Quarterly report pursuant to Section 13 or 15(d)

Unaudited Consolidated Statements of Cash Flows

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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