Exhibit 99.1

 

pingtan marine enterprise Reports FINANCIAL RESULTS

for the fourth quarter and year-ended December 31, 2015

 

Company to Hold Conference Call on Thursday, March 10, 2016, at 8:30 AM ET

 

FUZHOU, China, March 9, 2016 – Pingtan Marine Enterprise Ltd. (Nasdaq: PME) (“Pingtan,” or the “Company”), a global fishing company based in the People’s Republic of China (PRC), today announced financial results for its fourth quarter and year-ended December 31, 2015.

 

Factors Affecting Pingtan’s Results of Operation

As previously disclosed in Form 10-K and 10-Q the Company filed in 2015, the Indonesian government introduced a six-month moratorium on issuing new fishing licenses and renewals so that the country’s Ministry of Maritime Affairs and Fisheries (“MMAF”) could monitor the operations of existing fleets and to fight illegal fishing activities in early December 2014. As a result, all licensed fishing vessels operating in Indonesian waters have been informed by the Indonesian government to operate within strict guidelines and subsequently to cease operation, in order to avoid potential enforcement actions by the Indonesian Navy such as boat seizures.

 

Among the 135 fishing vessels, 117 of these vessels operate in the Arafura Sea of Indonesia. To cooperate and comply with the Indonesian government’s fishing license check procedures, in January 2015, the Company reduced its operation; and from February 2015, Pingtan temporarily ceased operations of the 117 vessels which are licensed to operate in Indonesian waters. Since the Company derives a majority of our revenue from this area, this temporary ban caused a significant drop in production.

 

In November 2015, the Indonesian government announced that the moratorium had concluded. The Company’s expectation is that the MMAF will implement new fishing policies and resume the license renewal process although this has not yet occurred. In the interim, the Company’s financial results will continue to be materially adversely affected by this moratorium.

 

As a result, our sales for the three months and year ended December 31, 2015 decreased significantly as compared to the three months and year ended December 31, 2014.

 

Below is a link to the news release announces the Indonesian government concluded its fishing moratorium from Ministry of Marine Affairs and Fisheries Republic of Indonesia (in Indonesian):

http://kkp.go.id/index.php/berita/moratorium-berakhir-menteri-susi-ingatkan-pelaku-usaha-patuhi-aturan/

 

2015 Financial Highlights (all results are compared to prior year):

As a result of the above, revenue from fishing business was $60.7 million, compared to $233.4 million.
Gross loss was $2.8 million, compared to gross profit of $77.6 million, and gross margin was (4.6%) compared to 33.2%, due to the moratorium described above.
Net income was $19.6 million, or $0.23 per basic and diluted share, compared to net income of $85.8 million, or $1.08 per basic and diluted share. The decrease was primarily due to the same reasons described above.

 

 

 

 

Pingtan Marine Enterprise, Ltd. Page 2
March 9, 2016  

 

Management Commentary

Commenting on the results, Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "In 2015 we faced substantial challenges from the moratorium enacted by the Indonesian government, . In November, the Indonesian government concluded the moratorium but has not yet implemented its new fishing policies and authorized fishing resumption in Indonesian waters. As a fully licensed fishing company, we look forward to operating in a more secure and protected environment and to those benefits associated with a more highly regulated market in upcoming months. In 2015, we expanded our fleet with six fishing vessels into Western and Central Pacific Ocean of international waters to focus on higher margined products like tuna and squid. We seek to continue to expand into new fishing territories to help reduce our dependency on a single region, diversify our revenue stream and fulfill the needs of our customers.”

 

Dividend Announcement

The Company announced that it has declared a cash dividend of $0.01 per share of common stock outstanding. The dividend will be payable in cash on or about April 15, 2016 to shareholders of record on March 31, 2016. This marks the fifth consecutive quarterly dividend paid by the Company, which it intends to continue paying on a quarterly basis.

 

2015 Fleet Development

The Company expanded its fleet through the purchase of 4 longline fishing vessels and 2 squid jigging vessels for the appraised fair market value of approximately $56.2 million, and the Company's total current fleet has increased to 135 vessels. These vessels are fully licensed in the Western and Central Pacific Ocean of the international waters, and are primarily focused on the catch of tuna and squid. Pingtan currently owns 107 trawlers, 4 longline fishing vessels, 2 squid jigging vessels and 2 drifters and has exclusive operating license rights to 20 drifters.

