Investors

PINGTAN MARINE ENTERPRISE REPORTS FINANCIAL RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2021

Download PDF

Company to Hold Conference Call on Wednesday, May 18, 2022, at 8:30 AM ET

FUZHOU, China, May 17, 2022 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME) ("Pingtan" or the "Company"), a fishing company based in the People's Republic of China (PRC), today announced financial results for its fourth quarter and fiscal year ended December 31, 2021.

Fourth Quarter 2021 Financial Highlights (Year over Year Comparison)

  • Revenue was $62.8 million, representing a 102.5% year-over-year increase.
  • Gross loss was $7.4 million, compared to gross loss of $12.0 million, and gross loss margin was 11.8%, compared to gross loss margin of 38.7%.
  • Net income attributable to owners of the Company was $6.7 million, or $0.08 per basic and diluted share, compared to net loss attributable to owners of the Company of $79.7 million, or $(1.00) per basic and diluted share.

2021 Financial Highlights (Year over Year Comparison)

  • Revenue was $164.1 million, representing an 88.1% year-over-year increase.
  • Gross loss was $12.6 million, compared to gross loss of $2.4 million, and gross loss margin was 7.7%, compared to gross loss margin of 2.8%.
  • Net loss attributable to owners of the Company was $2.5 million, or $(0.03) per basic and diluted share, compared to net loss attributable to owners of the Company of $72.9 million, or $(0.92) per basic and diluted share.

Management Comments

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "In 2021, various businesses were challenged by the COVID-19 as it resurged from time to time in many localities across China throughout the year. Despite the overall difficulties, we were able to deliver an 88.1% increase in revenue and a 54.4% increase in sales volumes for 2021. However, due to the market downturn, the company recorded a decreased gross margin for the 2021 fiscal year, albeit a slightly increased gross profit margin in the second half of the year.

As such, the management believes that it is necessary to continue to strengthen the Company's production capacity and all aspects of product sales in the new year. Meanwhile, the management has decided to make certain strategic adjustments, including suspending the construction of the Antarctic krill vessel to recover funds, as well as expediting the modification and rebuilding progress of a new batch of fishing vessels to further increase harvest capacity and volume. The Company has also intensified its efforts to connect with large-scale distributors to improve the delivery speed through online-offline linkage, reduce frozen storage costs and selling expenses, and improve corporate efficiency."

Factors Affecting Pingtan's Results of Operations

COVID-19 pandemic

The COVID-19 pandemic has adversely affected the global economy, our markets in the PRC and our business.

In reaction to the pandemic, many provinces and municipalities in the PRC, where our business is currently conducted, activated the highest response to the emergency public health incident. Emergency quarantine measures and travel restrictions have had a significant impact on many sectors across China, which has also adversely affected the Company's operations. To reduce the impact on its production and operations, the Company has implemented a series of safety measures, and has resumed normal operations since March 2020. Management is focused on mitigating the impact of COVID-19 on its business operations while protecting the employees' health and safety. The Company will continue to actively monitor the situation and may take further actions that alter its business operations as may be required by local authorities or that the Company determines are in the best interests of its employees, customers, partners, suppliers and other stakeholders.

Some of the Company's customers are fish processing plants that export processed fish products to foreign countries. These customers reduced or postponed their purchases from us and adjusted their business strategies in relation to exportation or domestic sale in light of the development of the pandemic. These changes may cause a decrease in our unit selling price, an increase in inventory and delayed settlement of our accounts receivable. If the economic effects caused by the pandemic continue or increase in the PRC, overall customer demand may continue to decrease, which could have an adverse effect on our business, results of operations and financial condition.

The Company anticipates that its results of operations will continue to be affected by this pandemic in fiscal year 2022, as the COVID-19 pandemic has continued to caused disruptions to domestic and global businesses and markets. However, the extent of the impact on the Company's financial condition and results of operations is still highly uncertain and will depend on future developments, such as the ultimate duration and scope of the pandemic, its continuing impact on our customers, how quickly normal economic conditions, operations, and the demand for the Company's products can fully resume and whether the pandemic leads to recessionary conditions in the PRC, the United States or globally. As such, the Company may not reasonably estimate the extent of the impact on its full-year results of operations, its liquidity or its overall financial position.

