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, 2015
Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 6,832,197 $ 38,231,077
Adjustments to reconcile net income from operations to net cash provided by operating activities:    
Depreciation 3,586,876 $ 3,268,713
Decrease in allowance for doubtful accounts (165,539)  
Loss on equity method investment 3,358  
Loss on disposal of fixed assets 1,556,353  
Changes in operating assets and liabilities:    
Accounts receivable 36,408,536 $ (16,401,659)
Inventories 10,070,950 (4,983,981)
Prepaid expenses (4,562,145) $ 1,422,129
Prepaid expenses - related parties (7,371,070)  
Deferred expenses - related parties $ 909,427  
Advances to suppliers   $ (9,883)
Other receivables $ 165,038 (154,824)
Accounts payable 24,810 (1,295,979)
Accounts payable - related parties (2,300,861) (4,306,058)
Advances from customers (165,417) (290,574)
Accrued liabilities and other payables 1,814,292 734,992
Due to related parties 2 23,355
NET CASH PROVIDED BY OPERATING ACTIVITIES 46,806,807 $ 16,237,308
CASH FLOWS FROM INVESTING ACTIVITIES:    
Refunds from commercial retail space prepayments $ 22,582,549  
Prepayments made for commercial retail space   $ (22,307,032)
Purchase of property, plant and equipment $ (16,422) (773,168)
Refunds from fixed assets deposits   $ 1,886,749
Payments for equity method investment $ (40,897,788)  
NET CASH USED IN INVESTING ACTIVITIES (18,331,661) $ (21,193,451)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from short-term bank loans 6,972,517 29,524,941
Repayments of short-term bank loans $ (6,077,698) (17,402,742)
Proceeds from long-term bank loans   3,716,691
Repayments of long-term bank loans $ (12,731,481) (5,643,715)
Advances from related parties 2,000,000 $ 650,000
Payments made for dividend (790,551)  
Capital contribution from non-controlling interest 65,436,461  
Payments made to related parties in connection with the termination of VIE (13,578,066)  
Acquisition of fishing vessels from related parties under common control (56,206,080)  
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (14,974,898) $ 10,845,175
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS (41,522) (417,568)
NET INCREASE IN CASH AND CASH EQUIVALENTS 13,458,726 5,471,464
CASH AND CASH EQUIVALENTS - beginning of period 12,752,272 8,156,599
CASH AND CASH EQUIVALENTS - end of period 26,210,998 13,628,063
Cash paid for:    
Interest $ 2,126,455 $ 2,984,513
Income taxes    
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Acquisition of property and equipment by decreasing prepayment for long-term assets   $ 22,669,536