Investors

Financials

v3.21.2
Consolidated Balance Sheets - USD ($)
Sep. 30, 2021
Dec. 31, 2020
CURRENT ASSETS:    
Cash and cash equivalents $ 15,756,293 $ 691,933
Restricted cash 13,018,350 9,912,666
Accounts receivable, net 21,823,247 31,946,561
Inventories, net 72,839,826 67,611,136
Prepaid expenses 1,517,569 170,706
Prepaid expenses - related party   2,015,357
Other receivables 606,298 1,901,094
Total Current Assets 125,561,583 114,249,453
OTHER ASSETS:    
Cost method investment 3,238,042 3,218,440
Equity method investment 29,107,193 29,689,813
Prepayment for long-term assets 98,454,667 66,083,041
Right-of-use asset 559,296 64,220
Property, plant and equipment, net 306,123,374 250,155,011
Total Other Assets 437,482,572 349,210,525
Total Assets 563,044,155 463,459,978
CURRENT LIABILITIES:    
Accounts payable 38,929,872 18,792,983
Accounts payable - related parties 10,427,554 9,966,708
Short-term bank loans 55,509,298 52,414,596
Long-term bank loans - current portion 70,676,635 39,987,577
Accrued liabilities and other payables 20,914,632 12,151,633
Lease liability- current 398,909 32,349
Due to related parties 30,973,032 18,354
Total Current Liabilities 227,829,932 133,364,200
OTHER LIABILITIES:    
Lease liability 128,036  
Long-term bank loans - non-current portion 250,126,251 245,116,088
Total Liabilities 478,084,219 378,480,288
COMMITMENTS AND CONTINGENCIES
Equity attributable to ordinary shareholders of the Company:    
Preferred shares ($0.001 par value; 5,000,000 shares and 0 shares authorized; no shares issued and outstanding at September 30, 2021 and December 31, 2020)
Ordinary shares ($0.001 par value; 125,000,000 shares authorized; 85,940,965 and 79,302,428 shares issued and outstanding at September 30, 2021 and December 31, 2020) 85,941 79,302
Additional paid-in capital 88,938,870 82,045,993
(Deficit) (28,050,396) (18,594,755)
Statutory reserve 15,751,712 15,751,712
Accumulated other comprehensive (loss) (6,749,605) (9,568,873)
Total equity attributable to ordinary shareholders of the Company 69,976,522 69,713,379
Non-controlling interest 14,983,414 15,266,311
Total Shareholders’ Equity 84,959,936 84,979,690
Total Liabilities and Shareholders’ Equity $ 563,044,155 $ 463,459,978
v3.21.2
Unaudited Consolidated Statements of Operations and Comprehensive (loss) Income - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Income Statement [Abstract]        
REVENUE $ 36,103,674 $ 15,448,083 $ 101,275,967 $ 56,218,216
COST OF REVENUE 40,165,352 13,787,521 106,530,518 46,641,884
GROSS (LOSS) PROFIT (4,061,678) 1,660,562 (5,254,551) 9,576,332
OPERATING EXPENSES (INCOME):        
Selling 1,976,187 1,333,927 5,112,982 3,282,097
General and administrative 1,172,102 809,988 4,904,109 2,875,463
General and administrative - depreciation 1,001,961 773,812 1,146,815 2,274,579
Subsidy (16,284,032) (4,440,731) (19,887,829) (12,778,819)
Impairment loss 495,857 1,471,223
Total Operating (INCOME) (11,637,925) (1,523,004) (7,252,700) (4,346,680)
INCOME FROM OPERATIONS 7,576,247 3,183,566 1,998,149 13,923,012
OTHER INCOME (EXPENSE):        
Interest income 23,276 973,265 72,729 3,335,877
Interest (expense) (4,055,798) (4,036,524) (11,720,712) (9,871,949)
Foreign currency transaction gain (loss) (365,513) 747,678 184,148 402,987
Gain from cost method investment 38 764 605,216 133,517
(Loss) on equity method investment (308,921) (82,586) (765,101) (351,129)
Other income (expense) (5) (4,468) (76,861) (34,924)
Total Other (Expense), net (4,706,923) (2,401,871) (11,700,581) (6,385,621)
INCOME (LOSS) BEFORE INCOME TAXES 2,869,324 781,695 (9,702,432) 7,537,391
INCOME TAXES
NET INCOME (LOSS) 2,869,324 781,695 (9,702,432) 7,537,391
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 284,700 92,511 (546,791) 759,527
NET INCOME (LOSS) ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF THE COMPANY BEFORE PREFERRED DIVIDENDS 2,584,624 689,184 (9,155,641) 6,777,864
LESS: PREFERRED SHARE DIVIDENDS (300,000)