 

Pingtan is the second largest China based fishery company operating its vessels outside of China waters and its fleet has an average remaining useful life of approximately 14 years. Among the fishing vessels, 117 of these vessels are licensed to operate in the Arafura Sea in Indonesia, (although such vessels are temporarily not operating in Indonesian waters due to the moratorium discussed below), 12 vessels are operating in the Bay of Bengal in India, and the remaining 6 are operating in the Western and Central Pacific Ocean of international waters.

 

Currently Pingtan catches nearly 30 different species of fish including ribbon fish, Indian white shrimp, croaker fish, pomfret, Spanish mackerel, conger eel, squid and red snapper. All fish products caught by the Company are shipped and transported to cold storage warehouse facilities to nearby onshore fishing bases. The Company then arranges periodic chartered transportation to deliver the frozen fish to its nine cold storage warehouses located in one of China’s largest seafood trading centers, Mawei Seafood Market in Fujian Province.

 

The Company encourages investors to review detailed information on each vessel (including age of vessel / tonnage capacity) and revenue breakdown from its catch available in its 2015 Annual Report on Form 10-K.

 

 

 

 

Pingtan Marine Enterprise, Ltd. Page 3
March 9, 2016  

 

Pingtan’s Revenue Break-down By PRC Territories:

 

   Year Ended
December 31,
 
   2015   2014   2013 
Guangdong province   47%   34%   46%
Fujian province   36%   44%   26%
Zhejiang province   8%   5%   17%
Shandong province   3%   11%   4%
Liaoning province   2%   1%   2%
Other areas   4%   5%   5%
Total   100%   100%   100%

 

2015 Selected Financial Table

 

($ in millions, except per share data)  Three Months ended December 31,   Year Ended
December 31,
 
   2015   2014   2015   2014   2013 
Fishing Business                    
Revenue  $14.0   $56.5   $61.0   $233.4   $122.7 
Cost of Revenue   22.9    37.4    63.5    155.8    75.0 
Gross Profit   (8.9)   19.1    (2.8)   77.6    47.7 
Gross Profit Margin   (64.0%)   33.8%   (4.6%)   33.2%   38.9%
Net Income from Fishing Business   (9.8)   33.3    19.6    85.8    47.1 
Basic and Diluted Weighted Average Shares    79.1    79.1    79.1    79.1    78.8 
EPS (from continuing operations) (in $)   (0.12)  $0.42   $0.23   $1.08   $0.60 

 

Balance Sheet Highlights

 

(in million U.S. dollar except for book value per share)  12/31/2015   12/31/2014  12/31/2013 
             
Cash and Cash Equivalents  $11.4   $12.8   $8.2 
Total Current Assets   91.9    105.9    30.7 
Total Assets   231.9    249.0    170.1 
Total Current Liabilities   42.5    61.1    50.8 
Total Long-term Debt, net of current portion   22.6    38.6    54.5 
Total Liabilities   65.0    99.7    105.3 
Shareholders’ Equity   166.9    149.3    64.8 
Total Liabilities and Shareholders’ Equity   231.9    249.0    170.1 
Book Value Per Share (in $)  $2.11   $1.89   $0.82 

  

 

 

 

Pingtan Marine Enterprise, Ltd. Page 4
March 9, 2016  

 

Consolidated Financial and Operating Review

 

Revenues

Revenues from the fishing business for the three months ended December 31, 2015 was $14.0 million compared $56.5 million for the same period in 2014. The decrease was primarily due to the Company temporarily ceasing its operations in Indonesia waters since February 2015 resulting from the moratorium described above.

 

For the year ended December 31, 2015, the Company’s revenues from the fishing business were $60.7 million compared to $233.4 million in in the year ended December 31, 2014. The decrease was primarily due to decrease in sales volume resulting from the moratorium described above, as well as the decrease in average unit sale price from the different sales mix.

