Investors

Financials

v3.21.2
Consolidated Balance Sheets - USD ($)
Jun. 30, 2021
Dec. 31, 2020
ASSETS    
Cash and cash equivalents $ 2,197,774 $ 691,933
Restricted cash 13,049,278 9,912,666
Accounts receivable, net 28,744,557 31,946,561
Inventories, net 77,137,207 67,611,136
Prepaid expenses 671,141 170,706
Prepaid expenses - related party 7,461 2,015,357
Other receivables 879,740 1,901,094
Total Current Assets 122,687,158 114,249,453
OTHER ASSETS:    
Cost method investment 3,250,724 3,218,440
Equity method investment 29,530,620 29,689,813
Prepayment for long-term assets 113,020,953 66,083,041
Right-of-use asset 624,918 64,220
Property, plant and equipment, net 267,194,143 250,155,011
Total Other Assets 413,621,358 349,210,525
Total Assets 536,308,516 463,459,978
LIABILITIES AND SHAREHOLDERS’ EQUITY    
Accounts payable 40,823,267 18,792,983
Accounts payable - related parties 6,699,316 9,966,708
Short-term bank loans 55,726,692 52,414,596
Long-term bank loans - current portion 50,703,774 39,987,577
Accrued liabilities and other payables 19,079,744 12,151,633
Lease liability- current 368,984 32,349
Due to related parties 1,468,354 18,354
Total Current Liabilities 174,870,131 133,364,200
OTHER LIABILITIES:    
Lease liability 223,462  
Long-term bank loans - non-current portion 283,236,129 245,116,088
Total Liabilities 458,329,722 378,480,288
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:    
Preferred shares ($0.001 par value; 5,000,000 shares and 0 shares authorized; no shares issued and outstanding at June 30, 2021 and December 31, 2020)
Ordinary shares ($0.001 par value; 125,000,000 shares authorized; 85,940,965 and 79,302,428 shares issued and outstanding at June 30, 2021 and December 31, 2020) 85,941 79,302
Additional paid-in capital 88,678,870 82,045,993
Retained earnings (30,375,020) (18,594,755)
Statutory reserve 15,751,712 15,751,712
Accumulated other comprehensive loss (10,532,713) (9,568,873)
Total equity attributable to owners of the Company 63,608,790 69,713,379
Non-controlling interest 14,370,004 15,266,311
Total Shareholders’ Equity 77,978,794 84,979,690
Total Liabilities and Shareholders’ Equity $ 536,308,516 $ 463,459,978
v3.21.2
Unaudited Consolidated Statements of Operations and Comprehensive (loss) Income - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Income Statement [Abstract]        
REVENUE $ 36,865,155 $ 23,463,133 $ 65,172,293 $ 40,770,133
COST OF REVENUE 31,811,671 21,299,920 66,365,166 32,854,363
GROSS PROFIT (LOSS) 5,053,484 2,163,213 (1,192,873) 7,915,770
OPERATING EXPENSES:        
Selling 1,592,906 1,046,519 3,136,795 1,948,170
General and administrative 1,963,909 795,332 3,732,007 2,065,475
General and administrative - depreciation 72,568 789,334 144,854 1,500,767
Subsidy (1,573,977) (564,095) (3,603,797) (8,338,088)
Impairment loss 491,320 975,366
Total Operating Expenses 2,546,726 2,067,090 4,385,225 (2,823,676)
INCOME (LOSS) FROM OPERATIONS 2,506,758 96,123 (5,578,098) 10,739,446
OTHER INCOME (EXPENSE):        
Interest income 21,322 1,162,486 49,453 2,362,612
Interest expense (3,864,778) (2,936,529) (7,664,914) (5,835,425)
Foreign currency transaction gain (loss) 1,099,954 21,718 549,661 (344,691)
Gain from cost method investment 605,178 132,753 605,178 132,753
Loss on equity method investment (244,313) (143,015) (456,180) (268,543)
Other income (expense) (76,958) 5,084 (76,856) (30,456)
Total Other Expense, net (2,459,595) (1,757,503) (6,993,658) (3,983,750)
INCOME (LOSS) BEFORE INCOME TAXES 47,163 (1,661,380) (12,571,756) 6,755,696
INCOME TAXES    
NET INCOME (LOSS) 47,163 (1,661,380) (12,571,756) 6,755,696
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 140,979 (85,370) (831,491) 667,016
NET (LOSS) INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF THE COMPANY BEFORE PREFERRED DIVIDENDS (93,816) (1,576,010) (11,740,265) 6,088,680
LESS: PREFERRED SHARE DIVIDENDS (40,000)   (300,000)  
NET (LOSS) INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF THE COMPANY (133,816) (1,576,010) (12,040,265) 6,088,680
