Investors

Financials

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
CURRENT ASSETS:    
Cash $ 571,305 $ 820,396
Restricted cash 3,362,660 2,911,922
Accounts receivable, net of allowance for doubtful accounts 11,215,424 11,322,726
Inventories, net of reserve for inventories 16,829,601 8,811,111
Advances to suppliers 2,508,289 3,969,351
Prepaid expenses 8,145
Prepaid expenses - related party 1,126,753 522,337
Other receivables 2,142,573 31,835,456
Other receivables - related party 705,296 639,917
Total Current Assets 38,461,901 60,841,361
OTHER ASSETS:    
Cost method investment 3,043,787 3,027,245
Equity method investment 28,932,614 28,493,273
Prepayment for long-term assets 10,964,418 11,913,912
Property, plant and equipment, net 132,050,274 122,196,594
Total Other Assets 174,991,093 165,631,024
Total Assets 213,452,994 226,472,385
CURRENT LIABILITIES:    
Accounts payable 949,344 916,737
Accounts payable - related parties 4,452,059 2,560,760
Short-term bank loans 23,578,267 21,554,636
Long-term bank loans - current portion 17,393,069 17,298,544
Accrued liabilities and other payables 5,757,308 4,399,536
Accrued liabilities and other payables - related party 16,856,783 18,147,152
Due to related parties 1,203,354 43,354
Total Current Liabilities 70,190,184 64,920,719
OTHER LIABILITIES:    
Long-term bank loans - non-current portion 21,958,749 21,839,412
Total Liabilities 92,148,933 86,760,131
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 March 31, 2017 and December 31, 2016) 79,055 79,055
Additional paid-in capital 81,906,871 111,008,085
Retained earnings 26,567,818 17,438,215
Statutory reserve 9,391,827 9,391,827
Accumulated other comprehensive loss (12,288,659) (12,879,051)
Total equity attributable to owners of the company 105,656,912 125,038,131
Non-controlling interest 15,647,149 14,674,123
Total Shareholders' Equity 121,304,061 139,712,254
Total Liabilities and Shareholders' Equity $ 213,452,994 $ 226,472,385
v3.7.0.1
Unaudited Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Statements of Income and Comprehensive Income [Abstract]    
REVENUE $ 5,661,140 $ 4,115,098
COST OF REVENUE 5,597,807 7,427,810
GROSS PROFIT (LOSS) 63,333 (3,312,712)
OPERATING EXPENSES:    
Selling 388,718 343,020
General and administrative 1,087,872 1,467,471
Total Operating Expenses 1,476,590 1,810,491
LOSS FROM OPERATIONS (1,413,257) (5,123,203)
OTHER INCOME (EXPENSE):    
Interest income 147,383 2,367
Interest expense (703,076) (522,265)
Foreign currency transaction gain 98,451 20,797
Grant income 12,719,275 154,447
Loss on equity method investment (6,252) (10,316)
Other expense (264)
Total Other Income (Expense), net 12,255,781 (355,234)
INCOME (LOSS) BEFORE INCOME TAXES 10,842,524 (5,478,437)
INCOME TAXES 413
NET INCOME (LOSS) 10,842,524 (5,478,850)
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 922,370 (378,471)
NET INCOME (LOSS) ATTRIBUTABLE TO OWNERS OF THE COMPANY 9,920,154 (5,100,379)
COMPREHENSIVE INCOME (LOSS):    
NET INCOME (LOSS) 10,842,524 (5,478,850)
OTHER COMPREHENSIVE GAIN    
Unrealized foreign currency translation gain 641,048 879,423
COMPREHENSIVE INCOME (LOSS) 11,483,572 (4,599,427)
LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 973,026 (309,448)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO OWNERS OF THE COMPANY $ 10,510,546 $ (4,289,979)
NET INCOME (LOSS) PER ORDINARY SHARE ATTRIBUTABLE TO OWNERS OF THE COMPNAY    
Basic and diluted $ 0.13 $ (0.06)
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:    
Basic and diluted 79,055,053 79,055,053
v3.7.0.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 10,842,524 $ (5,478,850)
Adjustments to reconcile net income (loss) from operations to net cash provided by operating activities:    
Depreciation 2,112,525 1,682,985
Increase in allowance for doubtful accounts 96,399 277,982
Increase in reserve for inventories 277,017 1,550,335
Loss on equity method investment 6,252 10,316
Changes in operating assets and liabilities:    
Accounts receivable 73,099 3,406,211
Inventories (8,262,638) (2,967,993)
Advances to suppliers 1,485,594 170,802
Prepaid expenses 8,205 1,266
Prepaid expenses - related party (602,715) 1,860,757
Other receivables 29,923,685 (17)
Other receivables - related party (97)
Accounts payable 27,651 (37,895)
Accounts payable - related parties 1,880,905 656,067
Accrued liabilities and other payables 677,512 (507,011)
Accrued liabilities and other payables - related party (18,281,290)
Due to related parties (20,000)
NET CASH PROVIDED BY OPERATING ACTIVITIES 20,244,725 624,858
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property, plant and equipment (9,763,774) (113,479)
Payments made for acquisition of fishing vessels from related party (12,252,689)
Prepayments made for long-term assets (20,108,663)
Payments for equity method investment (290,440)
Proceeds from transferring equity method investment share 15,291,759
NET CASH USED IN INVESTING ACTIVITIES (22,306,903) (4,930,383)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from short-term bank loans 5,100,335 3,156,505
Repayments of short-term bank loans (3,190,832) (7,214,044)
Increase in restricted cash (435,660) (611,670)
Advances from related parties 1,180,000 200,000
Payments made for dividend (790,551)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 1,863,292 (4,469,209)
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS (50,205) (90,453)
NET DECREASE IN CASH AND CASH EQUIVALENTS (249,091) (8,865,187)
CASH AND CASH EQUIVALENTS - beginning of period 820,396 11,448,684
CASH AND CASH EQUIVALENTS - end of period 571,305 2,583,497
Cash paid for:    
Interest 587,221 556,138
Income taxes
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Acquisition of property and equipment by decreasing prepayment for long-term assets 1,016,541 10,551,314
Property and equipment acquired on credit as payable 658,827
Fishing vessels acquired on credit as payable - related party 16,889,095
Offset other receivables - related parties against due to related parties $ 1,560,000