitedMember" unitRef="USD" decimals="0"> 305686 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionAxis_TransportationServiceMember" unitRef="USD" decimals="0"> 483253 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionAxis_IndonesiaVesselAgentServiceMember_RelatedPartyTransactionsByRelatedPartyAxis_PtAvonaMinaLestariMember" unitRef="USD" decimals="0" id="Footnote-11_4"> 2317 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionAxis_IndonesiaVesselAgentServiceMember" unitRef="USD" decimals="0" id="Footnote-11_5"> 2317 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionAxis_VesselMaintenanceServiceMember_RelatedPartyTransactionsByRelatedPartyAxis_PtAvonaMinaLestariMember" unitRef="USD" decimals="0"> 6529495 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember_RelatedPartyTransactionsByRelatedPartyAxis_FuzhouHonglongOceanFisheryMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember_RelatedPartyTransactionsByRelatedPartyAxis_ZhiyanLinMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaifengDafuEnterpriseCompanyLimitedMember_RelatedPartyTransactionAxis_TransportationServiceMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionAxis_TransportationServiceMember_RelatedPartyTransactionsByRelatedPartyAxis_HongFaShippingLimitedMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionAxis_IndonesiaVesselAgentServiceMember_RelatedPartyTransactionsByRelatedPartyAxis_PtDwikaryaReksaAbadiMember" unitRef="USD" xsi:nil="true" id="Footnote-11_6"/>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HongFaShippingLimitedMember_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember" unitRef="USD" decimals="0"> 15636809 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_FuzhouHonglongOceanFisheryMember_RelatedPartyTransactionAxis_TransportationServiceMember" unitRef="USD" decimals="0"> 39622 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaifengDafuEnterpriseCompanyLimitedMember_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember" unitRef="USD" decimals="0"> 941778 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaiYiShippingLimitedMember_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember" unitRef="USD" decimals="0"> 8853657 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember" unitRef="USD" decimals="0"> 25432244 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember_RelatedPartyTransactionsByRelatedPartyAxis_PtAvonaMinaLestariMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember_RelatedPartyTransactionsByRelatedPartyAxis_PtDwikaryaReksaAbadiMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionAxis_VesselMaintenanceServiceMember_RelatedPartyTransactionsByRelatedPartyAxis_PtDwikaryaReksaAbadiMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionAxis_VesselMaintenanceServiceMember" unitRef="USD" decimals="0"> 674360 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionAxis_TransportationServiceMember_RelatedPartyTransactionsByRelatedPartyAxis_HaiYiShippingLimitedMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionAxis_TransportationServiceMember" unitRef="USD" decimals="0"> 39622 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionAxis_IndonesiaVesselAgentServiceMember_RelatedPartyTransactionsByRelatedPartyAxis_PtAvonaMinaLestariMember" unitRef="USD" xsi:nil="true" id="Footnote-11_7"/>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionAxis_IndonesiaVesselAgentServiceMember" unitRef="USD" xsi:nil="true" id="Footnote-11_8"/>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionAxis_VesselMaintenanceServiceMember_RelatedPartyTransactionsByRelatedPartyAxis_PtAvonaMinaLestariMember" unitRef="USD" decimals="0"> 674360 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember_RelatedPartyTransactionsByRelatedPartyAxis_FuzhouHonglongOceanFisheryMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionAxis_FuelFishingNetsOtherOnboardConsumablesMember_RelatedPartyTransactionsByRelatedPartyAxis_ZhiyanLinMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaifengDafuEnterpriseCompanyLimitedMember_RelatedPartyTransactionAxis_TransportationServiceMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionAxis_TransportationServiceMember_RelatedPartyTransactionsByRelatedPartyAxis_HongFaShippingLimitedMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionAxis_IndonesiaVesselAgentServiceMember_RelatedPartyTransactionsByRelatedPartyAxis_PtDwikaryaReksaAbadiMember" unitRef="USD" xsi:nil="true" id="Footnote-11_9"/>
<us-gaap:CostsAndExpensesRelatedParty contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_VariableInterestEntityVIEOrPotentialVIEInformationUnavailabilityMember" unitRef="CNY" decimals="-6"> 83000000 </us-gaap:CostsAndExpensesRelatedParty>
<us-gaap:OperatingLeasesRentExpenseNet contextRef="Context_Custom_01_Jul_2012T00_00_00_TO_31_Jul_2012T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingLinMember" unitRef="USD" decimals="0"> 13000 </us-gaap:OperatingLeasesRentExpenseNet>
<us-gaap:OperatingLeasesRentExpenseNet contextRef="Context_Custom_01_Jul_2012T00_00_00_TO_31_Jul_2012T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingLinMember" unitRef="CNY" decimals="0"> 84000 </us-gaap:OperatingLeasesRentExpenseNet>
