|
Consolidated Statements of Cash Flows
|
12 Months Ended |
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2012
USD ($)
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
| Net income from continuing operations |
$ 85,760,705 |
$ 47,135,794 |
$ 24,280,268 |
| Adjustments to reconcile net income from operations to net cash provided by operating activities: |
|
|
|
| Depreciation |
6,017,886 |
2,394,692 |
2,677,418 |
| Increase in allowance for doubtful accounts |
1,173,223 |
|
|
| Short-term investment income |
|
|
(15,860) |
| Changes in operating assets and liabilities: |
|
|
|
| Accounts receivable |
(42,134,612) |
2,788,320 |
(10,562,176) |
| Accounts receivable - related parties |
|
|
4,584,509 |
| Notes receivable (banker's acceptances) |
|
3,745,196 |
|
| Other receivables |
(156,606) |
19,201 |
6,797,156 |
| Prepaid expenses |
4,213,938 |
(1,925,477) |
(218,759) |
| Prepaid expenses - related parties |
(7,314,375) |
|
|
| Deferred expenses - related parties |
(1,028,327) |
|
|
| Inventories |
(3,150,909) |
(8,766,511) |
2,397,340 |
| Advances to suppliers |
|
|
|
| Accounts payable |
(1,762,518) |
2,081,172 |
(43,377) |
| Accounts payable - related parties |
(8,604,461) |
13,944,394 |
3,060,668 |
| Advances from customers |
(128,109) |
292,802 |
(1,160,618) |
| Advances from customers - related parties |
|
(13,026,770) |
12,675,074 |
| Accrued liabilities and other payables |
1,019,221 |
3,583,989 |
777,587 |
| Due to related parties |
23,352 |
|
|
| NET CASH PROVIDED BY OPERATING ACTIVITIES FROM CONTINUING OPERATIONS |
33,928,408 |
52,266,802 |
45,249,230 |
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
| Payment for long-term investment |
|
|
(2,661,766) |
| Proceeds from disposition of short-term investment |
|
|
808,052 |
| Proceeds from government grants for fishing vessels construction |
3,451,914 |
8,320,882 |
|
| Payment for fishing vessels deposit |
|
(1,901,220) |
|
| Prepayments made for acquisition of commercial retail space |
(22,470,798) |
|
|
| Purchase of property, plant and equipment |
(890,897) |
(257,701,854) |
(33,992,757) |
| Advance to related parties |
|
(312,569) |
(41,505,027) |
| Payments for long-term investment |
(15,952,598) |
|
|
| Decrease in cash related to sale of subsidiary |
|
(84,917,899) |
|
| NET CASH USED IN INVESTING ACTIVITIES FOR CONTINUING OPERATIONS |
(35,862,379) |
(336,512,660) |
(77,351,498) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
| Proceeds from short-term bank loans |
67,175,414 |
43,713,708 |
51,384,055 |
| Repayments of short-term bank loans |
(45,797,736) |
(64,358,336) |
(48,079,121) |
| Proceeds from long-term bank loans |
3,743,977 |
55,811,568 |
26,617,656 |
| Repayments of long-term bank loans |
(19,957,026) |
(7,584,023) |
(1,845,808) |
| Advances from related parties |
2,350,000 |
(777) |
9,075,004 |
| Payments made for dividend |
(790,550) |
|
|
| Cash acquired in recapitalization |
|
3,565,355 |
|
| NET CASH PROVIDED BY FINANCING ACTIVITIES FROM CONTINUING OPERATIONS |
6,724,079 |
31,147,495 |
37,151,786 |
| CASH FLOWS FROM DISCONTINUED OPERATIONS: |
|
|
|
| NET CASH PROVIDED BY OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS |
|
79,605,841 |
92,587,488 |
| NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS |
|
7,099,979 |
(42,204,987) |
| NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES FOR DISCONTINUED OPERATIONS |
|
(407,030) |
560,216 |
| NET CASH PROVIDED BY DISCONTINUED OPERATIONS |
|
86,298,790 |
50,942,717 |
| EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS |
(194,435) |
3,032,812 |
1,726,785 |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
4,595,673 |
(163,766,761) |
57,719,020 |
| CASH AND CASH EQUIVALENTS - beginning of year |
8,156,599 |
171,923,360 |
114,204,340 |
| CASH AND CASH EQUIVALENTS - end of year |
12,752,272 |
8,156,599 |
171,923,360 |
| Cash paid: |
|
|
|
| From continuing operations Interest paid |
5,648,796 |
4,060,069 |
3,428,193 |
| From discontinued operations Income tax paid |
|
17,278,643 |
29,324,336 |
| NON-CASH INVESTING AND FINANCING ACTIVITIES: |
|
|
|
| Purchase of property and equipment pursuant to capital lease |
|
26,435,403 |
|
| Purchase of property and equipment by setting off advance to related parties |
|
55,064,953 |
|
| Deposit on setting up equity investment netted of accounts payable - related parties |
|
6,090,302 |
|
| Acquisition of property and equipment by decreasing prepayment for long-term assets |
19,750,438 |
|
|
| Property and equipment acquired on credit as payable |
790,459 |
|
|
| Decrease in cost of property and equipment by proceeds from government grants |
3,451,914 |
|
|
| Decrease in cost of property and equipment by recognition of deferred grant income |
$ 512,469 |
|
|