The Company's Fishing Fleet

As of December 31, 2021, of the Company's 142 vessels, 100 were located in international waters, 12 were located in the Bay of Bengal in India, 13 were located in the PRC, and the remaining 17 were located in the Arafura Sea in Indonesia and not in operation.

Pingtan's Revenue Break-down By PRC Provincial Division



Year Ended December 31,




2021



2020



2019


Fujian province



50

%



68

%



66

%

Shandong province



29

%



24

%



28

%

Zhejiang province



9

%



7

%



4

%

Guangdong province



4

%



0

%



1

%

Liaoning province



3

%



0

%



0

%

Other areas



5

%



1

%



1

%

Total



100

%



100

%



100

%

 

2021 Selected Financial Highlights

($ in millions, except share and per share data)

Three Months ended

December 31,

Years Ended

December 31,


2021

2020

2021

2020

2019

Revenue

$62.8

$31.0

$164.1

$87.2

$89.6

Cost of Revenue

$70.2

$43.0

$176.7

$89.7

$64.4

Gross (Loss) Profit

$ (7.4)

$(12.0)

$(12.6)

$(2.4)

$25.2

Gross (Loss) Profit Margin

(11.8)%

(38.7)%

(7.7)%

(2.8)%

28.1%

Net (Loss) Income

$7.3

$(85.2)

$(2.4)

$(77.6)

$6.4

Basic and Diluted Weighted Average Shares Outstanding

85.9

79.3

84.9

79.1

79.1

EPS (in $)

$0.08

$(1.00)

$(0.04)

$(0.92)

$0.07

 

Balance Sheet Highlights


As of December 31,

($ in millions, except for book value per share)

2021

2020




Cash and Cash Equivalents

$5.8

$0.7

Total Current Assets

$240.4

$114.2

Total Assets

$576.2

$463.5

Total Current Liabilities

$243.4

$133.4

Total Long-term bank loans-non-current

$240.7

$245.1

Total Liabilities

$484.1

$378.5

Shareholders' Equity

$92.1

$85.0

Total Liabilities and Shareholders' Equity

$576.2

$463.5

Book Value Per Share (in $)

$1.08

$1.07

 

Consolidated Financial and Operating Review

Revenue

The Company's revenue for the three months ended December 31, 2021 was $62.8 million, as compared to $31.0 million for the same period of 2020.

The Company's revenue was $164.1 million in 2021, representing an increase of 88.1% from $87.2 million in 2020.

In 2021, the Company's sales volumes increased by 54.4% to 129,993,532 kg from 84,185,002 kg in 2020. The average unit selling price increased by 21.2% from 2020 to 2021. The increase in revenue was mainly attributable to the different sales mix, an increase in the average unit selling price, and the increased sales volume as a result of more vessels were put into operations. 

Gross Margin

The Company's gross loss margin was 11.8 % for the three months ended December 31, 2021, as compared to gross loss margin of 38.7% for the same period of 2020.

The Company's gross loss margin was 7.7% in 2021, as compared to gross loss margin of 2.8% in 2020.

Selling Expense

For the three months ended December 31, 2021, total selling expense was $2.5 million, as compared to $1.6 million for the same period of 2020.

In 2021, total selling expense was $7.6 million, as compared to $4.9 million in 2020, representing an increase of 57.4%. The increase was primarily due to the increases in insurance fees, storage fees, customs clearance charges, shipping and handling fees, and miscellaneous selling expense. 

General & Administrative Expense

For the three months ended December 31, 2021, general and administrative expense was $0.7 million, as compared to $2.0 million for the same period of 2020.