<us-gaap:OperatingLeasesRentExpenseNet contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="0"> 13674 </us-gaap:OperatingLeasesRentExpenseNet>
<us-gaap:OperatingLeasesRentExpenseNet contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 13510 </us-gaap:OperatingLeasesRentExpenseNet>
<us-gaap:OperatingLeasesRentExpenseNet contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 12646 </us-gaap:OperatingLeasesRentExpenseNet>
<us-gaap:OperatingLeasesRentExpenseNet contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingLinMember" unitRef="USD" decimals="0"> 13000 </us-gaap:OperatingLeasesRentExpenseNet>
<us-gaap:OperatingLeasesRentExpenseNet contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingLinMember" unitRef="CNY" decimals="0"> 84000 </us-gaap:OperatingLeasesRentExpenseNet>
<us-gaap:LeaseExpirationDate1 contextRef="Context_Custom_01_Jul_2012T00_00_00_TO_31_Jul_2012T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingLinMember"> 2015-08-01 </us-gaap:LeaseExpirationDate1>
<us-gaap:LeaseExpirationDate1 contextRef="Context_Custom_28_Jun_2013T00_00_00_TO_01_Jul_2013T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaiYiShippingLimitedMember"> 2014-12-31 </us-gaap:LeaseExpirationDate1>
<us-gaap:LeaseExpirationDate1 contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_PingtanFishingMember_ProjectAxis_ProjectOneMember"> 2016-10-31 </us-gaap:LeaseExpirationDate1>
<us-gaap:LeaseExpirationDate1 contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingLinMember"> 2017-07-31 </us-gaap:LeaseExpirationDate1>
<us-gaap:LeaseExpirationDate1 contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaiYiShippingLimitedMember"> 2016-12-31 </us-gaap:LeaseExpirationDate1>
<us-gaap:CostOfServices contextRef="Context_Custom_28_Jun_2013T00_00_00_TO_01_Jul_2013T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaiYiShippingLimitedMember" unitRef="USD" decimals="0"> 38000 </us-gaap:CostOfServices>
<us-gaap:CostOfServices contextRef="Context_Custom_28_Jun_2013T00_00_00_TO_01_Jul_2013T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaiYiShippingLimitedMember" unitRef="HKD" decimals="0"> 298500 </us-gaap:CostOfServices>
<us-gaap:CostOfServices contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaiYiShippingLimitedMember" unitRef="USD" decimals="0"> 38000 </us-gaap:CostOfServices>
<us-gaap:CostOfServices contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaiYiShippingLimitedMember" unitRef="HKD" decimals="0"> 298500 </us-gaap:CostOfServices>
<pme:LeaseTerm contextRef="Context_Custom_01_Jul_2012T00_00_00_TO_31_Jul_2012T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingLinMember"> P3Y </pme:LeaseTerm>
<pme:TermOfServices contextRef="Context_Custom_28_Jun_2013T00_00_00_TO_01_Jul_2013T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaiYiShippingLimitedMember"> P1Y6M </pme:TermOfServices>
<pme:RentalAndRelatedAdministrativeServiceCharge contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="0"> 461934 </pme:RentalAndRelatedAdministrativeServiceCharge>
<pme:RentalAndRelatedAdministrativeServiceCharge contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 462387 </pme:RentalAndRelatedAdministrativeServiceCharge>
<pme:RentalAndRelatedAdministrativeServiceCharge contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 461899 </pme:RentalAndRelatedAdministrativeServiceCharge>
<pme:RentalAndRelatedAdministrativeServiceCharge contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaiYiShippingLimitedMember" unitRef="USD" decimals="0"> 461899 </pme:RentalAndRelatedAdministrativeServiceCharge>
<pme:PrepaymentForLongTermAssets contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HongLongMember" unitRef="USD" decimals="0"> 13220000 </pme:PrepaymentForLongTermAssets>
<us-gaap:OtherAssetsMiscellaneous contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HongLongMember" unitRef="USD" decimals="0"> 4927000 </us-gaap:OtherAssetsMiscellaneous>
<us-gaap:BusinessCombinationConsiderationTransferred1 contextRef="Context_Custom_23_Jun_2015T00_00_00_TO_26_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_FuzhouHonglongOceanFisheryMember" unitRef="USD" decimals="-5"> 56200000 </us-gaap:BusinessCombinationConsiderationTransferred1>
<pme:CostOfVessels contextRef="Context_Custom_23_Jun_2015T00_00_00_TO_26_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_FuzhouHonglongOceanFisheryMember" unitRef="USD" decimals="0"> 0 </pme:CostOfVessels>
<us-gaap:AdjustmentsToAdditionalPaidInCapitalOther contextRef="Context_Custom_23_Jun_2015T00_00_00_TO_26_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_FuzhouHonglongOceanFisheryMember" unitRef="USD" decimals="-5"> 56200000 </us-gaap:AdjustmentsToAdditionalPaidInCapitalOther>
