Investors

Financials

v3.22.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
CURRENT ASSETS:    
Cash $ 5,789,508 $ 691,933
Restricted cash 14,831,138 9,912,666
Accounts receivable, net of allowance for doubtful accounts 26,861,827 31,946,561
Accounts receivable-related parties 5,660,857  
Inventories, net of reserve 54,969,973 67,611,136
Prepaid expenses 18,559,252 170,706
Prepaid expenses-related party   2,015,357
Other receivables 113,765,721 1,901,094
Total Current Assets 240,438,276 114,249,453
OTHER ASSETS:    
Cost method investment 3,293,756 3,218,440
Equity method investment 29,674,764 29,689,813
Prepayment for long-term assets 30,114,340 66,083,041
Right-of-use asset 465,016 64,220
Property, plant and equipment, net 272,249,346 250,155,011
Total Other Assets 335,797,222 349,210,525
Total Assets 576,235,498 463,459,978
CURRENT LIABILITIES:    
Accounts payable 54,153,711 18,792,983
Accounts payable - related parties 4,960,300 9,966,708
Short-term bank loans 72,305,786 52,414,596
Long-term bank loans - current 76,856,590 39,987,577
Accrued liabilities and other payables 27,531,333 12,151,633
Lease liabilities- current 400,557 32,349
Due to related parties 7,175,988 18,354
Total Current Liabilities 243,384,265 133,364,200
OTHER LIABILITIES:    
Lease liabilities 32,161  
Long-term bank loans - non-current 240,729,193 245,116,088
Total Liabilities 484,145,619 378,480,288
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:    
Ordinary shares ($0.001 par value; 125,000,000 shares authorized; 85,940,965 and 79,302,428 shares issued and outstanding at December 31, 2021 and 2020, respectively.) 85,941 79,302
Additional paid-in capital 89,279,792 82,045,993
(Deficit) (21,842,858) (18,594,755)
Statutory reserve 15,878,174 15,751,712
Accumulated other comprehensive (loss) (6,919,882) (9,568,873)
Total equity attributable to owners of the Company 76,481,167 69,713,379
Non-controlling interest 15,608,712 15,266,311
Total Shareholders’ Equity 92,089,879 84,979,690
Total Liabilities and Shareholders’ Equity $ 576,235,498 $ 463,459,978
v3.22.1
Consolidated Statements of Operations and Comprehensive (loss) Income - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Statement [Abstract]      
REVENUE $ 164,083,044 $ 87,240,420 $ 89,622,156
COST OF REVENUE 176,724,581 89,661,883 64,396,571
GROSS (LOSS)/ PROFIT (12,641,537) (2,421,463) 25,225,585
OPERATING EXPENSE (INCOME):      
Selling 7,632,730 4,850,044 2,715,599
General and administrative 5,892,080 4,091,729 4,163,873
General and administrative - depreciation 836,142 3,066,522 3,726,061
Government subsidy (20,449,471) (13,660,284) (6,440,299)
Impairment loss 6,301,373 67,713,324 7,951,635
Settlement of contract (26,408,130)    
(Gain) on fixed assets disposal (59,432)
Total Operating (Income) Expense, Net (26,195,276) 66,061,335 12,057,437
INCOME (LOSS) FROM OPERATIONS 13,553,739 (68,482,798) 13,168,148
OTHER INCOME (EXPENSE):      
Interest income 371,695 3,745,611 780,604
Interest (expense) (17,371,089) (13,432,919) (6,055,310)
Foreign currency transaction gain (loss) 1,231,614 607,674 (298,304)
Dividend income from cost method investment 612,734 135,338 312,727
(Loss) on the interest sold (86,603)
(Loss) on equity method investment (708,020) (156,085) (486,803)
Other (expense) (74,223) (35,401) (954,394)
Total Other Expense, net (15,937,289) (9,135,782) (6,788,083)
(LOSS) INCOME BEFORE INCOME TAXES (2,383,550) (77,618,580) 6,380,065
INCOME TAXES 1,749
NET (LOSS) INCOME (2,385,299) (77,618,580) 6,380,065
LESS: NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST 95,420 (4,740,332) 698,041
NET (LOSS) INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY (2,480,719) (72,878,248) 5,682,024
LESS: PREFERRED DIVIDENDS (640,922)    
NET (LOSS) INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF THE COMPANY (3,121,641) (72,878,248) 5,682,024
OTHER COMPREHENSIVE (LOSS) INCOME      
Unrealized foreign currency translation gain (loss) 2,895,972 7,156,773 (2,861,319)
COMPREHENSIVE INCOME (LOSS) 510,673 (70,461,807) 3,518,746
Less: comprehensive income (loss) attributable to the non-controlling interest 342,401 (4,095,594) 469,583
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO OWNERS OF THE COMPANY $ 168,272 $ (66,366,213) $ 3,049,163
NET (LOSS) INCOME PER ORDINARY SHARE;      
Basic and diluted (in Dollars per share) $ (0.03) $ (0.92) $ 0.07
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:      
Basic and diluted (in Shares) 84,906,368 79,121,471 79,055,053
v3.22.1
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