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Pingtan Marine Enterprise Ltd. – ‘10-K’ for 12/31/18 – ‘EX-101.INS’

On:  Friday, 3/15/19, at 4:07pm ET   ·   For:  12/31/18   ·   Accession #:  1213900-19-4243   ·   File #:  1-35192

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

 3/15/19  Pingtan Marine Enterprise Ltd.    10-K       12/31/18   90:6.8M                                   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    953K 
 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     30K 
 4: EX-31.2     Certification -- §302 - SOA'02                      HTML     30K 
 5: EX-32.1     Certification -- §906 - SOA'02                      HTML     25K 
 6: EX-32.2     Certification -- §906 - SOA'02                      HTML     25K 
13: R1          Document and Entity Information                     HTML     61K 
14: R2          Consolidated Balance Sheets                         HTML    131K 
15: R3          Consolidated Balance Sheets (Parenthetical)         HTML     33K 
16: R4          Consolidated Statements of Operations and           HTML    123K 
                Comprehensive Income (Loss)                                      
17: R5          Consolidated Statements of Changes in               HTML     53K 
                Shareholders? Equity                                             
18: R6          Consolidated Statements of Cash Flows               HTML    159K 
19: R7          Description of Business and Organization            HTML     54K 
20: R8          Summary of Significant Accounting Policies          HTML    102K 
21: R9          Accounts Receivable                                 HTML     29K 
22: R10         Inventories                                         HTML     30K 
23: R11         Other Receivables                                   HTML     28K 
24: R12         Cost Method Investment                              HTML     28K 
25: R13         Equity Method Investment                            HTML     36K 
26: R14         Prepayment for Long-Term Assets                     HTML     28K 
27: R15         Property, Plant and Equipment                       HTML     37K 
28: R16         Related Parties Transactions                        HTML     61K 
29: R17         Bank Loans                                          HTML     47K 
30: R18         Accrued Liabilities and Other Payables              HTML     29K 
31: R19         Shareholders' Equity                                HTML     40K 
32: R20         Certain Risks and Concentrations                    HTML     40K 
33: R21         Commitments and Contingencies                       HTML     32K 
34: R22         Condensed Parent Company Financial Information      HTML     73K 
35: R23         Selected Quarterly Financial Data (Unaudited)       HTML     44K 
36: R24         Subsequent Event                                    HTML     27K 
37: R25         Summary of Significant Accounting Policies          HTML    184K 
                (Policies)                                                       
38: R26         Description of Business and Organization (Tables)   HTML     46K 
39: R27         Summary of Significant Accounting Policies          HTML     34K 
                (Tables)                                                         
40: R28         Accounts Receivable (Tables)                        HTML     28K 
41: R29         Inventories (Tables)                                HTML     30K 
42: R30         Other Receivables (Tables)                          HTML     28K 
43: R31         Equity Method Investment (Tables)                   HTML     31K 
44: R32         Prepayment for Long-Term Assets (Tables)            HTML     27K 
45: R33         Property, Plant and Equipment (Tables)              HTML     31K 
46: R34         Related Parties Transactions (Tables)               HTML     58K 
47: R35         Bank Loans (Tables)                                 HTML     52K 
48: R36         Accrued Liabilities and Other Payables (Tables)     HTML     28K 
49: R37         Shareholders' Equity (Tables)                       HTML     29K 
50: R38         Certain Risks and Concentrations (Tables)           HTML     39K 
51: R39         Condensed Parent Company Financial Information      HTML     66K 
                (Tables)                                                         
52: R40         Selected Quarterly Financial Data (Unaudited)       HTML     42K 
                (Tables)                                                         
53: R41         Description of Business and Organization (Details)  HTML     65K 
54: R42         Description of Business and Organization (Details   HTML     42K 
                Textual)                                                         
55: R43         Summary of Significant Accounting Policies          HTML     35K 
                (Details)                                                        
56: R44         Summary of Significant Accounting Policies          HTML     37K 
                (Details 1)                                                      
57: R45         Summary of Significant Accounting Policies          HTML     91K 
                (Details Textual)                                                
58: R46         Accounts Receivable (Details)                       HTML     33K 
59: R47         Inventories (Details)                               HTML     36K 
60: R48         Other Receivables (Details)                         HTML     30K 
61: R49         Cost Method Investment (Details)                    HTML     38K 
62: R50         Equity Method Investment (Details)                  HTML     61K 
63: R51         Equity Method Investment (Details Textual)          HTML     46K 
64: R52         Prepayment for Long-Term Assets (Details)           HTML     30K 
65: R53         Property, Plant and Equipment (Details)             HTML     52K 
66: R54         Property, Plant and Equipment (Details Textual)     HTML     34K 
67: R55         Related Parties Transactions (Details)              HTML     38K 
68: R56         Related Parties Transactions (Details 1)            HTML     39K 
69: R57         Related Parties Transactions (Details 2)            HTML     31K 
70: R58         Related Parties Transactions (Details 3)            HTML     52K 
71: R59         Related Parties Transactions (Details Textual)      HTML     56K 
72: R60         Bank Loans (Details)                                HTML     46K 
73: R61         Bank Loans (Details 1)                              HTML     38K 
74: R62         Bank Loans (Details 2)                              HTML     50K 
75: R63         Bank Loans (Details Textual)                        HTML     89K 
76: R64         Accrued Liabilities and Other Payables (Details)    HTML     34K 
77: R65         Shareholders' Equity (Details)                      HTML     35K 
78: R66         Shareholders' Equity (Details Textual)              HTML     82K 
79: R67         Certain Risks and Concentrations (Details)          HTML     53K 
80: R68         Certain Risks and Concentrations (Details Textual)  HTML     39K 
81: R69         Commitments and Contingencies (Details)             HTML     27K 
82: R70         Condensed Parent Company Financial Information      HTML     90K 
                (Details)                                                        
83: R71         Condensed Parent Company Financial Information      HTML     72K 
                (Details 1)                                                      
84: R72         Condensed Parent Company Financial Information      HTML     97K 
                (Details 2)                                                      
85: R73         Condensed Parent Company Financial Information      HTML     29K 
                (Details Textual)                                                
86: R74         Selected Quarterly Financial Data (Unaudited)       HTML     47K 
                (Details)                                                        
87: R75         Subsequent Event (Details)                          HTML     38K 
89: XML         IDEA XML File -- Filing Summary                      XML    165K 
88: EXCEL       IDEA Workbook of Financial Reports                  XLSX    107K 
 7: EX-101.INS  XBRL Instance -- pme-20181231                        XML   1.60M 
 9: EX-101.CAL  XBRL Calculations -- pme-20181231_cal                XML    225K 
10: EX-101.DEF  XBRL Definitions -- pme-20181231_def                 XML    628K 
11: EX-101.LAB  XBRL Labels -- pme-20181231_lab                      XML   1.07M 
12: EX-101.PRE  XBRL Presentations -- pme-20181231_pre               XML    920K 
 8: EX-101.SCH  XBRL Schema -- pme-20181231                          XSD    195K 
90: ZIP         XBRL Zipped Folder -- 0001213900-19-004243-xbrl      Zip    157K

‘EX-101.INS’   —   XBRL Instance — pme-20181231

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<pme:PropertyAndEquipmentAcquiredOnCreditAsPayable contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="0"> 215202 </pme:PropertyAndEquipmentAcquiredOnCreditAsPayable>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1.5pt solid">Name of related party</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2017</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Hong Fa Shipping Limited (1)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,231,692</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,231,692</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Hong Long (2)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,007,768</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">572,006</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Zhiyan Lin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,363</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">Ping Lin</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,020</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,244,843</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,803,698</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0.25in; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">(1)</font></td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">An entity controlled by the Company’s CEO.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">(2)</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Hong Long is an affiliate company majority owned by an immediate family member of the Company’s CEO.</font></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
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<p style="margin: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2017</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Accrued compensation for Roy Yu, Chief Financial Officer</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">20,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">20,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued compensation for Xinrong Zhuo</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,320</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,328</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Advance from Xinrong Zhuo, Chief Executive Officer</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,432,987</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,325,365</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Due to related party-Hai Yi</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">38,208</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Due to related party-Honglong</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,098,970</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">19,555,277</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,386,901</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="margin: 0pt"></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1.5pt solid">Year Ending December 31:</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Amount</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; padding-bottom: 4pt">2019</td><td style="width: 1%; padding-bottom: 4pt"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">7,405</td><td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td></tr></table>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1.5pt solid">Year ending December 31:</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Amount</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; padding-bottom: 4pt">2019</td><td style="width: 1%; padding-bottom: 4pt"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">457,000</td><td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td></tr> </table>
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<pme:RelatedPartyTransactionPurchasesOfVesselMaintenanceService contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="0"> 1450 </pme:RelatedPartyTransactionPurchasesOfVesselMaintenanceService>
<pme:RelatedPartyTransactionPurchasesOfVesselMaintenanceService contextRef="From2016-01-01to2016-12-31" unitRef="USD" decimals="0"> 674360 </pme:RelatedPartyTransactionPurchasesOfVesselMaintenanceService>
<pme:RelatedPartyTransactionPurchasesOfVesselMaintenanceService contextRef="From2016-01-01to2016-12-31_custom_PtAvonaMinaLestariMember" unitRef="USD" decimals="0"> 674360 </pme:RelatedPartyTransactionPurchasesOfVesselMaintenanceService>
<pme:RelatedPartyTransactionPurchasesOfVesselMaintenanceService contextRef="From2016-01-01to2016-12-31_custom_FuzhouHonglongOceanFisheryCoLtdMember" unitRef="USD" xsi:nil="true"/>
<pme:RelatedPartyTransactionPurchasesOfVesselMaintenanceService contextRef="From2016-01-01to2016-12-31_custom_HunaLinMember" unitRef="USD" xsi:nil="true"/>
<pme:RelatedPartyTransactionPurchasesOfTransportationService contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 465863 </pme:RelatedPartyTransactionPurchasesOfTransportationService>
<pme:RelatedPartyTransactionPurchasesOfTransportationService contextRef="Context_9ME_01_Jan_2017T00_00_00_TO_30_Sep_2017T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaiYiShippingLimitedMember" unitRef="USD" xsi:nil="true"/>
<pme:RelatedPartyTransactionPurchasesOfTransportationService contextRef="Context_9ME_01_Jan_2017T00_00_00_TO_30_Sep_2017T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HongFaShippingLimitedMember" unitRef="USD" decimals="0"> 280168 </pme:RelatedPartyTransactionPurchasesOfTransportationService>
<pme:RelatedPartyTransactionPurchasesOfTransportationService contextRef="Context_9ME_01_Jan_2017T00_00_00_TO_30_Sep_2017T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_FuzhouHonglongOceanFisheryCoLtdMember" unitRef="USD" decimals="0"> 819956 </pme:RelatedPartyTransactionPurchasesOfTransportationService>
<pme:RelatedPartyTransactionPurchasesOfTransportationService contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HongFaShippingLimitedMember" unitRef="USD" xsi:nil="true"/>
<pme:RelatedPartyTransactionPurchasesOfTransportationService contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_FuzhouHonglongOceanFisheryCoLtdMember" unitRef="USD" decimals="0"> 465863 </pme:RelatedPartyTransactionPurchasesOfTransportationService>
<pme:RelatedPartyTransactionPurchasesOfTransportationService contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="0"> 1100124 </pme:RelatedPartyTransactionPurchasesOfTransportationService>
<pme:RelatedPartyTransactionPurchasesOfTransportationService contextRef="From2016-01-01to2016-12-31" unitRef="USD" decimals="0"> 39622 </pme:RelatedPartyTransactionPurchasesOfTransportationService>
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<pme:RelatedPartyTransactionPurchasesOfTransportationService contextRef="From2016-01-01to2016-12-31_custom_HaiYiShippingLimitedMember" unitRef="USD" xsi:nil="true"/>
<pme:RelatedPartyTransactionPurchasesOfTransportationService contextRef="From2016-01-01to2016-12-31_custom_FuzhouHonglongOceanFisheryCoLtdMember" unitRef="USD" decimals="0"> 39622 </pme:RelatedPartyTransactionPurchasesOfTransportationService>
<us-gaap:OperatingLeasesRentExpenseNet contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 12694 </us-gaap:OperatingLeasesRentExpenseNet>
<us-gaap:OperatingLeasesRentExpenseNet contextRef="Context_Custom_01_Jul_2012T00_00_00_TO_31_Jul_2012T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_PingLinMember" unitRef="USD" decimals="0"> 12700 </us-gaap:OperatingLeasesRentExpenseNet>
<us-gaap:OperatingLeasesRentExpenseNet contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="0"> 12441 </us-gaap:OperatingLeasesRentExpenseNet>
<us-gaap:OperatingLeasesRentExpenseNet contextRef="From2016-01-01to2016-12-31" unitRef="USD" decimals="0"> 12646 </us-gaap:OperatingLeasesRentExpenseNet>
<us-gaap:OperatingLeasesRentExpenseNet contextRef="From2012-07-01to2012-07-31_custom_PingLinMember_custom_ChineseYuanMember" 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"> 2019-07-31 </us-gaap:LeaseExpirationDate1>
<us-gaap:LeaseExpirationDate1 contextRef="Context_Custom_28_Jun_2013T00_00_00_TO_01_Jul_2013T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaiYiShippingLimitedMember"> 2017-12-31 </us-gaap:LeaseExpirationDate1>
<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_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="pure" decimals="INF"> 0.50 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="From2018-01-01to2018-12-31_custom_FujianHeyueMarineFishingDevelopmentCoLtdMember" unitRef="pure" decimals="INF"> 0.10 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="Context_FYE_01_Jan_2015T00_00_00_TO_31_Dec_2015T00_00_00_LegalEntityAxis_FujianHeyueMarineFishingDevelopmentCoLtdMember" unitRef="pure" decimals="INF"> 0.50 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_LegalEntityAxis_PingtanFishingMember" unitRef="pure" decimals="INF"> 0.10 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_LegalEntityAxis_PingtanGuanshengMember" unitRef="pure" decimals="INF"> 0.10 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_LegalEntityAxis_PingtanDingxinMember" unitRef="pure" decimals="INF"> 0.10 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_LegalEntityAxis_PingtanDuoyingMember" unitRef="pure" decimals="INF"> 0.10 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_LegalEntityAxis_PingtanRuiyingMember" unitRef="pure" decimals="INF"> 0.10 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<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_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_LegalEntityAxis_ChumCapitalGroupLimitedMember" unitRef="shares" decimals="INF"> 3966667 </pme:WarrantsIssued>
<us-gaap:WarrantsAndRightsOutstandingMaturityDate contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00"> 2018-02-26 </us-gaap:WarrantsAndRightsOutstandingMaturityDate>
<us-gaap:SeveranceCosts1 contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 10000 </us-gaap:SeveranceCosts1>
<us-gaap:SeveranceCosts1 contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="0"> 10000 </us-gaap:SeveranceCosts1>
<dei:EntityExTransitionPeriod contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00"> false </dei:EntityExTransitionPeriod>
<dei:EntityShellCompany contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00"> false </dei:EntityShellCompany>
<dei:EntityCommonStockSharesOutstanding contextRef="AsOf2019-03-15" unitRef="shares" decimals="INF"> 79055053 </dei:EntityCommonStockSharesOutstanding>
<dei:EntityWellKnownSeasonedIssuer contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00"> No </dei:EntityWellKnownSeasonedIssuer>
<dei:EntityVoluntaryFilers contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00"> No </dei:EntityVoluntaryFilers>
<dei:EntityCurrentReportingStatus contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00"> Yes </dei:EntityCurrentReportingStatus>
<dei:EntityPublicFloat contextRef="AsOf2018-06-30" unitRef="USD" decimals="0"> 108700000 </dei:EntityPublicFloat>
<us-gaap:GoodwillImpairmentLoss contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 9715058 </us-gaap:GoodwillImpairmentLoss>
<us-gaap:GoodwillImpairmentLoss contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:GoodwillImpairmentLoss contextRef="From2016-01-01to2016-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital contextRef="From2016-01-01to2016-12-31" unitRef="USD" decimals="0"> 15055026 </us-gaap:ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital>
<pme:PrepaymentsMadeForLongTermAssets contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" xsi:nil="true"/>
<pme:PrepaymentsMadeForLongTermAssets contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" xsi:nil="true"/>
<pme:PrepaymentsMadeForLongTermAssets contextRef="From2016-01-01to2016-12-31" unitRef="USD" decimals="0"> 26671132 </pme:PrepaymentsMadeForLongTermAssets>
<us-gaap:ProceedsFromIssuanceOfLongTermDebt contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 5478766 </us-gaap:ProceedsFromIssuanceOfLongTermDebt>
<us-gaap:ProceedsFromIssuanceOfLongTermDebt contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:ProceedsFromIssuanceOfLongTermDebt contextRef="From2016-01-01to2016-12-31" unitRef="USD" decimals="0"> 18818783 </us-gaap:ProceedsFromIssuanceOfLongTermDebt>
<pme:ReclassificationOfAdvancesToSuppliersToOtherReceivables contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" xsi:nil="true"/>
<pme:ReclassificationOfAdvancesToSuppliersToOtherReceivables contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" xsi:nil="true"/>
<pme:ReclassificationOfAdvancesToSuppliersToOtherReceivables contextRef="From2016-01-01to2016-12-31" unitRef="USD" decimals="0"> 31172469 </pme:ReclassificationOfAdvancesToSuppliersToOtherReceivables>
<pme:IncreaseInPrepaymentForLongTermAssetsByIncreasingInAccruedLiabilitiesAndOtherPayablesRelatedParty contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" xsi:nil="true"/>
<pme:IncreaseInPrepaymentForLongTermAssetsByIncreasingInAccruedLiabilitiesAndOtherPayablesRelatedParty contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" xsi:nil="true"/>
<pme:IncreaseInPrepaymentForLongTermAssetsByIncreasingInAccruedLiabilitiesAndOtherPayablesRelatedParty contextRef="From2016-01-01to2016-12-31" unitRef="USD" decimals="0"> 13219818 </pme:IncreaseInPrepaymentForLongTermAssetsByIncreasingInAccruedLiabilitiesAndOtherPayablesRelatedParty>
<pme:OffsetOtherReceivablesRelatedPartiesAgainstDueToRelatedParties contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" xsi:nil="true"/>
<pme:OffsetOtherReceivablesRelatedPartiesAgainstDueToRelatedParties contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" xsi:nil="true"/>
<pme:OffsetOtherReceivablesRelatedPartiesAgainstDueToRelatedParties contextRef="From2016-01-01to2016-12-31" unitRef="USD" decimals="0"> 6424910 </pme:OffsetOtherReceivablesRelatedPartiesAgainstDueToRelatedParties>
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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 31%; border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Name of subsidiaries</font></td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td> <td style="width: 22%; border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Place and </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">date of</font><br /> <font style="font: 10pt Times New Roman, Times, Serif">incorporation</font></td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td> <td style="width: 22%; border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Percentage of</font><br /> <font style="font: 10pt Times New Roman, Times, Serif">ownership</font></td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td> <td style="width: 22%; border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Principal activities</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Merchant Supreme Co., Ltd. </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(Merchant Supreme”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">BVI, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">June 25, 2012</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by PME </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Intermediate holding company</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Prime Cheer Corporation Ltd. </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Prime Cheer”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Hong Kong, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">May 3, 2012</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by Merchant Supreme</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Intermediate holding company</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Pingtan Guansheng Ocean Fishing Co., Ltd. </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Pingtan Guansheng”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">PRC, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">October 12, 2012</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by Prime Cheer</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Intermediate holding company</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Fujian Heyue Marine Fishing Development Co., Ltd. </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Fujian Heyue”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">PRC, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">January 27, 2015</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by Pingtan Guansheng </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Intermediate holding company </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Fujian Provincial Pingtan County Fishing Group Co., Ltd. </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Pingtan Fishing”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">PRC, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">February 27, 1998</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">92% held by Fujian Heyue </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Oceanic fishing </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Pingtan Dingxin Fishing Information Consulting Co., Ltd. </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Pingtan Dingxin”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">PRC, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">October 23, 2012 </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by Pingtan Fishing </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Dormant </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Pingtan Duoying Fishing Information Consulting Co., Ltd. </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Pingtan Duoying”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">PRC, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">October 23, 2012 </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by Pingtan Fishing </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Dormant </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> Pingtan Ruiying Fishing Information Consulting Co., Ltd. </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Pingtan Ruiying”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">PRC, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">October 23, 2012 </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by Pingtan Fishing </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Dormant </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Pingtan Yikang Global Fishery Co.,Ltd. </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Yikang Fishery”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">PRC, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">September 14, 2017</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by Pingtan Fishing </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Dormant </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Pingtan Shinsilkroad Fishery Co., Ltd. </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Shinsilkroad Fishery”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">PRC, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">September 14, 2017</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by Pingtan Fishing </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Dormant </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Fuzhou Howcious Investment Co., Ltd </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Howcious Investment”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">PRC, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">September 5, 2017</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by Pingtan Fishing </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Dormant </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Fuzhou Howcious Restaurant Management Co., Ltd </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Howcious Management”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">PRC, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">August 16, 2017</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by Pingtan Fishing </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Dormant </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Pingtan Ocean Fishery Co., Ltd </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Ocean Fishery “)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">PRC, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">July 21, 2017</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by Pingtan Fishing </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Dormant </font></td></tr> </table>
