Quarterly report pursuant to Section 13 or 15(d)

Unaudited Consolidated Statements of Cash Flows

v3.21.2
Unaudited Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (9,702,432) $ 7,537,391
Adjustments to reconcile net income from operations to net cash provided by (used in) operating activities:    
Depreciation 12,510,131 10,616,935
Bad debt expense 756,463 245,498
(Decrease) increase in inventory allowance 740,084 1,711,666
Loss on equity method investment 765,101 351,129
Common stock issuance for professional fee 25,974
Impairment loss for fishing vessels 1,471,223
Changes in operating assets and liabilities:    
Accounts receivable 9,583,745 (5,191,192)
Inventories (5,567,403) (35,027,650)
Prepaid expenses (1,350,006) (432,033)
Prepaid expenses - related party 2,032,018
Other receivables 1,309,201 (328,396)
Accounts payable 20,065,745 (4,641,514)
Accounts payable - related parties 401,008 218,739
Accrued liabilities and other payables 8,070,980 1,553,556
Accrued liabilities and other payables - related party 29,568,507
Advance from customers 636,865 (619,235)
Due to related parties 77,476 140,210
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 71,368,706 (23,838,922)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property, plant and equipment (32,038,302) (93,357,444)
Prepayment made for long-term assets (68,553,308)
Proceeds from government grants for fishing vessel construction 28,962,913
NET CASH USED IN INVESTING ACTIVITIES (100,591,610) (64,394,531)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds of short-term bank loans 44,812,560 81,811,291
Repayments of short-term bank loans (42,031,091) (42,908,020)
Proceeds from long-term bank loans 78,720,177 104,640,414
Repayments of long-term bank loans (44,683,935) (46,325,253)
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)  
Loans issued to related parties   (160,070,480)
Repayments of loans issued to related parties 157,692,576
NET CASH PROVIDED BY FINANCING ACTIVITIES 44,867,227 94,840,528
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH 2,525,721 935,670
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 18,170,044 7,542,745
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - beginning of period 10,604,599 10,092,205
CASH, CASH EQUIVALENTS AND RESTRICTED - end of period 28,774,643 17,634,950
Cash paid for:    
Interest 13,191,936 11,012,593
Income taxes
RECONCILIATION TO AMOUNTS ON CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 15,756,293 3,397,018
Restricted cash 13,018,350 14,237,932
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH 28,774,643 17,634,950
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Acquisition of property and equipment paid by related party on behalf (32,038,302)
Acquisition of property and equipment by decreasing prepayment for long-term assets $ (20,594,592)