 

Gross Margin

The Company’s gross margin for fishing business was -64.0% for the three months ended December 31, 2015, compared to 33.8% in the prior year period. The significant decrease was primarily due to the reduced scale of operations resulting from the moratorium, which is reflected in the allocation of fixed costs, mainly consisting of depreciation and labor costs, to cost of revenue. The ordinary repairs and maintenance fees were incurred in the periods to maintain vessels in operating condition and represent revenue expenditures.

 

The Company’s gross margin for the fishing business was -4.6% in the fiscal year ended December 31, 2015 compare to 33.2% in that of 2014, the decrease was primarily due to the same reasons described above.

 

Selling Expense

For the three months ended December 31, 2015, selling expense for the fishing business was $0.5 million compared to $0.8 million, in the prior year period.

 

For the fiscal year ended December 31, 2015, total selling expense was $1.9 million compared to $2.7 million in the same period of 2014. The decrease was primarily due to the same reasons described above which resulting in less storage fees, insurance fees, and shipping and handling fees.

 

General & Administrative Expense

For the three months ended December 31, 2015, general and administrative expense for the fishing business was $0.4 million, compared to $2.1 million in the prior year period.

 

For the fiscal year ended December 31, 2015, total general and administrative expense was $2.9 million compared to $4.5 million in the same period of 2014. The decrease was primarily due to bad debt recovery based on our periodic review of accounts receivable balances and management’s evaluation of the collectability of receivable balances.

 

Net Income

Net loss from the fishing business for the three months ended December 31, 2015 was $9.8 million, or $(0.12) per basic and diluted share, compared to net income of $33.3 million, or $0.42 per basic and diluted share, in the same period of 2014. The decrease was primarily due to all factors described above.

 

Net income from the fishing business in the year ended December 31, 2015 was $19.6 million, or $0.23 per basic and diluted share, compared to $85.8 million, or $1.08 per basic and diluted share, in the same period of 2014. The decrease was primarily due to the same reasons described above.

 

 

 

 

Pingtan Marine Enterprise, Ltd. Page 5
March 9, 2016  

 

Conference Call Details

Pingtan also announced that it will discuss financial results in a conference call on Thursday, March 10, 2016, at 8:30 AM ET.

 

The dial-in numbers are:

 

Live Participant Dial In (Toll Free):

877-407-0310

 

Live Participant Dial In (International): 201-493-6786

 

The conference call will also be webcast live. To listen to the call, please go to the Investor Relations section of Pingtan’s website at www.ptmarine.com, or click on the following link: http://ptmarine.equisolvewebcast.com/q4-2015.

 

About Pingtan Marine

Pingtan is a global fishing company, engaging in ocean fishing through its wholly-owned subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing. Pingtan Fishing primarily engages in ocean fishing with many of its self-owned vessels operating within the Indian Exclusive Economic Zone and other international waters.

 

Business Risks and Forward-Looking Statements

This press release may contain forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934, including statements that the Company’s expectation is that the MMAF will implement new fishing policies, that the Company may achieve benefits associated with operating in a more highly a regulated market in upcoming months and that the Company seeks to expand into new fishing territories to help reduce its dependency on a single region, diversify itsrevenue stream and fulfill the needs of its customers. Readers are cautioned that actual results could differ materially from those expressed in any forward-looking statements. In addition, please refer to the risk factors contained in Pingtan's SEC filings available at www.sec.gov, including Pingtan's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Definitive Proxy Statement. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason.

 

CONTACT:

Roy Yu

Chief Financial Officer

Pingtan Marine Enterprise Ltd.

Tel: +86 591 87271753

ryu@ptmarine.net

 

INVESTOR RELATIONS:

The Equity Group Inc. In China
Adam Prior, Senior Vice President Katherine Yao, Senior Associate
Tel: (212) 836-9606 Tel: +86 10 6587 6435
aprior@equityny.com kyao@equityny.com

 

 

 

 

Pingtan Marine Enterprise, Ltd. Page 6
March 9, 2016  

 

PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(IN U.S. DOLLARS)

 

   For the
three months ended
December 31,
 
   2015   2014 
         
Revenue  $13,972,382   $56,517,834 
           
Cost of revenue   (22,913,976)   (37,452,094)
           
