Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net (loss) income $ (2,385,299) $ (77,618,580) $ 6,380,065
Adjustments to reconcile net income from operations to net cash provided by (used in) operating activities:      
Depreciation 16,129,686 14,722,446 11,308,882
Bad debt expense 178,244 380,866 8,050
Inventory reserve (reversal) 9,366,467 14,984,980 (142,370)
Loss on equity method investment 708,020 156,085 486,803
Stock issued for professional fees 209,793
Loss on the interest sold 86,603
(Gain) on disposal of fixed assets (59,432)
Impairment loss 6,301,372 67,713,324 7,943,585
Settlement of contract (26,408,129)    
Changes in operating assets and liabilities:      
Accounts receivable 5,669,874 (21,222,129) (3,110,730)
Inventories 4,820,618 (48,067,241) (24,918,904)
Prepaid expenses (18,341,059) 1,199,764 (727,857)
Prepaid expenses - related parties 2,057,259 (1,906,460)
Due from related parties (5,646,422)
Other receivables (8,091,258) (1,177,998) 74,967
Accounts payable 35,780,524 8,933,807 (22,443,999)
Accounts payable - related parties (5,226,281) 7,701,504 (1,501,793)
Accrued liabilities and other payables 14,108,415 738,755 5,527,508
Accrued liabilities and other payables - related party (1,290)
Due to related parties 297,678 672,932 (9,483,868)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 29,319,709 (32,578,152) (30,573,780)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Prepayment for long-term assets (54,141,296) (12,913,191) (49,592,695)
Purchase of property, plant and equipment (30,718,417) (86,611,283) (118,468,793)
Proceeds from disposal of property, plant and equipment 72,480
Proceeds from government grants for fishing vessels construction 18,460,576 29,358,038 35,524,824
NET CASH (USED IN) INVESTING ACTIVITIES (66,399,137) (70,166,436) (132,464,184)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from short-term bank loans 72,121,401 93,075,852 10,147,133
Repayment of short-term bank loans (53,504,380) (53,641,846) (5,062,771)
Proceeds from long-term bank loans 98,315,781 108,821,094 208,023,483
Repayment of long-term bank loans (72,571,291) (58,952,604) (18,880,916)
Advances from (to) related parties 6,992,000 (22,664,328)
Proceeds from Due from related party 12,619,964
Proceeds from Issue of Ordinary Shares 4,351,243
Proceeds from Issue of Preferred Shares 3,698,273
Repayment to related party (11,913,633)
Repurchase shares (1,450,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES 46,039,394 101,922,460 171,562,601
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH 1,056,081 1,334,522 (399,287)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 10,016,047 512,394 8,125,350
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - beginning of period 10,604,599 10,092,205 1,966,855
CASH, CASH EQUIVALENTS AND RESTRICTED - end of period 20,620,646 10,604,599 10,092,205
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Interest 17,759,215 20,549,990 6,419,569
Income taxes
RECONCILIATION TO AMOUNTS ON CONSOLIDATED BALANCE SHEETS:      
Cash and cash equivalents 5,789,508 691,933 10,092,205
Restricted cash 14,831,138 9,912,666
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH 20,620,646 $ 10,604,599 10,092,205
NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Acquisition of property and equipment by decreasing prepayment for long-term assets $ 37,419,467