In 2021, total general and administrative expense was $6.8 million, as compared to $7.2 million in 2020, representing a decrease of 6.0%, primarily due to a decrease in depreciation expense, partially offset by an increase in professional fees due to the increases in accounting fees and legal fees.

Net Income/(Loss)

Net income for the three months ended December 31, 2021 was $7.3 million, as compared to net loss of $85.2 million for the same period of 2020.

In 2021, net loss was $2.4 million, as compared to net loss of $77.6 million in 2020.

Net Income/(Loss) Attributable to Ordinary Shareholders of the Company

Net income attributable to ordinary shareholders of the Company for the three months ended December 31, 2021 was $6.7 million, or $0.08 per basic and diluted share, as compared to net loss attributable to ordinary shareholders of the Company of $79.7 million, or $(1.00) per basic and diluted share, for the same period of 2020.

Net loss attributable to ordinary shareholders of the Company in 2021 was $2.5 million, or $(0.03) per basic and diluted share, as compared to net loss attributable to ordinary shareholders of the Company of $72.9 million, or $(0.92) per basic and diluted share, in 2020.

Conference Call Details

Pingtan also announced that it will discuss financial results in a conference call on Wednesday, May 18, 2022 – 8:30 a.m. ET (May 18, 2022, at 8:30 p.m. Beijing Time).

The dial-in numbers are:

Live Participant Dial-in (Toll Free):

877-407-0310

Live Participant Dial-in (International):

201-493-6786

To listen to the live webcast, please go to http://www.ptmarine.com and click on the conference call link at the top of the page or go to: https://event.choruscall.com/mediaframe/webcast.html?webcastid=XgNdUfYE.html.This webcast will be archived and accessible through the Company's website for approximately 30 days following the call.

About Pingtan

Pingtan is a fishing company that engages in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.

Business Risks and Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding Pingtan's business development, financial outlook, beliefs and expectations. Forward-looking statements include statements containing words such as "expect," "anticipate," "believe," "project," "will" and similar expressions intended to identify forward-looking statements. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Risks include anticipated growth and growth strategies; need for additional capital and the availability of financing; delays in deploying vessels; conducting fishing operations and locating or re-locating vessels, in foreign waters and related license requirements; actions taken by government regulators, such as the Indonesian moratorium, or reports or allegations of illegal activity by us, related parties or those with which we conduct business; our ability to successfully manage relationships with customers, distributors and other important relationships; technological changes; competition; demand for our products and services; operational, mechanical, climatic or other unanticipated issues; the deterioration of general economic conditions, whether internationally, nationally or in the local markets in which we operate; the impact of the coronavirus (COVID-19) on the Company's financial condition, business operations and liquidity; the impact of COVID-19 on our customers and distributors global or national health concerns, including the outbreak of pandemic or contagious diseases such as the COVID-19 pandemic; legislative or regulatory changes that may adversely affect our business; and other risk factors contained in Pingtan's SEC filings available at www.sec.gov, including Pingtan's most recent annual report on Form 10-K and quarterly reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.

CONTACT:

LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
michaelyung@ptmarine.net

Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
mli@ptmarine.net

INVESTOR RELATIONS
PureRock Communications Limited
PTmarine@pure-rock.com

 

 

PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)

(IN U.S. DOLLARS)











For the three Months Ended










December 31, 2021


December 31, 2020


REVENUE







$

62,807,077

$

31,022,204


COST OF REVENUE







70,194,063


43,019,999


GROSS PROFIT







(7,386,986)


(11,997,795)














OPERATING EXPENSES:











Selling






2,519,748


1,567,947


General and administrative






987,971


1,216,266


General and administrative-Depreciation






(310,673)


791,943


Subsidy







(561,642)


(881,465)


Impairment loss







4,830,150


67,713,324


Settlement of contract






(26,408,130)


-


Total Operating Expenses





(18,942,576)


70,408,015


INCOME FROM OPERATIONS






11,555,590


(82,405,810)














OTHER INCOME (EXPENSE):










