Quarterly report pursuant to Section 13 or 15(d)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income from continuing operations $ 52,425,607 $ 17,315,920
Adjustments to reconcile net income from operations to net cash provided by operating activities:    
Depreciation 4,022,232 1,160,603
Changes in operating assets and liabilities:    
Accounts receivable (32,622,490) 1,568,675
Other receivable (156,943) 19,657
Prepaid expense 3,956,449 (4,479,159)
Prepaid expense - related parties (3,111,736) 0
Deferred expense - related parties (2,239,090) 0
Inventories 2,918,687 (5,191,641)
Advance to suppliers (258,408) 0
Accounts payable (1,839,459) 77,561
Accounts payable - related parties (6,849,973) 494,616
Advance from customers (130,484) 473,183
Advance from customers - related parties 0 (12,983,365)
Accrued liabilities and other payable 241,133 5,613,387
Due to related parties 23,348 0
NET CASH PROVIDED BY OPERATING ACTIVITIES FROM CONTINUING OPERATIONS 16,378,873 4,069,437
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from government grants for fishing vessels construction 1,195,275 6,224,357
Payment for fishing vessels deposit 0 (3,271,878)
Prepayments made for long-term assets (22,461,657) 0
Purchase of property, plant and equipment (1,268,934) (213,813,927)
Advance to related parties 0 (4,044,837)
Investment in joint venture interest (15,946,109) 0
Decrease in cash related to sale of subsidiary 0 (76,987,656)
NET CASH USED IN INVESTING ACTIVITIES FOR CONTINUING OPERATIONS (38,481,425) (291,893,941)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from short-term bank loans 44,891,439 43,439,587
Repayments of short-term bank loans (17,724,568) (46,996,499)
Proceeds from long-term bank loans 3,742,454 45,889,055
Repayments of long-term bank loans (5,682,835) (1,890,743)
Advance from related parties 650,000 3,847,492
Cash acquired in recapitalization 0 3,565,355
NET CASH PROVIDED BY FINANCING ACTIVITIES FROM CONTINUING OPERATIONS 25,876,490 47,854,247
CASH FLOWS FROM DISCONTINUED OPERATIONS:    
Net income from discontinued operations 0 39,461,777
Adjustments to reconcile net income from operations to net cash provided by operating activities:    
Depreciation 0 5,756,650
Gain on derivative 0 (1,764,249)
Changes in operating assets and liabilities 0 26,198,314
NET CASH PROVIDED BY OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS 0 69,652,492
NET CASH PROVIDED BY INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS 0 7,624,250
NET CASH USED IN FINANCING ACTIVITIES FOR DISCONTINUED OPERATIONS 0 (560,216)
NET CASH PROVIDED BY DISCONTINUED OPERATIONS 0 76,716,526
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS (132,878) 2,162,371
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 3,641,060 (161,091,360)
CASH AND CASH EQUIVALENTS - beginning of period 8,156,599 171,923,360
CASH AND CASH EQUIVALENTS - end of period 11,797,659 10,832,000
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Purchase of property, plant and equipment by setting off advance to related parties 0 54,882,642
Deposit on setting up joint venture netted of accounts payable - related parties 0 6,090,302
Acquisition of property, plant and equipment by decreasing prepayment for long-term assets 27,099,444 0
Decrease in cost of property, plant and equipment by proceeds from government grants 1,195,275 0
Decrease in cost of property, plant and equipment by recognition of deferred grant income 512,261  
Continuing Operations [Member]
   
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest paid 4,065,601 2,325,864
Discontinued Operations [Member]
   
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Income tax paid $ 0 $ 12,814,679