</us-gaap:ScheduleOfVariableInterestEntitiesTextBlock>
<us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Basis of presentation </u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p>
</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
<us-gaap:UseOfEstimates contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><u>Use of estimates</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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, 2018, 2017 and 2016 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. </p>
</us-gaap:UseOfEstimates>
<us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Restricted cash </u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Restricted cash consists of cash deposits held by China Development Bank to secure short term bank loans from China Development Bank. At December 31, 2018 and 2017, restricted cash amounted nil and $1,821,187, respectively</p>
</us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy>
<us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Fair value of financial instruments</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Level 1-Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying amounts reported in the consolidated balance sheets for cash, restricted cash, accounts receivable, inventories, advances to suppliers, prepaid expenses, prepaid expenses – related party, other receivables, other receivables – related party, 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, 2018, 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, 2018. As of December 31, 2018, the Company does not have any level 3 financial instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p>
</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
<us-gaap:TradeAndOtherAccountsReceivablePolicy contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Accounts receivable</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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, 2018 and 2017, the Company has established, based on a review of its outstanding balances, an allowance for doubtful accounts in the amounts of nil and $67,379, respectively.</p>
</us-gaap:TradeAndOtherAccountsReceivablePolicy>
<us-gaap:InvestmentPolicyTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><u>Investment in unconsolidated company – Global Deep Ocean</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company uses the equity method of accounting for its investment in, and earning or loss of, companies 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.</p>
</us-gaap:InvestmentPolicyTextBlock>
<us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Property, plant and equipment</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The estimated useful lives of the assets are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Estimated useful life</font></td> <td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 86%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Fishing vessels</font></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 11%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">10 - 20 Years</font></td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Vehicles</font></td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">5 Years</font></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Office and other equipment</font></td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">3 - 5 Years</font></td> <td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Expenditures for repairs and maintenance, which do not extend the useful life of the assets, are expensed as incurred. </p>
</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
<us-gaap:InterestCapitalizationPolicyPolicyTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Capitalized interest</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 $867,503, $203,609, and $1,039,092 for the years ended December 31, 2018, 2017 and 2016, respectively, in the fishing vessels under construction.</p>
</us-gaap:InterestCapitalizationPolicyPolicyTextBlock>
<us-gaap:RevenueRecognitionPolicyTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"><u>Revenue recognition</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Pursuant to the guidance of ASC Topic 606, the Company recognizes revenue when a sales arrangement with a customer exists (e.g., contract, purchase orders, others), transaction price is fixed or determinable and the Company has satisfied its performance obligation per the sales arrangement. The Company’s sales arrangements have standard payment terms that do not exceed a year. The majority of Company revenue originates from contracts with a single performance obligation to deliver products. The Company’s performance obligations are satisfied when control of the product is transferred to the customer per the arranged shipping terms.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company records a contract asset when it has a right to payment from a customer that is conditioned on events other than the passage of time. The Company also records a contract liability when customers prepay but the Company has not yet satisfied its performance obligation. The Company did not have any material unsatisfied performance obligations, contract assets or liabilities as of December 31, 2018 and December 31, 2017.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p>
</us-gaap:RevenueRecognitionPolicyTextBlock>
<us-gaap:GovernmentContractorsPolicyPolicyTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Government grant</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p>
</us-gaap:GovernmentContractorsPolicyPolicyTextBlock>
<us-gaap:ShippingAndHandlingCostPolicyTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><u>Shipping and handling costs</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shipping and handling costs are included in selling expense and totaled $395,344, $269,702 and $223,495 for the years ended December 31, 2018, 2017 and 2016, respectively.</p>
</us-gaap:ShippingAndHandlingCostPolicyTextBlock>
<us-gaap:PensionAndOtherPostretirementPlansNonpensionBenefitsPolicy contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><u>Employee benefits</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 $951,216, $431,255 and $287,962 for the years ended December 31, 2018, 2017 and 2016, respectively. </p>
</us-gaap:PensionAndOtherPostretirementPlansNonpensionBenefitsPolicy>
<us-gaap:AdvertisingCostsPolicyTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><u>Advertising</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Advertising is expensed as incurred and is included in selling expense on the accompanying consolidated statements of operations and comprehensive income (loss). Advertising totaled $20,151, $74,332 and $42,208 for the years ended December 31, 2018, 2017 and 2016, respectively.</p>
</us-gaap:AdvertisingCostsPolicyTextBlock>
<pme:NonControllingInterestPolicyTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Non-controlling interest</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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, 2018, China Agriculture owned 8% of the equity interest of Pingtan Fishing, which was not under the Company’s control.</p>
</pme:NonControllingInterestPolicyTextBlock>
<pme:RelatedPartiesPolicyTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Related parties</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 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.  </p>
</pme:RelatedPartiesPolicyTextBlock>
<us-gaap:ComprehensiveIncomePolicyPolicyTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Comprehensive income (loss)</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Comprehensive income (loss) is comprised of net income (loss) 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 income (loss) for the years ended December 31, 2018, 2017 and 2016 included net income (loss) and unrealized loss from foreign currency translation adjustments.</p>
</us-gaap:ComprehensiveIncomePolicyPolicyTextBlock>
<us-gaap:SegmentReportingPolicyPolicyTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><u>Segment information</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p>
</us-gaap:SegmentReportingPolicyPolicyTextBlock>
<us-gaap:CommitmentsAndContingenciesPolicyTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><u>Commitments and contingencies</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company’s management has evaluated all such proceedings and claims that existed as of December 31, 2018 and 2017. 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.</p>
</us-gaap:CommitmentsAndContingenciesPolicyTextBlock>
<us-gaap:ConcentrationRiskCreditRisk contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><u>Concentrations of credit, economic and political risks</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font-size: 7pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-size: 7pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-size: 7pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"><font style="font-size: 7pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p>
</us-gaap:ConcentrationRiskCreditRisk>
<us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Estimated useful life</font></td> <td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 86%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Fishing vessels</font></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 11%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">10 - 20 Years</font></td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Vehicles</font></td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">5 Years</font></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Office and other equipment</font></td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">3 - 5 Years</font></td> <td style="text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock>
<us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1.5pt solid">Year Ended December 31,</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2017</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2016</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Net income (loss) available to owners of the Company for basic and diluted net income (loss) per share of ordinary stock</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">13,397,301</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">29,659,693</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(13,717,623</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Weighted average ordinary stock outstanding - basic and diluted</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">79,055,053</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">79,055,053</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">79,055,053</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Net income (loss) per ordinary share attributable to owners of the Company - basic and diluted</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">0.17</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">0.38</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(0.17</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr> </table>
</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
<us-gaap:FinancingReceivablesTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">NOTE 3 – <u>ACCOUNTS RECEIVABLE</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">At December 31, 2018 and 2017, accounts receivable consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2017</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Accounts receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,307,492</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">13,080,050</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: allowance for doubtful accounts</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(67,379</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,307,492</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">13,012,671</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company reviews the accounts receivable on a periodic basis and makes general and specific allowance when there is doubt as to the collectability of individual balance.</p>
</us-gaap:FinancingReceivablesTextBlock>
<us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2017</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Accounts receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,307,492</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">13,080,050</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: allowance for doubtful accounts</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(67,379</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,307,492</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">13,012,671</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock>
<us-gaap:InventoryDisclosureTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">NOTE 4 – <u>INVENTORIES</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">At December 31, 2018 and 2017, inventories consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2017</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Frozen fish and marine catches in warehouse</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,910,381</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,571,622</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Frozen fish and marine catches in transit</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">343,719</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,988,639</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,254,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,560,261</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: reserve for inventories</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(413,893</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,840,207</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,560,261</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An allowance is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserve for the difference between the cost and the market value. These reserves are recorded based on estimates.</p>
</us-gaap:InventoryDisclosureTextBlock>
<us-gaap:ScheduleOfInventoryCurrentTableTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2017</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Frozen fish and marine catches in warehouse</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,910,381</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,571,622</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Frozen fish and marine catches in transit</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">343,719</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,988,639</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,254,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,560,261</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: reserve for inventories</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(413,893</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,840,207</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,560,261</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfInventoryCurrentTableTextBlock>
<pme:OtherReceivablesTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">NOTE 5 – <u>OTHER RECEIVABLES</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">At December 31, 2018 and 2017, other receivables consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2017</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Security deposit</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">75,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">75,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">623,450</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">198,151</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">698,450</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">273,151</td></tr></table>
</pme:OtherReceivablesTextBlock>
<us-gaap:ScheduleOfFinancingReceivablesNonAccrualStatusTableTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2017</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Security deposit</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">75,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">75,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">623,450</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">198,151</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">698,450</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">273,151</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfFinancingReceivablesNonAccrualStatusTableTextBlock>
<pme:PrepaymentForLongTermAssetsTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 8 – <u>PREPAYMENT FOR LONG-TERM ASSETS</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">At December 31, 2018 and 2017, prepayment for long-term assets consisted of prepayment for fishing vessels’ construction. The Company reclassifies the prepayment for fishing vessels’ construction to construction-in-progress using the percentage of completion method. </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">For the year ended December 31, 2018, a summary of activities in prepayment for long-term assets was as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Prepayment for fishing vessels’ construction</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Balance - December 31, 2017</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,577,057</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Reclassification to construction-in-progress</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,022,090</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Foreign currency fluctuation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(554,967</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">Balance – December 31, 2018</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr></table>
</pme:PrepaymentForLongTermAssetsTextBlock>
<pme:PrepaymentForLongTermAssetsTableTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Prepayment for fishing vessels’ construction</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Balance - December 31, 2017</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,577,057</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Reclassification to construction-in-progress</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,022,090</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Foreign currency fluctuation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(554,967</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">Balance – December 31, 2018</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</pme:PrepaymentForLongTermAssetsTableTextBlock>
<us-gaap:AccountsPayableRelatedPartiesCurrent contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="0"> 1803698 </us-gaap:AccountsPayableRelatedPartiesCurrent>
<us-gaap:AccountsPayableRelatedPartiesCurrent contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 3244843 </us-gaap:AccountsPayableRelatedPartiesCurrent>
<us-gaap:AccountsPayableRelatedPartiesCurrent contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HongFaShippingLimitedMember" unitRef="USD" id="Foot-00-0" decimals="0"> 1231692 </us-gaap:AccountsPayableRelatedPartiesCurrent>
<us-gaap:AccountsPayableRelatedPartiesCurrent contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ZhiyanLinMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:AccountsPayableRelatedPartiesCurrent contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HongLongMember" unitRef="USD" id="Foot-01-0" decimals="0"> 572006 </us-gaap:AccountsPayableRelatedPartiesCurrent>
<us-gaap:AccountsPayableRelatedPartiesCurrent contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HongFaShippingLimitedMember" unitRef="USD" id="Foot-00-1" decimals="0"> 1231692 </us-gaap:AccountsPayableRelatedPartiesCurrent>
<us-gaap:AccountsPayableRelatedPartiesCurrent contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ZhiyanLinMember" unitRef="USD" decimals="0"> 4363 </us-gaap:AccountsPayableRelatedPartiesCurrent>
<us-gaap:AccountsPayableRelatedPartiesCurrent contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HongLongMember" unitRef="USD" id="Foot-01-1" decimals="0"> 2007768 </us-gaap:AccountsPayableRelatedPartiesCurrent>
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<us-gaap:BusinessCombinationConsiderationTransferred1 contextRef="From2015-06-01to2015-06-26_custom_FuzhouHonglongOceanFisheryCoLtdMember" unitRef="USD" decimals="0"> 56200000 </us-gaap:BusinessCombinationConsiderationTransferred1>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 13 – <u>SHAREHOLDERS' EQUITY</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><u>Warrants</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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 were 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 consisted 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 Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">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 Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">The Sponsor Warrants are identical to the Public Warrants except that the Sponsor Warrants are 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 Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">In accordance with U.S. GAAP, the Company accounted for the Warrants as equity instruments.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">The warrants expired on February 26, 2018.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><u>Statutory reserve</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Pingtan Guansheng, Fujian Heyue, Pingtan Fishing, Pingtan Dingxin, Pingtan Duoying and Pingtan Ruiying, which 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 Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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, 2018. The Company made appropriation to statutory reserve for Pingtan Fishing amounted to $1,781,769 by the end of year 2018. </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Pingtan Guansheng, Pingtan Dingxin, Pingtan Duoying, Pingtan Ruiying, Pingtan Ocean, Fuzhou Howcious Management, Fuzhou Howcious Investment, Pingtan Shinsilkroad and Pingtan Yikang 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 Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For the years ended December 31, 2018 and 2017, statutory reserve activities for Pingtan Fishing and Fujian Heyue were as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Pingtan Fishing</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Fujian Heyue</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Balance - December 31, 2016</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,587,645</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">804,182</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">9,391,827</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Addition to statutory reserve</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,586,516</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,586,516</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Balance – December 31, 2017</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,174,161</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">804,182</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,978,343</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">Addition to statutory reserve</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,781,769</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,781,769</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Balance – December 31, 2018</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">13,955,930</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">804,182</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">14,760,112</td></tr></table>
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<pme:ScheduleOfStatutoryReserveActivitiesTableTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Pingtan Fishing</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Fujian Heyue</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Balance - December 31, 2016</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,587,645</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">804,182</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">9,391,827</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Addition to statutory reserve</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,586,516</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,586,516</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Balance – December 31, 2017</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,174,161</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">804,182</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,978,343</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">Addition to statutory reserve</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,781,769</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,781,769</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Balance – December 31, 2018</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">13,955,930</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">804,182</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">14,760,112</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</pme:ScheduleOfStatutoryReserveActivitiesTableTextBlock>
<pme:StatutoryAccountingPracticesAdditionToStatutoryCapitalAndSurplus contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 1781769 </pme:StatutoryAccountingPracticesAdditionToStatutoryCapitalAndSurplus>
<pme:StatutoryAccountingPracticesAdditionToStatutoryCapitalAndSurplus contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="0"> 3586516 </pme:StatutoryAccountingPracticesAdditionToStatutoryCapitalAndSurplus>
<pme:StatutoryAccountingPracticesAdditionToStatutoryCapitalAndSurplus contextRef="From2018-01-01to2018-12-31_custom_PingtanFishingMember" unitRef="USD" decimals="0"> 1781769 </pme:StatutoryAccountingPracticesAdditionToStatutoryCapitalAndSurplus>
