Investors

Financials

v3.19.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2018
Dec. 31, 2017
CURRENT ASSETS:    
Cash $ 1,966,855 $ 2,005,540
Restricted cash   1,821,187
Accounts receivable, net of allowance for doubtful accounts 6,307,492 13,012,671
Inventories, net of reserve for inventories 5,840,207 3,560,261
Prepaid expenses 644,824 110,536
Other receivables 698,450 273,151
Total Current Assets 15,457,828 20,783,346
OTHER ASSETS:    
Cost method investment 3,059,797 3,213,859
Equity method investment 28,872,521 30,521,466
Prepayment for long-term assets 11,577,057
Property, plant and equipment, net 199,571,425 135,042,467
Total Other Assets 231,503,743 180,354,849
Total Assets 246,961,571 201,138,195
CURRENT LIABILITIES:    
Accounts payable 30,642,125 4,301,146
Accounts payable - related parties 3,244,843 1,803,698
Short-term bank loans 5,085,139 14,600,978
Long-term bank loans - current portion 8,487,295 5,968,596
Accrued liabilities and other payables 6,058,548 5,354,616
Due to related parties 19,555,277 4,386,901
Total Current Liabilities 73,073,227 36,415,935
OTHER LIABILITIES:    
Long-term bank loans - non-current portion 22,329,234 17,217,104
Total Liabilities 95,402,461 53,633,039
COMMITMENTS AND CONTINGENCIES
Equity attributable to owners of the company:    
Ordinary shares ($0.001 par value; 225,000,000 shares authorized; 79,055,053 shares issued and outstanding at December 31, 2018 and 2017) 79,055 79,055
Additional paid-in capital 81,682,599 81,682,599
Retained earnings 49,593,069 40,349,189
Statutory reserve 14,760,112 12,978,343
Accumulated other comprehensive loss (13,448,047) (5,731,889)
Total equity attributable to owners of the company 132,666,788 129,357,297
Non-controlling interest 18,892,322 18,147,859
Total Shareholders' Equity 151,559,110 147,505,156
Total Liabilities and Shareholders' Equity $ 246,961,571 $ 201,138,195
v3.19.1
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Income Statement [Abstract]      
REVENUE $ 64,256,088 $ 63,209,687 $ 20,540,769
COST OF REVENUE 33,239,582 41,126,898 29,328,776
GROSS PROFIT (LOSS) 31,016,506 22,082,789 (8,788,007)
OPERATING EXPENSES:      
Selling 1,622,451 1,231,031 1,235,497
General and administrative 4,513,193 4,503,795 924,232
General and administrative - depreciation 5,791,557 5,075,609 3,045,233
Grant income (8,584,731) (22,177,227) (558,451)
Impairment loss 9,715,058
Loss on fixed assets disposal 2,105,960 195,375
Total Operating Expenses 15,163,488 (11,171,417) 4,646,511
INCOME (LOSS) FROM OPERATIONS 15,853,018 33,254,206 (13,434,518)
OTHER INCOME (EXPENSE):      
Interest income 41,446 186,194 1,931,963
Interest expense (1,210,974) (2,403,213) (1,972,267)
Foreign currency transaction (loss) gain (157,852) 1,195,875 (1,543,357)
Gain from cost method investment 382,627 320,316 375,396
Loss on equity method investment (192,746) (33,246) (33,073)
Other Income (expense) 97,179 (1) (471)
Total Other Expense (1,040,320) (734,075) (1,241,809)
INCOME (LOSS) BEFORE INCOME TAXES 14,812,698 32,520,131 (14,676,327)
INCOME TAXES 984
NET INCOME (LOSS) 14,812,698 32,520,131 (14,677,311)
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 1,415,397 2,860,438 (959,688)
NET INCOME (LOSS) ATTRIBUTABLE TO OWNERS OF THE COMPANY 13,397,301 29,659,693 (13,717,623)
COMPREHENSIVE INCOME (LOSS):      
NET INCOME (LOSS) 14,812,698 32,520,131 (14,677,311)
OTHER COMPREHENSIVE INCOME (LOSS)      
Unrealized foreign currency translation (loss) gain (8,387,092) 7,760,460 (9,288,056)
COMPREHENSIVE INCOME (LOSS) 6,425,606 40,280,591 (23,965,367)