<us-gaap:LongTermDebt contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 35250435 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansMember" unitRef="USD" decimals="0"> 11832314 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansOneMember" unitRef="USD" decimals="0"> 2310999 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansTwoMember" unitRef="USD" decimals="0"> 9937295 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansThreeMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:LongTermDebt contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansFourMember" unitRef="USD" decimals="0"> 11169827 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 39137956 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansMember" unitRef="USD" decimals="0"> 5852674 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansOneMember" unitRef="USD" decimals="0"> 1153236 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansTwoMember" unitRef="USD" decimals="0"> 4742684 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansThreeMember" unitRef="USD" decimals="0"> 18019317 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansFourMember" unitRef="USD" decimals="0"> 9370045 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 17298544 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 5622027 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 5694104 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 4324636 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 1513623 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 4685022 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansMember" unitRef="pure" decimals="5"> 0.03395 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansMember" unitRef="pure" decimals="5"> 0.04750 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansOneMember" unitRef="pure" decimals="5"> 0.04750 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansTwoMember" unitRef="pure" decimals="5"> 0.04750 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansOneMember" unitRef="pure" decimals="5"> 0.02941 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansTwoMember" unitRef="pure" decimals="5"> 0.03049 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansThreeMember" unitRef="pure" decimals="5"> 0.07360 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansFourMember" unitRef="pure" decimals="5"> 0.01621 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansFourMember" unitRef="pure" decimals="5"> 0.05145 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansMember" unitRef="pure" decimals="4"> 0.0490 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansOneMember" unitRef="pure" decimals="5"> 0.04900 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansTwoMember" unitRef="pure" decimals="5"> 0.04900 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansThreeMember" unitRef="pure" decimals="5"> 0.04900 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansOneMember" unitRef="pure" decimals="5"> 0.02941 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansTwoMember" unitRef="pure" decimals="5"> 0.03049 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansFiveMember" unitRef="pure" decimals="5"> 0.03211 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansSixMember" unitRef="pure" decimals="5"> 0.03204 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansEightMember" unitRef="pure" decimals="5"> 0.03257 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansFourMember" unitRef="pure" decimals="5"> 0.05145 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansNineMember" unitRef="pure" decimals="5"> 0.06960 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansTenMember" unitRef="pure" decimals="5"> 0.01529 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansElevenMember" unitRef="pure" decimals="5"> 0.03510 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansTwelveMember" unitRef="pure" decimals="5"> 0.03593 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansSevenMember" unitRef="pure" decimals="5"> 0.01739 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansMember"> 2016-02-11 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansMember"> 2017-12-10 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansOneMember"> 2017-12-10 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansTwoMember"> 2017-12-10 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansThreeMember"> 2023-01-30 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansOneMember"> 2016-11-25 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansTwoMember"> 2016-12-09 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansThreeMember"> 2016-09-07 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansFourMember"> 2016-09-20 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansFiveMember"> 2017-03-21 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansSixMember"> 2017-04-18 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansEightMember"> 2017-04-18 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansFourMember"> 2023-11-27 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansNineMember"> 2017-09-13 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansTenMember"> 2017-09-22 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansElevenMember"> 2017-08-22 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansTwelveMember"> 2017-12-09 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansSevenMember"> 2017-10-10 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:LongtermDebtWeightedAverageInterestRate contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="pure" decimals="3"> 0.068 </us-gaap:LongtermDebtWeightedAverageInterestRate>