Gross (Loss) Profit   (8,941,594)   19,065,740 
           
Operating expenses:          
Selling and marketing expenses   (548,828)   (758,398)
General and administrative expenses   (386,363)   (2,129,981)
Total operating expenses   (935,191)   (2,888,379)
           
Operating (loss) income   (9,876,785)   16,177,361 
           
Other income (expenses)          
Gain on equity method investment   17,845      
Investment (loss) gain from cost method investment   (3,820)   141 
Loss on fixed assets disposal   (39,557)     
Interest income   4,774    2,756 
Interest expenses   (773,684)   (1,726,985)
Subsidy income   1,461,532    18,853,497 
Sundry income   2    - 
(Loss) Gain on foreign exchange, net   (594,302)   28,328 
           
(Loss) Income from continuing operations before income taxes   (9,803,995)   33,335,098 
           
Income tax expense   -    - 
           
Net (loss) income from continuing operations  $(9,803,995)  $33,335,098 
           
NET INCOME FROM DISCONTINUED OPERATIONS, NET OF INCOME TAX   -    - 
           
NET (LOSS) INCOME   (9,803,995)   33,335,098 
           
COMPREHENSIVE INCOME:          
NET (LOSS) INCOME   (9,803,995)   33,335,098 
           
OTHER COMPREHENSIVE INCOME          
Unrealized Foreign currency translation (loss) gain   (2,779,885)   138,292 
           
TOTAL COMPREHENSIVE (LOSS) INCOME  $(12,583,880)   33,473,390 
           
BASIC AND DILUTED EARNINGS PER SHARE          
From continuing operations   (0.12)   0.42 
From discontinued operations   0.00    0.00 
Net income   (0.12)   0.42 
           
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:          
Basic and diluted   79,055,053    79,055,053 

 

 

 

 

Pingtan Marine Enterprise, Ltd. Page 7
March 9, 2016  

 

PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(IN U.S. DOLLARS)

 

   For the Years Ended
December 31,
 
   2015   2014   2013 
             
REVENUE            
Revenue  $60,700,190   $233,427,011   $112,295,158 
Revenue - related party    -    -    10,372,611 
Total Revenue    60,700,190    233,427,011    122,667,769 
                
COST OF REVENUE               
Cost of revenue    63,476,627    155,840,823    68,403,097 
Cost of revenue - related party    -    -    6,580,193 
Total Cost of Revenue    63,476,627    155,840,823    74,983,290 
                
GROSS (LOSS) PROFIT    (2,776,437)    77,586,188    47,684,479 
                
OPERATING EXPENSES:               
Selling    1,858,687    2,673,213    1,618,278 
General and administrative    2,933,588    4,537,351    3,191,637 
Total Operating Expenses    4,792,275    7,210,564    4,809,915 
                
(LOSS) INCOME FROM OPERATIONS    (7,568,712)    70,375,624    42,874,564 
                
OTHER INCOME (EXPENSE):               
Interest income    103,668    16,772    8,250 
Interest expense    (3,630,200)    (4,815,670)   (3,301,696)
Foreign currency transaction (loss) gain    (1,308,922)    (258,248)   144,740 
Grant income    33,152,698    20,094,039    7,338,273 
Gain from cost method investment    413,614    348,523    69,519 
Loss on equity method investment    (19,700)    -    - 
Loss on fixed assets disposal    (1,583,834)    -    - 
Other (expense) income    (210)    (335)   2,144 
Total Other Income (Expense), net    27,127,114    15,385,081    4,261,230 
                
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES    19,558,402    85,760,705    47,135,794 
                
INCOME TAXES    -    -    - 
                
NET INCOME FROM CONTINUING OPERATIONS  $19,558,402   $85,760,705   $47,135,794 
                
NET INCOME FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES    -    -    51,910,662 
                
NET INCOME    19,558,402    85,760,705    99,046,456 
                
LESS: NET INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST    1,205,485    -    - 
                
NET INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY  $18,352,917   $85,760,705   $99,046,456 
                
COMPREHENSIVE INCOME:               
NET INCOME    19,558,402    85,760,705    99,046,456 
OTHER COMPREHENSIVE (LOSS) INCOME               
Unrealized foreign currency translation (loss) gain    (8,628,162)    (552,656)   8,195,045 
COMPREHENSIVE INCOME  $10,930,240   $85,208,049   $107,241,501 
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST    658,092    -    - 
COMPREHENSIVE INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY  $10,272,148   $85,208,049   $107,241,501 
                
