Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v2.4.1.9
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2014
Summary of Significant Accounting Policies [Abstract]  
Schedule of assets and liabilities of the Company' s VIEs after eliminating the intercompany balances

 

    December 31, 2014     December 31, 2013  
ASSETS          
Cash   $ 12,352,423     $ 7,736,309  
Accounts receivable, net of allowance for doubtful accounts     49,999,712       9,133,130  
Other receivable     168,165       11,632  
Inventories     12,123,405       9,095,736  
Prepaid expenses     22,518,097       4,306,753  
Prepaid expenses - related parties     7,319,975       -  
Deferred expenses – related parties     1,029,114       -  
Long-term investment     19,385,843       3,468,953  
Prepayment for long-term assets     13,750,102       33,985,148  
Property, plant and equipment, net     84,690,748       75,623,422  
TOTAL ASSETS   $ 223,337,584     $ 143,361,083  
LIABILITIES                
Accounts payable   $ 1,181,977     $ 2,184,964  
Accounts payable - related parties     2,601,314       13,807,605  
Advances from customers     164,724       297,034  
Bank loans    

87,847,577

      83,837,157  
Accrued liabilities and other payables     5,580,962       4,423,847  
Deferred grant income     -       520,045  
TOTAL LIABILITIES   $

97,376,554

    $ 105,070,652  
 
Schedule of revenue and cost of revenue, and net income of the Company' s VIEs
    Years Ended December 31,  
    2014     2013     2012  
Revenues   $ 233,427,011     $ 122,667,769     $ 67,461,468  
Cost of revenues   $ (155,840,823 )   $ (74,983,290 )   $ (41,570,472 )
Net income from continuing operations   $ 87,577,218     $ 49,449,338     $ 24,280,268  
 
Summary of estimated useful lives of the assets
    Estimated useful life
Fishing vessels   10 - 20 Years
Fishing vessels pursuant to capital lease – related party   25 Years
Vehicles   5 Years
Office and other equipment   3 - 5 Years
Schedule of Earnings Per Share, Basic and Diluted

 

    Years Ended December 31,  
    2014     2013     2012  
Net income                  
From continuing operations   $ 85,760,705     $ 47,135,794     $ 24,280,268  
From discontinued operations     -       51,910,662       84,494,428  
    $ 85,760,705     $ 99,046,456     $ 108,774,696  
Weighted average ordinary shares outstanding (basic and diluted)     79,055,053       78,772,743       77,215,000  
Net income per share (basic and diluted)                        
From continuing operations   $ 1.08     $ 0.60     $ 0.32  
From discontinued operations     0.00       0.66       1.09  
Net income applicable to ordinary shares   $ 1.08     $ 1.26     $ 1.41