Investors

Financials

v3.5.0.2
Consolidated Balance Sheets - USD ($)
Sep. 30, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash $ 567,931 $ 11,448,684
Restricted cash 4,039,344 1,577,642
Accounts receivable, net of allowance for doubtful accounts 3,140,043 12,575,042
Inventories, net of reserve for inventories 2,287,067 2,336,167
Advances to suppliers 34,735,933 35,994,146
Prepaid expenses 6,297 1,818
Prepaid expenses - related parties 1,128,172 4,640,166
Receivable from transferring equity method investment shares 15,406,659
Other receivables 171,752 78,051
Other receivables - related parties 2,429,988 7,887,527
Total Current Assets 48,506,527 91,945,902
OTHER ASSETS:    
Cost method investment 3,148,709 3,235,398
Equity method investment 29,644,707 30,486,314
Prepayment for long-term assets 16,987,556 11,654,645
Property, plant and equipment, net 126,968,222 94,555,114
Total Other Assets 176,749,194 139,931,471
Total Assets 225,255,721 231,877,373
CURRENT LIABILITIES:    
Accounts payable 911,613 978,353
Accounts payable - related parties 105,024 408,631
Short-term bank loans 26,148,156 21,971,438
Long-term bank loans - current portion 15,098,809 12,679,680
Accrued liabilities and other payables 5,826,736 5,044,049
Due to related parties 8,614,831 1,384,644
Total Current Liabilities 56,705,169 42,466,795
OTHER LIABILITIES:    
Long-term bank loans - non-current portion 31,816,955 22,570,755
Total Liabilities 88,522,124 65,037,550
COMMITMENTS AND CONTINGENCIES
Equity attributable to owners of the company:    
Ordinary shares ($0.001 par value; 225,000,000 shares authorized; 79,055,053 shares issued and outstanding at June 30, 2016 and December 31, 2015) 79,055 79,055
Additional paid-in capital 111,008,085 111,008,085
Retained earnings 9,794,158 34,318,040
Statutory reserve 9,391,827 9,391,827
Accumulated other comprehensive loss (7,854,600) (4,326,351)
Total equity attributable to owners of the company 122,418,525 150,470,656
Non-controlling interest 14,315,072 16,369,167
Total Shareholders' Equity 136,733,597 166,839,823
Total Liabilities and Shareholders' Equity $ 225,255,721 $ 231,877,373
v3.5.0.2
Unaudited Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Statements of Income and Comprehensive Income [Abstract]        
REVENUE $ 1,168,946 $ 2,740,981 $ 7,388,395 $ 46,727,808
COST OF REVENUE 13,481,775 9,248,696 26,054,703 40,562,651
GROSS (LOSS) PROFIT (12,312,829) (6,507,715) (18,666,308) 6,165,157
OPERATING EXPENSES:        
Selling 93,843 312,574 508,062 1,309,859
General and administrative 660,700 733,923 3,038,984 2,547,225
Total Operating Expenses 754,543 1,046,497 3,547,046 3,857,084
(LOSS) INCOME FROM OPERATIONS (13,067,372) (7,554,212) (22,213,354) 2,308,073
OTHER INCOME (EXPENSE):        
Interest income 782 10,875 4,051 98,894
Interest expense (738,548) (817,321) (1,656,672) (2,856,516)
Foreign currency transaction loss (86,414) (774,934) (542,694) (714,620)
Grant income 31,691,166 153,514 31,691,166
Gain (loss) from cost method investment (3,264) 378,997 417,434
Loss on equity method investment (6,968) (34,187) (25,095) (37,545)
Loss on fixed assets disposal (1,544,277)
Other (expense) income (59) 1 (476) (212)
Total Other (Expense) Income, net (831,207) 30,072,336 (1,688,375) 27,054,324
(LOSS) INCOME BEFORE INCOME TAXES (13,898,579) 22,518,124 (23,901,729) 29,362,397
INCOME TAXES 993
NET (LOSS) INCOME (13,898,579) 22,518,124 (23,902,722) 29,362,397
LESS: NET (LOSS) INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST (1,075,177) 1,834,497 (1,750,492) 1,925,443
NET (LOSS) INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY (12,823,402) 20,683,627 (22,152,230) 27,436,954