BASIC AND DILUTED NET INCOME PER ORDINARY SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY               
From continuing operations  $0.23   $1.08   $0.60 
From discontinued operations    0.00    0.00    0.66 
Total  $0.23   $1.08   $1.26 
                
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:               
Basic and diluted    79,055,053    79,055,053    78,772,743 

 

 

 

 

Pingtan Marine Enterprise, Ltd. Page 8
March 9, 2016  

 

PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN U.S. DOLLARS)

 

     December 31, 
   2015   2014 
ASSETS         
             
CURRENT ASSETS:            
Cash  $11,448,684   $12,752,272 
Restricted cash   1,577,642    - 
Accounts receivable, net of allowance for doubtful accounts   12,575,042    49,999,712 
Inventories, net of reserve for inventories   2,336,167    12,123,405 
Advances to suppliers   35,994,146    - 
Prepaid expenses   1,818    32,913 
Prepaid expenses - related parties   4,640,166    7,319,975 
Deferred expenses - related parties   -    1,029,114 
Receivable from transferring equity method investment shares   15,406,659    - 
Other receivables   78,051    22,656,232 
Other receivables - related parties   7,887,527    - 
Total Current Assets   91,945,902    105,913,623 
           
OTHER ASSETS:          
Cost method investment   3,235,398    3,421,031 
Equity method investment   30,486,314    15,964,812 
Prepayment for long-term assets   11,654,645    13,750,102 
Property, plant and equipment, net   94,555,114    109,980,617 
Total Other Assets   139,931,471    143,116,562 
           
Total Assets  $231,877,373   $249,030,185 
           
LIABILITIES AND SHAREHOLDERS' EQUITY 
           
CURRENT LIABILITIES:          
Accounts payable  $978,353   $1,181,977 
Accounts payable - related party   408,631    2,601,314 
Advances from customers   -    164,724 
Short-term bank loans   21,971,438    30,353,890 
Long-term bank loans - current portion   12,679,680    18,868,616 
Accrued liabilities and other payables   5,044,049    5,602,307 
Due to related parties   1,384,644    2,373,352 
Total Current Liabilities   42,466,795    61,146,180 
           
OTHER LIABILITIES:          
Long-term bank loans - non-current portion   22,570,755    38,625,071 
           
Total Liabilities   65,037,550    99,771,251 
           
SHAREHOLDERS' EQUITY:          
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, 2015 and 2014)   79,055    79,055 
Additional paid-in capital   111,008,085    117,525,377 
Retained earnings   17,911,378    21,315,710 
Statutory reserve   25,798,489    6,412,892 
Accumulated other comprehensive (loss) income   (4,326,351)   3,925,900 
Total equity attributable to owners of the company   150,470,656    149,258,934 
Non-controlling interest   16,369,167    - 
           
Total Shareholders' Equity   166,839,823    149,258,934 
           
Total Liabilities and Shareholders' Equity  $231,877,373   $249,030,185 

 

 

 

 

Pingtan Marine Enterprise, Ltd. Page 9
March 9, 2016  

 

PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN U.S. DOLLARS)

 

   For the Years Ended
December 31,
 
   2015   2014   2013 
             
CASH FLOWS FROM OPERATING ACTIVITIES:            
Net income from continuing operations  $19,558,402   $85,760,705   $47,135,794 
Adjustments to reconcile net income from operations to net cash provided by operating activities:               
Depreciation   6,353,055    6,017,886    2,394,692 
(Decrease) increase in allowance for doubtful accounts   (770,195)   1,173,223    - 
Increase in reserve for inventories   227,826    -    - 
Loss on equity method investment   19,700    -    - 
Loss on disposal of fixed assets   1,583,834    -    - 
Changes in operating assets and liabilities:               
Accounts receivable   37,007,012    (42,134,612)   2,788,320 
Notes receivable (banker's acceptances)   -    -    3,745,196 
Inventories   9,302,719    (3,150,909)   (8,766,511)
Prepayments made for inventories purchase   (37,575,746)   -    - 
Prepaid expenses   30,633    4,213,938    (1,925,477)
Prepaid expenses - related parties   2,382,910    (7,314,375)   - 
Deferred expenses - related parties   1,016,039    (1,028,327)   - 
Other receivables   87,907    (156,606)   19,201 
Accounts payable   (145,617)   (1,762,518)   2,081,172 
Accounts payable - related party   2,202,515    (8,604,461)   13,944,394 
Advances from customers   (162,631)   (128,109)   292,802 
Advances from customers - related parties   -    -    (13,026,770)
Accrued liabilities and other payables   (266,105)   1,019,221    3,583,989 
Due to related parties   1,292    23,352    - 
                