<pme:StatutoryAccountingPracticesAdditionToStatutoryCapitalAndSurplus contextRef="From2017-01-01to2017-12-31_custom_PingtanFishingMember" unitRef="USD" decimals="0"> 3586516 </pme:StatutoryAccountingPracticesAdditionToStatutoryCapitalAndSurplus>
<pme:StatutoryAccountingPracticesAdditionToStatutoryCapitalAndSurplus contextRef="From2018-01-01to2018-12-31_custom_FujianHeyueMember" unitRef="USD" xsi:nil="true"/>
<pme:StatutoryAccountingPracticesAdditionToStatutoryCapitalAndSurplus contextRef="From2017-01-01to2017-12-31_custom_FujianHeyueMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_LegalEntityAxis_PingtanFishingMember" unitRef="USD" decimals="0"> 1781769 </us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate>
<srt:ScheduleOfCondensedIncomeStatementTableTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1.5pt solid">For the Year Ended December 31,</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2017</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2016</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Revenue</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; padding-bottom: 1.5pt">Cost of revenue</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">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: 64%; text-align: left; padding-bottom: 1.5pt">General and administrative</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(2,730,666</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(3,147,934</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(2,456,219</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Total operating expenses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,730,666</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,147,934</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,456,219</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loss from operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,730,666</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,147,934</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,456,219</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Other expense</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(174</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,235</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(542</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Loss attributable to parent only</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,730,840</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,149,169</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,456,761</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Equity in income (loss) of subsidiaries</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,543,538</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">35,669,300</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(12,220,550</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Net income (loss)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,812,698</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">32,520,131</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(14,677,311</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: net income (loss) attributable to the non-controlling interest</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,415,397</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,860,438</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(959,688</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">Net income (loss) attributable to owners of the company</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">13,397,301</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">29,659,693</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(13,717,623</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr> </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 12 – <u>ACCRUED LIABILITIES AND OTHER PAYABLES</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">At December 31, 2018 and December 31, 2017, accrued liabilities and other payables consisted of the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2017</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Accrued salaries and related benefits</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,734,177</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,667,352</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued interest due</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">62,243</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,731</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">262,128</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">622,533</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,058,548</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,354,616</td></tr></table>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2017</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Accrued salaries and related benefits</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,734,177</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,667,352</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued interest due</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">62,243</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,731</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">262,128</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">622,533</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,058,548</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,354,616</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
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<us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_ConcentrationRiskByTypeAxis_MajorCustomersMember">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: bottom"><td style="text-align: left"></td><td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1.5pt solid">Year Ended December 31,</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1.5pt solid">Customer</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2017</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2016</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">A</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">33</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">17</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">B</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">C</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">less than 10%</font></td></tr></table>
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<us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: bottom"><td style="text-align: left"></td><td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1.5pt solid">Year Ended December 31,</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1.5pt solid">Supplier</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2017</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2016</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">A</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">76</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">B</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">C (Hong Long, a related party)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">D (Hong Fa Shipping Limited, a related party)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">E (Hai Yi Shipping Limited, a related party)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">F</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">less than 10%</font></td></tr></table>
</us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock>
<us-gaap:ShortTermBorrowings contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="0"> 14600978 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 5085139 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_ShortTermDebtTypeAxis_ChinaDevelopmentBankMember_DebtInstrumentAxis_DueOnMarchEightTwoThousandEighteenMember" unitRef="USD" id="Foot-02-0" decimals="0"> 5000000 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_ShortTermDebtTypeAxis_ChinaDevelopmentBankMember_DebtInstrumentAxis_DueOnAprilTwentyfourTwoThousandEighteenMember" unitRef="USD" id="Foot-02-1" decimals="0"> 3500000 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_DebtInstrumentAxis_DueOnSeptemberThirtyTwoThousandEighteenMember_ShortTermDebtTypeAxis_FujianHaixiaBankMember" unitRef="USD" decimals="0"> 765205 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_DebtInstrumentAxis_DueOnSeptemberFourteenTwoThousandEighteenMember_ShortTermDebtTypeAxis_FujianHaixiaBankMember" unitRef="USD" decimals="0"> 3826023 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_DebtInstrumentAxis_DueOnSeptemberElevenTwoThousandEighteenMember_ShortTermDebtTypeAxis_FujianHaixiaBankMember" unitRef="USD" decimals="0"> 1509750 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00_DebtInstrumentAxis_DueOnSeptemberThirtyTwoThousandEighteenMember_ShortTermDebtTypeAxis_FujianHaixiaBankMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:ShortTermBorrowings contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00_DebtInstrumentAxis_DueOnSeptemberFourteenTwoThousandEighteenMember_ShortTermDebtTypeAxis_FujianHaixiaBankMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:ShortTermBorrowings contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00_ShortTermDebtTypeAxis_ChinaDevelopmentBankMember_DebtInstrumentAxis_DueOnMarchEightTwoThousandEighteenMember" unitRef="USD" id="Foot-02-2" xsi:nil="true"/>
<us-gaap:ShortTermBorrowings contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00_ShortTermDebtTypeAxis_ChinaDevelopmentBankMember_DebtInstrumentAxis_DueOnAprilTwentyfourTwoThousandEighteenMember" unitRef="USD" id="Foot-02-3" xsi:nil="true"/>
<us-gaap:ShortTermBorrowings contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00_DebtInstrumentAxis_DueOnSeptemberElevenTwoThousandEighteenMember_ShortTermDebtTypeAxis_FujianHaixiaBankMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:ShortTermBorrowings contextRef="AsOf2018-12-31_custom_FujianHaixiaBankMember_custom_DueOnNovemberFourteenTwoThousandNineteenMember" unitRef="USD" decimals="0"> 714000 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="AsOf2018-12-31_custom_FujianHaixiaBankMember_custom_DueOnNovemberFourTwoThousandNineteenMember" unitRef="USD" decimals="0"> 4371139 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="AsOf2017-12-31_custom_FujianHaixiaBankMember_custom_DueOnNovemberFourteenTwoThousandNineteenMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:ShortTermBorrowings contextRef="AsOf2017-12-31_custom_FujianHaixiaBankMember_custom_DueOnNovemberFourTwoThousandNineteenMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:LongTermDebt contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="0"> 23185700 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 30816529 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansMember" unitRef="USD" decimals="0"> 14538888 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansOneMember" unitRef="USD" decimals="0"> 8646812 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansTwoMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:LongTermDebt contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansMember" unitRef="USD" decimals="0"> 9470801 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansOneMember" unitRef="USD" decimals="0"> 6920970 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansTwoMember" unitRef="USD" decimals="0"> 14424758 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="AsOf2019-02-28_us-gaap_SubsequentEventMember_custom_BankOfChinaMember" unitRef="USD" decimals="0"> 8700000 </us-gaap:LongTermDebt>
<us-gaap:LongTermDebtCurrent contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="0"> 5968596 </us-gaap:LongTermDebtCurrent>
<us-gaap:LongTermDebtCurrent contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 8487295 </us-gaap:LongTermDebtCurrent>
<us-gaap:LongTermDebtNoncurrent contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="0"> 17217104 </us-gaap:LongTermDebtNoncurrent>
<us-gaap:LongTermDebtNoncurrent contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 22329234 </us-gaap:LongTermDebtNoncurrent>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 8487295 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 6192447 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 3351206 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 3496911 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 4881105 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_ShortTermDebtTypeAxis_ChinaDevelopmentBankMember_DebtInstrumentAxis_DueOnMarchEightTwoThousandEighteenMember" unitRef="pure" decimals="INF"> 0.03721 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_ShortTermDebtTypeAxis_ChinaDevelopmentBankMember_DebtInstrumentAxis_DueOnAprilTwentyfourTwoThousandEighteenMember" unitRef="pure" decimals="INF"> 0.03721 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_DebtInstrumentAxis_DueOnSeptemberThirtyTwoThousandEighteenMember_ShortTermDebtTypeAxis_FujianHaixiaBankMember" unitRef="pure" decimals="INF"> 0.07178 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_DebtInstrumentAxis_DueOnSeptemberFourteenTwoThousandEighteenMember_ShortTermDebtTypeAxis_FujianHaixiaBankMember" unitRef="pure" decimals="INF"> 0.07178 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_DebtInstrumentAxis_DueOnSeptemberElevenTwoThousandEighteenMember_ShortTermDebtTypeAxis_FujianHaixiaBankMember" unitRef="pure" decimals="INF"> 0.02990 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansMember" unitRef="pure" decimals="INF"> 0.04900 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansOneMember" unitRef="pure" decimals="INF"> 0.05145 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansMember" unitRef="pure" decimals="INF"> 0.04900 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansOneMember" unitRef="pure" decimals="INF"> 0.05145 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansTwoMember" unitRef="pure" decimals="INF"> 0.05390 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2018-12-31_custom_FujianHaixiaBankMember_custom_DueOnNovemberFourteenTwoThousandNineteenMember" unitRef="pure" decimals="INF"> 0.042870 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2018-12-31_custom_FujianHaixiaBankMember_custom_DueOnNovemberFourTwoThousandNineteenMember" unitRef="pure" decimals="INF"> 0.069600 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2016-12-31_custom_DueOnSeptemberThirtyTwoThousandEighteenMember_custom_FujianHaixiaBankMember" unitRef="pure" decimals="INF"> 0.07178 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_DebtInstrumentAxis_DueOnSeptemberThirtyTwoThousandEighteenMember_ShortTermDebtTypeAxis_FujianHaixiaBankMember"> 2018-09-30 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansMember"> 2023-01-30 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_DebtInstrumentAxis_DueOnSeptemberFourteenTwoThousandEighteenMember_ShortTermDebtTypeAxis_FujianHaixiaBankMember"> 2018-09-14 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_ShortTermDebtTypeAxis_ChinaDevelopmentBankMember_DebtInstrumentAxis_DueOnMarchEightTwoThousandEighteenMember"> 2018-03-08 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_ShortTermDebtTypeAxis_ChinaDevelopmentBankMember_DebtInstrumentAxis_DueOnAprilTwentyfourTwoThousandEighteenMember"> 2018-04-24 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_DebtInstrumentAxis_DueOnSeptemberElevenTwoThousandEighteenMember_ShortTermDebtTypeAxis_FujianHaixiaBankMember"> 2018-09-11 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansOneMember"> 2023-11-27 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansTwoMember"> 2026-07-30 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="From2018-01-01to2018-12-31_custom_FujianHaixiaBankMember_custom_DueOnNovemberFourteenTwoThousandNineteenMember"> 2019-11-14 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="From2018-01-01to2018-12-31_custom_FujianHaixiaBankMember_custom_DueOnNovemberFourTwoThousandNineteenMember"> 2019-11-04 </us-gaap:DebtInstrumentMaturityDate>
<us-gaap:ShortTermDebtDescription contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_DebtInstrumentAxis_DueOnSeptemberThirtyTwoThousandEighteenMember_ShortTermDebtTypeAxis_FujianHaixiaBankMember"> Collateralized by Pingtan Fishing's 17 fishing vessels. </us-gaap:ShortTermDebtDescription>
<us-gaap:ShortTermDebtDescription contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_DebtInstrumentAxis_DueOnSeptemberFourteenTwoThousandEighteenMember_ShortTermDebtTypeAxis_FujianHaixiaBankMember"> Collateralized by Pingtan Fishing's 17 fishing vessels. </us-gaap:ShortTermDebtDescription>
<us-gaap:ShortTermDebtDescription contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_ShortTermDebtTypeAxis_ChinaDevelopmentBankMember_DebtInstrumentAxis_DueOnMarchEightTwoThousandEighteenMember"> Variable annual interest rate based on LIBOR plus 230 basis points. </us-gaap:ShortTermDebtDescription>
<us-gaap:ShortTermDebtDescription contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_ShortTermDebtTypeAxis_ChinaDevelopmentBankMember_DebtInstrumentAxis_DueOnAprilTwentyfourTwoThousandEighteenMember"> Variable annual interest rate based on LIBOR(1) plus 230 basis points. </us-gaap:ShortTermDebtDescription>
<us-gaap:ShortTermDebtDescription contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_DebtInstrumentAxis_DueOnSeptemberElevenTwoThousandEighteenMember_ShortTermDebtTypeAxis_FujianHaixiaBankMember"> Collateralized by Pingtan Fishing's 17 fishing vessels. </us-gaap:ShortTermDebtDescription>
<us-gaap:ShortTermDebtDescription contextRef="From2018-01-01to2018-12-31_custom_FujianHaixiaBankMember_custom_DueOnNovemberFourteenTwoThousandNineteenMember"> Collateralized by Hong Long’s 5 fishing vessels and 7 real estate properties of Ping Lin and Ying Liu. </us-gaap:ShortTermDebtDescription>
<us-gaap:ShortTermDebtDescription contextRef="From2018-01-01to2018-12-31_custom_FujianHaixiaBankMember_custom_DueOnNovemberFourTwoThousandNineteenMember"> Collateralized by Hong Long’s 5 fishing vessels and 7 real estate properties of Ping Lin and Ying Liu. </us-gaap:ShortTermDebtDescription>
<us-gaap:LongTermDebtDescription contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansMember"> Guaranteed by Xinrong Zhuo and Ping Lin and collateralized by 2 fishing vessels and collateralized by two related parties' investments in equity interest of one PRC local banks. </us-gaap:LongTermDebtDescription>
<us-gaap:LongTermDebtDescription contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansOneMember"> Guaranteed by Xinrong Zhuo, Honghong Zhuo, Mr. and Mrs. Zhiyan Lin and 17 fishing vessels. </us-gaap:LongTermDebtDescription>
<us-gaap:LongTermDebtDescription contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_LongtermDebtTypeAxis_LongTermBankLoansTwoMember"> Guaranteed by Xinrong Zhuo, 11 fishing vessels and 6 Honglong's fishing vessels, real estate of Mingguang Wanhao Property co., LTD., totaled area 22,123.50 </us-gaap:LongTermDebtDescription>
<us-gaap:ShortTermDebtWeightedAverageInterestRate contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="INF"> 0.044 </us-gaap:ShortTermDebtWeightedAverageInterestRate>
<us-gaap:ShortTermDebtWeightedAverageInterestRate contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="pure" decimals="INF"> 0.055 </us-gaap:ShortTermDebtWeightedAverageInterestRate>
<us-gaap:ShortTermDebtWeightedAverageInterestRate contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="INF"> 0.042 </us-gaap:ShortTermDebtWeightedAverageInterestRate>
<us-gaap:LongtermDebtWeightedAverageInterestRate contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="INF"> 0.050 </us-gaap:LongtermDebtWeightedAverageInterestRate>
<us-gaap:LongtermDebtWeightedAverageInterestRate contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="pure" decimals="INF"> 0.052 </us-gaap:LongtermDebtWeightedAverageInterestRate>
<us-gaap:LongtermDebtWeightedAverageInterestRate contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="INF"> 0.067 </us-gaap:LongtermDebtWeightedAverageInterestRate>
<us-gaap:InterestExpenseDebt contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 1800121 </us-gaap:InterestExpenseDebt>
<us-gaap:InterestExpenseDebt contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="0"> 2606822 </us-gaap:InterestExpenseDebt>
<us-gaap:InterestExpenseDebt contextRef="From2016-01-01to2016-12-31" unitRef="USD" decimals="0"> 3011359 </us-gaap:InterestExpenseDebt>
<us-gaap:AccruedSalariesCurrent contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="0"> 4667352 </us-gaap:AccruedSalariesCurrent>
<us-gaap:AccruedSalariesCurrent contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 5734177 </us-gaap:AccruedSalariesCurrent>
<us-gaap:InterestPayableCurrent contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="0"> 64731 </us-gaap:InterestPayableCurrent>
<us-gaap:InterestPayableCurrent contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 62243 </us-gaap:InterestPayableCurrent>
<us-gaap:OtherAccountsPayableAndAccruedLiabilities contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="0"> 622533 </us-gaap:OtherAccountsPayableAndAccruedLiabilities>
<us-gaap:OtherAccountsPayableAndAccruedLiabilities contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 262128 </us-gaap:OtherAccountsPayableAndAccruedLiabilities>
<us-gaap:AccruedLiabilitiesAndOtherLiabilities contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="0"> 5354616 </us-gaap:AccruedLiabilitiesAndOtherLiabilities>
<us-gaap:AccruedLiabilitiesAndOtherLiabilities contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 6058548 </us-gaap:AccruedLiabilitiesAndOtherLiabilities>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_9ME_01_Jan_2017T00_00_00_TO_30_Sep_2017T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_HongFaShippingLimitedMember" unitRef="pure" id="Foot-03-0" xsi:nil="true"/>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_9ME_01_Jan_2017T00_00_00_TO_30_Sep_2017T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaiYiShippingLimitedMember_ConcentrationRiskByTypeAxis_MajorSuppliersMember" unitRef="pure" id="Foot-03-1" xsi:nil="true"/>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_9ME_01_Jan_2017T00_00_00_TO_30_Sep_2017T00_00_00_ConcentrationRiskByTypeAxis_MajorCustomersMember_RelatedPartyTransactionsByRelatedPartyAxis_CustomerMember" unitRef="pure" decimals="INF"> 0.17 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_9ME_01_Jan_2017T00_00_00_TO_30_Sep_2017T00_00_00_ConcentrationRiskByTypeAxis_MajorCustomersMember_RelatedPartyTransactionsByRelatedPartyAxis_CustomerOneMember" unitRef="pure" id="Foot-03-2" xsi:nil="true"/>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_9ME_01_Jan_2017T00_00_00_TO_30_Sep_2017T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_SupplierMember" unitRef="pure" id="Foot-03-3" xsi:nil="true"/>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_9ME_01_Jan_2017T00_00_00_TO_30_Sep_2017T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_SupplierOneMember" unitRef="pure" decimals="INF"> 0.13 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_9ME_01_Jan_2017T00_00_00_TO_30_Sep_2017T00_00_00_ConcentrationRiskByTypeAxis_MajorCustomersMember_RelatedPartyTransactionsByRelatedPartyAxis_CustomerTwoMember" unitRef="pure" decimals="INF"> 0.11 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_9ME_01_Jan_2017T00_00_00_TO_30_Sep_2017T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_SupplierTwoMember" unitRef="pure" decimals="INF"> 0.26 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_9ME_01_Jan_2017T00_00_00_TO_30_Sep_2017T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_SupplierThreeMember" unitRef="pure" decimals="INF"> 0.23 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_AccountsPayableRelatedPartyMember" unitRef="pure" decimals="INF"> 0.10 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ConcentrationRiskByTypeAxis_MajorCustomersMember_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember" unitRef="pure" decimals="INF"> 0.10 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_HongFaShippingLimitedMember" unitRef="pure" id="Foot-03-4" xsi:nil="true"/>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_HaiYiShippingLimitedMember_ConcentrationRiskByTypeAxis_MajorSuppliersMember" unitRef="pure" id="Foot-03-5" xsi:nil="true"/>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_ConcentrationRiskByTypeAxis_MajorCustomersMember_RelatedPartyTransactionsByRelatedPartyAxis_CustomerMember" unitRef="pure" decimals="INF"> 0.33 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_ConcentrationRiskByTypeAxis_MajorCustomersMember_RelatedPartyTransactionsByRelatedPartyAxis_CustomerOneMember" unitRef="pure" decimals="INF"> 0.30 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_SupplierMember" unitRef="pure" decimals="INF"> 0.76 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_SupplierOneMember" unitRef="pure" id="Foot-03-6" xsi:nil="true"/>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_ConcentrationRiskByTypeAxis_MajorCustomersMember_RelatedPartyTransactionsByRelatedPartyAxis_CustomerTwoMember" unitRef="pure" decimals="INF"> 0.23 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_SupplierTwoMember" unitRef="pure" id="Foot-03-7" xsi:nil="true"/>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_SupplierThreeMember" unitRef="pure" id="Foot-03-8" xsi:nil="true"/>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_AccountsPayableRelatedPartyMember" unitRef="pure" decimals="INF"> 0.10 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_ConcentrationRiskByTypeAxis_MajorCustomersMember_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember" unitRef="pure" decimals="INF"> 0.10 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="From2016-01-01to2016-12-31_custom_MajorCustomersMember_custom_CustomerMember" unitRef="pure" id="Foot-03-9" xsi:nil="true"/>
<us-gaap:ConcentrationRiskPercentage1 contextRef="From2016-01-01to2016-12-31_custom_MajorCustomersMember_custom_CustomerOneMember" unitRef="pure" id="Foot-03-10" xsi:nil="true"/>
<us-gaap:ConcentrationRiskPercentage1 contextRef="From2016-01-01to2016-12-31_custom_MajorCustomersMember_custom_CustomerTwoMember" unitRef="pure" id="Foot-03-11" xsi:nil="true"/>
<us-gaap:ConcentrationRiskPercentage1 contextRef="From2016-01-01to2016-12-31_custom_MajorSuppliersMember_custom_SupplierMember" unitRef="pure" id="Foot-03-12" xsi:nil="true"/>
<us-gaap:ConcentrationRiskPercentage1 contextRef="From2016-01-01to2016-12-31_custom_MajorSuppliersMember_custom_SupplierOneMember" unitRef="pure" id="Foot-03-13" xsi:nil="true"/>
<us-gaap:ConcentrationRiskPercentage1 contextRef="From2016-01-01to2016-12-31_custom_MajorSuppliersMember_custom_SupplierTwoMember" unitRef="pure" id="Foot-03-14" xsi:nil="true"/>
<us-gaap:ConcentrationRiskPercentage1 contextRef="From2016-01-01to2016-12-31_custom_MajorSuppliersMember_custom_SupplierThreeMember" unitRef="pure" decimals="INF"> 0.44 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="From2016-01-01to2016-12-31_custom_HaiYiShippingLimitedMember_custom_MajorSuppliersMember" unitRef="pure" decimals="INF"> 0.25 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="From2016-01-01to2016-12-31_custom_MajorSuppliersMember_custom_HongFaShippingLimitedMember" unitRef="pure" decimals="INF"> 0.13 </us-gaap:ConcentrationRiskPercentage1>
<pme:NumberOfCustomer contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ConcentrationRiskByTypeAxis_MajorCustomersMember_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember" unitRef="Customer" decimals="INF"> 2 </pme:NumberOfCustomer>
<pme:NumberOfCustomer contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_ConcentrationRiskByTypeAxis_MajorCustomersMember_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember" unitRef="Customer" decimals="INF"> 3 </pme:NumberOfCustomer>