<us-gaap:LongtermDebtWeightedAverageInterestRate contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="pure" decimals="3"> 0.057 </us-gaap:LongtermDebtWeightedAverageInterestRate>
<us-gaap:LongtermDebtWeightedAverageInterestRate contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="3"> 0.067 </us-gaap:LongtermDebtWeightedAverageInterestRate>
<us-gaap:ShortTermDebtWeightedAverageInterestRate contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="pure" decimals="3"> 0.036 </us-gaap:ShortTermDebtWeightedAverageInterestRate>
<us-gaap:ShortTermDebtWeightedAverageInterestRate contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="pure" decimals="3"> 0.032 </us-gaap:ShortTermDebtWeightedAverageInterestRate>
<us-gaap:ShortTermDebtWeightedAverageInterestRate contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="3"> 0.042 </us-gaap:ShortTermDebtWeightedAverageInterestRate>
<us-gaap:InterestExpenseDebt contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="0"> 5652572 </us-gaap:InterestExpenseDebt>
<us-gaap:InterestExpenseDebt contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 3630200 </us-gaap:InterestExpenseDebt>
<us-gaap:InterestExpenseDebt contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 3011359 </us-gaap:InterestExpenseDebt>
<us-gaap:DebtInstrumentDescriptionOfVariableRateBasis contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansMember"> Variable annual interest rate based on London Interbank Offered Rate ("LIBOR")(1) plus 245 basis points </us-gaap:DebtInstrumentDescriptionOfVariableRateBasis>
<us-gaap:DebtInstrumentDescriptionOfVariableRateBasis contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansOneMember"> Variable annual interest rate based on LIBOR(1) plus 230 basis points </us-gaap:DebtInstrumentDescriptionOfVariableRateBasis>
<us-gaap:DebtInstrumentDescriptionOfVariableRateBasis contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansTwoMember"> Variable annual interest rate based on LIBOR(1) plus 230 basis points </us-gaap:DebtInstrumentDescriptionOfVariableRateBasis>
<us-gaap:DebtInstrumentDescriptionOfVariableRateBasis contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansFiveMember"> Variable annual interest rate based on LIBOR(1) plus 230 basis points </us-gaap:DebtInstrumentDescriptionOfVariableRateBasis>
<us-gaap:DebtInstrumentDescriptionOfVariableRateBasis contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansSixMember"> Variable annual interest rate based on LIBOR(1) plus 230 basis points </us-gaap:DebtInstrumentDescriptionOfVariableRateBasis>
<us-gaap:DebtInstrumentDescriptionOfVariableRateBasis contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansEightMember"> Variable annual interest rate based on LIBOR(1) plus 230 basis points </us-gaap:DebtInstrumentDescriptionOfVariableRateBasis>
<us-gaap:DebtInstrumentDescriptionOfVariableRateBasis contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansElevenMember"> Variable annual interest rate based on LIBOR(1) plus 230 basis points </us-gaap:DebtInstrumentDescriptionOfVariableRateBasis>
<us-gaap:DebtInstrumentDescriptionOfVariableRateBasis contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansTwelveMember"> Variable annual interest rate based on LIBOR(1) plus 230 basis points </us-gaap:DebtInstrumentDescriptionOfVariableRateBasis>
<us-gaap:ShortTermDebtDescription contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansThreeMember"> Collateralized by Pingtan Fishing's 17 fishing vessels </us-gaap:ShortTermDebtDescription>
<us-gaap:ShortTermDebtDescription contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansFourMember"> Collateralized by Pingtan Fishing's 17 fishing vessels </us-gaap:ShortTermDebtDescription>
<us-gaap:ShortTermDebtDescription contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansNineMember"> Collateralized by Pingtan Fishing's 17 fishing vessels </us-gaap:ShortTermDebtDescription>
<us-gaap:ShortTermDebtDescription contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansTenMember"> Collateralized by Pingtan Fishing's 17 fishing vessels </us-gaap:ShortTermDebtDescription>
<us-gaap:ShortTermDebtDescription contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansTwelveMember"> Collateralized by a related party's two vessels </us-gaap:ShortTermDebtDescription>
<us-gaap:ShortTermDebtDescription contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ShortTermDebtTypeAxis_ShortTermBankLoansSevenMember"> Collateralized by Pingtan Fishing's 17 fishing vessels </us-gaap:ShortTermDebtDescription>
<us-gaap:LongTermDebtDescription contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansMember"> Collateralized by Hong Long's investment in equity interest of a China local bank </us-gaap:LongTermDebtDescription>
