Investors

Financials

v3.10.0.1
Consolidated Balance Sheets - USD ($)
Sep. 30, 2018
Dec. 31, 2017
CURRENT ASSETS:    
Cash $ 9,520,325 $ 2,005,540
Restricted cash 1,821,187
Accounts receivable, net of allowance for doubtful accounts 5,876,688 13,012,671
Inventories, net of reserve for inventories 8,758,299 3,560,261
Prepaid expenses 2,928,564 110,536
Other receivables 676,228 273,151
Total Current Assets 27,760,104 20,783,346
OTHER ASSETS:    
Cost method investment 3,052,681 3,213,859
Equity method investment 28,875,594 30,521,466
Prepayment for long-term assets 11,577,057
Property, plant and equipment, net 186,682,836 135,042,467
Total Other Assets 218,611,111 180,354,849
Total Assets 246,371,215 201,138,195
CURRENT LIABILITIES:    
Accounts payable 40,233,469 4,301,146
Accounts payable - related parties 2,355,353 1,803,698
Short-term bank loans 14,600,978
Long-term bank loans - current portion 7,486,336 5,968,596
Accrued liabilities and other payables 4,195,792 5,354,616
Due to related parties 11,165,392 4,386,901
Total Current Liabilities 65,436,342 36,415,935
OTHER LIABILITIES:    
Long-term bank loans - non-current portion 26,093,150 17,217,104
Total Liabilities 91,529,492 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 September 30, 2018 and December 31, 2017) 79,055 79,055
Additional paid-in capital 81,682,599 81,682,599
Retained earnings 54,398,379 40,349,189
Statutory reserve 12,978,343 12,978,343
Accumulated other comprehensive loss (13,412,643) (5,731,889)
Total equity attributable to owners of the company 135,725,733 129,357,297
Non-controlling interest 19,115,990 18,147,859
Total Shareholders' Equity 154,841,723 147,505,156
Total Liabilities and Shareholders' Equity $ 246,371,215 $ 201,138,195
v3.10.0.1
Unaudited Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Statements of Income and Comprehensive Income [Abstract]        
REVENUE $ 14,685,465 $ 5,462,792 $ 39,175,903 $ 46,819,813
COST OF REVENUE 5,300,829 5,549,796 17,235,179 33,360,356
GROSS PROFIT (LOSS) 9,384,636 (87,004) 21,940,724 13,459,457
OPERATING EXPENSES:        
Selling 319,919 194,202 1,181,720 761,495
General and administrative 774,693 977,603 3,855,961 3,325,268
General and administrative - depreciation 1,378,056 1,219,006 4,423,289 3,582,549
Grant income (7,477,736) (9,274,101) (8,529,848) (22,023,741)
(Gain) loss on fixed assets disposal (49,626) 190,162 2,129,124 187,709
Total Operating Expenses (5,054,694) (6,693,128) 3,060,246 (14,166,720)
INCOME FROM OPERATIONS 14,439,330 6,606,124 18,880,478 27,626,177
OTHER INCOME (EXPENSE):        
Interest income 4,552 20,617 39,084 172,043
Interest expense (261,974) (490,383) (919,542) (1,841,792)
Foreign currency transaction (loss) gain (373,237) 396,852 (207,022) 941,734
(Loss) gain from cost method investment (9,052) 318,125 388,368 318,125
Loss on equity method investment (60,422) (322,151) (121,537) (27,500)
Other expense (2,312) (66) (2,997) (6,331)
Total Other Expense, net (702,445) (77,006) (823,646) (443,721)
INCOME BEFORE INCOME TAXES 13,736,885 6,529,118 18,056,832 27,182,456
INCOME TAXES
NET INCOME 13,736,885 6,529,118 18,056,832 27,182,456
LESS: NET INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 1,133,820 576,194 1,635,990 2,351,967
NET INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY 12,603,065 5,952,924 16,420,842 24,830,489
COMPREHENSIVE INCOME:        
NET INCOME 13,736,885 6,529,118 18,056,832 27,182,456
OTHER COMPREHENSIVE (LOSS) INCOME        
Unrealized foreign currency translation (loss) gain (6,297,631) 2,138,127 (8,348,613) 4,821,019
COMPREHENSIVE INCOME 7,439,254 8,667,245 9,708,219 32,003,475
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 630,060 744,763 968,131 2,732,334
COMPREHENSIVE INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY $ 6,809,194 $ 7,922,482 $ 8,740,088 $ 29,271,141
NET INCOME PER ORDINARY SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY        
Basic and diluted $ 0.16 $ 0.08 $ 0.21 $ 0.31
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:        
Basic and diluted 79,055,053 79,055,053 79,055,053 79,055,053
v3.10.0.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 18,056,832 $ 27,182,456
Adjustments to reconcile net income from operations to net cash provided by operating activities:    
Depreciation 6,933,572 6,454,155
(Decrease) increase in allowance for doubtful accounts (36,814) 221,209
Increase in reserve for inventories 38,614 2,639,816
Loss on equity method investment 121,537 27,500
Loss on disposal of fixed assets 2,129,124 194,039
Changes in operating assets and liabilities:    
Accounts receivable 6,877,799 5,928,573
Inventories (5,711,759) 3,421,517
Advances to suppliers 3,133,470
Prepaid expenses (5,729,266) 8,311
Prepaid expenses - related parties (225,434)
Other receivables (435,794) 32,217,955
Other receivables - related party 1,180,928
Accounts payable (530,936) 954,719
Accounts payable - related parties 677,529 2,024,366
Accrued liabilities and other payables (939,878) 854,714
Accrued liabilities and other payables - related party (9,886,677)
Due to related parties 2,529,409 14,854
NET CASH PROVIDED BY OPERATING ACTIVITIES 23,979,969 76,346,471
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property, plant and equipment (21,915,319) (45,292,877)
Proceeds from government grants for fishing vessels construction 5,302,166 2,941,912
Payments for equity method investment (294,191)
NET CASH USED IN INVESTING ACTIVITIES (16,613,153) (42,645,156)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from short-term bank loans 15,184,981 12,912,868
Repayments of short-term bank loans (14,633,675) (18,701,191)
Repayments of long-term bank loans (2,990,981) (8,722,769)
Advances from related parties 3,712,957 2,982,394
Payments made for dividend (2,371,652) (2,371,652)
NET CASH USED IN FINANCING ACTIVITIES (1,098,370) (13,900,350)
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH (574,848) 1,038,979
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 5,693,598 20,839,944
CASH,CASH EQUIVALENTS AND RESTRICTED CASH - beginning of period 3,826,727 3,732,318
CASH,CASH EQUIVALENTS AND RESTRICTED - end of period 9,520,325 24,572,262
Cash paid for:    
Interest 1,331,128 1,945,560
Income taxes
RECONCILIATION TO AMOUNTS ON CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 9,520,325 22,251,902
Restricted cash 2,320,360
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH 9,520,325 24,572,262
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Acquisition of property and equipment by decreasing prepayment for long-term assets 11,602,983 1,029,669
Property and equipment acquired on credit as payable $ 38,672,775 $ 4,818,866