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China Bio Energy Holdings Group Reports Second Quarter 2008 Financial Results
Date:8/14/2008

CURRENT ASSETS

Cash and cash equivalents $2,247,500 $1,382,371

Restricted cash 200,000 200,000

Accounts receivable 7,417,925 288,589

Other receivables 308,422 1,548,681

Prepaid expenses 7,780,473 2,896,493

Advance to suppliers 18,102,681 16,546,506

Inventories 12,475,820 12,082,962

Due from related party 677,380 593,696

Total current assets 49,210,201 35,539,298

PREPAID EXPENSE - NONCURRENT 5,102,785 --

PROPERTY AND EQUIPMENT, net 10,347,168 8,166,250

TOTAL ASSETS $64,660,154 $43,705,548

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

Accounts payable $417,625 $179,617

Advance from customers 5,091,561 499,908

Tax payable 498,089 125,015

Other payables 3,120,399 3,165,677

Accrued expenses 50,165 67,875

Loan payable 1,457,938 1,370,877

Long term notes payable -

current portion 65,743 67,287

Total current liabilities 10,701,520 5,476,256

LONG TERM NOTES PAYABLE 14,642 33,655

Total liabilities 10,716,162 5,509,911

COMMITMENT AND CONTINGENCIES

STOCKHOLDERS' EQUITY

Preferred stock, $.001 par

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SOURCE China Bio Energy Holdings Group
Copyright©2008 PR Newswire.
All rights reserved

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