Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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