Investors

Financials

v3.10.0.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2018
Dec. 31, 2017
CURRENT ASSETS:    
Cash $ 1,467,453 $ 2,005,540
Restricted cash 1,821,187
Accounts receivable, net of allowance for doubtful accounts 10,442,252 13,012,671
Inventories, net of reserve for inventories 6,051,576 3,560,261
Prepaid expenses 844,367 110,536
Other receivables 110,909 273,151
Total Current Assets 18,916,557 20,783,346
OTHER ASSETS:    
Cost method investment 3,173,836 3,213,859
Equity method investment 30,082,519 30,521,466
Prepayment for long-term assets 11,577,057
Property, plant and equipment, net 154,561,662 135,042,467
Total Other Assets 187,818,017 180,354,849
Total Assets 206,734,574 201,138,195
CURRENT LIABILITIES:    
Accounts payable 15,521,921 4,301,146
Accounts payable - related parties 1,248,419 1,803,698
Short-term bank loans 6,043,801 14,600,978
Long-term bank loans - current portion 5,894,266 5,968,596
Accrued liabilities and other payables 4,312,122 5,354,616
Due to related parties 11,465,468 4,386,901
Total Current Liabilities 44,485,997 36,415,935
OTHER LIABILITIES:    
Long-term bank loans - non-current portion 14,055,557 17,217,104
Total Liabilities 58,541,554 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 June 30, 2018 and December 31, 2017) 79,055 79,055
Additional paid-in capital 81,682,599 81,682,599
Retained earnings 42,585,865 40,349,189
Statutory reserve 12,978,343 12,978,343
Accumulated other comprehensive loss (7,618,772) (5,731,889)
Total equity attributable to owners of the company 129,707,090 129,357,297
Non-controlling interest 18,485,930 18,147,859
Total Shareholders' Equity 148,193,020 147,505,156
Total Liabilities and Shareholders' Equity $ 206,734,574 $ 201,138,195
v3.10.0.1
Unaudited Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Statements of Income and Comprehensive Income [Abstract]        
REVENUE $ 13,606,170 $ 35,695,881 $ 24,490,438 $ 41,357,021
COST OF REVENUE 6,650,634 23,391,710 11,934,350 27,810,560
GROSS PROFIT 6,955,536 12,304,171 12,556,088 13,546,461
OPERATING EXPENSES:        
Selling 380,350 178,575 861,801 567,293
General and administrative 1,521,671 1,259,793 3,081,268 2,347,665
General and administrative - depreciation 1,479,214 1,184,586 3,045,233 2,363,543
Grant income (30,365) (1,052,112) (12,749,640)
Loss on fixed assets disposal (2,705) 2,178,750
Total Operating Expenses 3,378,530 2,592,589 8,114,940 (7,471,139)
INCOME FROM OPERATIONS 3,577,006 9,711,582 4,441,148 21,017,600
OTHER INCOME (EXPENSE):        
Interest income 14,768 4,043 34,532 151,426
Interest expense (195,309) (648,333) (657,568) (1,351,409)
Foreign currency transaction (loss) gain (407,777) 446,431 166,215 544,882
Gain from cost method investment 397,420 314,818 397,420 314,818
Loss on equity method investment (50,164) (13,915) (61,115) (20,167)
Other expense (685) (3,812) (685) (3,812)
Total Other Income (Expense), net (241,747) 99,232 (121,201) (364,262)
INCOME BEFORE INCOME TAXES 3,335,259 9,810,814 4,319,947 20,653,338
INCOME TAXES
NET INCOME 3,335,259 9,810,814 4,319,947 20,653,338
LESS: NET INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 389,775 853,403 502,170 1,775,773
NET INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY 2,945,484 8,957,411 3,817,777 18,877,565
COMPREHENSIVE (LOSS) INCOME:        
NET INCOME 3,335,259 9,810,814 4,319,947 20,653,338
OTHER COMPREHENSIVE (LOSS) INCOME        
Unrealized foreign currency translation (loss) gain (7,654,890) 2,041,844 (2,050,982) 2,682,892
COMPREHENSIVE (LOSS) INCOME (4,319,631) 11,852,658 2,268,965 23,336,230
LESS: COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST (222,538) 1,014,545 338,071 1,987,571
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY $ (4,097,093) $ 10,838,113 $ 1,930,894 $ 21,348,659
NET INCOME PER ORDINARY SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY        
Basic and diluted $ 0.04 $ 0.11 $ 0.05 $ 0.24
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 ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 4,319,947 $ 20,653,338
Adjustments to reconcile net income from operations to net cash provided by operating activities:    
Depreciation 4,762,731 4,292,368
(Decrease) increase in allowance for doubtful accounts (40,412) 202,678
Increase in reserve for inventories 59,293
Loss on equity method investment 61,115 20,167
Loss on disposal of fixed assets 2,178,750 3,812
Changes in operating assets and liabilities:    
Accounts receivable 2,542,265 (1,233,136)
Inventories (2,694,938) 4,030,297
Advances to suppliers 1,584,068
Prepaid expenses (763,537) 8,172
Prepaid expenses - related parties (583,668)
Other receivables 165,932 29,995,368
Other receivables - related party 927,098
Accounts payable (1,260,101) (23,390)
Accounts payable - related parties (553,347) 5,951,364
Accrued liabilities and other payables (1,013,530) 1,360,541
Due to related parties 4,075,326 (12,754,441)
NET CASH PROVIDED BY OPERATING ACTIVITIES 11,839,494 54,434,636
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property, plant and equipment (6,157,014) (38,750,974)
Proceeds from government grants for fishing vessels construction 2,286,575 2,911,335
Payments for equity method investment (291,134)
NET CASH USED IN INVESTING ACTIVITIES (3,870,439) (36,130,773)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from short-term bank loans 8,500,000
Repayments of short-term bank loans (8,500,000) (7,921,692)
Repayments of long-term bank loans (3,060,696) (8,632,109)
Advances from related parties 2,991,809 2,032,902
Payments made for dividend (1,581,101) (1,581,101)
NET CASH USED IN FINANCING ACTIVITIES (10,149,988) (7,602,000)
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH (178,341) 243,557
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (2,359,274) 10,945,420
CASH,CASH EQUIVALENTS AND RESTRICTED CASH - beginning of period 3,826,727 3,732,318
CASH,CASH EQUIVALENTS AND RESTRICTED - end of period 1,467,453 14,677,738
Cash paid for:    
Interest 423,528 1,412,542
Income taxes
RECONCILIATION TO AMOUNTS ON CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 1,467,453 11,415,456
Restricted cash 3,262,282
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH 1,467,453 14,677,738
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Acquisition of property and equipment by decreasing prepayment for long-term assets 11,873,429 1,018,967
Property and equipment acquired on credit as payable $ 12,968,879 $ 1,516,341