<pme:NumberOfSuppliers contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_AccountsPayableRelatedPartyMember" unitRef="Supplier" decimals="INF"> 3 </pme:NumberOfSuppliers>
<pme:NumberOfSuppliers contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_AccountsPayableRelatedPartyMember" unitRef="Supplier" decimals="INF"> 1 </pme:NumberOfSuppliers>
<pme:PercentageOfAccountsPayableRelatedParties contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_AccountsPayableRelatedPartyMember" unitRef="pure" decimals="INF"> 0.707 </pme:PercentageOfAccountsPayableRelatedParties>
<pme:PercentageOfAccountsPayableRelatedParties contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ConcentrationRiskByTypeAxis_MajorCustomersMember_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember" unitRef="pure" decimals="INF"> 0.289 </pme:PercentageOfAccountsPayableRelatedParties>
<pme:PercentageOfAccountsPayableRelatedParties contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_ConcentrationRiskByTypeAxis_MajorSuppliersMember_RelatedPartyTransactionsByRelatedPartyAxis_AccountsPayableRelatedPartyMember" unitRef="pure" decimals="INF"> 0.760 </pme:PercentageOfAccountsPayableRelatedParties>
<pme:PercentageOfAccountsPayableRelatedParties contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00_ConcentrationRiskByTypeAxis_MajorCustomersMember_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember" unitRef="pure" decimals="INF"> 0.861 </pme:PercentageOfAccountsPayableRelatedParties>
<pme:AccruedCompensationRelatedParty contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_XinrongZhuoMember" unitRef="USD" decimals="0"> 3328 </pme:AccruedCompensationRelatedParty>
<pme:AccruedCompensationRelatedParty contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ChiefFinancialOfficerMember" unitRef="USD" decimals="0"> 20000 </pme:AccruedCompensationRelatedParty>
<pme:AccruedCompensationRelatedParty contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_XinrongZhuoMember" unitRef="USD" decimals="0"> 3320 </pme:AccruedCompensationRelatedParty>
<pme:AccruedCompensationRelatedParty contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ChiefFinancialOfficerMember" unitRef="USD" decimals="0"> 20000 </pme:AccruedCompensationRelatedParty>
<us-gaap:ForeignCurrencyTransactionsDescription contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00"> Asset and liability accounts at December 31, 2018 and 2017 were translated at 6.8632 RMB to $1.00 and at 6.5342 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 income (loss) for the years ended December 31, 2018, 2017 and 2016 were 6.6174RMB, 6.7518RMB and 6.6423RMB to $1.00, respectively. Cash flows from the Company's operations are calculated based upon the local currencies using the average translation rate. </us-gaap:ForeignCurrencyTransactionsDescription>
<us-gaap:AssetImpairmentCharges contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 9715058 </us-gaap:AssetImpairmentCharges>
<us-gaap:AssetImpairmentCharges contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:AssetImpairmentCharges contextRef="From2016-01-01to2016-12-31" unitRef="USD" xsi:nil="true"/>
<pme:FishingLicensesPolicyTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><u>Fishing licenses</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Each of the Company's fishing vessels requires an approval from Ministry of Agriculture of the People's Republic of China to carry out ocean fishing projects in foreign territories. These approvals are valid for a period from three to twelve months, and are awarded to the Company at no cost. The Company applies for the renewal of the approval prior to expiration to avoid interruptions of fishing vessels' operations. Each of our fishing vessels operating in Indonesian waters requires a fishing license granted by the authority in Indonesia.</p>
</pme:FishingLicensesPolicyTextBlock>
<us-gaap:SaleOfStockDescriptionOfTransaction contextRef="Context_Custom_01_Jun_2011T00_00_00_TO_02_Jun_2011T00_00_00_SubsidiarySaleOfStockAxis_IPOMember"> Each unit consisted 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>
<pme:WorkingCapitalDeficit contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 57615399 </pme:WorkingCapitalDeficit>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Cash</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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, 2018 and 2017, cash balances in the PRC are $1,957,605 and $1,995,465, respectively, and cash balances in Hong Kong are $9,250 and $10,075, 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.</p>
</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<us-gaap:InventoryPolicyTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><u>Inventories</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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 primarily comprised of fuel, freight, depreciation, direct labor, consumables, government levied charges and taxes. Consumables include fishing nets and metal containers used by fishing vessels. The Company’s fishing fleets in Indian waters, the international waters of Atlantic and Pacific Oceans, and the international waters of Indian Ocean 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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. The Company recorded a reserve for inventories in the amount of $413,893 and nil, during the year ended December 31, 2018 and 2017, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p>
</us-gaap:InventoryPolicyTextBlock>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Income taxes</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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 income (loss).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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 income (loss) in the period that includes the enactment date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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, 2018 and 2017, there were no amounts that had been accrued with respect to uncertain tax positions.</p>
</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:DebtInstrumentInterestRateDuringPeriod contextRef="From2019-02-01to2019-02-28_us-gaap_SubsequentEventMember_custom_BankOfChinaMember" unitRef="pure" decimals="INF"> 0.0475 </us-gaap:DebtInstrumentInterestRateDuringPeriod>
<us-gaap:LongTermDebtMaturityDate contextRef="AsOf2019-02-28_us-gaap_SubsequentEventMember_custom_BankOfChinaMember"> 2020-08-28 </us-gaap:LongTermDebtMaturityDate>
<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><u>Recent accounting pronouncements</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-size: 7pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” This guidance supersedes current guidance on revenue recognition in Topic 605, “Revenue Recognition.” In addition, there are disclosure requirements related to the nature, amount, timing, and uncertainty of revenue recognition. In August 2015, the FASB issued ASU No. 2015-14 to defer the effective date of ASU No. 2014-09 for all entities by one year. For public business entities that follow U.S. GAAP, the deferral results in the new revenue standard are being effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted for interim and annual periods beginning after December 15, 2016. The Company applied the new revenue standard beginning January 1, 2018. The Company has analyzed the Company’s revenue from contracts with customers in accordance with the new revenue standard to determine the impact on the Company’s consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-size: 7pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In February 2016, the FASB issued ASU No. 2016-02, “Leases (Subtopic 842).” 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 adopted the new standard on January 1, 2019 and use the effective date as the date of initial application. The Company continues to finalize its calculation, including the discount rate assumptions, related to ASU 2016-02. The Company is also continuing to establish new processes and internal controls that will be required to comply with the new lease accounting and disclosure requirements set by ASU 2016-2. The Company expect the impact of the standard adoption to increase its assets and liabilities within its consolidated balance sheet. These increases will result from the recognition of its existing right-of-use and liabilities required by ASU 2016-02.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments”, which will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The guidance replaces the incurred loss impairment methodology with an expected credit loss model for which a company recognizes an allowance based on the estimate of expected credit loss. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments”. ASU 2016-15 provides guidance for targeted changes with respect to how cash receipts and cash payments are classified in the statements of cash flows, with the objective of reducing diversity in practice. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company does not expect the adoption to have a material impact on its consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”), which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this ASU do not provide a definition of restricted cash or restricted cash equivalents. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company does not expect the adoption to have a material impact on its consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, 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 Company does not expect the adoption to have a material impact on its consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-size: 7pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In January 2017, the FASB issued ASU 2017-04, “Intangibles—Goodwill and Other (Topic 350): simplifying the test for goodwill impairment”, the guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not the difference between the fair value and carrying amount of good will which was the step 2 test before. The ASU should be adopted on a prospective basis for the annual or any interim goodwill impairment tests beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.</p>
</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
<us-gaap:CostMethodInvestmentsDescriptionTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">NOTE 6 – <u>COST METHOD INVESTMENT</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">At December 31, 2018 and 2017, cost method investment amounted to $3,059,797 and $3,213,859, 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 $3.2 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, 2018 and 2017.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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. In accordance with ASU 2016-01, an entity may choose to measure equity investments that do not have readily determinable fair value at cost minus impairment. 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, 2018 and December 31, 2017.</p>
</us-gaap:CostMethodInvestmentsDescriptionTextBlock>
<us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; border-bottom: Black 1.5pt solid">Useful life</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2017</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Fishing vessels</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">10 - 20 Years</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">203,057,291</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">164,748,753</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Vehicles</td><td> </td> <td style="text-align: center">5 Years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,186</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: rgb(204,238,255)"> <td style="text-align: left">Office and other equipment</td><td> </td> <td style="text-align: center">3 – 5 Years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">423,259</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">453,927</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Construction-in-progress</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">-</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">31,044,006</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">234,546,742</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">165,202,680</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">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(34,975,317</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(30,160,213</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: center; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">199,571,425</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">135,042,467</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:PropertyPlantAndEquipmentTextBlock>
<us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="margin: 0pt"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left">Due in twelve-month periods ending December 31,</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Principal</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">2019</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,487,295</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,192,447</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,351,206</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,496,911</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,881,105</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; text-align: left">Thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,407,565</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">30,816,529</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: current portion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(8,487,295</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Long-term liability</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">22,329,234</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="margin: 0pt"></p>
</us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive contextRef="Context_As_Of_30_Sep_2018T00_00_00_TO_30_Sep_2018T00_00_00" unitRef="USD" decimals="0"> 4407565 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive>
<srt:ScheduleOfCondensedBalanceSheetTableTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2017</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 colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt">Cash</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: 76%; text-align: left; padding-left: 9pt">Other receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">75,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">75,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Investments in subsidiaries at equity</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">148,817,497</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">143,479,989</td><td style="padding-bottom: 1.5pt; text-align: left"> </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="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">148,892,497</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">143,554,989</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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: 9pt">Property, plant and equipment</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">19,716,406</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">21,038,175</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Total assets</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">168,608,903</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">164,593,164</td><td style="padding-bottom: 4pt; text-align: left"> </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: rgb(204,238,255)"> <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: 9pt">Due to related parties</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,049,793</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,088,008</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Total liabilities</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">17,049,793</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">17,088,008</td><td style="padding-bottom: 4pt; text-align: left"> </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: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">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, 2018 and 2017)</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: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Additional paid-in capital</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">81,682,599</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">81,682,599</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Retained earnings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,353,181</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">53,327,532</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Accumulated other comprehensive loss</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,448,047</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,731,889</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Total equity attributable to owners of the company</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">132,666,788</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">129,357,297</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Non-controlling interest</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,892,322</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,147,859</td><td style="padding-bottom: 1.5pt; text-align: left"> </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="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">151,559,110</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">147,505,156</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Total liabilities and equity</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">168,608,903</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">164,593,164</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</srt:ScheduleOfCondensedBalanceSheetTableTextBlock>
<us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 1 – <u>DESCRIPTION OF BUSINESS AND ORGANIZATION</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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”.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Details of the Company’s subsidiaries which are included in these consolidated financial statements as of December 31, 2018 are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 31%; border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Name of subsidiaries</font></td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td> <td style="width: 22%; border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Place and </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">date of</font><br /> <font style="font: 10pt Times New Roman, Times, Serif">incorporation</font></td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td> <td style="width: 22%; border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Percentage of</font><br /> <font style="font: 10pt Times New Roman, Times, Serif">ownership</font></td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td> <td style="width: 22%; border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Principal activities</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Merchant Supreme Co., Ltd. </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(Merchant Supreme”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">BVI, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">June 25, 2012</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by PME </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Intermediate holding company</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Prime Cheer Corporation Ltd. </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Prime Cheer”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Hong Kong, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">May 3, 2012</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by Merchant Supreme</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Intermediate holding company</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Pingtan Guansheng Ocean Fishing Co., Ltd. </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Pingtan Guansheng”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">PRC, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">October 12, 2012</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by Prime Cheer</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Intermediate holding company</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Fujian Heyue Marine Fishing Development Co., Ltd. </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Fujian Heyue”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">PRC, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">January 27, 2015</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by Pingtan Guansheng </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Intermediate holding company </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Fujian Provincial Pingtan County Fishing Group Co., Ltd. </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Pingtan Fishing”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">PRC, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">February 27, 1998</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">92% held by Fujian Heyue </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Oceanic fishing </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Pingtan Dingxin Fishing Information Consulting Co., Ltd. </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Pingtan Dingxin”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">PRC, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">October 23, 2012 </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by Pingtan Fishing </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Dormant </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Pingtan Duoying Fishing Information Consulting Co., Ltd. </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Pingtan Duoying”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">PRC, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">October 23, 2012 </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by Pingtan Fishing </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Dormant </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> Pingtan Ruiying Fishing Information Consulting Co., Ltd. </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Pingtan Ruiying”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">PRC, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">October 23, 2012 </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by Pingtan Fishing </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Dormant </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Pingtan Yikang Global Fishery Co.,Ltd. </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Yikang Fishery”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">PRC, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">September 14, 2017</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by Pingtan Fishing </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Dormant </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Pingtan Shinsilkroad Fishery Co., Ltd. </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Shinsilkroad Fishery”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">PRC, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">September 14, 2017</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by Pingtan Fishing </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Dormant </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Fuzhou Howcious Investment Co., Ltd </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Howcious Investment”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">PRC, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">September 5, 2017</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by Pingtan Fishing </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Dormant </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Fuzhou Howcious Restaurant Management Co., Ltd </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Howcious Management”)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">PRC, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">August 16, 2017</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by Pingtan Fishing </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Dormant </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Pingtan Ocean Fishery Co., Ltd </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">(“Ocean Fishery “)</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">PRC, </font><br /> <font style="font: 10pt Times New Roman, Times, Serif">July 21, 2017</font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">100% held by Pingtan Fishing </font></td> <td style="text-align: left"> </td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Dormant </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 5pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fujian Heyue, through its PRC subsidiary, Pingtan Fishing, engages in ocean fishing with its owned and controlled vessels within the Indian Exclusive Economic Zone, the international waters of Atlantic and Pacific Oceans, the international waters of Indian Ocean and Arafura Sea of Indonesia.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 5pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company had a working capital deficit of $57,615,399 as of December 31, 2018. In order to mitigate its liquidity risk, the Company plans to rely on the proceeds from loans from banks and/or financial institutions to increase working capital in order to meet capital demands. In addition, Mr. Zhuo, the Chief Executive Officer and Chairman of the Board, will continue to provide financial support to the Company when necessary.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 5pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 into account operations in Indian waters and international waters and consideration of opportunities in new fishing territories, shows that the Company has adequate resources to continue in operational existence for the foreseeable future.</p>
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<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 15 – <u>COMMITMENTS AND CONTINGENCIES</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Severance payments</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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, 2018 and 2017, which have not been reflected in its consolidated financial statements. </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Contingencies</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 23, 2017, a purported securities class action complaint, Zheng v. Pingtan Marine Enterprise Ltd., Xinrong Zhuo and Roy Yu, was filed in the U.S. District Court for the Eastern District of New York alleging violations of Section 10(b), and Rule 10b-5 thereunder, and Section 20(a) of the Securities Exchange Act of 1934 (the “Complaint”). The Complaint alleges that the Company and the executive officers made materially false and misleading statements in filings with the SEC regarding the Company’s business operations. The Complaint was brought on behalf of a putative class of persons who purchased or otherwise acquired Pingtan securities between August 8, 2016 and May 10, 2017 and seeks an unspecified amount of compensatory damages. An amended complaint, which expands the putative class period to March 9, 2016 through May 10, 2017, was filed on May 29, 2018 (the “Amended Complaint”). The Company has moved to dismiss the Amended Complaint, and are currently waiting for the court to issue a decision on the motion. To the extent the case survives the motion to dismiss, the Company is unable to state whether the likelihood of an unfavorable outcome of the dispute is probable or remote. Management is also unable to provide an estimate of the range or amount of potential loss (if the outcome should be unfavorable). Management intends to contest the case vigorously.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Operating lease</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">See note 10 for related party operating lease commitment.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Rental payment and related administrative service charge</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">See note 10 for related party rental and related administrative service agreement commitment.</font></p>
