Subjects: ERN, CCA, ERP
Pingtan Marine Enterprise Reports Financial Results For The Second Quarter Ended June 30, 2020
FUZHOU, China, Aug. 17, 2020 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME) ("Pingtan" or the "Company"), a global fishing company based in the People's Republic of China (PRC), today announced financial results for its second quarter and first six months ended June 30, 2020.
Second Quarter 2020 Financial Highlights (Year-on-Year Comparisons)
- Revenue was $23.5 million compared to $25.5 million.
- Gross profit was $2.2 million compared to $9.3 million.
- Net loss was $1.7 million compared to net income of $5.0 million.
- Net loss attributable to owners of the Company was $1.6 million, or $(0.02) per basic and diluted share, compared to net income attributable to owners of the Company of $4.6 million, or $0.06 per basic and diluted share.
Management Comments
Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "Although the COVID-19 pandemic appears to be under control in China, the situation is still severe in many countries and regions of the world, and the pandemic has adversely affected the global market and economy. In the second quarter of 2020, a second wave of regional spreading of the coronavirus occurred in some cities in China, including Beijing, and some cases were related to seafood markets, which had an impact on the prices of marine catches. In the second quarter of 2020, although we saw a decrease of $1.7 million in revenue during the quarter compared to the same period in 2019, our sales volume peaked to 21.8 million kg, an increase of 41% compared to the same period in 2019 and the highest record of single-quarter sales volume in the last five years. With the regional spreading of the coronavirus generally contained, the Chinese market is gradually recovering, and the catering and entertainment industry is resuming normal operations. Although we are not able to estimate the future impact of the COVID-19 pandemic at this time, we believe that the Chinese consumers' demand for seafood will return and grow during the second half of 2020. In reaction to the potential market variations and to assist the Company in its development and expansion of catch species, we are building a large-scale Antarctica krill fishing and processing vessel with a gross tonnage of 8600 and overall length of 107 meters. Upon completion and operation of this vessel, our fishing areas will be expanded to the Antarctic waters and our fishing capacity will be further enhanced."
Factors Affecting Pingtan's Results of Operations
COVID-19 pandemic
The recent COVID-19 pandemic has spread rapidly throughout the world and significantly curtailed the global economic activities. As the first country to be engulfed in the pandemic, China introduced strict emergency quarantine measures and travel restrictions to contain the pandemic, which had a big impact on China's economy in the first half of 2020. Although it was generally believed that the pandemic was under control in the second quarter, the PRC government continued to take precautionary quarantine measures to avoid additional outbreaks of the pandemic, which had an adverse impact on the economic activities in China.
The continued precautionary quarantine measures by the PRC government and travel restrictions implemented by some countries have had a significant impact on many sectors across China, which has also adversely affected the Company's operations in China, despite the PRC government's efforts to revive the economy. To reduce the impact on its production and operation, the Company has taken and may continue to take actions in response as necessary, including but not limited to continued shifts in work system, paid leave and reducing the number of foreign crews on its vessels. Its management is focused on mitigating the effects of COVID-19 on its business operations while protecting the health of its employees. The Company will continue to actively monitor the situation and may take further actions that alter its business operations as may be required by local authorities or that the Company determines in the best interests of its employees, customers, partners and suppliers.
Some of Pingtan's customers are fish processing plants that exports processed fish products to foreign countries. These customers tended to reduce or postpone their purchases from the Company in the initial stage of the pandemic and have now started adjusting their business strategies in relation to exportation or domestic sale. These customers and other customers of the Company may further reduce or postpone their purchases in the future due to the pandemic, which may lead to an increase in inventory. The Company may take necessary de-stocking measures, such as lowering the selling prices of catches and extending the term of payment for certain accounts receivable, which may adversely affect the financial conditions and working capital of the Company.
The situation created by the COVID-19 pandemic has led to an unprecedented economic uncertainty globally. However, the extent of the impact on the Company's financial condition and results of operations is still highly uncertain and will depend on future developments, such as the ultimate duration and scope of the outbreak, its impact on its customers and exporters, how quickly normal economic conditions, operations, and the demand for its products can resume and whether the pandemic leads to recessionary conditions in China.
Although both the PRC government and the Company have taken measures in response to the pandemic, the Company anticipates that its results of operations will continue to be impacted by this pandemic in the third and fourth quarters of 2020, and is unable to reasonably estimate the extent of the impact on its full-year results of operations, its liquidity or its overall financial position.
