Quarterly report pursuant to Section 13 or 15(d)

Unaudited Consolidated Statements of Cash Flows

v3.8.0.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 27,182,456 $ (23,902,722)
Adjustments to reconcile net income (loss) from operations to net cash provided by operating activities:    
Depreciation 6,454,155 4,769,455
Increase (decrease) in allowance for doubtful accounts 221,209 (112,562)
Increase in reserve for inventories 2,639,816 1,506,320
Loss on equity method investment 27,500 25,095
Loss on disposal of fixed assets 194,039
Changes in operating assets and liabilities:    
Accounts receivable 5,928,573 9,335,357
Inventories 3,421,517 (1,520,001)
Advances to suppliers 3,133,470 297,813
Prepaid expenses 8,311 (4,590)
Prepaid expenses - related parties (225,434) 3,434,109
Other receivables 32,217,955 (95,068)
Other receivables - related party 1,180,928
Accounts payable 954,719 (41,081)
Accounts payable - related parties 2,024,366 (296,671)
Accrued liabilities and other payables 854,714 930,168
Accrued liabilities and other payables - related party (9,886,677)
Due to related parties 14,854 8,709,266
NET CASH PROVIDED BY OPERATING ACTIVITIES 76,346,471 3,034,888
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property, plant and equipment (45,292,877) (959,034)
Proceeds from government grants for fishing vessels construction 2,941,912
Prepayments made for long-term assets (44,329,098)
Proceeds from transferring equity method investment share 15,199,416
Payments for equity method investment (294,191)
NET CASH USED IN INVESTING ACTIVITIES (42,645,156) (30,088,716)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from short-term bank loans 12,912,868 18,999,502
Repayments of short-term bank loans (18,701,191) (14,168,748)
Proceeds from long-term bank loans 18,999,270
Repayments of long-term bank loans (8,722,769) (6,216,561)
Decrease (Increase) in restricted cash 706,059 (2,538,303)
Advances from related parties 2,982,394 3,753,620
Payments made for dividend (2,371,652) (2,371,652)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (13,194,291) 16,457,128
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS 924,482 (284,053)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 21,431,506 (10,880,753)
CASH AND CASH EQUIVALENTS - beginning of period 820,396 11,448,684
CASH AND CASH EQUIVALENTS - end of period 22,251,902 567,931
Cash paid for:    
Interest 1,945,560 1,976,789
Income taxes 993
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Acquisition of property and equipment by decreasing prepayment for long-term assets 1,029,669 38,606,518
Property and equipment acquired on credit as payable 4,818,866
Offset other receivables - related parties against due to related parties $ 5,114,910