NET INCOME (LOSS) ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF THE COMPANY 2,584,624 689,184 (9,455,641) 6,777,864
COMPREHENSIVE INCOME (LOSS):        
NET INCOME (LOSS) 2,869,324 781,695 (9,702,432) 7,537,391
OTHER COMPREHENSIVE (LOSS) INCOME        
Unrealized foreign currency translation gain 4,111,818 5,700,836 3,083,162 3,846,221
COMPREHENSIVE INCOME (LOSS) 6,981,142 6,482,531 (6,619,270) 11,383,612
LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 613,410 556,889 (282,897) 1,075,369
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF THE COMPANY $ 6,367,732 $ 5,925,642 $ (6,336,373) $ 10,308,243
NET INCOME (LOSS) PER ORDINARY SHARE ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF THE COMPANY        
Basic (in Dollars per share) $ 0.03 $ 0.01 $ (0.11) $ 0.09
Diluted (in Dollars per share) $ 0.03 $ 0.01 $ (0.11) $ 0.09
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:        
Basic (in Shares) 86,389,548 79,071,363 83,854,623 79,060,490
Diluted (in Shares) 86,797,148 79,071,363 83,854,623 79,060,490
v3.21.2
Unaudited Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (9,702,432) $ 7,537,391
Adjustments to reconcile net income from operations to net cash provided by (used in) operating activities:    
Depreciation 12,510,131 10,616,935
Bad debt expense 756,463 245,498
(Decrease) increase in inventory allowance 740,084 1,711,666
Loss on equity method investment 765,101 351,129
Common stock issuance for professional fee 25,974
Impairment loss for fishing vessels 1,471,223
Changes in operating assets and liabilities:    
Accounts receivable 9,583,745 (5,191,192)
Inventories (5,567,403) (35,027,650)
Prepaid expenses (1,350,006) (432,033)
Prepaid expenses - related party 2,032,018
Other receivables 1,309,201 (328,396)
Accounts payable 20,065,745 (4,641,514)
Accounts payable - related parties 401,008 218,739
Accrued liabilities and other payables 8,070,980 1,553,556
Accrued liabilities and other payables - related party 29,568,507
Advance from customers 636,865 (619,235)
Due to related parties 77,476 140,210
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 71,368,706 (23,838,922)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property, plant and equipment (32,038,302) (93,357,444)
Prepayment made for long-term assets (68,553,308)
Proceeds from government grants for fishing vessel construction 28,962,913
NET CASH USED IN INVESTING ACTIVITIES (100,591,610) (64,394,531)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds of short-term bank loans 44,812,560 81,811,291
Repayments of short-term bank loans (42,031,091) (42,908,020)
Proceeds from long-term bank loans 78,720,177 104,640,414
Repayments of long-term bank loans (44,683,935) (46,325,253)
Proceeds from issuance of ordinary shares 4,351,243
Proceeds from issuance of series A preferred shares 3,698,273
Proceeds from related party 1,450,000  
Repurchase of preferred shares (1,450,000)  
Loans issued to related parties   (160,070,480)
Repayments of loans issued to related parties 157,692,576
NET CASH PROVIDED BY FINANCING ACTIVITIES 44,867,227 94,840,528
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH 2,525,721 935,670
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 18,170,044 7,542,745
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - beginning of period 10,604,599 10,092,205
CASH, CASH EQUIVALENTS AND RESTRICTED - end of period 28,774,643 17,634,950
Cash paid for:    
Interest 13,191,936 11,012,593
Income taxes
RECONCILIATION TO AMOUNTS ON CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 15,756,293 3,397,018
Restricted cash 13,018,350 14,237,932
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH 28,774,643 17,634,950
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Acquisition of property and equipment paid by related party on behalf (32,038,302)
Acquisition of property and equipment by decreasing prepayment for long-term assets $ (20,594,592)