Interest income







298,966


409,734


Interest expenses







(5,650,377)


(3,560,970)


Foreign currency transaction gain






1,047,466


204,687


Gain(Loss) from cost method investment






7,518


1,821


Gain(Loss) on equity method investment






57,081


195,044


Other expense






2,638


(477)


Total Other Expense, net






(4,236,708)


(2,750,161)














LOSS BEFORE INCOME TAXES




7,318,882


(85,155,971)














INCOME TAXES







1,749


-














NET INCOME (LOSS)






$

7,317,133

$

(85,155,971)














LESS: NET INCOME (LOSS) ATTRIBUTABLE TO THE NON-
CONTROLLING INTEREST




642,211


(5,499,859)














NET INCOME (LOSS) ATTRIBUTABLE TO OWNERS
OF THE COMPANY




$

6,674,922

$

(79,656,112)













COMPREHENSIVE INCOME:









NET INCOME/LOSS







7,317,133


(85,155,971)


OTHER COMPREHENSIVE INCOME (LOSS)









Unrealized foreign currency translation gain (loss)





(187,190)


3,310,552

   TOTAL COMPREHENSIVE INCOME/LOSS





$

7,129,943

$

(81,845,419)














LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO
THE NON-CONTROLLING INTEREST



625,298


(5,170,963)














COMPREHENSIVE INCOME (LOSS)ATTRIBUTABLE TO
OWNERS OF THE COMPANY



$

6,504,645

$

(76,674,456)













NET INCOME (LOSS)PER ORDINARY SHARE ATTRIBUTABLE TO
OWNERS OF THE COMPNAY








Basic and diluted earnings per share





$

0.08

$

(1.00)













WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:








    Basic and diluted








85,940,965


79,302,428

 

 

 

PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(IN U.S. DOLLARS)




For the Years Ended December 31,




2021



2020



2019


REVENUE


$

164,083,044



$

87,240,420



$

89,622,156















COST OF REVENUE



176,724,581




89,661,883




64,396,571















GROSS (LOSS)/ PROFIT



(12,641,537)




(2,421,463)




25,225,585















OPERATING EXPENSE (INCOME):













Selling



7,632,730




4,850,044




2,715,599


General and administrative



5,892,080




4,091,729




4,163,873


General and administrative - depreciation



836,142




3,066,522




3,726,061


Government subsidy



(20,449,471)




(13,660,284)




(6,440,299)


Impairment loss



6,301,373




67,713,324




7,951,635


Settlement of contract



(26,408,130)




-




-


(Gain) on fixed assets disposal



-




-




(59,432)















Total Operating (Income) Expense, Net



(26,195,276)




66,061,335




12,057,437















INCOME (LOSS) FROM OPERATIONS



13,553,739




(68,482,798)




13,168,148















OTHER INCOME (EXPENSE):













Interest income



371,695




3,745,611




780,604


Interest (expense)



(17,371,089)




(13,432,919)




(6,055,310)


Foreign currency transaction gain (loss)



1,231,614




607,674




(298,304)


Dividend income from cost method investment



612,734




135,338




312,727


(Loss) on the interest sold



-




-




(86,603)


(Loss) on equity method investment



(708,020)




(156,085)




(486,803)


Other (expense)



(74,223)




(35,401)




(954,394)















Total Other Expense, net



(15,937,289)




(9,135,782)




(6,788,083)















(LOSS) INCOME BEFORE INCOME TAXES



(2,383,550)




(77,618,580)




6,380,065















INCOME TAXES



1,749




-




-















NET (LOSS) INCOME



(2,385,299)




(77,618,580)




6,380,065















LESS: NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST



95,420




(4,740,332)




698,041















NET (LOSS) INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY



(2,480,719)




(72,878,248)




5,682,024















LESS: PREFERRED DIVIDENDS



(640,922)























NET (LOSS) INCOME ATTRIBUTABLE TO ORDINARY
SHAREHOLDERS OF THE COMPANY


$

(3,121,641)