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<srt:ScheduleOfCondensedCashFlowStatementTableTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: bottom"><td style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1.5pt solid">For the Year Ended December 31,</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2017</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2016</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">CASH FLOWS FROM OPERATING ACTIVITES</td><td> </td> <td colspan="2" style="text-align: left"> </td><td> </td><td> </td> <td colspan="2" style="text-align: left"> </td><td> </td><td> </td> <td colspan="2" style="text-align: left"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; text-indent: -10pt; padding-left: 0.25in">Net income (loss)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">14,812,698</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">32,520,131</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(14,677,311</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 18pt">Adjustments to reconcile net income(loss) 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: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 27pt">Equity in (income) loss of subsidiaries</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17,543,538</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(35,669,300</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,220,550</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: 18pt">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: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 27pt">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">-</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: 27pt">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">-</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: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 27pt">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">-</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; text-indent: -10pt; padding-left: 27pt">Due to related parties</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(20,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,163,743</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">NET CASH USED IN OPERATING ACTIVITIES</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,750,840</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,985,426</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,436,761</td><td style="padding-bottom: 1.5pt; text-align: left">)</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: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 27pt">Investment payments to subsidiaries</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(114,036</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">NET CASH USED IN INVESTING ACTIVITIES</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(114,036</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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: 27pt">Cash acquired from subsidiaries</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,140,707</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(691,947</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">614,800</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 27pt">Advances from related parties</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">5,063,620</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: 27pt">Return to related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(18,215</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,702,826</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: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 27pt">Payments made for dividend</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,371,652</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,162,203</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,162,202</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">NET CASH PROVIDED BY FINANCING ACTIVITIES</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,750,840</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,848,676</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,516,218</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(136,750</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(34,579</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; text-indent: -10pt; padding-left: 10pt">CASH - beginning of year</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">136,750</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">171,329</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">CASH - end of year</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">136,750</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr></table>
</srt:ScheduleOfCondensedCashFlowStatementTableTextBlock>
<us-gaap:CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTE 16 – <u>CONDENSED PARENT COMPANY FINANCIAL INFORMATION</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. Refer to the consolidated financial statements and notes presented above for additional information and disclosures with respect to these financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PINGTAN MARINE ENTERPRISE LTD.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Condensed Parent Company Balance Sheets</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">  </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">December 31,</font><br /> <font style="font-size: 10pt">2018</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">December 31,</font><br /> <font style="font-size: 10pt">2017</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font-size: 10pt">ASSETS</font></td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 10pt">Current assets:</font></td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Cash</font></td> <td> </td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td> <td> </td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 78%; padding-left: 9pt"><font style="font-size: 10pt">Other receivable</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">75,000</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">75,000</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 9pt"><font style="font-size: 10pt">Investments in subsidiaries at equity</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">148,817,497</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">143,479,989</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Total current assets</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">148,892,497</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">143,554,989</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Other assets:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 9pt"><font style="font-size: 10pt">Property, plant and equipment</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">19,716,406</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">21,038,175</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 4pt"><font style="font-size: 10pt">Total assets</font></td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: black 4.5pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-size: 10pt">168,608,903</font></td> <td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: black 4.5pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-size: 10pt">164,593,164</font></td> <td style="padding-bottom: 4pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"><font style="font-size: 10pt">LIABILITIES AND EQUITY</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Current liabilities:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 9pt"><font style="font-size: 10pt">Due to related parties</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">17,049,793</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">17,088,008</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 4pt"><font style="font-size: 10pt">Total liabilities</font></td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: black 4.5pt double"> </td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-size: 10pt">17,049,793</font></td> <td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: black 4.5pt double"> </td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-size: 10pt">17,088,008</font></td> <td style="padding-bottom: 4pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Shareholders’ equity:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Equity attributable to owners of the company:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 10pt">Ordinary shares ($0.001 par value; 225,000,000 shares authorized; 79,055,053 shares issued and outstanding at December 31, 2018 and 2017)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">79,055</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">79,055</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Additional paid-in capital</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">81,682,599</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">81,682,599</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Retained earnings</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">64,353,181</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">53,327,532</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 9pt"><font style="font-size: 10pt">Accumulated other comprehensive loss</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(13,448,047</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5,731,889</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Total equity attributable to owners of the company</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">132,666,788</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">129,357,297</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 9pt"><font style="font-size: 10pt">Non-controlling interest</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">18,892,322</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">18,147,859</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Total shareholders’ equity</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">151,559,110</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">147,505,156</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 4pt"><font style="font-size: 10pt">Total liabilities and equity</font></td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: black 4.5pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-size: 10pt">168,608,903</font></td> <td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: black 4.5pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-size: 10pt">164,593,164</font></td> <td style="padding-bottom: 4pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PINGTAN MARINE ENTERPRISE LTD.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Condensed Parent Company Statements of Operations</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">For the Year Ended December 31,</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2018</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2017</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2016</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Revenue</font></td> <td> </td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td> <td> </td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td> <td> </td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Cost of revenue</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Operating expenses:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 67%; padding-bottom: 1.5pt"><font style="font-size: 10pt">General and administrative</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid"> </td> <td style="width: 8%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(2,730,666</font></td> <td style="width: 1%; padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid"> </td> <td style="width: 8%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(3,147,934</font></td> <td style="width: 1%; padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid"> </td> <td style="width: 8%; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(2,456,219</font></td> <td style="width: 1%; padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Total operating expenses</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(2,730,666</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(3,147,934</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(2,456,219</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Loss from operations</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">(2,730,666</font></td> <td><font style="font-size: 10pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">(3,147,934</font></td> <td><font style="font-size: 10pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">(2,456,219</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Other expense</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(174</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,235</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(542</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Loss attributable to parent only</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">(2,730,840</font></td> <td><font style="font-size: 10pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">(3,149,169</font></td> <td><font style="font-size: 10pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">(2,456,761</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Equity in income (loss) of subsidiaries</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">17,543,538</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">35,669,300</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(12,220,550</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Net income (loss)</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">14,812,698</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">32,520,131</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(14,677,311</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less: net income (loss) attributable to the non-controlling interest</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,415,397</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">2,860,438</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(959,688</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 4pt"><font style="font-size: 10pt">Net income (loss) attributable to owners of the company</font></td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: black 4.5pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-size: 10pt">13,397,301</font></td> <td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: black 4.5pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-size: 10pt">29,659,693</font></td> <td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: black 4.5pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-size: 10pt">(13,717,623</font></td> <td style="padding-bottom: 4pt"><font style="font-size: 10pt">)</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PINGTAN MARINE ENTERPRISE LTD.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Condensed Parent Company Statements of Cash Flows</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">For the Year Ended December 31,</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2018</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2017</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2016</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 10pt">CASH FLOWS FROM OPERATING ACTIVITES</font></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: 67%; padding-left: 0.25in; text-indent: -10pt"><font style="font-size: 10pt">Net income (loss)</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">14,812,698</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">32,520,131</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">(14,677,311</font></td> <td style="width: 1%"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.25in; text-indent: -10pt"><font style="font-size: 10pt">Adjustments to reconcile net income(loss) to net cash used in operating activities:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 27pt; text-indent: -10pt"><font style="font-size: 10pt">Equity in (income) loss of subsidiaries</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">(17,543,538</font></td> <td><font style="font-size: 10pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">(35,669,300</font></td> <td><font style="font-size: 10pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">12,220,550</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.25in; text-indent: -10pt"><font style="font-size: 10pt">Changes in assets and liabilities:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 27pt; text-indent: -10pt"><font style="font-size: 10pt">Prepaid expenses</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 27pt; text-indent: -10pt"><font style="font-size: 10pt">Other receivable</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 27pt; text-indent: -10pt"><font style="font-size: 10pt">Accrued liabilities and other payables</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 27pt; text-indent: -10pt"><font style="font-size: 10pt">Due to related parties</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(20,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,163,743</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">20,000</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">NET CASH USED IN OPERATING ACTIVITIES</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(2,750,840</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,985,426</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(2,436,761</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">CASH FLOWS FROM INVESTING ACTIVITIES</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 27pt; text-indent: -10pt"><font style="font-size: 10pt">Investment payments to subsidiaries</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(114,036</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">NET CASH USED IN INVESTING ACTIVITIES</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(114,036</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">CASH FLOWS FROM FINANCING ACTIVITIES</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 27pt; text-indent: -10pt"><font style="font-size: 10pt">Cash acquired from subsidiaries</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">5,140,707</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">(691,947</font></td> <td><font style="font-size: 10pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">614,800</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 27pt; text-indent: -10pt"><font style="font-size: 10pt">Advances from related parties</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">5,063,620</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 27pt; text-indent: -10pt"><font style="font-size: 10pt">Return to related parties</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">(18,215</font></td> <td><font style="font-size: 10pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">5,702,826</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 27pt; text-indent: -10pt"><font style="font-size: 10pt">Payments made for dividend</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(2,371,652</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(3,162,203</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(3,162,202</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">NET CASH PROVIDED BY FINANCING ACTIVITIES</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">2,750,840</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,848,676</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">2,516,218</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">NET (DECREASE) INCREASE IN CASH</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">(136,750</font></td> <td><font style="font-size: 10pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 10pt">(34,579</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">CASH - beginning of year</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">136,750</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">171,329</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 4pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">CASH - end of year</font></td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: black 4.5pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: black 4.5pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: black 4.5pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-size: 10pt">136,750</font></td> <td style="padding-bottom: 4pt"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to the Condensed Parent Company Financial Statements</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Note 1. Basis of Preparation</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Note 2. Investments in Subsidiaries</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company and its subsidiaries 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 were reported using the equity method of accounting. The Company’s share of income and losses from its subsidiaries were reported as equity in earnings of subsidiaries in the accompanying parent company financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Note 3. Retained Earnings</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 in PRC of $14,760,112 and $12,978,343 as of December 31, 2018 and 2017, respectively.</p>
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<pme:WarrantsExpirationDate contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00"> 2018-02-26 </pme:WarrantsExpirationDate>
<us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><u>Foreign currency translation</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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, 2018, 2017 and 2016 was $(899,256), $(962,492) and $(633,607), 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Asset and liability accounts at December 31, 2018 and 2017 were translated at 6.8632 RMB to $1.00 and at 6.5342 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 income (loss) for the years ended December 31, 2018, 2017 and 2016 were 6.6174RMB, 6.7518RMB and 6.6423RMB to $1.00, respectively. Cash flows from the Company’s operations are calculated based upon the local currencies using the average translation rate.</p>
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<us-gaap:EarningsPerSharePolicyTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Earnings per share</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASC Topic 260 “Earnings per Share,” requires presentation of both basic and diluted earnings 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">   </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic net income (loss) per share are computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) 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 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 income (loss) per share:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1.5pt solid">Year Ended December 31,</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2017</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2016</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Net income (loss) available to owners of the Company for basic and diluted net income (loss) per share of ordinary stock</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">13,397,301</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">29,659,693</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(13,717,623</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Weighted average ordinary stock outstanding - basic and diluted</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">79,055,053</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">79,055,053</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">79,055,053</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Net income (loss) per ordinary share attributable to owners of the Company - basic and diluted</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">0.17</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">0.38</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(0.17</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended December 31, 2018, 2017 and 2016, warrants to purchase 8,966,667 ordinary shares have not been included in the calculation of diluted earnings per share in order to avoid any anti-dilutive effect. The warrants expired on February 26, 2018.</p>
</us-gaap:EarningsPerSharePolicyTextBlock>
