Investors

Financials

v3.19.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2019
Dec. 31, 2018
CURRENT ASSETS:    
Cash $ 76,893,321 $ 1,966,855
Accounts receivable, net of allowance for doubtful accounts 7,245,164 6,307,492
Inventories, net of reserve for inventories 10,246,664 5,840,207
Prepaid expenses 452,875 644,824
Other receivables 4,483,481 698,450
Total Current Assets 99,321,505 15,457,828
OTHER ASSETS:    
Cost method investment 3,118,735 3,059,797
Equity method investment 29,317,825 28,872,521
Right-of-use asset 690,793
Property, plant and equipment, net 200,950,673 199,571,425
Total Other Assets 234,078,026 231,503,743
Total Assets 333,399,531 246,961,571
CURRENT LIABILITIES:    
Accounts payable 20,895,978 30,642,125
Accounts payable - related parties 2,988,073 3,244,843
Short-term bank loans 5,169,335 5,085,139
Long-term bank loans - current portion 21,088,587 8,487,295
Accrued liabilities and other payables 7,224,298 6,058,548
Lease liability 690,750
Due to related parties 30,292,800 19,555,277
Total Current Liabilities 88,349,821 73,073,227
OTHER LIABILITIES:    
Long-term bank loans - non-current portion 92,559,590 22,329,234
Total Liabilities 180,909,411 95,402,461
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 March 31, 2019 and December 31, 2018) 79,055 79,055
Additional paid-in capital 81,682,599 81,682,599
Retained earnings 47,705,830 49,593,069
Statutory reserve 14,760,112 14,760,112
Accumulated other comprehensive loss (10,754,775) (13,448,047)
Total equity attributable to owners of the company 133,472,821 132,666,788
Non-controlling interest 19,017,299 18,892,322
Total Shareholders' Equity 152,490,120 151,559,110
Total Liabilities and Shareholders' Equity $ 333,399,531 $ 246,961,571
v3.19.1
Unaudited Consolidated Statements of Operations and Comprehensive Income - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Income Statement [Abstract]    
REVENUE $ 18,424,209 $ 10,884,268
COST OF REVENUE 14,343,558 5,283,716
GROSS PROFIT (LOSS) 4,080,651 5,600,552
OPERATING EXPENSES:    
Selling 709,929 481,451
General and administrative 3,595,390 1,559,597
General and administrative - depreciation 1,222,161 1,566,019
Grant income (1,052,112)
Loss on fixed assets disposal 2,181,455
Total Operating Expenses 5,527,480 4,736,410
(LOSS) PROFIT FROM OPERATIONS (1,446,829) 864,142
OTHER INCOME (EXPENSE):    
Interest income 2,516 19,764
Interest expense (529,165) (462,259)
Foreign currency transaction gain 90,084 573,992
Loss on equity method investment (110,616) (10,951)
Other Income 25,671
Total Other (Expense) Income, net (521,510) 120,546
(LOSS) INCOME BEFORE INCOME TAXES (1,968,339) 984,688
INCOME TAXES
NET (LOSS) INCOME (1,968,339) 984,688
LESS: NET (LOSS) INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST (81,100) 112,395
NET (LOSS) INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY (1,887,239) 872,293
COMPREHENSIVE (LOSS) INCOME:    
NET (LOSS) INCOME (1,968,339) 984,688
OTHER COMPREHENSIVE GAIN    
Unrealized foreign currency translation gain 2,899,349 5,603,908
COMPREHENSIVE INCOME 931,010 6,588,596
LESS: COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 124,977 560,609
COMPREHENSIVE INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY $ 806,033 $ 6,027,987
NET (LOSS) INCOME PER ORDINARY SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY    
Basic and diluted $ (0.02) $ 0.01
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:    
Basic and diluted 79,055,053 79,055,053
v3.19.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (1,968,339) $ 984,688
Adjustments to reconcile net income from operations to net cash provided by operating activities:    
Depreciation 2,740,118 2,433,126
Increase in allowance for doubtful accounts 168,945
Decrease in reserve for inventories 213,454 64,468
Loss on equity method investment 110,616 10,951
Loss on disposal of fixed assets 2,181,455
Impairment loss of fishing vessels 2,229,502
Changes in operating assets and liabilities:    
Accounts receivable (814,569) 206,838
Inventories (4,498,954) (1,795,329)
Prepaid expenses 391,018 113,507
Other receivables 592,037 (125,770)
Accounts payable 5,444,714 3,008,880
Accounts payable - related parties (318,642) (595,916)
Advance from customers 96,342
Accrued liabilities and other payables 950,819 (1,200,760)
Accrued liabilities and other payables - related party (1,290) (38,208)
Due to related parties 5,223,359 (497,164)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES 10,390,185 4,919,711
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property, plant and equipment (21,353,232)
Payments made for acquisition of fishing vessels from related party 2,159,246
Deposite for purchase of land use right (4,357,621)
NET CASH USED IN INVESTING ACTIVITIES (23,551,607)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments of short-term bank loans (5,000,000)
Proceeds from long-term bank loans 83,002,312
Repayments of long-term bank loans (926,365)
Advances from related parties 5,534,231 1,847,136
Payments made for dividend (790,551)
NET CASH PROVIDED (USED IN) BY FINANCING ACTIVITIES 87,610,178 (3,943,415)
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS 477,710 (204,936)
NET CHANGE IN CASH AND CASH EQUIVALENTS 74,926,466 771,360
CASH AND CASH EQUIVALENTS - beginning of period 1,966,855 3,826,727
CASH AND CASH EQUIVALENTS - end of period 76,893,321 4,598,087
Cash paid for:    
Interest 1,286,302 424,054
Income taxes
RECONCILIATION TO AMOUNTS ON CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 76,893,321 3,818,837
Restricted cash 779,250
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH 76,893,321 4,598,087
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Property and equipment acquired on credit as payable $ 10,111,168