Quarterly report pursuant to Section 13 or 15(d)

Unaudited Consolidated Statements of Cash Flows

v3.5.0.2
Unaudited Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (23,902,722) $ 29,362,397
Adjustments to reconcile net (loss) income from operations to net cash provided by operating activities:    
Depreciation 4,769,455 4,360,186
Decrease in allowance for doubtful accounts (112,562) (87,535)
Increase in reserve for inventories 1,506,320
Loss on equity method investment 25,095 37,545
Loss on disposal of fixed assets 1,544,277
Changes in operating assets and liabilities:    
Accounts receivable 9,335,357 39,365,984
Inventories (1,520,001) 6,466,615
Advances to suppliers 297,813 (35,352,076)
Prepaid expenses (4,590) (4,474,501)
Prepaid expenses - related parties 3,434,109 (7,684,028)
Deferred expenses - related parties 977,895
Other receivables (95,068) 88,115
Other receivables - related parties 4,384,313
Accounts payable (41,081) (31,612)
Accounts payable - related parties (296,671) 2,624,623
Advances from customers (164,133)
Accrued liabilities and other payables 930,168 3,970,928
Due to related parties 8,709,266
NET CASH PROVIDED BY OPERATING ACTIVITIES 3,034,888 45,388,993
CASH FLOWS FROM INVESTING ACTIVITIES:    
Refunds from commercial retail space prepayments 22,407,331
Purchase of property, plant and equipment (959,034) (16,295)
Prepayments made for long-term assets (44,329,098)
Proceeds from transferring equity method investment share 15,199,416
Payments for equity method investment (40,580,463)
NET CASH USED IN INVESTING ACTIVITIES (30,088,716) (18,189,427)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from short-term bank loans 18,999,502 15,472,361
Repayments of short-term bank loans (14,168,748) (16,250,334)
Proceeds from long-term bank loans 18,999,270
Repayments of long-term bank loans (6,216,561) (14,255,917)
Increase in restricted cash (2,538,303)
Advances from related parties 3,753,620 2,550,000
Payments made for dividend (2,371,652) (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 related parties under common control (56,206,080)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 16,457,128 (18,815,044)
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS (284,053) (44,484)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (10,880,753) 8,340,038
CASH AND CASH EQUIVALENTS - beginning of period 11,448,684 12,752,272
CASH AND CASH EQUIVALENTS - end of period 567,931 21,092,310
Cash paid for:    
Interest 1,976,789 2,858,417
Income taxes 993
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Acquisition of property and equipment by decreasing prepayment for long-term assets 38,606,518
Offset other receivables - related parties against due to related parties $ 5,114,910