Investors

Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Sep. 30, 2017
Dec. 31, 2016
CURRENT ASSETS:    
Cash $ 22,251,902 $ 820,396
Restricted cash 2,320,360 2,911,922
Accounts receivable, net of allowance for doubtful accounts 5,535,370 11,322,726
Inventories, net of reserve for inventories 3,000,785 8,811,111
Advances to suppliers 939,162 3,969,351
Prepaid expenses 8,145
Prepaid expenses - related parties 776,871 522,337
Other receivables 270,115 31,835,456
Other receivables - related parties 639,917
Total Current Assets 35,094,565 60,841,361
OTHER ASSETS:    
Cost method investment 3,164,128 3,027,245
Equity method investment 30,054,827 28,493,273
Prepayment for long-term assets 11,397,913 11,913,912
Property, plant and equipment, net 139,060,927 122,196,594
Total Other Assets 183,677,795 165,631,024
Total Assets 218,772,360 226,472,385
CURRENT LIABILITIES:    
Accounts payable 6,872,180 916,737
Accounts payable - related parties 4,750,145 2,560,760
Short-term bank loans 16,600,183 21,554,636
Long-term bank loans - current portion 12,083,955 17,298,544
Accrued liabilities and other payables 5,473,686 4,399,536
Accrued liabilities and other payables - related party 9,819,942 18,147,152
Due to related parties 3,040,602 43,354
Total Current Liabilities 58,640,693 64,920,719
OTHER LIABILITIES:    
Long-term bank loans - non-current portion 19,888,804 21,839,412
Total Liabilities 78,529,497 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 September 30, 2017 and December 31, 2016) 79,055 79,055
Additional paid-in capital 81,906,871 111,008,085
Retained earnings 39,897,052 17,438,215
Statutory reserve 9,391,827 9,391,827
Accumulated other comprehensive loss (8,438,399) (12,879,051)
Total equity attributable to owners of the company 122,836,406 125,038,131
Non-controlling interest 17,406,457 14,674,123
Total Shareholders' Equity 140,242,863 139,712,254
Total Liabilities and Shareholders' Equity $ 218,772,360 $ 226,472,385
v3.8.0.1
Unaudited Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Statements of Income and Comprehensive Income [Abstract]        
REVENUE $ 5,462,792 $ 1,168,946 $ 46,819,813 $ 7,388,395
COST OF REVENUE 6,768,802 13,481,775 36,942,905 26,054,703
GROSS (LOSS) PROFIT (1,306,010) (12,312,829) 9,876,908 (18,666,308)
OPERATING EXPENSES (PROFIT):        
Selling 194,202 93,843 761,495 508,062
General and administrative 977,603 660,700 3,325,268 3,038,984
Grant income (9,274,101) (22,023,741) (153,514)
Loss on fixed assets disposal 190,162   187,709  
Total Operating (Profit) Expenses (7,912,134) 754,543 (17,749,269) 3,393,532
INCOME (LOSS) FROM OPERATIONS 6,606,124 (13,067,372) 27,626,177 (22,059,840)
OTHER INCOME (EXPENSE):        
Interest income 20,617 782 172,043 4,051
Interest expense (490,383) (738,548) (1,841,792) (1,656,672)
Foreign currency transaction gain (loss) 396,852 (86,414) 941,734 (542,694)
Gain from cost method investment 318,125 318,125 378,997
Loss on equity method investment (322,151) (6,968) (27,500) (25,095)
Other expense (66) (59) (6,331) (476)
Total Other Expense (77,006) (831,207) (443,721) (1,841,889)
INCOME (LOSS) BEFORE INCOME TAXES 6,529,118 (13,898,579) 27,182,456 (23,901,729)
INCOME TAXES 993
NET INCOME (LOSS) 6,529,118 (13,898,579) 27,182,456 (23,902,722)
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 576,194 (1,075,177) 2,351,967 (1,750,492)
NET INCOME (LOSS) ATTRIBUTABLE TO OWNERS OF THE COMPANY 5,952,924 (12,823,402) 24,830,489 (22,152,230)
COMPREHENSIVE INCOME (LOSS):        
NET INCOME (LOSS) 6,529,118 (13,898,579) 27,182,456 (23,902,722)
OTHER COMPREHENSIVE INCOME (LOSS)        
Unrealized foreign currency translation gain (loss) 2,138,127 (459,166) 4,821,019 (3,831,852)
COMPREHENSIVE INCOME (LOSS) 8,667,245 (14,357,745) 32,003,475 (27,734,574)
LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 744,763 (1,111,153) 2,732,334 (2,054,095)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO OWNERS OF THE COMPANY $ 7,922,482 $ (13,246,592) $ 29,271,141 $ (25,680,479)
NET INCOME (LOSS) PER ORDINARY SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY        
Basic and diluted $ 0.08 $ (0.16) $ 0.31 $ (0.28)
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:        
Basic and diluted 79,055,053 79,055,053 79,055,053 79,055,053
v3.8.0.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 27,182,456 $ (23,902,722)
Adjustments to reconcile net income (loss) from operations to net cash provided by operating activities:    
Depreciation 6,454,155 4,769,455
Increase (decrease) in allowance for doubtful accounts 221,209 (112,562)
Increase in reserve for inventories 2,639,816 1,506,320
Loss on equity method investment 27,500 25,095
Loss on disposal of fixed assets 194,039
Changes in operating assets and liabilities:    
Accounts receivable 5,928,573 9,335,357
Inventories 3,421,517 (1,520,001)
Advances to suppliers 3,133,470 297,813
Prepaid expenses 8,311 (4,590)
Prepaid expenses - related parties (225,434) 3,434,109
Other receivables 32,217,955 (95,068)
Other receivables - related party 1,180,928
Accounts payable 954,719 (41,081)
Accounts payable - related parties 2,024,366 (296,671)
Accrued liabilities and other payables 854,714 930,168
Accrued liabilities and other payables - related party (9,886,677)
Due to related parties 14,854 8,709,266
NET CASH PROVIDED BY OPERATING ACTIVITIES 76,346,471 3,034,888
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property, plant and equipment (45,292,877) (959,034)
Proceeds from government grants for fishing vessels construction 2,941,912
Prepayments made for long-term assets (44,329,098)
Proceeds from transferring equity method investment share 15,199,416
Payments for equity method investment (294,191)
NET CASH USED IN INVESTING ACTIVITIES (42,645,156) (30,088,716)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from short-term bank loans 12,912,868 18,999,502
Repayments of short-term bank loans (18,701,191) (14,168,748)
Proceeds from long-term bank loans 18,999,270
Repayments of long-term bank loans (8,722,769) (6,216,561)
Decrease (Increase) in restricted cash 706,059 (2,538,303)
Advances from related parties 2,982,394 3,753,620
Payments made for dividend (2,371,652) (2,371,652)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (13,194,291) 16,457,128
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS 924,482 (284,053)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 21,431,506 (10,880,753)
CASH AND CASH EQUIVALENTS - beginning of period 820,396 11,448,684
CASH AND CASH EQUIVALENTS - end of period 22,251,902 567,931
Cash paid for:    
Interest 1,945,560 1,976,789
Income taxes 993
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Acquisition of property and equipment by decreasing prepayment for long-term assets 1,029,669 38,606,518
Property and equipment acquired on credit as payable 4,818,866
Offset other receivables - related parties against due to related parties $ 5,114,910