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 ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 29,362,397 $ 52,425,607
Adjustments to reconcile net income from operations to net cash provided by operating activities:    
Depreciation 4,360,186 $ 4,022,232
Decrease in allowance for doubtful accounts (87,535)
Loss on equity method investment 37,545
Loss on disposal of fixed assets 1,544,277
Changes in operating assets and liabilities:    
Accounts receivable 39,365,984 $ (32,622,490)
Inventories 6,466,615 $ 2,918,687
Prepayments made for inventories purchase (35,352,076)
Prepaid expenses - other (4,474,501) $ 3,956,449
Prepaid expenses - related parties (7,684,028) (3,111,736)
Deferred expenses - related parties $ 977,895 (2,239,090)
Advances to suppliers (258,408)
Other receivables $ 88,115 $ (156,943)
Other receivables - related parties 4,384,313
Accounts payable (31,612) $ (1,839,459)
Accounts payable - related parties 2,624,623 (6,849,973)
Advances from customers (164,133) (130,484)
Accrued liabilities and other payables $ 3,970,928 241,133
Due to related parties 23,348
NET CASH PROVIDED BY OPERATING ACTIVITIES $ 45,388,993 $ 16,378,873
CASH FLOWS FROM INVESTING ACTIVITIES:    
Refunds from commercial retail space prepayments $ 22,407,331
Prepayments made for commercial retail space $ (22,461,657)
Purchase of property, plant and equipment $ (16,295) (1,268,934)
Proceeds from government grants for fishing vessels construction 1,195,275
Payments for equity method investment $ (40,580,463) (15,946,109)
NET CASH USED IN INVESTING ACTIVITIES (18,189,427) (38,481,425)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from short-term bank loans 15,472,361 44,891,439
Repayments of short-term bank loans $ (16,250,334) (17,724,568)
Proceeds from long-term bank loans 3,742,454
Repayments of long-term bank loans $ (14,255,917) (5,682,835)
Advances from related parties 2,550,000 $ 650,000
Payments made for dividend (1,581,101)
Capital contribution from non-controlling interest 64,928,741
Payments made to related parties in connection with the termination of VIE (13,472,714)
Acquisition of fishing vessels from relate parties under common control (56,206,080)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (18,815,044) $ 25,876,490
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS (44,484) (132,878)
NET INCREASE IN CASH AND CASH EQUIVALENTS 8,340,038 3,641,060
CASH AND CASH EQUIVALENTS - beginning of period 12,752,272 8,156,599
CASH AND CASH EQUIVALENTS - end of period 21,092,310 11,797,659
Cash paid for:    
Interest $ 2,858,417 $ 4,065,601
Income taxes
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Acquisition of property and equipment by decreasing prepayment for long-term assets $ 27,099,444
Decrease in cost of property and equipment by proceeds from government grants 1,195,275
Decrease in cost of property and equipment by recognition of deferred grant income $ 512,261