<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 10 – <u>RELATED PARTIES TRANSACTIONS</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Accounts payable - related parties</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">At December 31, 2018 and 2017, accounts payable - related parties consisted of the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1.5pt solid">Name of related party</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2017</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Hong Fa Shipping Limited (1)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,231,692</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,231,692</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Hong Long (2)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,007,768</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">572,006</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Zhiyan Lin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,363</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Ping Lin</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,020</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,244,843</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,803,698</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0.25in; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">(1)</font></td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">An entity controlled by the Company’s CEO.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">(2)</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Hong Long is an affiliate company majority owned by an immediate family member of the Company’s CEO.</font></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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 Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"><u>Due to related parties</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">At December 31, 2018 and 2017, the due to related parties amount consisted of the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2017</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Accrued compensation for Roy Yu, Chief Financial Officer</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">20,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">20,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued compensation for Xinrong Zhuo</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,320</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,328</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Advance from Xinrong Zhuo, Chief Executive Officer</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,432,987</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,325,365</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Due to related party-Hai Yi</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">38,208</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Due to related party-Honglong</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,098,970</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">19,555,277</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,386,901</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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 Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">Due to related party- Hai Yi is rent due to Hai Yi Shipping Limited.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Due to related party - Hong Long is short-term in nature, non-interest bearing, unsecured and payable on demand.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"><u>Operating lease</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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, the annual rent is RMB 84,000 (approximately $12,700) and the renewed Office Lease expires on July 31, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">For the years ended December 31, 2018, 2017 and 2016, rent expense related to the Office Lease amounted $12,694, $12,441 and $12,646, respectively. Future minimum rental payment required under the Office Lease is as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1.5pt solid">Year Ending December 31:</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Amount</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; padding-bottom: 4pt">2019</td><td style="width: 1%; padding-bottom: 4pt"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">7,405</td><td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"><u>Rental and related administrative service agreement</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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, the monthly payments are HK$298,500 (approximately $38,000) and the Service Agreement expired on December 31, 2017. On January 1, 2018, the Services Agreement was renewed to February 28, 2018 under the same conditions. On March 1, 2018, the Company entered into a lease agreement directly with the landlord under the same conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">For the years ended December 31, 2018, 2017 and 2016, rent expense and corresponding administrative service charge related to the Service Agreement amounted to $457,063, $459,392 and $461,899, respectively. Future minimum rental and related administrative service charge payment required under the Service Agreement is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1.5pt solid">Year ending December 31:</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Amount</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; padding-bottom: 4pt">2019</td><td style="width: 1%; padding-bottom: 4pt"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">457,000</td><td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Purchases from related parties</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the years ended December 31, 2018, 2017 and 2016, purchases from related parties were as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1.5pt solid">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 colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2017</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2016</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td>Purchase of fuel, fishing nets and other on-board consumables</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: rgb(204,238,255)"> <td style="width: 64%; text-align: left; padding-left: 9pt">from Hong Fa Shipping Limited</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,560,972</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">15,636,809</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">from Hai Yi Shipping Ltd.</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">2,246,251</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,853,657</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">from Haifeng Dafu Enterprise Co., Ltd.</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">941,778</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">from PT. Avona Mina Lestari</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">841,288</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: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">from Fuzhou Honglong Ocean Fishery Co., Ltd.</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,046,821</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,820,539</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,046,821</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,469,050</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">25,432,244</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Purchase of leasing</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; padding-bottom: 1.5pt; padding-left: 9pt">From Ping Lin</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,694</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,441</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,646</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,694</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,441</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,646</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Purchase of vessel maintenance service</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: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">From Huna Lin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48,388</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; padding-left: 9pt">from Fuzhou Honglong Ocean Fishery Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,084</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: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">from PT. Avona Mina Lestari</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,450</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">674,360</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">119,472</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,450</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">674,360</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Purchase of transportation service</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; padding-left: 9pt">from Fuzhou Honglong Ocean Fishery Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">465,863</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">819,956</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,622</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">from Hong Fa Shipping Limited</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">280,168</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">465,863</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,100,124</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">39,622</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On March 28, 2017, the Company entered into a master agreement with Fuzhou Honglong Ocean Fishery Co., Ltd, (“Hong Long”) for the acquisition of 5 vessels with total consideration of approximately $38.5 million representing the fair market value on the date of acquisition. Based on Accounting Standards Codification (“ASC”) 805-50, the Company recorded the value of approximately $9.4 million as the cost of the 5 vessels which was the net book value of the 5 vessels in Hong Long’s book at the date of transfer. The balance of approximately $29.1 million above cost was treated as a return of capital in the equity accounts and was recorded as a reduction in additional paid-in capital.</font></p>
</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
<pme:ScheduleOfPurchasesFromRelatedPartiesTableTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1.5pt solid">Year Ended December 31,</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2017</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2016</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td>Purchase of fuel, fishing nets and other on-board consumables</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; padding-left: 9pt">from Hong Fa Shipping Limited</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,560,972</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">15,636,809</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">from Hai Yi Shipping Ltd.</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">2,246,251</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,853,657</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">from Haifeng Dafu Enterprise Co., Ltd.</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">941,778</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">from PT. Avona Mina Lestari</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">841,288</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: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">from Fuzhou Honglong Ocean Fishery Co., Ltd.</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,046,821</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,820,539</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,046,821</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,469,050</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">25,432,244</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Purchase of leasing</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; padding-bottom: 1.5pt; padding-left: 9pt">From Ping Lin</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,694</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,441</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,646</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,694</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,441</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,646</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Purchase of vessel maintenance service</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: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">From Huna Lin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48,388</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; padding-left: 9pt">from Fuzhou Honglong Ocean Fishery Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,084</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: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">from PT. Avona Mina Lestari</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,450</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">674,360</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">119,472</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,450</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">674,360</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Purchase of transportation service</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; padding-left: 9pt">from Fuzhou Honglong Ocean Fishery Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">465,863</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">819,956</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,622</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">from Hong Fa Shipping Limited</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">280,168</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">465,863</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,100,124</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">39,622</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table>
</pme:ScheduleOfPurchasesFromRelatedPartiesTableTextBlock>
<us-gaap:DebtDisclosureTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 11 – <u>BANK LOANS</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><u>Short-term bank loans</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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, 2018 and December 31, 2017, short-term bank loans consisted of the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2017</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Loan from Fujian Haixia Bank, due on September 14, 2018 with annual interest rate of 7.178% at December 31, 2017, collateralized by Pingtan Fishing’s 17 fishing vessels</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,826,023</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Loan from Fujian Haixia Bank, due on September 30, 2018 with annual interest rate of 7.178% at December 31, 2017 and December 31, 2016, collateralized by Pingtan Fishing’s 17 fishing vessels</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">765,205</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Loan from China Development Bank, due on March 8, 2018 with variable annual interest rate based on LIBOR<sup>(1)</sup> plus 230 basis points (3.721% at December 31, 2017), secured by the Company’s restricted cash which is a deposit with the lender of approximately $1 million (RMB 6.5 million) and collateralized by 7 vessels</font></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">5,000,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Loan from China Development Bank, due on April 24, 2018 with variable annual interest rate based on LIBOR<sup>(1)</sup> plus 230 basis points (3.721% at December 31, 2017), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.7 million (RMB 4.6 million) and collateralized by 4 vessels</font></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">3,500,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Loan from Fujian Haixia Bank, due on September 11, 2018 with annual interest rate of 2.990% at December 31, 2017, collateralized by Pingtan Fishing’s 17 fishing vessels</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">1,509,750</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </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: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Loan from Fujian Haixia Bank, due on November 14, 2019 with annual interest rate of 4.2870% at December 31, 2018, collateralized by Hong Long’s 5 fishing vessels and 7 real estate properties of Ping Lin and Ying Liu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">714,000</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: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Loan from Fujian Haixia Bank, due on November 4, 2019 with annual interest rate of 6.9600% at December 31, 2018, collateralized by Hong Long’s 5 fishing vessels and 7 real estate properties of Ping Lin and Ying Liu, the debt ratio of borrower should not be higher than or equal to 100%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,371,139</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,085,139</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">14,600,978</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">(1)</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Represents six-month LIBOR rate on the loan commencement date.</font></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Long-term bank loans</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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, 2018 and December 31, 2017, long-term bank loans consisted of the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2017</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify; text-indent: -10pt; padding-left: 10pt">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, 2018 and December 31, 2017, guaranteed by Xinrong Zhuo and Ping Lin and collateralized by 2 fishing vessels and collateralized by two related parties’ investments in equity interest of one PRC local banks.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">9,470,801</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">14,538,888</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Loan from China Development Bank, due on various dates until November 27, 2023 with annual interest rate of 5.145% at December 31, 2018 and December 31, 2017, guaranteed by Xinrong Zhuo, Honghong Zhuo, Mr. and Mrs. Zhiyan Lin and 17 fishing vessels, the debt ratio of borrower should not be higher than 80%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,920,970</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,646,812</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Loan from China Development Bank, due on various dates until July 30, 2026 with annual interest rate of 5.390% at December 31, 2018, guaranteed by Xinrong Zhuo, 11 fishing vessels and 6 Honglong’s fishing vessels, real estate of Mingguang Wanhao Property co., LTD., totaled area 22,123.50㎡, the debt ratio of borrower should not be higher than 80%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,424,758</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Total long-term bank loans</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">30,816,529</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">23,185,700</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: current portion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(8,487,295</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,968,596</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Long-term bank loans, non-current portion</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">22,329,234</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">17,217,104</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">The future maturities of long-term bank loans are as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left">Due in twelve-month periods ending December 31,</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Principal</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">2019</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,487,295</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,192,447</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,351,206</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,496,911</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,881,105</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; text-align: left">Thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,407,565</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">30,816,529</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: current portion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(8,487,295</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Long-term liability</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">22,329,234</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The weighted average interest rate for short-term bank loans was approximately 5.5%, 4.4% and 4.2% for the years ended December 31, 2018, 2017 and 2016, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The weighted average interest rate for long-term bank loans was approximately 5.2%, 5.0% and 6.7% for the years ended December 31, 2018, 2017 and 2016, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For the years ended December 31, 2018, 2017 and 2016, interest expense related to bank loans amounted to $1,800,121, $2,606,822 and $3,011,359, respectively, of which, $387,220, $203,609 and $1,039,092 was capitalized to construction-in-progress, respectively.</font></p>
</us-gaap:DebtDisclosureTextBlock>
<us-gaap:ScheduleOfShortTermDebtTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2017</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Loan from Fujian Haixia Bank, due on September 14, 2018 with annual interest rate of 7.178% at December 31, 2017, collateralized by Pingtan Fishing’s 17 fishing vessels</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,826,023</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Loan from Fujian Haixia Bank, due on September 30, 2018 with annual interest rate of 7.178% at December 31, 2017 and December 31, 2016, collateralized by Pingtan Fishing’s 17 fishing vessels</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">765,205</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Loan from China Development Bank, due on March 8, 2018 with variable annual interest rate based on LIBOR<sup>(1)</sup> plus 230 basis points (3.721% at December 31, 2017), secured by the Company’s restricted cash which is a deposit with the lender of approximately $1 million (RMB 6.5 million) and collateralized by 7 vessels</font></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">5,000,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Loan from China Development Bank, due on April 24, 2018 with variable annual interest rate based on LIBOR<sup>(1)</sup> plus 230 basis points (3.721% at December 31, 2017), secured by the Company’s restricted cash which is a deposit with the lender of approximately $0.7 million (RMB 4.6 million) and collateralized by 4 vessels</font></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">3,500,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Loan from Fujian Haixia Bank, due on September 11, 2018 with annual interest rate of 2.990% at December 31, 2017, collateralized by Pingtan Fishing’s 17 fishing vessels</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">1,509,750</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </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: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Loan from Fujian Haixia Bank, due on November 14, 2019 with annual interest rate of 4.2870% at December 31, 2018, collateralized by Hong Long’s 5 fishing vessels and 7 real estate properties of Ping Lin and Ying Liu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">714,000</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: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Loan from Fujian Haixia Bank, due on November 4, 2019 with annual interest rate of 6.9600% at December 31, 2018, collateralized by Hong Long’s 5 fishing vessels and 7 real estate properties of Ping Lin and Ying Liu, the debt ratio of borrower should not be higher than or equal to 100%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,371,139</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,085,139</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">14,600,978</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">(1)</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Represents six-month LIBOR rate on the loan commencement date.</font></td></tr></table>
</us-gaap:ScheduleOfShortTermDebtTextBlock>
<us-gaap:ScheduleOfDebtInstrumentsTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2017</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify; text-indent: -10pt; padding-left: 10pt">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, 2018 and December 31, 2017, guaranteed by Xinrong Zhuo and Ping Lin and collateralized by 2 fishing vessels and collateralized by two related parties’ investments in equity interest of one PRC local banks.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">9,470,801</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">14,538,888</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Loan from China Development Bank, due on various dates until November 27, 2023 with annual interest rate of 5.145% at December 31, 2018 and December 31, 2017, guaranteed by Xinrong Zhuo, Honghong Zhuo, Mr. and Mrs. Zhiyan Lin and 17 fishing vessels, the debt ratio of borrower should not be higher than 80%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,920,970</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,646,812</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Loan from China Development Bank, due on various dates until July 30, 2026 with annual interest rate of 5.390% at December 31, 2018, guaranteed by Xinrong Zhuo, 11 fishing vessels and 6 Honglong’s fishing vessels, real estate of Mingguang Wanhao Property co., LTD., totaled area 22,123.50㎡, the debt ratio of borrower should not be higher than 80%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,424,758</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Total long-term bank loans</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">30,816,529</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">23,185,700</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: current portion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(8,487,295</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,968,596</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Long-term bank loans, non-current portion</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">22,329,234</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">17,217,104</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr></table>
</us-gaap:ScheduleOfDebtInstrumentsTextBlock>
<us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 14 – <u>CERTAIN RISKS AND CONCENTRATIONS</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><u>Credit risk</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">At December 31, 2018 and 2017, 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Major customers</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1.5pt solid">Year Ended December 31,</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1.5pt solid">Customer</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2017</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2016</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">A</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">33</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">17</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">B</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">C</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">less than 10%</font></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Three customers, whose outstanding accounts receivable accounted for 10% or more of the Company’s total outstanding accounts receivable at December 31, 2018, accounted for 86.1% of the Company’s total outstanding accounts receivable at December 31, 2018. Two customers, whose outstanding accounts receivable accounted for 10% or more of the Company’s total outstanding accounts receivable at December 31, 2017, accounted for 28.9% of the Company’s total outstanding accounts receivable at December 31, 2017.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Major suppliers</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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, 2018, 2017 and 2016.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1.5pt solid">Year Ended December 31,</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1.5pt solid">Supplier</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2017</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2016</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">A</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">76</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">B</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">C (Hong Long, a related party)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">D (Hong Fa Shipping Limited, a related party)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">E (Hai Yi Shipping Limited, a related party)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">F</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">less than 10%</font></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">One supplier, 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, 2018, accounted for 76.0% of the Company’s total outstanding accounts payable and accounts payable – related parties at December 31, 2018. 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, 2017, accounted for 70.7% of the Company’s total outstanding accounts payable and accounts payable – related parties at December 31, 2017.</font></p>