NET CASH PROVIDED BY OPERATING ACTIVITIES FROM CONTINUING OPERATIONS   40,853,550    33,928,408    52,266,802 
                
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   (16,146)   (890,897)   (257,701,854)
Proceeds from government grants for fishing vessels construction   -    3,451,914    8,320,882 
Payment for fishing vessels deposit   -    -    (1,901,220)
Advance to related parties   -    -    (312,569)
Payments for equity method investment   (40,209,087)   (15,952,598)   - 
Proceeds from transferring equity method investment share   8,041,817    -    - 
Decrease in cash related to sale of subsidiary   -    -    (84,917,899)
                
NET CASH USED IN INVESTING ACTIVITIES FOR CONTINUING OPERATIONS   (9,981,148)   (35,862,379)   (336,512,660)

  

 

 

  

Pingtan Marine Enterprise, Ltd. Page 10
March 9, 2016  

 

PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

(IN U.S. DOLLARS)

 

  For the Years Ended
December 31,
 
   2015   2014   2013 
             
CASH FLOWS FROM FINANCING ACTIVITIES:            
Proceeds from short-term bank loans   23,958,292    67,175,414    43,713,708 
Repayments of short-term bank loans   (30,989,630)   (45,797,736)   (64,358,336)
Proceeds from long-term bank loans   -    3,743,977    55,811,568 
Repayments of long-term bank loans   (19,963,812)   (19,957,026)   (7,584,023)
Increase in restricted cash   (1,646,964)   -    - 
Advances from related parties   3,910,000    2,350,000    (777)
Payments made for dividend   (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)   -    - 
Acquisition of fishing vessels from relate parties under common control   (56,206,080)   -    - 
Cash acquired in recapitalization   -    -    3,565,355 
                      
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (FOR) FROM CONTINUING OPERATIONS   (32,324,723)   6,724,079    31,147,495 
               
CASH FLOWS FROM DISCONTINUED OPERATIONS:               
               
NET CASH PROVIDED BY OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS   -    -    79,605,841 
               
NET CASH PROVIDED BY INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS   -    -    7,099,979 
               
NET CASH USED IN FINANCING ACTIVITIES FOR DISCONTINUED OPERATIONS   -    -    (407,030)
               
NET CASH PROVIDED BY DISCONTINUED OPERATIONS   -    -    86,298,790 
               
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS   148,733    (194,435)   3,032,812 
               
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS   (1,303,588)   4,595,673    (163,766,761)
               
CASH AND CASH EQUIVALENTS - beginning of year   12,752,272    8,156,599    171,923,360 
               
CASH AND CASH EQUIVALENTS - end of year  $11,448,684   $12,752,272   $8,156,599 
               
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:               
Cash paid from continuing operations for:               
Interest  $3,799,389   $5,648,796   $4,060,069 
Income taxes  $-   $-   $- 
                      
Cash paid from discontinued operations for:               
Interest  $-   $-   $- 
Income taxes  $-   $-   $17,278,643 
                      
NON-CASH INVESTING AND FINANCING ACTIVITIES:               
Purchase of property and equipment pursuant to capital lease  $-   $-   $26,435,403 
Purchase of property and equipment by setting off advance to related parties  $-   $-   $55,064,953 
Deposit on setting up equity investment netted of accounts payable - related parties  $-   $-   $6,090,302 
Acquisition of property and equipment by decreasing prepayment for long-term assets  $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  $4,900,000   $-   $-