The Company's Fishing Fleet
As of June 30, 2020, of the Company's 143 vessels, 69 were located in the international waters, 12 were located in the Bay of Bengal in India, 13 were located in the PRC, 37 were located in the Arafura Sea in Indonesia, 10 just completed the rebuilding projects and were preparing for operation in the international waters, 1 transport vessel was in the modification and rebuilding stage and 1 new krill fishing and processing vessel was in building stage.
Second Quarter 2020 Selected Financial Highlights
($ in millions, except shares and per share data) | Three Months ended June 30, | |
2020 | 2019 | |
Revenue | $23.5 | $25.5 |
Cost of Revenue | $21.3 | $16.2 |
Gross Profit | $2.2 | $9.3 |
Gross Margin | 9.2% | 36.4% |
Net (Loss) Income | $(1.7) | $5.0 |
Basic and Diluted Weighted Average Shares | 79.1 | 79.1 |
EPS (in $) | $(0.02) | $0.06 |
Balance Sheet Highlights
($ in millions, except for book value per share) | 6/30/2020 | 12/31/2019 | |
Cash and Cash Equivalents | $3.4 | $10.1 | |
Total Current Assets | $165.6 | $64.3 | |
Total Assets | $557.4 | $404.1 | |
Total Current Liabilities | $183.1 | $88.8 | |
Long-term bank loans, non-current portion | $214.4 | $160.2 | |
Total Liabilities | $397.5 | $249.1 | |
Shareholders' Equity | $160.0 | $155.1 | |
Total Liabilities and Shareholders' Equity | $557.4 | $404.1 | |
Book Value Per Share (in $) | $2.02 | $1.96 |
Consolidated Financial and Operating Review
Revenue
Revenue for the three months ended June 30, 2020 was $23.5 million, a decrease of $2.0 million, or 7.9%, from $25.5 million for the same period in 2019. Sales volume increased by 41.0% to 21.8 million KG in the three months ended June 30, 2020 from 15.4 million KG in the same period of 2019. The decrease in revenue was primarily attributable to the different sales mix and the decrease in the average unit sale price, despite the increase in sales volume due to more vessels in operations. Average unit sale price decreased 34.5% in the three months ended June 30, 2020 as compared to the three months ended June 30, 2019.
For the six months ended June 30, 2020, the Company's revenues were $40.8 million compared to $43.9 million in the first half of 2019, a decrease of $3.1 million, or 7.1%. Sales volumes in the six months ended June 30, 2020 increased by 46.0% to 35.3 million KG from 24.2 million KG in the six months ended June 30, 2019. Average unit sale price decreased by 36.3% in the six months ended June 30, 2020 as compared to the six months ended June 30, 2019. The decrease is due to the same reasons described above.
Gross Margin
The Company's gross margin was 9.2% for the three months ended June 30, 2020, compared to 36.4% in the prior year period. The decrease in gross margin for the three months ended June 30, 2020 as compared to the same period of 2019 is due to the decrease in average unit sale price by 34.5% while the cost per unit had a slight decrease. A key species of the Company's sales mix was Indian Ocean squid whose market price was on the low side, and the market price of frozen seafood was affected due to the COVID-19 pandemic, which together led to a decrease in the average unit sale price of sales mix.
For the six months ended June 30, 2020, gross margin decreased to 19.4% from 30.4% in the same period of 2019. The decrease in gross margin for the six months ended June 30, 2020 is due to the same reasons described above.
Selling Expenses
For the three months ended June 30, 2020, selling expenses were $1.0 million compared to $0.5 million in the prior year period. The increase was primarily due to the increase in insurance, storage fees and other miscellaneous selling expenses.
For the six months ended June 30, 2020, selling expenses were $2.0 million compared to $1.2 million in the same period of 2019. The increase is due to the same reasons described above.
General & Administrative Expenses
For the three months ended June 30, 2020, general and administrative expenses were $1.6 million, compared to $2.1 million in the prior year period, a decrease of 25.1%. The decrease was primarily due to the decrease in compensation and related benefits and other general and administrative expenses, the increase in bad debt recovery and no impairment loss recorded for the three months ended June 30, 2020 as compared to an impairment loss of $0.2 million for the three months ended June 30, 2019.