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<us-gaap:SubsequentEventsTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 18 – <u>SUBSEQUENT EVENT</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 30, 2019, the Company repaid a long-term bank loan of $910,650 to China Development Bank in accordance with the loan repayment schedule.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 28, 2019, the Company signed a loan agreement with The Export-Import Bank of China and borrowed $8.7 million from the bank. The loan is due on August 28, 2020 with annual interest rate of 4.75%, guaranteed by Hong Long, Xinrong Zhuo and Ping Lin.</p>
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<us-gaap:ScheduleOfQuarterlyFinancialInformationTableTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: normal 10pt Times New Roman, Times, Serif"><tr style="vertical-align: bottom; font-style: normal; font-weight: normal"><td style="text-align: left; font-style: normal; font-weight: normal"></td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="14" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">Quarter</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; font-style: normal; font-weight: normal"> <td style="text-align: left; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">2018</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">First</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">Second</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">Third</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">Fourth</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-style: normal; font-weight: normal"> <td style="width: 52%; text-align: left; font-style: normal; font-weight: normal">Revenue</td><td style="width: 1%; font-style: normal; font-weight: normal"> </td> <td style="width: 1%; text-align: left; font-style: normal; font-weight: normal">$</td><td style="width: 9%; text-align: right; font-style: normal; font-weight: normal">10,884</td><td style="width: 1%; text-align: left; font-style: normal; font-weight: normal"> </td><td style="width: 1%; font-style: normal; font-weight: normal"> </td> <td style="width: 1%; text-align: left; font-style: normal; font-weight: normal">$</td><td style="width: 9%; text-align: right; font-style: normal; font-weight: normal">13,606</td><td style="width: 1%; text-align: left; font-style: normal; font-weight: normal"> </td><td style="width: 1%; font-style: normal; font-weight: normal"> </td> <td style="width: 1%; text-align: left; font-style: normal; font-weight: normal">$</td><td style="width: 9%; text-align: right; font-style: normal; font-weight: normal">14,685</td><td style="width: 1%; text-align: left; font-style: normal; font-weight: normal"> </td><td style="width: 1%; font-style: normal; font-weight: normal"> </td> <td style="width: 1%; text-align: left; font-style: normal; font-weight: normal">$</td><td style="width: 9%; text-align: right; font-style: normal; font-weight: normal">25,081</td><td style="width: 1%; text-align: left; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font-style: normal; font-weight: normal"> <td style="text-align: left; font-style: normal; font-weight: normal">Gross profit</td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">5,601</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">6,956</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">9,385</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">9,075</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-style: normal; font-weight: normal"> <td style="text-align: left; font-style: normal; font-weight: normal">Net income (loss)</td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">985</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">3,335</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">13,737</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">(3,244</td><td style="text-align: left; font-style: normal; font-weight: normal">)</td></tr> <tr style="vertical-align: bottom; background-color: White; font-style: normal; font-weight: normal"> <td style="text-align: left; font-style: normal; font-weight: normal">Net income (loss) attributable to owners of the company</td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">872</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">2,945</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">12,603</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">(3,023</td><td style="text-align: left; font-style: normal; font-weight: normal">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-style: normal; font-weight: normal"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-style: normal; font-weight: normal">Basic and diluted net income (loss) per ordinary share attributable to owners of the company</td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal">$</td><td style="text-align: right; font-style: normal; font-weight: normal">0.01</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal">$</td><td style="text-align: right; font-style: normal; font-weight: normal">0.04</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal">$</td><td style="text-align: right; font-style: normal; font-weight: normal">0.16</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal">$</td><td style="text-align: right; font-style: normal; font-weight: normal">(0.04</td><td style="text-align: left; font-style: normal; font-weight: normal">)</td></tr> </table> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: normal 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font-style: normal; font-weight: normal"> <td style="text-align: left; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">2017</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">First</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">Second</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">Third</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">Fourth</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-style: normal; font-weight: normal"> <td style="width: 52%; text-align: left; font-style: normal; font-weight: normal">Revenue</td><td style="width: 1%; font-style: normal; font-weight: normal"> </td> <td style="width: 1%; text-align: left; font-style: normal; font-weight: normal">$</td><td style="width: 9%; text-align: right; font-style: normal; font-weight: normal">5,661</td><td style="width: 1%; text-align: left; font-style: normal; font-weight: normal"> </td><td style="width: 1%; font-style: normal; font-weight: normal"> </td> <td style="width: 1%; text-align: left; font-style: normal; font-weight: normal">$</td><td style="width: 9%; text-align: right; font-style: normal; font-weight: normal">35,696</td><td style="width: 1%; text-align: left; font-style: normal; font-weight: normal"> </td><td style="width: 1%; font-style: normal; font-weight: normal"> </td> <td style="width: 1%; text-align: left; font-style: normal; font-weight: normal">$</td><td style="width: 9%; text-align: right; font-style: normal; font-weight: normal">5,463</td><td style="width: 1%; text-align: left; font-style: normal; font-weight: normal"> </td><td style="width: 1%; font-style: normal; font-weight: normal"> </td> <td style="width: 1%; text-align: left; font-style: normal; font-weight: normal">$</td><td style="width: 9%; text-align: right; font-style: normal; font-weight: normal">16,390</td><td style="width: 1%; text-align: left; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font-style: normal; font-weight: normal"> <td style="text-align: left; font-style: normal; font-weight: normal">Gross profit (loss)</td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">63</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">11,120</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">(1,306</td><td style="text-align: left; font-style: normal; font-weight: normal">)</td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">12,206</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-style: normal; font-weight: normal"> <td style="text-align: left; font-style: normal; font-weight: normal">Net income (loss)</td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">10,843</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">9,811</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">6,529</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">5,337</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font-style: normal; font-weight: normal"> <td style="text-align: left; font-style: normal; font-weight: normal">Net income (loss) attributable to owners of the company</td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">9,920</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">8,957</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">5,953</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">4,830</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-style: normal; font-weight: normal"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-style: normal; font-weight: normal">Basic and diluted net income (loss) per ordinary share attributable to owners of the company</td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal">$</td><td style="text-align: right; font-style: normal; font-weight: normal">0.13</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal">$</td><td style="text-align: right; font-style: normal; font-weight: normal">0.11</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal">$</td><td style="text-align: right; font-style: normal; font-weight: normal">0.08</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal">$</td><td style="text-align: right; font-style: normal; font-weight: normal">0.06</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td></tr></table>
</us-gaap:ScheduleOfQuarterlyFinancialInformationTableTextBlock>
<us-gaap:QuarterlyFinancialInformationTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 17 - <u>SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)</u></font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: normal 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font-style: normal; font-weight: normal"> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="14" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">Quarter</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; font-style: normal; font-weight: normal"> <td style="text-align: left; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">2018</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">First</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">Second</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">Third</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">Fourth</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-style: normal; font-weight: normal"> <td style="width: 52%; text-align: left; font-style: normal; font-weight: normal">Revenue</td><td style="width: 1%; font-style: normal; font-weight: normal"> </td> <td style="width: 1%; text-align: left; font-style: normal; font-weight: normal">$</td><td style="width: 9%; text-align: right; font-style: normal; font-weight: normal">10,884</td><td style="width: 1%; text-align: left; font-style: normal; font-weight: normal"> </td><td style="width: 1%; font-style: normal; font-weight: normal"> </td> <td style="width: 1%; text-align: left; font-style: normal; font-weight: normal">$</td><td style="width: 9%; text-align: right; font-style: normal; font-weight: normal">13,606</td><td style="width: 1%; text-align: left; font-style: normal; font-weight: normal"> </td><td style="width: 1%; font-style: normal; font-weight: normal"> </td> <td style="width: 1%; text-align: left; font-style: normal; font-weight: normal">$</td><td style="width: 9%; text-align: right; font-style: normal; font-weight: normal">14,685</td><td style="width: 1%; text-align: left; font-style: normal; font-weight: normal"> </td><td style="width: 1%; font-style: normal; font-weight: normal"> </td> <td style="width: 1%; text-align: left; font-style: normal; font-weight: normal">$</td><td style="width: 9%; text-align: right; font-style: normal; font-weight: normal">25,081</td><td style="width: 1%; text-align: left; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font-style: normal; font-weight: normal"> <td style="text-align: left; font-style: normal; font-weight: normal">Gross profit</td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">5,601</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">6,956</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">9,385</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">9,075</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-style: normal; font-weight: normal"> <td style="text-align: left; font-style: normal; font-weight: normal">Net income (loss)</td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">985</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">3,335</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">13,737</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">(3,244</td><td style="text-align: left; font-style: normal; font-weight: normal">)</td></tr> <tr style="vertical-align: bottom; background-color: White; font-style: normal; font-weight: normal"> <td style="text-align: left; font-style: normal; font-weight: normal">Net income (loss) attributable to owners of the company</td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">872</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">2,945</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">12,603</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">(3,023</td><td style="text-align: left; font-style: normal; font-weight: normal">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-style: normal; font-weight: normal"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-style: normal; font-weight: normal">Basic and diluted net income (loss) per ordinary share attributable to owners of the company</td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal">$</td><td style="text-align: right; font-style: normal; font-weight: normal">0.01</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal">$</td><td style="text-align: right; font-style: normal; font-weight: normal">0.04</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal">$</td><td style="text-align: right; font-style: normal; font-weight: normal">0.16</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal">$</td><td style="text-align: right; font-style: normal; font-weight: normal">(0.04</td><td style="text-align: left; font-style: normal; font-weight: normal">)</td></tr> </table> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: normal 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font-style: normal; font-weight: normal"> <td style="text-align: left; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">2017</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">First</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">Second</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">Third</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">Fourth</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-style: normal; font-weight: normal"> <td style="width: 52%; text-align: left; font-style: normal; font-weight: normal">Revenue</td><td style="width: 1%; font-style: normal; font-weight: normal"> </td> <td style="width: 1%; text-align: left; font-style: normal; font-weight: normal">$</td><td style="width: 9%; text-align: right; font-style: normal; font-weight: normal">5,661</td><td style="width: 1%; text-align: left; font-style: normal; font-weight: normal"> </td><td style="width: 1%; font-style: normal; font-weight: normal"> </td> <td style="width: 1%; text-align: left; font-style: normal; font-weight: normal">$</td><td style="width: 9%; text-align: right; font-style: normal; font-weight: normal">35,696</td><td style="width: 1%; text-align: left; font-style: normal; font-weight: normal"> </td><td style="width: 1%; font-style: normal; font-weight: normal"> </td> <td style="width: 1%; text-align: left; font-style: normal; font-weight: normal">$</td><td style="width: 9%; text-align: right; font-style: normal; font-weight: normal">5,463</td><td style="width: 1%; text-align: left; font-style: normal; font-weight: normal"> </td><td style="width: 1%; font-style: normal; font-weight: normal"> </td> <td style="width: 1%; text-align: left; font-style: normal; font-weight: normal">$</td><td style="width: 9%; text-align: right; font-style: normal; font-weight: normal">16,390</td><td style="width: 1%; text-align: left; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font-style: normal; font-weight: normal"> <td style="text-align: left; font-style: normal; font-weight: normal">Gross profit (loss)</td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">63</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">11,120</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">(1,306</td><td style="text-align: left; font-style: normal; font-weight: normal">)</td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">12,206</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-style: normal; font-weight: normal"> <td style="text-align: left; font-style: normal; font-weight: normal">Net income (loss)</td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">10,843</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">9,811</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">6,529</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">5,337</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font-style: normal; font-weight: normal"> <td style="text-align: left; font-style: normal; font-weight: normal">Net income (loss) attributable to owners of the company</td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">9,920</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">8,957</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">5,953</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">4,830</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-style: normal; font-weight: normal"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-style: normal; font-weight: normal">Basic and diluted net income (loss) per ordinary share attributable to owners of the company</td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal">$</td><td style="text-align: right; font-style: normal; font-weight: normal">0.13</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal">$</td><td style="text-align: right; font-style: normal; font-weight: normal">0.11</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal">$</td><td style="text-align: right; font-style: normal; font-weight: normal">0.08</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal">$</td><td style="text-align: right; font-style: normal; font-weight: normal">0.06</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td></tr></table>
</us-gaap:QuarterlyFinancialInformationTextBlock>
<us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 9 – <u>PROPERTY, PLANT AND EQUIPMENT</u></font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">At December 31, 2018 and 2017, property, plant and equipment consisted of the following:</font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: normal 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font-style: normal; font-weight: normal"> <td style="font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">Useful life</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">December 31,<br /> 2018</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">December 31,<br /> 2017</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-style: normal; font-weight: normal"> <td style="width: 64%; text-align: left; font-style: normal; font-weight: normal">Fishing vessels</td><td style="width: 1%; font-style: normal; font-weight: normal"> </td> <td style="width: 11%; text-align: center; font-style: normal; font-weight: normal">10 - 20 Years</td><td style="width: 1%; font-style: normal; font-weight: normal"> </td> <td style="width: 1%; text-align: left; font-style: normal; font-weight: normal">$</td><td style="width: 9%; text-align: right; font-style: normal; font-weight: normal">203,057,291</td><td style="width: 1%; text-align: left; font-style: normal; font-weight: normal"> </td><td style="width: 1%; font-style: normal; font-weight: normal"> </td> <td style="width: 1%; text-align: left; font-style: normal; font-weight: normal">$</td><td style="width: 9%; text-align: right; font-style: normal; font-weight: normal">164,748,753</td><td style="width: 1%; text-align: left; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font-style: normal; font-weight: normal"> <td style="font-style: normal; font-weight: normal">Vehicles</td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: center; font-style: normal; font-weight: normal">5 Years</td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">22,186</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">-</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-style: normal; font-weight: normal"> <td style="text-align: left; font-style: normal; font-weight: normal">Office and other equipment</td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: center; font-style: normal; font-weight: normal">3 – 5 Years</td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">423,259</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">453,927</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font-style: normal; font-weight: normal"> <td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal">Construction-in-progress</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td style="text-align: center; padding-bottom: 1.5pt; font-style: normal; font-weight: normal">-</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-style: normal; font-weight: normal"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-style: normal; font-weight: normal">31,044,006</td><td style="padding-bottom: 1.5pt; text-align: left; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-style: normal; font-weight: normal"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-style: normal; font-weight: normal">-</td><td style="padding-bottom: 1.5pt; text-align: left; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-style: normal; font-weight: normal"> <td style="font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: center; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">234,546,742</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="text-align: right; font-style: normal; font-weight: normal">165,202,680</td><td style="text-align: left; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font-style: normal; font-weight: normal"> <td style="text-align: left; padding-bottom: 1.5pt; font-style: normal; font-weight: normal">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td style="text-align: center; padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-style: normal; font-weight: normal"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-style: normal; font-weight: normal">(34,975,317</td><td style="padding-bottom: 1.5pt; text-align: left; font-style: normal; font-weight: normal">)</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-style: normal; font-weight: normal"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-style: normal; font-weight: normal">(30,160,213</td><td style="padding-bottom: 1.5pt; text-align: left; font-style: normal; font-weight: normal">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-style: normal; font-weight: normal"> <td style="padding-bottom: 4pt; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 4pt; font-style: normal; font-weight: normal"> </td> <td style="text-align: center; padding-bottom: 4pt; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 4pt; font-style: normal; font-weight: normal"> </td> <td style="border-bottom: Black 4pt double; text-align: left; font-style: normal; font-weight: normal">$</td><td style="border-bottom: Black 4pt double; text-align: right; font-style: normal; font-weight: normal">199,571,425</td><td style="padding-bottom: 4pt; text-align: left; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 4pt; font-style: normal; font-weight: normal"> </td> <td style="border-bottom: Black 4pt double; text-align: left; font-style: normal; font-weight: normal">$</td><td style="border-bottom: Black 4pt double; text-align: right; font-style: normal; font-weight: normal">135,042,467</td><td style="padding-bottom: 4pt; text-align: left; font-style: normal; font-weight: normal"> </td></tr> </table> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For the years ended December 31, 2018, 2017 and 2016, depreciation expense amounted to $9,141,975, $8,965,553 and $6,613,720, respectively, of which $3,350,417, $3,889,944 and $6,269,983, respectively, was included in cost of revenue and inventories, and the remainder was included in general and administrative expense, respectively.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">At December 31, 2018 and 2017, the Company had 19 and 36 fishing vessels with net carrying amount of approximately $35.3 million and $30.3 million, respectively, pledged as collateral for its bank loans.</font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">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>
</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
<us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Impairment of long-lived assets</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 evaluates the impairment by comparing carrying amount of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets, the Company recognizes an impairment loss based on the excess of the carrying amount of the long-lived assets over their fair value. In the fourth quarter of 2018, we deregistered 24 fishing vessels and applied to the MOA for building 24 new fishing vessels. As a result of the deregistration, we assessed the recoverability of the 24 fishing vessels based on the undiscounted future cash flow that fishing vessels are expected to generate as less than the carrying amount, and recognized an impairment loss. The company recognized impairment loss of $9,715,058, nil and nil for the years ended December 31, 2018, 2017 and 2016, respectively.</p>
</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock>
<us-gaap:SignificantAccountingPoliciesTextBlock contextRef="Context_9ME_01_Jan_2018T00_00_00_TO_30_Sep_2018T00_00_00">
