Investors

Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2018
Dec. 31, 2017
CURRENT ASSETS:    
Cash $ 3,818,837 $ 2,005,540
Restricted cash 779,250 1,821,187
Accounts receivable, net of allowance for doubtful accounts 13,141,682 13,012,671
Inventories, net of reserve for inventories 5,451,133 3,560,261
Prepaid expenses 110,536
Other receivables 408,179 273,151
Total Current Assets 23,599,081 20,783,346
OTHER ASSETS:    
Cost method investment 3,339,642 3,213,859
Equity method investment 31,704,915 30,521,466
Prepayment for long-term assets 12,030,153 11,577,057
Property, plant and equipment, net 134,838,554 135,042,467
Total Other Assets 181,913,264 180,354,849
Total Assets 205,512,345 201,138,195
CURRENT LIABILITIES:    
Accounts payable 7,514,298 4,301,146
Accounts payable - related parties 1,271,257 1,803,698
Short-term bank loans 9,780,666 14,600,978
Long-term bank loans - current portion 6,202,191 5,968,596
Accrued liabilities and other payables 4,348,268 5,354,616
Accrued liabilities and other payables - related party 38,208
Due to related parties 5,201,527 4,348,693
Total Current Liabilities 34,318,207 36,415,935
OTHER LIABILITIES:    
Long-term bank loans - non-current portion 17,890,937 17,217,104
Total Liabilities 52,209,144 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 March 31, 2018 and December 31, 2017) 79,055 79,055
Additional paid-in capital 81,682,599 81,682,599
Retained earnings 40,430,931 40,349,189
Statutory reserve 12,978,343 12,978,343
Accumulated other comprehensive loss (576,195) (5,731,889)
Total equity attributable to owners of the company 134,594,733 129,357,297
Non-controlling interest 18,708,468 18,147,859
Total Shareholders' Equity 153,303,201 147,505,156
Total Liabilities and Shareholders' Equity $ 205,512,345 $ 201,138,195
v3.8.0.1
Unaudited Consolidated Statements of Operations and Comprehensive Income - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Statements of Income and Comprehensive Income [Abstract]    
REVENUE $ 10,884,268 $ 5,661,140
COST OF REVENUE 5,283,716 5,597,807
GROSS PROFIT 5,600,552 63,333
OPERATING EXPENSES:    
Selling 481,451 388,718
General and administrative 1,559,597 1,087,872
General and administrative - depreciation 1,566,019
Grant income (1,052,112) (12,719,275)
Loss on fixed assets disposal 2,181,455
Total Operating Expenses (Profit) 4,736,410 (11,242,685)
PROFIT FROM OPERATIONS 864,142 11,306,018
OTHER INCOME (EXPENSE):    
Interest income 19,764 147,383
Interest expense (462,259) (703,076)
Foreign currency transaction gain 573,992 98,451
Loss on equity method investment (10,951) (6,252)
Total Other Income (Expense), net 120,546 (463,494)
INCOME BEFORE INCOME TAXES 984,688 10,842,524
INCOME TAXES
NET INCOME 984,688 10,842,524
LESS: NET INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 112,395 922,370
NET INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY 872,293 9,920,154
COMPREHENSIVE INCOME :    
NET INCOME 984,688 10,842,524
OTHER COMPREHENSIVE GAIN    
Unrealized foreign currency translation gain 5,603,908 641,048
COMPREHENSIVE INCOME 6,588,596 11,483,572
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 560,609 973,026
COMPREHENSIVE INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY $ 6,027,987 $ 10,510,546
NET INCOME PER ORDINARY SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY    
Basic and diluted $ 0.01 $ 0.13
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:    
Basic and diluted 79,055,053 79,055,053
v3.8.0.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 984,688 $ 10,842,524
Adjustments to reconcile net income from operations to net cash provided by operating activities:    
Depreciation 2,433,126 2,112,525
Increase in allowance for doubtful accounts 168,945 96,399
Decrease in reserve for inventories 64,468 277,017
Loss on equity method investment 10,951 6,252
Loss on disposal of fixed assets 2,181,455
Changes in operating assets and liabilities:    
Accounts receivable 206,838 73,099
Inventories (1,795,329) (8,262,638)
Advances to suppliers 1,485,594
Prepaid expenses 113,507 8,205
Prepaid expenses - related party (602,715)
Other receivables (125,770) 29,923,685
Accounts payable 3,008,880 27,651
Accounts payable - related parties (595,916) 1,880,905
Accrued liabilities and other payables (1,200,760) 677,512
Accrued liabilities and other payables - related party (38,208) (18,281,290)
Due to related parties (497,164) (20,000)
NET CASH PROVIDED BY OPERATING ACTIVITIES 4,919,711 20,244,725
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property, plant and equipment (9,763,774)
Payments made for acquisition of fishing vessels from related party (12,252,689)
Payments for equity method investment (290,440)
NET CASH USED IN INVESTING ACTIVITIES (22,306,903)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from short-term bank loans 5,100,335
Repayments of short-term bank loans (5,000,000) (3,190,832)
Decrease/(Increase) in restricted cash 1,100,075 (435,660)
Advances from related parties 1,847,136 1,180,000
Payments made for dividend (790,551) (790,551)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (2,843,340) 1,863,292
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS (263,074) (50,205)
NET CHANGE IN CASH AND CASH EQUIVALENTS 1,813,297 (249,091)
CASH AND CASH EQUIVALENTS - beginning of period 2,005,540 820,396
CASH AND CASH EQUIVALENTS - end of period 3,818,837 571,305
Cash paid for:    
Interest 424,054 587,221
Income taxes
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Acquisition of property and equipment by decreasing prepayment for long-term assets 1,016,541
Property and equipment acquired on credit as payable 658,827
Fishing vessels acquired on credit as payable - related party $ 16,889,095