For the six months ended June 30, 2020, general and administrative expenses were $3.6 million, compared to $6.9 million in the prior year period, a decrease of 48.6%. The decrease was primarily due to the decrease in depreciation of non-operating vessels, compensation and related benefits, other general and administrative expenses and no impairment loss recorded for the six months ended June 30, 2020 as compared to an impairment loss $2.5 million for the six months ended June 30, 2019.
Net (Loss) Income
Net loss for the three months ended June 30, 2020 was $1.7 million, compared to net income of $5.0 million in the same period of 2019.
Net income for the six months ended June 30, 2020 was 6.8 million, compared to net income of $3.1 million in the same period of 2019.
Net (Loss) Income Attributable to Owners of the Company
Net loss attributable to owners of the Company for the three months ended June 30, 2020 was $1.6 million, or $(0.02) per basic and diluted share, compared to net income attributable to owners of the Company of $4.6 million, or $0.06 per basic and diluted share, in the same period of 2019.
Net income attributable to owners of the Company for the six months ended June 30, 2020 was $6.1 million, or $0.08 per basic and diluted share, compared to net income attributable to owners of the Company of $2.7 million, or $0.03 per basic and diluted share, in the same period of 2019.
Conference Call Details
Pingtan will discuss the financial results for the second quarter of 2020 during a conference call on Tuesday, August 18, 2020 ? 8:30 a.m. ET.
The dial-in numbers are:
Live Participant Dial-in (Toll Free): +1 (877) 407-0310
Live Participant Dial-in (International): +1 (201) 493-6786
To listen to the live webcast, please go to http://www.ptmarine.com and click on the conference call link at the top of the page, or go to: https://78449.themediaframe.com/dataconf/productusers/pme/mediaframe/40260/indexl.html. This webcast will be archived and accessible through the Company's website for approximately 30 days following the call.
About Pingtan
Pingtan is a global fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
Business Risks and Forward-Looking Statements
This press release may contain forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended. Words such as "estimate," "project," "forecast," "plan," "believe," "may," "expect," "anticipate," "intend," "planned," "potential," "can," "expectation" and similar expressions, or the negative of those expressions, may identify forward-looking statements. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Risks include anticipated growth and growth strategies; need for additional capital and the availability of financing; locating or re-locating vessels, in foreign waters and related license requirements; our ability to successfully manage relationships with customers, distributors and other important relationships; actions taken by government regulators, such as the Indonesian moratorium; technological changes; competition; demand for our products and services; the deterioration of general economic conditions, whether internationally, nationally or in the local markets in which we operate; the impact of the current coronavirus (COVID-19) pandemic on the Company's financial condition, business operations and liquidity; the impact of COVID-19 on our customers and distributors; legislative or regulatory changes that may adversely affect our business; operational, mechanical, climatic or other unanticipated issues that adversely affect the production capacity of the Company's fishing vessels and their ability to generate expected annual revenue and net income; and other risk factors contained in Pingtan's SEC filings available at www.sec.gov, including Pingtan's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
[email protected]
INVESTOR RELATIONS
PureRock Communications Limited
[email protected]
PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (IN U.S. DOLLARS) | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
REVENUE | $ | 23,463,133 | $ | 25,463,094 | $ | 40,770,133 | $ | 43,887,303 | ||||||||
COST OF REVENUE | 21,299,920 | 16,196,280 | 32,854,363 | 30,539,838 | ||||||||||||
GROSS PROFIT | 2,163,213 | 9,266,814 | 7,915,770 | 13,347,465 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Selling | 1,046,519 | 535,276 | 1,948,170 | 1,245,205 | ||||||||||||