<p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">NOTE 2 – <u>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Basis of presentation </u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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).</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><u>Use of estimates</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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, 2018, 2017 and 2016 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. </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Cash</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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, 2018 and 2017, cash balances in the PRC are $1,957,605 and $1,995,465, respectively, and cash balances in Hong Kong are $9,250 and $10,075, 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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Restricted cash </u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Restricted cash consists of cash deposits held by China Development Bank to secure short term bank loans from China Development Bank. At December 31, 2018 and 2017, restricted cash amounted nil and $1,821,187, respectively.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Fair value of financial instruments</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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:</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Level 1-Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying amounts reported in the consolidated balance sheets for cash, restricted cash, accounts receivable, inventories, advances to suppliers, prepaid expenses, prepaid expenses – related party, other receivables, other receivables – related party, 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, 2018, 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, 2018. As of December 31, 2018, the Company does not have any level 3 financial instruments.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Accounts receivable</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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, 2018 and 2017, the Company has established, based on a review of its outstanding balances, an allowance for doubtful accounts in the amounts of nil and $67,379, respectively.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><u>Inventories</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i> </i></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i></i></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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 primarily comprised of fuel, freight, depreciation, direct labor, consumables, government levied charges and taxes. Consumables include fishing nets and metal containers used by fishing vessels. The Company’s fishing fleets in Indian waters, the international waters of Atlantic and Pacific Oceans, and the international waters of Indian Ocean 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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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. The Company recorded a reserve for inventories in the amount of $413,893 and nil, during the year ended December 31, 2018 and 2017, respectively.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i> </i></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><u>Fishing licenses</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Each of the Company’s fishing vessels requires an approval from Ministry of Agriculture of the People’s Republic of China to carry out ocean fishing projects in foreign territories. These approvals are valid for a period from three to twelve months, and are awarded to the Company at no cost. The Company applies for the renewal of the approval prior to expiration to avoid interruptions of fishing vessels’ operations. Each of our fishing vessels operating in Indonesian waters requires a fishing license granted by the authority in Indonesia.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><u>Investment in unconsolidated company – Global Deep Ocean</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company uses the equity method of accounting for its investment in, and earning or loss of, companies 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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Property, plant and equipment</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The estimated useful lives of the assets are as follows:</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <table cellspacing="0" cellpadding="0" style="font: normal 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white; font-style: normal; font-weight: normal"> <td style="padding-bottom: 1.5pt; text-align: left; font-style: normal; font-weight: normal"> </td> <td style="padding-bottom: 1.5pt; text-align: left; font-style: normal; font-weight: normal"> </td> <td style="padding-bottom: 1.5pt; text-align: left; font-style: normal; font-weight: normal"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center; font-style: normal; font-weight: normal"><font style="font: 10pt Times New Roman, Times, Serif">Estimated useful life</font></td> <td style="padding-bottom: 1.5pt; text-align: left; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font-style: normal; font-weight: normal"> <td style="width: 86%; text-align: left; font-style: normal; font-weight: normal"><font style="font: 10pt Times New Roman, Times, Serif">Fishing vessels</font></td> <td style="width: 1%; text-align: left; font-style: normal; font-weight: normal"> </td> <td style="width: 1%; text-align: left; font-style: normal; font-weight: normal"> </td> <td style="width: 11%; text-align: center; font-style: normal; font-weight: normal"><font style="font: 10pt Times New Roman, Times, Serif">10 - 20 Years</font></td> <td style="width: 1%; text-align: left; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: white; font-style: normal; font-weight: normal"> <td style="text-align: left; font-style: normal; font-weight: normal"><font style="font: 10pt Times New Roman, Times, Serif">Vehicles</font></td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td> <td style="text-align: center; font-style: normal; font-weight: normal"><font style="font: 10pt Times New Roman, Times, Serif">5 Years</font></td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font-style: normal; font-weight: normal"> <td style="text-align: left; font-style: normal; font-weight: normal"><font style="font: 10pt Times New Roman, Times, Serif">Office and other equipment</font></td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td> <td style="text-align: center; font-style: normal; font-weight: normal"><font style="font: 10pt Times New Roman, Times, Serif">3 - 5 Years</font></td> <td style="text-align: left; font-style: normal; font-weight: normal"> </td></tr> </table> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Expenditures for repairs and maintenance, which do not extend the useful life of the assets, are expensed as incurred. </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Capitalized interest</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 $867,503, $203,609, and $1,039,092 for the years ended December 31, 2018, 2017 and 2016, respectively, in the fishing vessels under construction.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Impairment of long-lived assets</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 evaluates the impairment by comparing carrying amount of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets, the Company recognizes an impairment loss based on the excess of the carrying amount of the long-lived assets over their fair value. In the fourth quarter of 2018, we deregistered 24 fishing vessels and applied to the MOA for building 24 new fishing vessels. As a result of the deregistration, we assessed the recoverability of the 24 fishing vessels based on the undiscounted future cash flow that fishing vessels are expected to generate as less than the carrying amount, and recognized an impairment loss. The company recognized impairment loss of $9,715,058, nil and nil for the years ended December 31, 2018, 2017 and 2016, respectively.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"><u>Revenue recognition</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Pursuant to the guidance of ASC Topic 606, the Company recognizes revenue when a sales arrangement with a customer exists (e.g., contract, purchase orders, others), transaction price is fixed or determinable and the Company has satisfied its performance obligation per the sales arrangement. The Company’s sales arrangements have standard payment terms that do not exceed a year. The majority of Company revenue originates from contracts with a single performance obligation to deliver products. The Company’s performance obligations are satisfied when control of the product is transferred to the customer per the arranged shipping terms.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company records a contract asset when it has a right to payment from a customer that is conditioned on events other than the passage of time. The Company also records a contract liability when customers prepay but the Company has not yet satisfied its performance obligation. The Company did not have any material unsatisfied performance obligations, contract assets or liabilities as of December 31, 2018 and December 31, 2017.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Government grant</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Income taxes</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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 income (loss).</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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 income (loss) in the period that includes the enactment date.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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, 2018 and 2017, there were no amounts that had been accrued with respect to uncertain tax positions.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><u>Shipping and handling costs</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shipping and handling costs are included in selling expense and totaled $395,344, $269,702 and $223,495 for the years ended December 31, 2018, 2017 and 2016, respectively.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><u>Employee benefits</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 $951,216, $431,255 and $287,962 for the years ended December 31, 2018, 2017 and 2016, respectively. </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><u>Advertising</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Advertising is expensed as incurred and is included in selling expense on the accompanying consolidated statements of operations and comprehensive income (loss). Advertising totaled $20,151, $74,332 and $42,208 for the years ended December 31, 2018, 2017 and 2016, respectively.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><u>Foreign currency translation</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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, 2018, 2017 and 2016 was $(899,256), $(962,492) and $(633,607), 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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Asset and liability accounts at December 31, 2018 and 2017 were translated at 6.8632 RMB to $1.00 and at 6.5342 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 income (loss) for the years ended December 31, 2018, 2017 and 2016 were 6.6174RMB, 6.7518RMB and 6.6423RMB to $1.00, respectively. Cash flows from the Company’s operations are calculated based upon the local currencies using the average translation rate.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Earnings per share</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASC Topic 260 “Earnings per Share,” requires presentation of both basic and diluted earnings 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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">   </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic net income (loss) per share are computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) 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 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 income (loss) per share:</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: normal 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font-style: normal; font-weight: normal"> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; font-style: normal; font-weight: normal"> <td style="text-align: left; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">2018</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">2017</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal">2016</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-style: normal; font-weight: normal"> <td style="width: 64%; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt; font-style: normal; font-weight: normal">Net income (loss) available to owners of the Company for basic and diluted net income (loss) per share of ordinary stock</td><td style="width: 1%; padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left; font-style: normal; font-weight: normal">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right; font-style: normal; font-weight: normal">13,397,301</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left; font-style: normal; font-weight: normal"> </td><td style="width: 1%; padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left; font-style: normal; font-weight: normal">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right; font-style: normal; font-weight: normal">29,659,693</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left; font-style: normal; font-weight: normal"> </td><td style="width: 1%; padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left; font-style: normal; font-weight: normal">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right; font-style: normal; font-weight: normal">(13,717,623</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left; font-style: normal; font-weight: normal">)</td></tr> <tr style="vertical-align: bottom; background-color: White; font-style: normal; font-weight: normal"> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt; font-style: normal; font-weight: normal">Weighted average ordinary stock outstanding - basic and diluted</td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-style: normal; font-weight: normal"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-style: normal; font-weight: normal">79,055,053</td><td style="padding-bottom: 1.5pt; text-align: left; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-style: normal; font-weight: normal"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-style: normal; font-weight: normal">79,055,053</td><td style="padding-bottom: 1.5pt; text-align: left; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-style: normal; font-weight: normal"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-style: normal; font-weight: normal">79,055,053</td><td style="padding-bottom: 1.5pt; text-align: left; font-style: normal; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font-style: normal; font-weight: normal"> <td style="text-align: justify; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt; font-style: normal; font-weight: normal">Net income (loss) per ordinary share attributable to owners of the Company - basic and diluted</td><td style="padding-bottom: 4pt; font-style: normal; font-weight: normal"> </td> <td style="border-bottom: Black 4pt double; text-align: left; font-style: normal; font-weight: normal">$</td><td style="border-bottom: Black 4pt double; text-align: right; font-style: normal; font-weight: normal">0.17</td><td style="padding-bottom: 4pt; text-align: left; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 4pt; font-style: normal; font-weight: normal"> </td> <td style="border-bottom: Black 4pt double; text-align: left; font-style: normal; font-weight: normal">$</td><td style="border-bottom: Black 4pt double; text-align: right; font-style: normal; font-weight: normal">0.38</td><td style="padding-bottom: 4pt; text-align: left; font-style: normal; font-weight: normal"> </td><td style="padding-bottom: 4pt; font-style: normal; font-weight: normal"> </td> <td style="border-bottom: Black 4pt double; text-align: left; font-style: normal; font-weight: normal">$</td><td style="border-bottom: Black 4pt double; text-align: right; font-style: normal; font-weight: normal">(0.17</td><td style="padding-bottom: 4pt; text-align: left; font-style: normal; font-weight: normal">)</td></tr> </table> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">   </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended December 31, 2018, 2017 and 2016, warrants to purchase 8,966,667 ordinary shares have not been included in the calculation of diluted earnings per share in order to avoid any anti-dilutive effect. The warrants expired on February 26, 2018.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Non-controlling interest</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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, 2018, China Agriculture owned 8% of the equity interest of Pingtan Fishing, which was not under the Company’s control.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Related parties</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 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.  </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Comprehensive income (loss)</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Comprehensive income (loss) is comprised of net income (loss) 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 income (loss) for the years ended December 31, 2018, 2017 and 2016 included net income (loss) and unrealized loss from foreign currency translation adjustments.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><u>Segment information</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><u>Commitments and contingencies</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company’s management has evaluated all such proceedings and claims that existed as of December 31, 2018 and 2017. 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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><u>Concentrations of credit, economic and political risks</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font-size: 7pt"> </font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-size: 7pt"> </font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-size: 7pt"> </font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-size: 7pt">  </font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 7pt"> </font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><u>Recent accounting pronouncements</u></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-size: 7pt"> </font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” This guidance supersedes current guidance on revenue recognition in Topic 605, “Revenue Recognition.” In addition, there are disclosure requirements related to the nature, amount, timing, and uncertainty of revenue recognition. In August 2015, the FASB issued ASU No. 2015-14 to defer the effective date of ASU No. 2014-09 for all entities by one year. For public business entities that follow U.S. GAAP, the deferral results in the new revenue standard are being effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted for interim and annual periods beginning after December 15, 2016. The Company applied the new revenue standard beginning January 1, 2018. The Company has analyzed the Company’s revenue from contracts with customers in accordance with the new revenue standard to determine the impact on the Company’s consolidated financial statements.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-size: 7pt"> </font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In February 2016, the FASB issued ASU No. 2016-02, “Leases (Subtopic 842).” 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 adopted the new standard on January 1, 2019 and use the effective date as the date of initial application. The Company continues to finalize its calculation, including the discount rate assumptions, related to ASU 2016-02. The Company is also continuing to establish new processes and internal controls that will be required to comply with the new lease accounting and disclosure requirements set by ASU 2016-2. The Company expect the impact of the standard adoption to increase its assets and liabilities within its consolidated balance sheet. These increases will result from the recognition of its existing right-of-use and liabilities required by ASU 2016-02.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments”, which will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The guidance replaces the incurred loss impairment methodology with an expected credit loss model for which a company recognizes an allowance based on the estimate of expected credit loss. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments”. ASU 2016-15 provides guidance for targeted changes with respect to how cash receipts and cash payments are classified in the statements of cash flows, with the objective of reducing diversity in practice. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company does not expect the adoption to have a material impact on its consolidated financial statements.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”), which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this ASU do not provide a definition of restricted cash or restricted cash equivalents. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company does not expect the adoption to have a material impact on its consolidated financial statements.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, 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 Company does not expect the adoption to have a material impact on its consolidated financial statements.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-size: 7pt"> </font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In January 2017, the FASB issued ASU 2017-04, “Intangibles—Goodwill and Other (Topic 350): simplifying the test for goodwill impairment”, the guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not the difference between the fair value and carrying amount of good will which was the step 2 test before. The ASU should be adopted on a prospective basis for the annual or any interim goodwill impairment tests beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.</p>
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<p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 7 – <u>EQUITY METHOD INVESTMENT</u></font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">At December 31, 2018 and 2017, equity method investment amounted to $28,872,521 and $30,521,466, 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. On April 12, 2017, another unrelated party, Zhen Lin, purchased shares from existing shareholders. As of December 31, 2018, Pingtan Fishing and Zhen Lin accounted for 20% and 80% of the total ownership, respectively.</p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">Global Deep Ocean will process, cold storage, and transport Deep Ocean fishing products. Total registered capital of Global Deep Ocean is RMB 1 billion (approximately $145.7 million) and as of December 31, 2018, Pingtan Fishing had contributed its share of registered capital of RMB 200 million (approximately $29.1 million). </font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">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, 2018, 2017 and 2016, the Company’s share of Global Deep Ocean’s net loss was $192,746, $33,246 and $33,073, respectively, which was included in loss on equity method investment in the accompanying consolidated statements of operations and comprehensive income (loss).</font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The tables below present the summarized financial information, as provided to the Company by the investee, for the unconsolidated company:</font></p> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2017</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Current assets</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">71,373,373</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">49,372,645</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Noncurrent assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,650,476</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,974,590</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,575</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">151,312</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Noncurrent liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,448,421</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: rgb(204,238,255)"> <td>Equity</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,572,854</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">56,195,923</td><td style="text-align: left"> </td></tr> </table> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1.5pt solid">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 colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2017</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2016</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net revenue</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">Gross profit</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: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Loss from operation</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">963,731</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">166,128</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">165,293</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">963,731</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">166,232</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">165,365</td><td style="text-align: left"> </td></tr></table>
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<p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31,<br /> 2017</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Current assets</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">71,373,373</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">49,372,645</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Noncurrent assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,650,476</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,974,590</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,575</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">151,312</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Noncurrent liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,448,421</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: rgb(204,238,255)"> <td>Equity</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,572,854</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">56,195,923</td><td style="text-align: left"> </td></tr> </table> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1.5pt solid">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 colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2017</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2016</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net revenue</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">Gross profit</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: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Loss from operation</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">963,731</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">166,128</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">165,293</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">963,731</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">166,232</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">165,365</td><td style="text-align: left"> </td></tr></table>
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<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-01" xml:lang="en-US"> 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" xlink:label="Footnote-02" xml:lang="en-US"> less than 10% </link:footnote>
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<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-04" xml:lang="en-US"> Hong Long is an affiliate company majority owned by an immediate family member of the Company's CEO. </link:footnote>
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