Investors

Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
CURRENT ASSETS:    
Cash $ 2,005,540 $ 820,396
Restricted cash 1,821,187 2,911,922
Accounts receivable, net of allowance for doubtful accounts 13,012,671 11,322,726
Inventories, net of reserve for inventories 3,560,261 8,811,111
Advances to suppliers 3,969,351
Prepaid expenses 110,536 8,145
Prepaid expenses - related parties 522,337
Other receivables 273,151 31,835,456
Other receivables - related parties 639,917
Total Current Assets 20,783,346 60,841,361
OTHER ASSETS:    
Cost method investment 3,213,859 3,027,245
Equity method investment 30,521,466 28,493,273
Prepayment for long-term assets 11,577,057 11,913,912
Property, plant and equipment, net 135,042,467 122,196,594
Total Other Assets 180,354,849 165,631,024
Total Assets 201,138,195 226,472,385
CURRENT LIABILITIES:    
Accounts payable 4,301,146 916,737
Accounts payable - related parties 1,803,698 2,560,760
Short-term bank loans 14,600,978 21,554,636
Long-term bank loans - current portion 5,968,596 17,298,544
Accrued liabilities and other payables 5,354,616 4,399,536
Accrued liabilities and other payables - related party 38,208 18,147,152
Due to related parties 4,348,693 43,354
Total Current Liabilities 36,415,935 64,920,719
OTHER LIABILITIES:    
Long-term bank loans - non-current portion 17,217,104 21,839,412
Total Liabilities 53,633,039 86,760,131
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, 2017 and 2016) 79,055 79,055
Additional paid-in capital 81,682,599 111,008,085
Retained earnings 40,349,189 17,438,215
Statutory reserve 12,978,343 9,391,827
Accumulated other comprehensive loss (5,731,889) (12,879,051)
Total equity attributable to owners of the company 129,357,297 125,038,131
Non-controlling interest 18,147,859 14,674,123
Total Shareholders' Equity 147,505,156 139,712,254
Total Liabilities and Shareholders' Equity $ 201,138,195 $ 226,472,385
v3.8.0.1
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Statements of Income and Comprehensive Income [Abstract]      
REVENUE $ 63,209,687 $ 20,540,769 $ 60,700,190
COST OF REVENUE 41,126,898 29,328,776 63,476,627
GROSS PROFIT (LOSS) 22,082,789 (8,788,007) (2,776,437)
OPERATING EXPENSES (PROFIT):      
Selling 1,231,031 1,235,497 1,858,687
General and administrative 9,579,404 3,969,465 2,933,588
Grant income (22,177,227) (558,451) (33,152,698)
Loss on fixed assets disposal 195,375 1,583,834
Total Operating (Profit) Expenses (11,171,417) 4,646,511 (26,776,589)
INCOME (LOSS) FROM OPERATIONS 33,254,206 (13,434,518) 24,000,152
OTHER INCOME (EXPENSE):      
Interest income 186,194 1,931,963 103,668
Interest expense (2,403,213) (1,972,267) (3,630,200)
Foreign currency transaction gain (loss) 1,195,875 (1,543,357) (1,308,922)
Dividend Received 320,316 375,396 413,614
Loss on equity method investment (33,246) (33,073) (19,700)
Other expense (1) (471) (210)
Total Other Expense (734,075) (1,241,809) (4,441,750)
INCOME (LOSS) BEFORE INCOME TAXES 32,520,131 (14,676,327) 19,558,402
INCOME TAXES 984
NET INCOME (LOSS) 32,520,131 (14,677,311) 19,558,402
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 2,860,438 (959,688) 1,205,485
NET INCOME (LOSS) ATTRIBUTABLE TO OWNERS OF THE COMPANY 29,659,693 (13,717,623) 18,352,917
COMPREHENSIVE INCOME (LOSS):      
NET INCOME (LOSS) 32,520,131 (14,677,311) 19,558,402
OTHER COMPREHENSIVE INCOME (LOSS)      
Unrealized foreign currency translation gain (loss) 7,760,460 (9,288,056) (8,628,162)
COMPREHENSIVE INCOME (LOSS) 40,280,591 (23,965,367) 10,930,240
LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 3,473,736 (1,695,044) 658,092
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO OWNERS OF THE COMPANY $ 36,806,855 $ (22,270,323) $ 10,272,148
NET INCOME (LOSS) PER ORDINARY SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY      
Basic and diluted $ 0.38 $ (0.17) $ 0.23
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:      
Basic and diluted 79,055,053 79,055,053 79,055,053
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