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Advance Nanotech Reports First Quarter 2008 Financial Results
Date:5/19/2008

ts for any reason.

ADVANCE NANOTECH, INC. AND SUBSIDIARIES

(A DEVELOPMENT STAGE COMPANY)

CONSOLIDATED BALANCE SHEETS

March 31, December 31,

2008 2007

(Unaudited)

ASSETS

CURRENT ASSETS

Cash and cash equivalents $2,329,970 $1,867,626

Restricted cash 77,843 77,557

Prepaid expenses and other current assets 327,443 162,622

Accounts receivable 770,480 1,325,080

Grants receivable - -

Inventory 118,149 74,672

VAT tax refund receivable 91,035 3,902

Deferred financing costs, current position 800,735 801,618

Loans receivable - -

TOTAL CURRENT ASSETS 4,515,655 4,313,077

Property plant and equipment, net 249,658 242,005

Patents 644,834 636,381

Deferred financing costs, net of

current portion 600,553 801,620

Investment - -

TOTAL ASSETS $6,010,700 $5,993,083

LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES

Accounts payable $1,298,968 $1,291,882

Accrued expenses 1,535,274 1,369,538

Deferred equity compensation 411,395 345,268

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SOURCE Advance Nanotech, Inc.
Copyright©2008 PR Newswire.
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