<us-gaap:LongTermDebtDescription contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansOneMember"> Collateralized by Fujian International Trading and Transportation Co., Ltd.'s investment in equity interest of a China local bank </us-gaap:LongTermDebtDescription>
<us-gaap:LongTermDebtDescription contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansTwoMember"> Guaranteed by Hong Long </us-gaap:LongTermDebtDescription>
<us-gaap:LongTermDebtDescription contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansThreeMember"> Guaranteed by Huanghai Ship Construction Co., Ltd, Xinrong Zhuo and Ping Lin and collateralized by 2 fishing vessels under construction and collateralized by three related parties' investments in equity interest of two PRC local banks </us-gaap:LongTermDebtDescription>
<us-gaap:LongTermDebtDescription contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansFourMember">
<p>Guaranteed by Xinrong Zhuo, Honghong Zhuo, Mr. and Mrs. Zhiyan Lin and 6 fishing vessels</p>
</us-gaap:LongTermDebtDescription>
<us-gaap:AccruedSalariesCurrent contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 4935942 </us-gaap:AccruedSalariesCurrent>
<us-gaap:AccruedSalariesCurrent contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 4126938 </us-gaap:AccruedSalariesCurrent>
<us-gaap:InterestPayableCurrent contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 6635 </us-gaap:InterestPayableCurrent>
<us-gaap:InterestPayableCurrent contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 92329 </us-gaap:InterestPayableCurrent>
<us-gaap:OtherAccountsPayableAndAccruedLiabilities contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 101472 </us-gaap:OtherAccountsPayableAndAccruedLiabilities>
<us-gaap:OtherAccountsPayableAndAccruedLiabilities contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 180269 </us-gaap:OtherAccountsPayableAndAccruedLiabilities>
<pme:WarrantsOutstandingRangeOfExercisePrice contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD_per_Share" decimals="2"> 12.00 </pme:WarrantsOutstandingRangeOfExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="shares" decimals="INF"> 8966667 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber>
<pme:WarrantsOutstandingWeightedAverageRemainingContractualLife contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00"> P1Y2M12D </pme:WarrantsOutstandingWeightedAverageRemainingContractualLife>
<pme:WeightedAverageExercisePriceOfWarrantsExercisable contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD_per_Share" decimals="2"> 12.00 </pme:WeightedAverageExercisePriceOfWarrantsExercisable>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="shares" decimals="INF"> 8966667 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised>
<pme:WarrantsExercisableWeightedAverageExercisePrice contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD_per_Share" decimals="2"> 12.00 </pme:WarrantsExercisableWeightedAverageExercisePrice>
<pme:StatutoryReserve contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="0"> 6412892 </pme:StatutoryReserve>
<pme:StatutoryReserve contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingtanFishingMember" unitRef="USD" decimals="0"> 6412892 </pme:StatutoryReserve>
<pme:StatutoryReserve contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_FujianHeyueMember" unitRef="USD" xsi:nil="true"/>
<pme:StatutoryReserve contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 9391827 </pme:StatutoryReserve>
<pme:StatutoryReserve contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingtanFishingMember" unitRef="USD" decimals="0"> 8587645 </pme:StatutoryReserve>
<pme:StatutoryReserve contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_FujianHeyueMember" unitRef="USD" decimals="0"> 804182 </pme:StatutoryReserve>
<pme:StatutoryReserve contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 9391827 </pme:StatutoryReserve>
<pme:StatutoryReserve contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingtanFishingMember" unitRef="USD" decimals="0"> 8587645 </pme:StatutoryReserve>
<pme:StatutoryReserve contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_FujianHeyueMember" unitRef="USD" decimals="0"> 804182 </pme:StatutoryReserve>
<pme:AdditionToStatutoryReserve contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="0"> 2978935 </pme:AdditionToStatutoryReserve>
<pme:AdditionToStatutoryReserve contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingtanFishingMember" unitRef="USD" decimals="0"> 2174753 </pme:AdditionToStatutoryReserve>
<pme:AdditionToStatutoryReserve contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_FujianHeyueMember" unitRef="USD" decimals="0"> 804182 </pme:AdditionToStatutoryReserve>
<pme:AdditionToStatutoryReserve contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" xsi:nil="true"/>
<pme:AdditionToStatutoryReserve contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingtanFishingMember" unitRef="USD" xsi:nil="true"/>
