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China Bio Energy Reports Fourth Quarter and Record 2008 Financial Results
Date:3/23/2009

$18,724,367 $8,579,565 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation 1,040,924 228,833 Bad debt expenses -- -- Stock based compensation - make good provision 9,838,354 -- Stock based compensation - stocks to employees 9,945 -- (Increase) decrease in current assets: Accounts receivable (7,731,421) 5,644,946 Other receivables, deposits and prepaid expenses (8,466,631) (4,099,356) Advance to suppliers (280,790) (11,484,067) Inventories (9,223,710) (4,098,099) Due from related party 623,581 (245,852) Increase (decrease) in current liabilities: Accounts payable (187,219) (1,889,778) Advance from customers 3,982,577 87,896 Taxes payable 592,462 (643,780) Other payables and accrued expenses (217,054) 2,811,389 Net cash provided by (used in) operating activities 8,705,385 (5,108,303) CASH FLOWS FROM INVESTING ACTIVITIES: Sale of investment -- -- Acquisition of property and equipment (1,251,231) (6,809,173) Construction in progress -- -- Net cash used in investing activities (1,251,231) (6,809,173) CASH FLOWS FROM FINANCING ACTIVITIES: Restricte
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SOURCE China Bio Energy Holdings Group
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