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 ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 20,653,338 $ (10,000,581)
Adjustments to reconcile net income (loss) from operations to net cash provided by operating activities:    
Depreciation 4,292,368 3,303,423
Increase (decrease) in allowance for doubtful accounts 202,678 (150,594)
Increase in reserve for inventories 2,800,637
Loss on equity method investment 20,167 18,127
Loss on disposal of fixed assets 3,812
Changes in operating assets and liabilities:    
Accounts receivable (1,233,136) 9,347,461
Inventories 4,030,297 (7,696,280)
Advances to suppliers 1,584,068 299,809
Prepaid expenses 8,172 1,806
Prepaid expenses - related parties (583,668) 1,789,653
Other receivables 29,995,368 414
Other receivables - related party 927,098
Accounts payable (23,390) (14,213)
Accounts payable - related parties 5,951,364 1,344,800
Accrued liabilities and other payables 1,360,541 509,165
Accrued liabilities and other payables - related party (12,734,415)
Due to related parties (20,026)
NET CASH PROVIDED BY OPERATING ACTIVITIES 54,434,636 1,553,627
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property, plant and equipment (38,750,974) (417,877)
Proceeds from government grants for fishing vessels construction 2,911,335
Prepayments made for long-term assets (38,406,218)
Proceeds from transferring equity method investment share 15,301,282
Payments for equity method investment (291,134)
NET CASH USED IN INVESTING ACTIVITIES (36,130,773) (23,522,813)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from short-term bank loans 8,500,000 8,118,455
Repayments of short-term bank loans (7,921,692) (7,204,822)
Proceeds from long-term bank loans 19,126,603
Repayments of long-term bank loans (8,632,109) (6,258,225)
Increase in restricted cash (276,577) (1,530,128)
Advances from related parties 2,032,902 2,653,620
Payments made for dividend (1,581,101) (1,581,101)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (7,878,577) 13,324,402
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS 169,774 (199,792)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 10,595,060 (8,844,576)
CASH AND CASH EQUIVALENTS - beginning of period 820,396 11,448,684
CASH AND CASH EQUIVALENTS - end of period 11,415,456 2,604,108
Cash paid for:    
Interest 1,412,542 1,276,407
Income taxes 413
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Acquisition of property and equipment by decreasing prepayment for long-term assets 1,018,967 31,138,109
Property and equipment acquired on credit as payable 1,516,341
Offset other receivables - related parties against due to related parties $ 4,014,910