<pme:AdditionToStatutoryReserve contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_FujianHeyueMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction contextRef="Context_Custom_01_Jun_2011T00_00_00_TO_02_Jun_2011T00_00_00_SubsidiarySaleOfStockAxis_IPOMember" unitRef="shares" decimals="INF"> 5000000 </us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction>
<us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="Context_Custom_01_Jun_2011T00_00_00_TO_02_Jun_2011T00_00_00_SubsidiarySaleOfStockAxis_IPOMember" unitRef="USD" decimals="0"> 50000000 </us-gaap:ProceedsFromIssuanceOfCommonStock>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_FujianHeyueMarineFishingDevelopmentCoLtdMember" unitRef="pure" decimals="2"> 0.50 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="2"> 0.10 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PingtanFishingMember" unitRef="pure" decimals="2"> 0.10 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_FujianHeyueMarineFishingDevelopmentCoLtdMember" unitRef="pure" decimals="2"> 0.10 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PingtanGuanshengMember" unitRef="pure" decimals="2"> 0.10 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PingtanDingxinMember" unitRef="pure" decimals="2"> 0.10 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PingtanDuoyingMember" unitRef="pure" decimals="2"> 0.10 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PingtanRuiyingMember" unitRef="pure" decimals="2"> 0.10 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:SaleOfStockDescriptionOfTransaction contextRef="Context_Custom_01_Jun_2011T00_00_00_TO_02_Jun_2011T00_00_00_SubsidiarySaleOfStockAxis_IPOMember"> Each unit consists of one ordinary share, $0.001 par value, of the Company and one 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. </us-gaap:SaleOfStockDescriptionOfTransaction>
<invest:InvestmentWarrantsExercisePrice contextRef="Context_Custom_01_Jun_2011T00_00_00_TO_02_Jun_2011T00_00_00_ClassOfWarrantOrRightAxis_WarrantMember" unitRef="USD_per_Share" decimals="2"> 12.00 </invest:InvestmentWarrantsExercisePrice>
<invest:InvestmentWarrantsExercisePrice contextRef="Context_Custom_01_Jun_2011T00_00_00_TO_02_Jun_2011T00_00_00_ClassOfWarrantOrRightAxis_SponsorWarrantsMember" unitRef="USD_per_Share" decimals="2"> 12.00 </invest:InvestmentWarrantsExercisePrice>
<pme:OfferingPrice contextRef="Context_Custom_01_Jun_2011T00_00_00_TO_02_Jun_2011T00_00_00_SubsidiarySaleOfStockAxis_IPOMember" unitRef="USD_per_Share" decimals="2"> 10.00 </pme:OfferingPrice>
<pme:WarrantsIssued contextRef="Context_Custom_01_Jun_2011T00_00_00_TO_02_Jun_2011T00_00_00" unitRef="shares" decimals="INF"> 8966667 </pme:WarrantsIssued>
<pme:WarrantsIssued contextRef="Context_Custom_01_Jun_2011T00_00_00_TO_02_Jun_2011T00_00_00_ClassOfWarrantOrRightAxis_WarrantMember_SubsidiarySaleOfStockAxis_IPOMember" unitRef="shares" decimals="INF"> 5000000 </pme:WarrantsIssued>
<pme:WarrantsIssued contextRef="Context_Custom_01_Jun_2011T00_00_00_TO_02_Jun_2011T00_00_00_ClassOfWarrantOrRightAxis_SponsorWarrantsMember_SubsidiarySaleOfStockAxis_IPOMember" unitRef="shares" decimals="INF"> 3966667 </pme:WarrantsIssued>
<pme:WarrantsIssued contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_ChumCapitalGroupLimitedMember" unitRef="shares" decimals="INF"> 3966667 </pme:WarrantsIssued>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_HongFaShippingLimitedMember" unitRef="pure" decimals="2"> 0.23 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaiYiShippingLimitedMember_ConcentrationRiskByTypeAxis_MajorSuppliersMember" unitRef="pure" xsi:nil="true" id="Footnote-12_1"/>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_HongLongMember" unitRef="pure" decimals="2"> 0.44 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_PtAvonaMinaLestariMember" unitRef="pure" xsi:nil="true" id="Footnote-12_2"/>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_CMember" unitRef="pure" xsi:nil="true" id="Footnote-12_3"/>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_FMember" unitRef="pure" decimals="2"> 0.10 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_ConcentrationRiskByBenchmarkAxis_PurchasesMember" unitRef="pure" decimals="2"> 0.10 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_HongFaShippingLimitedMember" unitRef="pure" decimals="2"> 0.30 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaiYiShippingLimitedMember_ConcentrationRiskByTypeAxis_MajorSuppliersMember" unitRef="pure" decimals="2"> 0.14 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_HongLongMember" unitRef="pure" decimals="2"> 0.11 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_PtAvonaMinaLestariMember" unitRef="pure" decimals="2"> 0.34 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_CMember" unitRef="pure" xsi:nil="true" id="Footnote-12_4"/>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_FMember" unitRef="pure" xsi:nil="true" id="Footnote-12_5"/>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_ConcentrationRiskByBenchmarkAxis_PurchasesMember" unitRef="pure" decimals="2"> 0.10 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_AccountsPayableRelatedPartyTwoMember" unitRef="pure" decimals="3"> 0.992 