General and administrative | 795,332 | 1,365,250 | 2,065,475 | 4,960,640 | ||||||||||||
General and administrative - depreciation | 789,334 | 749,056 | 1,500,767 | 1,971,217 | ||||||||||||
Subsidy | (564,095) | - | (8,338,088) | - | ||||||||||||
Loss on fixed assets disposal | - | 166,152 | - | 166,152 | ||||||||||||
Total Operating Expenses | 2,067,090 | 2,815,734 | (2,823,676) | 8,343,214 | ||||||||||||
INCOME FROM OPERATIONS | 96,123 | 6,451,080 | 10,739,446 | 5,004,251 | ||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||
Interest income | 1,162,486 | 17,773 | 2,362,612 | 20,289 | ||||||||||||
Interest expense | (2,936,529) | (1,598,082) | (5,835,425) | (2,127,247) | ||||||||||||
Foreign currency transaction gain (loss) | 21,718 | (139,715) | (344,691) | (49,631) | ||||||||||||
Gain from cost method investment | 132,753 | 347,651 | 132,753 | 347,651 | ||||||||||||
Loss on equity method investment | (143,015) | (271,227) | (268,543) | (381,843) | ||||||||||||
Other income (expense) | 5,084 | 226,487 | (30,456) | 252,158 | ||||||||||||
Total Other Expense, net | (1,757,503) | (1,417,113) | (3,983,750) | (1,938,623) | ||||||||||||
(LOSS) INCOME BEFORE INCOME TAXES | (1,661,380) | 5,033,967 | 6,755,696 | 3,065,628 | ||||||||||||
INCOME TAXES | - | - | - | - | ||||||||||||
NET (LOSS) INCOME | $ | (1,661,380) | $ | 5,033,967 | $ | 6,755,696 | $ | 3,065,628 | ||||||||
LESS: NET (LOSS) INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST | (85,370) | 454,923 | 667,016 | 373,823 | ||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY | $ | (1,576,010) | $ | 4,579,044 | $ | 6,088,680 | $ | 2,691,805 | ||||||||
COMPREHENSIVE INCOME (LOSS): | ||||||||||||||||
NET (LOSS) INCOME | (1,661,380) | 5,033,967 | 6,755,696 | 3,065,628 | ||||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||
Unrealized foreign currency translation gain (loss) | (166,176) | (3,066,793) | (1,854,615) | (167,444) | ||||||||||||
COMPREHENSIVE (LOSS) INCOME | $ | (1,827,556) | $ | 1,967,174 | $ | 4,901,081 | $ | 2,898,184 | ||||||||
LESS: COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO | (98,734) | 209,407 | 518,480 | 334,384 | ||||||||||||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO | $ | (1,728,822) | $ | 1,757,767 | $ | 4,382,601 | $ | 2,563,800 | ||||||||
NET(LOSS)INCOME PER ORDINARY SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY | ||||||||||||||||
Basic and diluted | $ | (0.02) | $ | 0.06 | $ | 0.08 | $ | 0.03 | ||||||||
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING: | ||||||||||||||||
Basic and diluted | 79,055,053 | 79,055,053 | 79,055,053 | 79,055,053 | ||||||||||||
PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN U.S. DOLLARS) | ||||||||
June 30, | December 31, | |||||||
2020 | 2019 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 3,405,523 | $ | 10,092,205 | ||||
Restricted cash | 10,770,608 | - | ||||||
Accounts receivable, net of allowance for doubtful accounts | 12,624,501 | 9,273,446 | ||||||
Due from related parties | 81,252,639 | 12,477,777 | ||||||
Inventories, net of reserve for inventories | 56,605,991 | 30,527,752 | ||||||
Prepaid expenses | 750,349 | 1,354,129 | ||||||
Other receivables | 219,325 | 613,384 | ||||||
Total Current Assets | 165,628,936 | 64,338,693 | ||||||
OTHER ASSETS: | ||||||||
Cost method investment | 2,966,311 | 3,010,235 | ||||||
Equity method investment | 27,249,283 | 27,923,464 | ||||||
Prepayment for long-term assets | 63,950,903 | 49,040,338 | ||||||
Right-of-use asset | 253,628 | 438,254 | ||||||
Property, plant and equipment, net | 297,397,430 | 259,377,729 | ||||||
Total Other Assets | 391,817,555 | 339,790,020 | ||||||
Total Assets | $ | 557,446,491 | $ | 404,128,713 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | $ | 17,363,276 | $ | 7,951,766 | ||||
Accounts payable - related parties | 2,366,568 | 1,707,217 | ||||||
Short-term bank loans | 90,684,370 | 10,034,116 | ||||||
Long-term bank loans - current portion | 60,880,006 | 57,122,789 | ||||||
Accrued liabilities and other payables | 11,579,704 | 11,428,018 | ||||||
Lease liability- current liability | 222,567 | 375,922 | ||||||
Due to related parties | 18,354 | 168,328 | ||||||
Total Current Liabilities | 183,114,845 | 88,788,156 | ||||||
