Quarterly report pursuant to Section 13 or 15(d)

Unaudited Consolidated Statements of Cash Flows

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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