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_HongFaShippingLimitedMember" unitRef="pure" decimals="2"> 0.44 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaiYiShippingLimitedMember_ConcentrationRiskByTypeAxis_MajorSuppliersMember" unitRef="pure" decimals="2"> 0.25 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_HongLongMember" unitRef="pure" xsi:nil="true" id="Footnote-12_6"/>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_PtAvonaMinaLestariMember" unitRef="pure" xsi:nil="true" id="Footnote-12_7"/>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_CMember" unitRef="pure" decimals="2"> 0.13 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_FMember" unitRef="pure" xsi:nil="true" id="Footnote-12_8"/>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_ConcentrationRiskByBenchmarkAxis_PurchasesMember" unitRef="pure" decimals="2"> 0.10 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_AccountsPayableRelatedPartyTwoMember" unitRef="pure" decimals="2"> 0.10 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_AccountsPayableRelatedPartyMember" unitRef="pure" decimals="2"> 0.10 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_AccountsPayableRelatedPartyOneMember" unitRef="pure" decimals="3"> 0.959 </us-gaap:ConcentrationRiskPercentage1>
<pme:NumberOfSuppliers contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_AccountsPayableRelatedPartyTwoMember" unitRef="Suppliers" decimals="INF"> 3 </pme:NumberOfSuppliers>
<pme:NumberOfSuppliers contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_AccountsPayableRelatedPartyTwoMember" unitRef="Suppliers" decimals="INF"> 3 </pme:NumberOfSuppliers>
<pme:NumberOfSuppliers contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_AccountsPayableRelatedPartyMember" unitRef="Suppliers" decimals="INF"> 3 </pme:NumberOfSuppliers>
<pme:NumberOfSuppliers contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_AccountsPayableRelatedPartyOneMember" unitRef="Suppliers" decimals="INF"> 3 </pme:NumberOfSuppliers>
<us-gaap:ConcentrationRiskBenchmarkDescription contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_ConcentrationRiskByTypeAxis_MajorCustomersMember_ConcentrationRiskByBenchmarkAxis_SalesRevenueNetMember"> No customer accounted for 10% or more of the Company's sales. </us-gaap:ConcentrationRiskBenchmarkDescription>
<us-gaap:ConcentrationRiskBenchmarkDescription contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_ConcentrationRiskByTypeAxis_MajorCustomersMember_ConcentrationRiskByBenchmarkAxis_SalesRevenueNetMember"> No customer accounted for 10% or more of the Company's sales. </us-gaap:ConcentrationRiskBenchmarkDescription>
<us-gaap:ConcentrationRiskBenchmarkDescription contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_ConcentrationRiskByTypeAxis_MajorCustomersMember_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember"> No customer accounted for 10% or more of the Company's total outstanding accounts receivable </us-gaap:ConcentrationRiskBenchmarkDescription>
<us-gaap:ConcentrationRiskBenchmarkDescription contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ConcentrationRiskByTypeAxis_MajorCustomersMember_ConcentrationRiskByBenchmarkAxis_SalesRevenueNetMember"> No customer accounted for 10% or more of the Company's sales. </us-gaap:ConcentrationRiskBenchmarkDescription>
<us-gaap:ConcentrationRiskBenchmarkDescription contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ConcentrationRiskByTypeAxis_MajorCustomersMember_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember"> No customer accounted for 10% or more of the Company's total outstanding accounts receivable </us-gaap:ConcentrationRiskBenchmarkDescription>
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<us-gaap:SeveranceCosts1 contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 10000 </us-gaap:SeveranceCosts1>
<us-gaap:ContractualObligation contextRef="Context_As_Of_12_Jun_2014T00_00_00_TO_12_Jun_2014T00_00_00_LegalEntityAxis_PingtanFishingMember" unitRef="USD" decimals="-5"> 50500000 </us-gaap:ContractualObligation>
<us-gaap:ContractualObligation contextRef="Context_As_Of_12_Jun_2014T00_00_00_TO_12_Jun_2014T00_00_00_LegalEntityAxis_PingtanFishingMember" unitRef="CNY" decimals="-6"> 350000000 </us-gaap:ContractualObligation>
<us-gaap:ContractualObligation contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_PingtanFishingMember" unitRef="CNY" decimals="-6"> 200000000 </us-gaap:ContractualObligation>
<us-gaap:ContractualObligation contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_PingtanFishingMember" unitRef="USD" decimals="-5"> 28800000 </us-gaap:ContractualObligation>
<pme:PercentageOfOwnershipTransferredToThirdParty contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_PingtanFishingMember" unitRef="pure" decimals="2"> 0.15 </pme:PercentageOfOwnershipTransferredToThirdParty>
<us-gaap:LongTermInvestments contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PingtanFishingMember_ProjectAxis_ProjectOneMember" unitRef="USD" decimals="-5"> 19200000 </us-gaap:LongTermInvestments>
