Investors

Financials

v3.6.0.2
Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash $ 820,396 $ 11,448,684
Restricted cash 2,911,922 1,577,642
Accounts receivable, net of allowance for doubtful accounts 11,322,726 12,575,042
Inventories, net of reserve for inventories 8,811,111 2,336,167
Advances to suppliers 3,969,351 35,994,146
Prepaid expenses 8,145 1,818
Prepaid expenses - related parties 522,337 4,640,166
Receivable from transferring equity method investment shares 15,406,659
Other receivables 31,835,456 78,051
Other receivables - related parties 639,917 7,887,527
Total Current Assets 60,841,361 91,945,902
OTHER ASSETS:    
Cost method investment 3,027,245 3,235,398
Equity method investment 28,493,273 30,486,314
Prepayment for long-term assets 11,913,912 11,654,645
Property, plant and equipment, net 122,196,594 94,555,114
Total Other Assets 165,631,024 139,931,471
Total Assets 226,472,385 231,877,373
CURRENT LIABILITIES:    
Accounts payable 916,737 978,353
Accounts payable - related parties 2,560,760 408,631
Short-term bank loans 21,554,636 21,971,438
Long-term bank loans - current portion 17,298,544 12,679,680
Accrued liabilities and other payables 4,399,536 5,044,049
Accrued liabilities and other payables - related party 18,147,152
Due to related parties 43,354 1,384,644
Total Current Liabilities 64,920,719 42,466,795
OTHER LIABILITIES:    
Long-term bank loans - non-current portion 21,839,412 22,570,755
Total Liabilities 86,760,131 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 December 31, 2016 and 2015) 79,055 79,055
Additional paid-in capital 111,008,085 111,008,085
Retained earnings 17,438,215 34,318,040
Statutory reserve 9,391,827 9,391,827
Accumulated other comprehensive loss (12,879,051) (4,326,351)
Total equity attributable to owners of the company 125,038,131 150,470,656
Non-controlling interest 14,674,123 16,369,167
Total Shareholders' Equity 139,712,254 166,839,823
Total Liabilities and Shareholders' Equity $ 226,472,385 $ 231,877,373
v3.6.0.2
Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Statements of Income and Comprehensive Income [Abstract]      
REVENUE $ 20,540,769 $ 60,700,190 $ 233,427,011
COST OF REVENUE 29,328,776 63,476,627 155,840,823
GROSS (LOSS) PROFIT (8,788,007) (2,776,437) 77,586,188
OPERATING EXPENSES:      
Selling 1,235,497 1,858,687 2,673,213
General and administrative 3,969,465 2,933,588 4,537,351
Total Operating Expenses 5,204,962 4,792,275 7,210,564
(LOSS) INCOME FROM OPERATIONS (13,992,969) (7,568,712) 70,375,624
OTHER INCOME (EXPENSE):      
Interest income 1,931,963 103,668 16,772
Interest expense (1,972,267) (3,630,200) (4,815,670)
Foreign currency transaction loss (1,543,357) (1,308,922) (258,248)
Grant income 558,451 33,152,698 20,094,039
Gain from cost method investment 375,396 413,614 348,523
Loss on equity method investment (33,073) (19,700)
Loss on fixed assets disposal (1,583,834)
Other expense (471) (210) (335)
Total Other (Expense) Income, net (683,358) 27,127,114 15,385,081
(LOSS) INCOME BEFORE INCOME TAXES (14,676,327) 19,558,402 85,760,705
INCOME TAXES 984
NET (LOSS) INCOME (14,677,311) 19,558,402 85,760,705
LESS: NET (LOSS) INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST (959,688) 1,205,485
NET (LOSS) INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY (13,717,623) 18,352,917 85,760,705
COMPREHENSIVE (LOSS) INCOME:      
NET (LOSS) INCOME (14,677,311) 19,558,402 85,760,705
OTHER COMPREHENSIVE LOSS      
Unrealized foreign currency translation loss (9,288,056) (8,628,162) (552,656)
COMPREHENSIVE (LOSS) INCOME (23,965,367) 10,930,240 85,208,049
LESS: COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST (1,695,044) 658,092
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY $ (22,270,323) $ 10,272,148 $ 85,208,049
NET (LOSS) INCOME PER ORDINARY SHARE ATTRIBUTABLE TO OWNERS OF THE COMPNAY      
Basic and diluted $ (0.17) $ 0.23 $ 1.08
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:      
