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, 2016
Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (10,000,581) $ 6,832,197
Adjustments to reconcile net (loss) income from operations to net cash provided by operating activities:    
Depreciation 3,303,423 3,586,876
Decrease in allowance for doubtful accounts (150,594) (165,539)
Increase in reserve for inventories 2,800,637
Loss on equity method investment 18,127 3,358
Loss on disposal of fixed assets 1,556,353
Changes in operating assets and liabilities:    
Accounts receivable 9,347,461 36,408,536
Inventories (7,696,280) 10,070,950
Advances to suppliers 299,809
Prepaid expenses 1,806 (4,562,145)
Prepaid expenses - related parties 1,789,653 (7,371,070)
Deferred expenses - related parties 909,427
Other receivables 414 165,038
Accounts payable (14,213) 24,810
Accounts payable - related parties 1,344,800 (2,300,861)
Advances from customers (165,417)
Accrued liabilities and other payables 509,165 1,814,292
Due to related parties 2
NET CASH PROVIDED BY OPERATING ACTIVITIES 1,553,627 46,806,807
CASH FLOWS FROM INVESTING ACTIVITIES:    
Refunds from commercial retail space prepayments 22,582,549
Purchase of property, plant and equipment (417,877) (16,422)
Prepayments made for long-term assets (38,406,218)
Proceeds from transferring equity method investment share 15,301,282
Payments for equity method investment (40,897,788)
NET CASH USED IN INVESTING ACTIVITIES (23,522,813) (18,331,661)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from short-term bank loans 8,118,455 6,972,517
Repayments of short-term bank loans (7,204,822) (6,077,698)
Proceeds from long-term bank loans 19,126,603
Repayments of long-term bank loans (6,258,225) (12,731,481)
Increase in restricted cash (1,530,128)
Advances from related parties 2,653,620 2,000,000
Payments made for dividend (1,581,101) (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 PROVIDED BY (USED IN) FINANCING ACTIVITIES 13,324,402 (14,974,898)
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS (199,792) (41,522)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (8,844,576) 13,458,726
CASH AND CASH EQUIVALENTS - beginning of period 11,448,684 12,752,272
CASH AND CASH EQUIVALENTS - end of period 2,604,108 26,210,998
Cash paid for:    
Interest 1,276,407 2,126,455
Income taxes 413
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Acquisition of property and equipment by decreasing prepayment for long-term assets 31,138,109
Offset other receivables - related parties against due to related parties $ 4,014,910