NET INCOME (LOSS) 47,163 (1,661,380) (12,571,756) 6,755,696
OTHER COMPREHENSIVE (LOSS) INCOME        
Unrealized foreign currency translation gain (loss) 437,211 (166,176) (1,028,656) (1,854,615)
COMPREHENSIVE (LOSS) INCOME 484,374 (1,827,556) (13,600,412)  
LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 183,687 (98,734) (896,307) 518,480
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF THE COMPANY $ 300,687 $ (1,728,822) $ (12,704,105) $ 4,382,601
NET (LOSS) INCOME PER ORDINARY SHARE ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF THE COMPANY        
Basic (in Dollars per share) $ 0 $ (0.02) $ (0.14) $ 0.08
Diluted (in Dollars per share) $ 0 $ (0.02) $ (0.14) $ 0.08
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:        
Basic (in Shares) 86,389,548 79,055,053 83,854,623 79,055,053
Diluted (in Shares) 86,797,148 79,055,053 83,854,623 79,055,053
v3.21.2
Unaudited Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 6 Months Ended 9 Months Ended 18 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:            
Net (loss) income $ 47,163 $ (1,661,380) $ (12,571,756) $ 6,755,696    
Adjustments to reconcile net income from operations to net cash provided by operating activities:            
Depreciation 3,384,414 3,294,304 7,192,857 6,672,732    
Bad debt expense 605,589 (50,336) 510,358 57,205    
(Decrease) increase in inventory allowance (8,502,163)   (5,682,073) 2,000,619 $ 2,266,917 $ 2,000,619
Loss on equity method investment     143,015 268,543    
Impairment loss of fishing vessels     975,366    
Accounts receivable     3,005,729 (3,567,172)    
Inventories     (3,149,808) (28,703,844)    
Prepaid expenses     (499,082) 587,974    
Prepaid expenses - related party     2,024,445    
Other receivables     1,038,544 387,716    
Accounts payable     21,802,289 9,592,030    
Accounts payable - related parties     (3,361,279) 688,894    
Accrued liabilities and other payables     6,794,010 320,455    
Due to related parties     127,597 (323,577)    
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES     18,350,212 (5,262,729)    
CASH FLOWS FROM INVESTING ACTIVITIES:            
Purchase of property, plant and equipment     (22,687,255) (85,240,006)    
Prepayment made for long-term assets     (46,191,388)    
Proceeds from government grants for fishing vessel construction     20,893,357    
NET CASH USED IN INVESTING ACTIVITIES     (68,878,643) (64,346,649)    
CASH FLOWS FROM FINANCING ACTIVITIES:            
Proceeds of short-term bank loans     44,809,790 81,343,591    
Repayments of short-term bank loans     (42,028,493)    
Proceeds from long-term bank loans     68,956,984 76,076,167    
Repayments of long-term bank loans     (23,063,682) (14,611,982)    
Proceeds from issuance of ordinary shares     4,351,243    
Proceeds from issuance of series A preferred shares     3,698,273      
Proceeds from related party     1,450,000      
Repurchase of preferred shares     (1,450,000)      
Advance to related party-HL     (69,423,710)    
NET CASH PROVIDED BY FINANCING ACTIVITIES     56,724,115 73,384,066    
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH     (1,553,231) 309,238    
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH     4,642,453 4,083,926    
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - beginning of period     10,604,599 10,092,205   10,092,205
CASH, CASH EQUIVALENTS AND RESTRICTED - end of period 15,247,052 14,176,131 15,247,052 14,176,131 10,604,599 15,247,052
Cash paid for:            
Interest     8,640,280 6,750,422    
Income taxes        
RECONCILIATION TO AMOUNTS ON CONSOLIDATED BALANCE SHEETS:            
Cash and cash equivalents 2,197,774 3,405,523 2,197,774 3,405,523 $ 691,933 2,197,774
Restricted cash 13,049,278 10,770,608 13,049,278 10,770,608   13,049,278
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH $ 15,247,052 $ 14,176,131 15,247,052 14,176,131   $ 15,247,052
NON-CASH INVESTING AND FINANCING ACTIVITIES:            
Acquisition of property and equipment by decreasing prepayment for long-term assets     $ (46,191,388) $ (15,731,909)