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 ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 18,056,832 $ 27,182,456
Adjustments to reconcile net income from operations to net cash provided by operating activities:    
Depreciation 6,933,572 6,454,155
(Decrease) increase in allowance for doubtful accounts (36,814) 221,209
Increase in reserve for inventories 38,614 2,639,816
Loss on equity method investment 121,537 27,500
Loss on disposal of fixed assets 2,129,124 194,039
Changes in operating assets and liabilities:    
Accounts receivable 6,877,799 5,928,573
Inventories (5,711,759) 3,421,517
Advances to suppliers 3,133,470
Prepaid expenses (5,729,266) 8,311
Prepaid expenses - related parties (225,434)
Other receivables (435,794) 32,217,955
Other receivables - related party 1,180,928
Accounts payable (530,936) 954,719
Accounts payable - related parties 677,529 2,024,366
Accrued liabilities and other payables (939,878) 854,714
Accrued liabilities and other payables - related party (9,886,677)
Due to related parties 2,529,409 14,854
NET CASH PROVIDED BY OPERATING ACTIVITIES 23,979,969 76,346,471
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property, plant and equipment (21,915,319) (45,292,877)
Proceeds from government grants for fishing vessels construction 5,302,166 2,941,912
Payments for equity method investment (294,191)
NET CASH USED IN INVESTING ACTIVITIES (16,613,153) (42,645,156)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from short-term bank loans 15,184,981 12,912,868
Repayments of short-term bank loans (14,633,675) (18,701,191)
Repayments of long-term bank loans (2,990,981) (8,722,769)
Advances from related parties 3,712,957 2,982,394
Payments made for dividend (2,371,652) (2,371,652)
NET CASH USED IN FINANCING ACTIVITIES (1,098,370) (13,900,350)
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH (574,848) 1,038,979
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 5,693,598 20,839,944
CASH,CASH EQUIVALENTS AND RESTRICTED CASH - beginning of period 3,826,727 3,732,318
CASH,CASH EQUIVALENTS AND RESTRICTED - end of period 9,520,325 24,572,262
Cash paid for:    
Interest 1,331,128 1,945,560
Income taxes
RECONCILIATION TO AMOUNTS ON CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 9,520,325 22,251,902
Restricted cash 2,320,360
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH 9,520,325 24,572,262
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Acquisition of property and equipment by decreasing prepayment for long-term assets 11,602,983 1,029,669
Property and equipment acquired on credit as payable $ 38,672,775 $ 4,818,866