Investors

Financials

v3.20.2
Unaudited Consolidated Balance Sheets - USD ($)
Sep. 30, 2020
Dec. 31, 2019
CURRENT ASSETS:    
Cash and cash equivalents $ 3,397,018 $ 10,092,205
Restricted cash 14,237,932  
Accounts receivable, net of allowance for doubtful accounts 14,577,205 9,273,446
Due from related parties 15,223,427 12,477,777
Inventories, net of reserve for inventories 65,476,730 30,527,752
Prepaid expenses 1,821,706 1,354,129
Other receivables 965,499 613,384
Total Current Assets 115,699,517 64,338,693
OTHER ASSETS:    
Cost method investment 3,083,655 3,010,235
Equity method investment 28,244,032 27,923,464
Prepayment for long-term assets 71,380,217 49,040,338
Right-of-use asset 159,529 438,254
Property, plant and equipment, net 299,169,068 259,377,729
Total Other Assets 402,036,501 339,790,020
Total Assets 517,736,018 404,128,713
CURRENT LIABILITIES:    
Accounts payable 3,380,426 7,951,766
Accounts payable - related parties 1,973,428 1,707,217
Short-term bank loans 50,219,527 10,034,116
Long-term bank loans - current portion 42,897,018 57,122,789
Accrued liabilities and other payables 12,665,762 11,428,018
Lease liability- current liability 128,618 375,922
Due to related parties 18,354 168,328
Total Current Liabilities 111,283,133 88,788,156
OTHER LIABILITIES:    
Lease liability 32,203
Long-term bank loans - non-current portion 239,627,776 160,230,498
Total Liabilities 350,910,909 249,050,857
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:    
Ordinary shares ($0.001 par value; 125,000,000 shares authorized; 79,302,428 and 79,055,053 shares issued and outstanding at September 30, 2020 and December 31, 2019) 79,302 79,055
Additional paid-in capital 82,045,993 81,682,599
Retained earnings 61,064,318 54,286,454
Statutory reserve 15,748,751 15,748,751
Accumulated other comprehensive loss (12,550,529) (16,080,908)
Total equity attributable to owners of the company 146,387,835 135,715,951
Non-controlling interest 20,437,274 19,361,905
Total Shareholders’ Equity 166,825,109 155,077,856
Total Liabilities and Shareholders’ Equity $ 517,736,018 $ 404,128,713
v3.20.2
Unaudited Consolidated Statements of Operations and Comprehensive Income(Loss) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Income Statement [Abstract]        
REVENUE $ 15,448,083 $ 11,179,946 $ 56,218,216 $ 55,067,249
COST OF REVENUE 13,787,521 7,594,714 46,641,884 38,134,552
GROSS PROFIT 1,660,562 3,585,232 9,576,332 16,932,697
OPERATING EXPENSES:        
Selling 1,333,927 650,786 3,282,097 1,895,991
General and administrative 809,988 628,672 2,875,463 3,113,870
General and administrative - depreciation 773,812 913,986 2,274,579 2,885,203
Subsidy (4,440,731) (5,288,586) (12,778,819) (5,288,586)
Impairment loss 70,896 2,546,338
(Gain) loss on fixed assets disposal (1,777) 164,375
Total Operating Expenses (1,523,004) (3,026,023) (4,346,680) 5,317,191
INCOME FROM OPERATIONS 3,183,566 6,611,255 13,923,012 11,615,506
OTHER INCOME (EXPENSE):        
Interest income 973,265 6,131 3,335,877 26,420
Interest expense (4,036,524) (776,569) (9,871,949) (2,903,816)
Foreign currency transaction gain (loss) 747,678 (340,012) 402,987 (389,643)
Gain (loss) from cost method investment 764 (6,766) 133,517 340,885
Loss on equity method investment (82,586) (96,129) (351,129) (477,972)
Other expense (4,468) (987,517) (34,924) (735,359)
Total Other Expense, net (2,401,871) (2,200,862) (6,385,621) (4,139,485)
INCOME BEFORE INCOME TAXES 781,695 4,410,393 7,537,391 7,476,021
INCOME TAXES
NET INCOME 781,695 4,410,393 7,537,391 7,476,021
LESS: NET INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 92,511 377,859 759,527 751,682
NET INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY 689,184 4,032,534 6,777,864 6,724,339
COMPREHENSIVE INCOME (LOSS):        
NET INCOME 781,695 4,410,393 7,537,391 7,476,021
OTHER COMPREHENSIVE INCOME (LOSS)        
Unrealized foreign currency translation gain (loss) 5,700,836 (4,674,763) 3,846,221 (4,842,207)
COMPREHENSIVE INCOME (LOSS) 6,482,531 (264,370) 11,383,612 2,633,814
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 556,889 220,968 1,075,369 345,945
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO OWNERS OF THE COMPANY $ 5,925,642 $ (485,338) $ 10,308,243 $ 2,287,869
NET INCOME PER ORDINARY SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY        
Basic and diluted (in Dollars per share) $ 0.01 $ 0.05 $ 0.09 $ 0.09
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:        
Basic and diluted (in Shares) 79,071,363 79,055,053 79,060,490 79,055,053
v3.20.2
Unaudited Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 7,537,391 $ 7,476,021
Adjustments to reconcile net income from operations to net cash provided by operating activities:    
Depreciation 10,616,935 7,699,244
Increase in allowance for doubtful accounts 245,498 13,247
Increase (decrease) in reserve for inventories 1,711,666 (370,959)
Loss on equity method investment 351,129 477,972
Common stock issuance for professional fee 25,974
Loss on disposal of fixed assets 164,375
Impairment loss of fishing vessels 2,533,091
Accounts receivable (5,191,192) 4,170,551
Inventories (35,027,650) (15,713,023)
Prepaid expenses (432,033) (332,644)
Other receivables (328,396) 114,731
Other receivables - related party (358,553)
Accounts payable (4,641,514) (3,965,580)
Accounts payable - related parties 218,739 (2,919,909)
Accrued liabilities and other payables 1,553,556 1,552,427
Advance from customers (619,235) 839,137
Accrued liabilities and other payables - related party (1,290)
Due to related parties 140,210 (9,432,979)
NET CASH USED IN OPERATING ACTIVITIES (23,838,922) (8,054,141)
Purchase of property, plant and equipment (93,357,444) (105,567,685)
Proceeds from government subsidies for fishing vessels construction 28,962,913 33,128,784
NET CASH USED IN INVESTING ACTIVITIES (64,394,531) (72,438,901)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from short-term bank loans 81,811,291
Repayments of short-term bank loans (42,908,020)
Proceeds from long-term bank loans 104,640,414 163,551,743
Repayments of long-term bank loans (46,325,253) (11,963,642)
Repayments to related parties (10,111,087)
Loans issued to related parties (160,070,480) (121,838,509)
Repayments of loans issued to related parties 157,692,576 80,170,667
NET CASH PROVIDED BY FINANCING ACTIVITIES 94,840,528 99,809,172
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH 935,670 (862,543)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 7,542,745 18,453,587
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - beginning of period 10,092,205 1,966,855
CASH, CASH EQUIVALENTS AND RESTRICTED - end of period 17,634,950 20,420,442
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest 11,012,593 10,382,198
Income taxes
RECONCILIATION TO AMOUNTS ON CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 3,397,018 20,420,442
Restricted cash 14,237,932
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH 17,634,950 20,420,442
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Acquisition of property and equipment by decreasing prepayment for long-term assets (20,594,592)
Property and equipment acquired on credit as payable $ 22,429,610