LESS: COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 744,463 3,473,736 (1,695,044)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO OWNERS OF THE COMPANY $ 5,681,143 $ 36,806,855 $ (22,270,323)
NET INCOME (LOSS) PER ORDINARY SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY      
Basic and diluted $ 0.17 $ 0.38 $ (0.17)
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:      
Basic and diluted 79,055,053 79,055,053 79,055,053
v3.19.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 14,812,698 $ 32,520,131 $ (14,677,311)
Adjustments to reconcile net income (loss) from operations to net cash provided by (used in) operating activities:      
Depreciation 9,141,975 8,965,553 6,613,720
Decrease in allowance for doubtful accounts (66,532) (194,278) (100,366)
Increase (decrease) in reserve for inventories 429,267 (213,255)
Loss on equity method investment 192,746 33,246 33,073
Loss on disposal of fixed assets 2,016,992 195,376
Impairment loss of fishing vessels 9,715,058
Changes in operating assets and liabilities:      
Accounts receivable 6,373,815 (765,708) 563,318
Inventories (2,970,908) 5,607,279 (6,705,933)
Advances to suppliers 4,078,230 (145,293)
Prepaid expenses (559,629) (98,606) (6,729)
Prepaid expenses - related parties 536,665 3,988,749
Other receivables (450,948) 32,439,871 (1,994,127)
Other receivables - related party 1,377,487 1,387
Accounts payable 1,044,710 3,005,441 2,275,069
Accounts payable - related parties 1,584,351 (885,433)
Accrued liabilities and other payables 995,836 254,242 (334,820)
Accrued liabilities and other payables - related party (36,918) (18,606,716) 5,732,472
Due to related parties 11,080,369 (23,354) 20,000
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 53,302,882 68,439,426 (4,950,046)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property, plant and equipment (60,930,363) (49,860,416) (1,465,144)
Proceeds from government grants for fishing vessels construction 5,223,804 6,600,906
Prepayments made for long-term assets (26,671,132)
Payments for equity method investment (296,217)
Proceeds from transferring equity method investment share 15,055,026
NET CASH USED IN INVESTING ACTIVITIES (55,706,559) (43,555,727) (13,081,250)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from short-term bank loans 14,960,559 14,453,010 23,275,729
Repayments of short-term bank loans (14,622,143) (21,673,260) (22,234,749)
Proceeds from long-term bank loans 5,478,766 18,818,783
Repayments of long-term bank loans (5,893,554) (17,773,038) (12,390,286)
Advances from related parties 3,891,085 4,328,693 5,063,620
Payments made for dividend (2,371,652) (3,162,203) (3,162,202)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 1,443,061 (23,826,798) 9,370,895
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS (899,256) (962,492) (633,607)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (1,859,872) 94,409 (9,294,008)
CASH AND CASH EQUIVALENTS - beginning of year 3,826,727 3,732,318 13,026,326
CASH AND CASH EQUIVALENTS - end of year 1,966,855 3,826,727 3,732,318
Cash paid for:      
Interest 1,311,455 2,639,039 2,921,417
Income taxes 984
RECONCILIATION TO AMOUNTS ON CONSOLIDATED BALANCE SHEETS:      
Cash and cash equivalents 1,966,855 2,005,540 820,396
Restricted cash 1,821,187 2,911,922
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH 1,966,855 3,826,727 3,732,318
NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Acquisition of property and equipment by decreasing prepayment for long-term assets 11,431,500 1,036,761 38,332,421
Offset other receivables - related parties against due to related parties 6,424,910
Property and equipment acquired on credit as payable 26,488,534 215,202
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