Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net (loss) income $ (77,618,580) $ 6,380,065 $ 14,812,698
Adjustments to reconcile net income from operations to net cash provided by (used in) operating activities:      
Depreciation 14,722,446 11,308,882 9,141,975
Increase (decrease) in allowance for doubtful accounts 380,866 8,050 (66,532)
Increase (decrease) in reserve for inventories 14,984,980 (142,370) 429,267
Loss on equity method investment 156,085 486,803 192,746
Common stock issuance for professional fees 209,793
Loss on the interest sold 86,603
Loss (gain)on disposal of fixed assets (59,432) 2,016,992
Impairment loss 67,713,324 7,943,585 9,715,058
Accounts receivable (21,222,129) (3,110,730) 6,373,815
Inventories (48,067,241) (24,918,904) (2,970,908)
Prepaid expenses 1,199,764 (727,857) (559,629)
Prepaid expenses - related parties (1,906,460)
Other receivables (1,177,998) 74,967 (450,948)
Advance from customers 8,933,807 (22,443,999) 1,044,710
Accounts payable - related parties 7,701,504 (1,501,793) 1,584,351
Accrued liabilities and other payables 738,755 5,527,508 995,836
Accrued liabilities and other payables - related party (1,290) (36,918)
Due to related parties 672,932 (9,483,868) 11,080,369
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES (32,578,152) (30,573,780) 53,302,882
CASH FLOWS FROM INVESTING ACTIVITIES:      
Prepayment made for long-term assets (12,913,191) (49,592,695)
Payments for equity method investment (86,611,283) (118,468,793) (60,930,363)
Proceeds from disposal of property, plant and equipment 72,480
Proceeds from government grants for fishing vessels construction 29,358,038 35,524,824 5,223,804
NET CASH USED IN INVESTING ACTIVITIES (70,166,436) (132,464,184) (55,706,559)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from short-term bank loans 93,075,852 10,147,133 14,960,559
Repayments of short-term bank loans (53,641,846) (5,062,771) (14,622,143)
Proceeds from long-term bank loans 108,821,094 208,023,483 5,478,766
Repayments of long-term bank loans (58,952,604) (18,880,916) (5,893,554)
Advances from related parties (10,046,010) 3,891,085
Repayments of loans issued to related parties (12,618,318)
Proceeds from Due from related party 12,619,964    
Payments made for dividend (2,371,652)
NET CASH PROVIDED BY FINANCING ACTIVITIES 101,922,460 171,562,601 1,443,061
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH 1,334,522 (399,287) (899,256)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 512,394 8,125,350 (1,859,872)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - beginning of period 10,092,205 1,966,855 3,826,727
CASH, CASH EQUIVALENTS AND RESTRICTED - end of period 10,604,599 10,092,205 1,966,855
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Interest 20,549,990 6,419,569 1,311,455
Income taxes
RECONCILIATION TO AMOUNTS ON CONSOLIDATED BALANCE SHEETS:      
Cash and cash equivalents 691,933 10,092,205 1,966,855
Restricted cash 9,912,666
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH 10,604,599 10,092,205 1,966,855
NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Acquisition of property and equipment by decreasing prepayment for long-term assets (12,913,191)   11,431,500
Property and equipment acquired on credit as payable $ 26,488,534