$

(72,878,248)



$

5,682,024















COMPREHENSIVE (LOSS) INCOME:













NET (LOSS) INCOME


$

(2,385,299)



$

(77,618,580)



$

6,380,065


OTHER COMPREHENSIVE (LOSS) INCOME













Unrealized foreign currency translation gain (loss)



2,895,972




7,156,773




(2,861,319)


COMPREHENSIVE INCOME (LOSS)



510,673




(70,461,807)




3,518,746


Less: comprehensive income (loss) attributable to the non-controlling interest



342,401




(4,095,594)




469,583


COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO OWNERS OF THE COMPANY


$

168,272



$

(66,366,213)



$

3,049,163















NET (LOSS) INCOME PER ORDINARY SHARE;













Basic and diluted


$

(0.03)



$

(0.92)



$

0.07















WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:













Basic and diluted



84,906,368




79,121,471




79,055,053


 

 

 

PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(IN U.S. DOLLARS)




December 31,




2021



2020


ASSETS







CURRENT ASSETS:







Cash


$

5,789,508



$

691,933


Restricted cash



14,831,138




9,912,666


Accounts receivable, net of allowance for doubtful accounts



26,861,827




31,946,561


Accounts receivable-related parties



5,660,857




-


Inventories, net of reserve



54,969,973




67,611,136


Prepaid expenses



18,559,252




170,706


Prepaid expenses-related party



-




2,015,357


Other receivables



113,765,721




1,901,094











Total Current Assets



240,438,276




114,249,453











OTHER ASSETS:









Cost method investment



3,293,756




3,218,440


Equity method investment



29,674,764




29,689,813


Prepayment for long-term assets



30,114,340




66,083,041


Right-of-use asset



465,016




64,220


Property, plant and equipment, net



272,249,346




250,155,011











Total Other Assets



335,797,222




349,210,525











Total Assets


$

576,235,498



$

463,459,978











LIABILITIES AND SHAREHOLDERS' EQUITY


















CURRENT LIABILITIES:









Accounts payable


$

54,153,711



$

18,792,983


Accounts payable - related parties



4,960,300




9,966,708


Short-term bank loans



72,305,786




52,414,596


Long-term bank loans - current



76,856,590




39,987,577


Accrued liabilities and other payables



27,531,333




12,151,633


Lease liabilities- current



400,557




32,349


Due to related parties



7,175,988




18,354











Total Current Liabilities



243,384,265




133,364,200











OTHER LIABILITIES:









Lease liabilities



32,161




-


Long-term bank loans - non-current



240,729,193




245,116,088











Total Liabilities



484,145,619




378,480,288











COMMITMENTS AND CONTINGENCIES


















SHAREHOLDERS' EQUITY:









Equity attributable to owners of the Company:









Ordinary shares ($0.001 par value; 125,000,000 shares authorized; 85,940,965 and 79,302,428 shares issued and
outstanding at December 31, 2021 and 2020, respectively.)



85,941




79,302


Additional paid-in capital



89,279,792




82,045,993


(Deficit)



(21,842,858)




(18,594,755)


Statutory reserve



15,878,174




15,751,712


Accumulated other comprehensive (loss)



(6,919,882)




(9,568,873)


Total equity attributable to owners of the Company



76,481,167




69,713,379


Non-controlling interest



15,608,712




15,266,311


Total Shareholders' Equity



92,089,879




84,979,690


Total Liabilities and Shareholders' Equity


$

576,235,498



$

463,459,978


 

 

 

PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN U.S. DOLLARS)




For the Years Ended December 31,




2021



2020



2019


CASH FLOWS FROM OPERATING ACTIVITIES:










Net (loss) income


$

(2,385,299)



$

(77,618,580)



$

6,380,065


Adjustments to reconcile net income from operations to net cash provided by (used in) operating
activities:













Depreciation



16,129,686




14,722,446




11,308,882


Bad debt expense



178,244




380,866




8,050


Inventory reserve (reversal)



