Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net (loss) income $ 32,520,131 $ (14,677,311) $ 19,558,402
Adjustments to reconcile net income (loss) from operations to net cash provided by (used in) operating activities:      
Depreciation 8,965,553 6,613,720 6,353,055
Decrease in allowance for doubtful accounts (194,278) (100,366) (770,195)
(Decrease) increase in reserve for inventories (213,255) 227,826
Loss on equity method investment 33,246 33,073 19,700
Loss on disposal of fixed assets 195,376 1,583,834
Changes in operating assets and liabilities:      
Accounts receivable (765,708) 563,318 37,007,012
Inventories 5,607,279 (6,705,933) 9,302,719
Advances to suppliers 4,078,230 (145,293) (37,575,746)
Prepaid expenses (98,606) (6,729) 30,633
Prepaid expenses - related parties 536,665 3,988,749 2,382,910
Deferred expenses - related parties 1,016,039
Other receivables 32,439,871 (1,994,127) 87,907
Other receivables - related party 1,377,487 1,387 (145,617)
Accounts payable 3,005,441 2,275,069 2,202,515
Accounts payable - related parties (885,433) (162,631)
Accrued liabilities and other payables 254,242 (334,820) (266,105)
Accrued liabilities and other payables - related party (18,606,716) 5,732,472
Due to related parties (23,354) 20,000 1,292
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 68,439,426 (4,950,046) 40,853,550
CASH FLOWS FROM INVESTING ACTIVITIES:      
Refunds from commercial retail space prepayments 22,202,268
Purchase of property, plant and equipment (49,860,416) (1,465,144) (56,222,226)
Proceeds from government grants for fishing vessels construction 6,600,906
Prepayments made for long-term assets (26,671,132)
Payments for equity method investment (296,217) (40,209,087)
Proceeds from transferring equity method investment share 15,055,026 8,041,817
NET CASH USED IN INVESTING ACTIVITIES (43,555,727) (13,081,250) (66,187,228)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from short-term bank loans 14,453,010 23,275,729 23,958,292
Repayments of short-term bank loans (21,673,260) (22,234,749) (30,989,630)
Proceeds from long-term bank loans 18,818,783
Repayments of long-term bank loans (17,773,038) (12,390,286) (19,963,812)
Refund of restricted cash 1,229,302 (1,499,481) (1,646,964)
Advances from related parties 4,328,693 5,063,620 3,910,000
Payments made for dividend (3,162,203) (3,162,202) (2,371,652)
Capital contribution from non-controlling interest 64,334,540
Payments made to related parties in connection with the termination of VIE (13,349,417)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (22,597,496) 7,871,414 23,881,357
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS (1,101,059) (468,406) 148,733
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,185,144 (10,628,288) (1,303,588)
CASH AND CASH EQUIVALENTS - beginning of year 820,396 11,448,684 12,752,272
CASH AND CASH EQUIVALENTS - end of year 2,005,540 820,396 11,448,684
Cash paid for:      
Interest 2,639,039 2,921,417 3,799,389
Income taxes 984
NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Acquisition of property and equipment by decreasing prepayment for long-term assets 1,036,761 38,332,421 1,408,636
Property and equipment acquired on credit as payable 215,202
Decrease in cost of property and equipment by decreasing in accounts payable - related party 4,344,190
Other receivable increase by transferring equity method investment share 16,083,635
Offset other receivables - related parties against due to related parties 6,424,910 4,900,000
Increase in prepayment for long-term assets by increasing in accrued liabilities and other payables - related party 13,219,818
Reclassification of advances to suppliers to other receivables $ 31,172,469