COMPREHENSIVE (LOSS) INCOME:        
NET (LOSS) INCOME (13,898,579) 22,518,124 (23,902,722) 29,362,397
OTHER COMPREHENSIVE LOSS        
Unrealized foreign currency translation loss (459,166) (6,948,652) (3,831,852) (5,848,277)
COMPREHENSIVE (LOSS) INCOME (14,357,745) 15,569,472 (27,734,574) 23,514,120
LESS: COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST (1,111,153) 1,277,639 (2,054,095) 1,600,169
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY $ (13,246,592) $ 14,291,833 $ (25,680,479) $ 21,913,951
NET (LOSS) INCOME PER ORDINARY SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY        
Basic and diluted $ (0.16) $ 0.26 $ (0.28) $ 0.35
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:        
Basic and diluted 79,055,053 79,055,053 79,055,053 79,055,053
v3.5.0.2
Unaudited Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (23,902,722) $ 29,362,397
Adjustments to reconcile net (loss) income from operations to net cash provided by operating activities:    
Depreciation 4,769,455 4,360,186
Decrease in allowance for doubtful accounts (112,562) (87,535)
Increase in reserve for inventories 1,506,320
Loss on equity method investment 25,095 37,545
Loss on disposal of fixed assets 1,544,277
Changes in operating assets and liabilities:    
Accounts receivable 9,335,357 39,365,984
Inventories (1,520,001) 6,466,615
Advances to suppliers 297,813 (35,352,076)
Prepaid expenses (4,590) (4,474,501)
Prepaid expenses - related parties 3,434,109 (7,684,028)
Deferred expenses - related parties 977,895
Other receivables (95,068) 88,115
Other receivables - related parties 4,384,313
Accounts payable (41,081) (31,612)
Accounts payable - related parties (296,671) 2,624,623
Advances from customers (164,133)
Accrued liabilities and other payables 930,168 3,970,928
Due to related parties 8,709,266
NET CASH PROVIDED BY OPERATING ACTIVITIES 3,034,888 45,388,993
CASH FLOWS FROM INVESTING ACTIVITIES:    
Refunds from commercial retail space prepayments 22,407,331
Purchase of property, plant and equipment (959,034) (16,295)
Prepayments made for long-term assets (44,329,098)
Proceeds from transferring equity method investment share 15,199,416
Payments for equity method investment (40,580,463)
NET CASH USED IN INVESTING ACTIVITIES (30,088,716) (18,189,427)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from short-term bank loans 18,999,502 15,472,361
Repayments of short-term bank loans (14,168,748) (16,250,334)
Proceeds from long-term bank loans 18,999,270
Repayments of long-term bank loans (6,216,561) (14,255,917)
Increase in restricted cash (2,538,303)
Advances from related parties 3,753,620 2,550,000
Payments made for dividend (2,371,652) (1,581,101)
Capital contribution from non-controlling interest 64,928,741
Payments made to related parties in connection with the termination of VIE (13,472,714)
Acquisition of fishing vessels from related parties under common control (56,206,080)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 16,457,128 (18,815,044)
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS (284,053) (44,484)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (10,880,753) 8,340,038
CASH AND CASH EQUIVALENTS - beginning of period 11,448,684 12,752,272
CASH AND CASH EQUIVALENTS - end of period 567,931 21,092,310
Cash paid for:    
Interest 1,976,789 2,858,417
Income taxes 993
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Acquisition of property and equipment by decreasing prepayment for long-term assets 38,606,518
Offset other receivables - related parties against due to related parties $ 5,114,910