9,366,467




14,984,980




(142,370)


Loss on equity method investment



708,020




156,085




486,803


Stock issued for professional fees



-




209,793




-


Loss on the interest sold



-




-




86,603


(Gain) on disposal of fixed assets



-




-




(59,432)


Impairment loss



6,301,372




67,713,324




7,943,585


Settlement of contract



(26,408,129)




-




-


Changes in operating assets and liabilities:













Accounts receivable



5,669,874




(21,222,129)




(3,110,730)


Inventories



4,820,618




(48,067,241)




(24,918,904)


Prepaid expenses



(18,341,059)




1,199,764




(727,857)


Prepaid expenses - related parties



2,057,259




(1,906,460)




-


Due from related parties



(5,646,422)




-




-


Other receivables



(8,091,258)




(1,177,998)




74,967


Accounts payable



35,780,524




8,933,807




(22,443,999)


Accounts payable - related parties



(5,226,281)




7,701,504




(1,501,793)


Accrued liabilities and other payables



14,108,415




738,755




5,527,508


Accrued liabilities and other payables - related party



-




-




(1,290)


Due to related parties



297,678




672,932




(9,483,868)


NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES



29,319,709




(32,578,152)




(30,573,780)


CASH FLOWS FROM INVESTING ACTIVITIES:













Prepayment for long-term assets



(54,141,296)




(12,913,191)




(49,592,695)


Purchase of property, plant and equipment



(30,718,417)




(86,611,283)




(118,468,793)


Proceeds from disposal of property, plant and equipment



-




-




72,480


Proceeds from government grants for fishing vessels construction



18,460,576




29,358,038




35,524,824


NET CASH (USED IN) INVESTING ACTIVITIES



(66,399,137)




(70,166,436)




(132,464,184)















CASH FLOWS FROM FINANCING ACTIVITIES:













Proceeds from short-term bank loans



72,121,401




93,075,852




10,147,133


Repayment of short-term bank loans



(53,504,380)




(53,641,846)




(5,062,771)


Proceeds from long-term bank loans



98,315,781




108,821,094




208,023,483


Repayment of long-term bank loans



(72,571,291)




(58,952,604)




(18,880,916)


Advances from (to) related parties



6,992,000




-




(22,664,328)


Proceeds from Due from related party



-




12,619,964




-


Proceeds from Issue of Ordinary Shares



4,351,243




-




-


Proceeds from Issue of Preferred Shares



3,698,273




-




-


Repayment to related party



(11,913,633)




-




-


Repurchase shares



(1,450,000)




-




-


NET CASH PROVIDED BY FINANCING ACTIVITIES



46,039,394




101,922,460




171,562,601


EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH



1,056,081




1,334,522




(399,287)


NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH



10,016,047




512,394




8,125,350


CASH, CASH EQUIVALENTS AND RESTRICTED CASH - beginning of period



10,604,599




10,092,205




1,966,855


CASH, CASH EQUIVALENTS AND RESTRICTED - end of period


$

20,620,646



$

10,604,599



$

10,092,205


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:













Cash paid for:













Interest


$

17,759,215



$

20,549,990



$

6,419,569


Income taxes


$

-



$

-



$

-















RECONCILIATION TO AMOUNTS ON CONSOLIDATED BALANCE SHEETS:













Cash and cash equivalents


$

5,789,508



$

691,933



$

10,092,205


Restricted cash



14,831,138




9,912,666




-


TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH


$

20,620,646



$

10,604,599



$

10,092,205


NON-CASH INVESTING AND FINANCING ACTIVITIES:













Acquisition of property and equipment by decreasing prepayment for long-term assets


$

37,419,467



$

-



$

-


 

 

Cision View original content:https://www.prnewswire.com/news-releases/pingtan-marine-enterprise-reports-financial-results-for-the-fourth-quarter-and-year-ended-december-31-2021-301549579.html

SOURCE Pingtan Marine Enterprise Ltd.