<us-gaap:LongTermInvestments contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_LegalEntityAxis_PingtanFishingMember_ProjectAxis_ProjectOneMember" unitRef="CNY" decimals="-5"> 133000000 </us-gaap:LongTermInvestments>
<us-gaap:EquityMethodInvestmentAggregateCost contextRef="Context_As_Of_31_Dec_2015T00_00_00_TO_31_Dec_2015T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="0"> 149195133 </us-gaap:EquityMethodInvestmentAggregateCost>
<us-gaap:EquityMethodInvestmentAggregateCost contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="0"> 128507533 </us-gaap:EquityMethodInvestmentAggregateCost>
<us-gaap:IncomeLossAttributableToParent contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="0"> -1816513 </us-gaap:IncomeLossAttributableToParent>
<us-gaap:IncomeLossAttributableToParent contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="0"> -2075557 </us-gaap:IncomeLossAttributableToParent>
<us-gaap:IncomeLossAttributableToParent contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="0"> -2456761 </us-gaap:IncomeLossAttributableToParent>
<us-gaap:GainLossOnSaleOfStockInSubsidiaryOrEquityMethodInvestee contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="0"> 87577218 </us-gaap:GainLossOnSaleOfStockInSubsidiaryOrEquityMethodInvestee>
<us-gaap:GainLossOnSaleOfStockInSubsidiaryOrEquityMethodInvestee contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="0"> 21633959 </us-gaap:GainLossOnSaleOfStockInSubsidiaryOrEquityMethodInvestee>
<us-gaap:GainLossOnSaleOfStockInSubsidiaryOrEquityMethodInvestee contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="0"> -12220550 </us-gaap:GainLossOnSaleOfStockInSubsidiaryOrEquityMethodInvestee>
<us-gaap:PaymentsToAcquireInvestments contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:PaymentsToAcquireInvestments contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="0"> -244033 </us-gaap:PaymentsToAcquireInvestments>
<us-gaap:PaymentsToAcquireInvestments contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="0"> -114036 </us-gaap:PaymentsToAcquireInvestments>
<pme:CashAcquiredFromSubsidiariesAndVies contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="0"> 584983 </pme:CashAcquiredFromSubsidiariesAndVies>
<pme:CashAcquiredFromSubsidiariesAndVies contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="0"> 636000 </pme:CashAcquiredFromSubsidiariesAndVies>
<pme:CashAcquiredFromSubsidiariesAndVies contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="0"> 614800 </pme:CashAcquiredFromSubsidiariesAndVies>
<us-gaap:DividendsPayableAmountPerShare contextRef="Context_As_Of_17_Jan_2017T00_00_00_TO_17_Jan_2017T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember" unitRef="USD_per_Share" decimals="2"> 0.01 </us-gaap:DividendsPayableAmountPerShare>
<us-gaap:InterestReceivableCurrent contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="0"> 1819258 </us-gaap:InterestReceivableCurrent>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-12" xlink:from="lab_Footnote-12_8"/>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-1"> Hai Yi Shipping Limited is an affiliate company ultimately controlled by Xinrong Zhuo, CEO of the Company. </link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-2"> Hong Fa Shipping Limited is an affiliate company owned by Xinrong Zhuo, CEO of the Company. </link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-3"> Haifeng Dafu Enterprise Company Limited is an affiliate company ultimately controlled by Xinrong Zhuo, CEO of the Company. </link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-4"> PT. Avona Mina Lestari is an affiliate company controlled by Xinrong Zhuo family. </link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-5"> Zhiyan Lin is a shareholder and legal representative of Pingtan Fishing. </link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-6"> Honghong Zhuo is daughter of Xinrong Zhuo. </link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-7"> Hong Long is an affiliate company majority owned and controlled by Ping Lin, spouse of the Company's CEO. </link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-8"> Huna Lin is Zhiyan Lin's daughter. </link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-9"> Represents six-month LIBOR rate on the loan commencement date. </link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-10"> According to related signed agreement, the Company has the right to receive refund for these prepayments if the situation of demands and supplies changes. The Company received the refund in full in January and February 2017 (See Note 18). Accordingly, in December 2016, the Company reclassified the advances made to the supplier to other receivables. </link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-11"> (1) PT. Avona Mina Lestari and PT. Dwikarya Reksa Abadi act as Pingtan Fishing's agents to apply and renew Indonesia fishing licenses and Pingtan Fishing pays the agent service fees to them. </link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-12"> less than 10% </link:footnote>
</link:footnoteLink>
</xbrli:xbrl>

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