OTHER LIABILITIES: | ||||||||
Lease liability | - | 32,203 | ||||||
Long-term bank loans - non-current portion | 214,352,709 | 160,230,498 | ||||||
Total Liabilities | 397,467,554 | 249,050,857 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
SHAREHOLDERS' EQUITY: | ||||||||
Equity attributable to owners of the company: | ||||||||
Ordinary shares ($0.001 par value; 125,000,000 shares | 79,055 | 79,055 | ||||||
Additional paid-in capital | 81,682,599 | 81,682,599 | ||||||
Retained earnings | 60,375,134 | 54,286,454 | ||||||
Statutory reserve | 15,748,751 | 15,748,751 | ||||||
Accumulated other comprehensive loss | (17,786,987) | (16,080,908) | ||||||
Total equity attributable to owners of the company | 140,098,552 | 135,715,951 | ||||||
Non-controlling interest | 19,880,385 | 19,361,905 | ||||||
Total Shareholders' Equity | 159,978,937 | 155,077,856 | ||||||
Total Liabilities and Shareholders' Equity | $ | 557,446,491 | $ | 404,128,713 | ||||
PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN U.S. DOLLARS) | ||||||||
For the Six Months Ended | ||||||||
2020 | 2019 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 6,755,696 | $ | 3,065,628 | ||||
Adjustments to reconcile net income from operations to net cash provided by operating activities: | ||||||||
Depreciation | 6,672,732 | 5,071,259 | ||||||
Increase in allowance for doubtful accounts | 57,205 | - | ||||||
Increase (decrease) in reserve for inventories | 2,000,619 | (358,040) | ||||||
Loss on equity method investment | 268,543 | 381,843 | ||||||
Impairment loss of fishing vessels | - | 2,475,442 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (3,567,172) | (2,452,909) | ||||||
Inventories | (28,703,844) | (2,426,497) | ||||||
Prepaid expenses | 587,974 | 2,569 | ||||||
Other receivables | 387,716 | (375,533) | ||||||
Other receivables - related party | - | (20,230) | ||||||
Accounts payable | 9,592,030 | 1,973,993 | ||||||
Accounts payable - related parties | 688,894 | (2,896,036) | ||||||
Advance from customers | (824,813) | - | ||||||
Accrued liabilities and other payables | 1,145,268 | 2,572,773 | ||||||
Accrued liabilities and other payables - related party | - | (1,290) | ||||||
Due to related parties | (323,577) | 1,221,527 | ||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (5,262,729) | 8,234,499 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Purchase of property, plant and equipment | (85,240,006) | (59,984,190) | ||||||
Proceeds from government grants for fishing vessels construction | 20,893,357 | 3,623,171 | ||||||
Deposit for purchase of land use right | - | (7,373,762) | ||||||
NET CASH USED IN INVESTING ACTIVITIES | (64,346,649) | (63,734,781) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds of short-term bank loans | 81,343,591 | - | ||||||
Proceeds from long-term bank loans | 76,076,167 | 100,283,152 | ||||||
Repayments of long-term bank loans | (14,611,982) | (4,719,207) | ||||||
Due to related parties | - | (10,220,387) | ||||||
Due from related parties | - | (28,678,209) | ||||||
Advance to related party-HL | (69,423,710) | |||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 73,384,066 | 56,665,349 | ||||||
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 309,238 | 41,357 | ||||||
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 4,083,926 | 1,206,424 | ||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - beginning of period | 10,092,205 | 1,966,855 | ||||||
CASH, CASH EQUIVALENTS AND RESTRICTED - end of period | $ | 14,176,131 | $ | 3,173,279 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||
Cash paid for: | ||||||||
Interest | $ | 6,750,422 | $ | 2,095,373 | ||||
Income taxes | $ | - | $ | - | ||||
RECONCILIATION TO AMOUNTS ON CONSOLIDATED BALANCE SHEETS: | ||||||||
Cash and cash equivalents | 3,405,523 | 3,173,279 | ||||||
Restricted cash | 10,770,608 | - | ||||||
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH | $ | 14,176,131 | $ | 3,173,279 | ||||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Acquisition of property and equipment by decreasing prepayment for long-term assets | $ | (15,731,909) | $ | - | ||||
Property and equipment acquired on credit as payable | $ | - | 24,435,995 | |||||
SOURCE Pingtan Marine Enterprise Ltd.
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