Basic and diluted 79,055,053 79,055,053 79,055,053
v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net (loss) income $ (14,677,311) $ 19,558,402 $ 85,760,705
Adjustments to reconcile net (loss) income from operations to net cash (used in) provided by operating activities:      
Depreciation 6,613,720 6,353,055 6,017,886
(Decrease) increase in allowance for doubtful accounts (100,366) (770,195) 1,173,223
(Decrease) increase in reserve for inventories (213,255) 227,826
Loss on equity method investment 33,073 19,700
Loss on disposal of fixed assets 1,583,834
Changes in operating assets and liabilities:      
Accounts receivable 563,318 37,007,012 (42,134,612)
Inventories (6,705,933) 9,302,719 (3,150,909)
Advances to suppliers (145,293) (37,575,746)
Prepaid expenses (6,729) 30,633 4,213,938
Prepaid expenses - related parties 3,988,749 2,382,910 (7,314,375)
Deferred expenses - related parties 1,016,039 (1,028,327)
Other receivables (1,994,127) 87,907 (156,606)
Accounts payable 1,387 (145,617) (1,762,518)
Accounts payable - related parties 2,275,069 2,202,515 (8,604,461)
Advances from customers (162,631) (128,109)
Accrued liabilities and other payables (334,820) (266,105) 1,019,221
Accrued liabilities and other payables - related party 5,732,472
Due to related parties 20,000 1,292 23,352
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES (4,950,046) 40,853,550 33,928,408
CASH FLOWS FROM INVESTING ACTIVITIES:      
Refunds from commercial retail space prepayments 22,202,268
Prepayments made for acquisition of commercial retail space (22,470,798)
Purchase of property, plant and equipment (1,465,144) (56,222,226) (890,897)
Proceeds from government grants for fishing vessels construction 3,451,914
Prepayments made for long-term assets (26,671,132)
Payments for equity method investment (40,209,087) (15,952,598)
Proceeds from transferring equity method investment share 15,055,026 8,041,817
NET CASH USED IN INVESTING ACTIVITIES (13,081,250) (66,187,228) (35,862,379)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from short-term bank loans 23,275,729 23,958,292 67,175,414
Repayments of short-term bank loans (22,234,749) (30,989,630) (45,797,736)
Proceeds from long-term bank loans 18,818,783 3,743,977
Repayments of long-term bank loans (12,390,286) (19,963,812) (19,957,026)
Increase in restricted cash (1,499,481) (1,646,964)
Advances from related parties 5,063,620 3,910,000 2,350,000
Payments made for dividend (3,162,202) (2,371,652) (790,550)
Capital contribution from non-controlling interest 64,334,540
Payments made to related parties in connection with the termination of VIE (13,349,417)
NET CASH PROVIDED BY FINANCING ACTIVITIES 7,871,414 23,881,357 6,724,079
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS (468,406) 148,733 (194,435)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (10,628,288) (1,303,588) 4,595,673
CASH AND CASH EQUIVALENTS - beginning of year 11,448,684 12,752,272 8,156,599
CASH AND CASH EQUIVALENTS - end of year 820,396 11,448,684 12,752,272
Cash paid for:      
Interest 2,921,417 3,799,389 5,648,796
Income taxes 984
NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Acquisition of property and equipment by decreasing prepayment for long-term assets 38,332,421 1,408,636 19,750,438
Property and equipment acquired on credit as payable 790,459
Decrease in cost of property and equipment by proceeds from government grants 3,451,914
Decrease in cost of property and equipment by recognition of deferred grant income 512,469
Decrease in cost of property and equipment by decreasing in accounts payable - related party 4,344,190
Other receivable increase by transferring equity method investment share 16,083,635
Offset other receivables - related parties against due to related parties 6,424,910 4,900,000
Increase in prepayment for long-term assets by increasing in accrued liabilities and other payables - related party 13,219,818
Reclassification of advances to suppliers to other receivables $ 31,172,469