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China Sky One Medical, Inc. Announces Record First Quarter 2008 Results
Date:5/13/2008

Accounts payable and accrued liabilities (456,219) 765,133

Advances by customers -- (67,541)

Wages payable 94,178 38,920

Welfare payable (8,337) 13,147

Taxes payable 102,786 29,775

Deferred revenue (6,952) --

Net cash provided by operating activities 5,197,579 561,677

Cash flows from investing activities

Purchases of fixed assets (42,782) (693,667)

Land deposit (710,656) --

Purchase of subsidiary-Heilongjiang

Haina Pharmaceutical, Inc. (427,838) --

Cash of subsidiary upon acquisition 82,715 --

Purchase of intangible assets (7,139) (66,239)

Net cash used in investing activities (1,105,700) (759,906)

Cash flows from financing activities

Sale of common stock for cash 25,000,000 --

Board and syndication costs (1,512,037) --

Proceeds from warrants conversion 739,588 --

Proceeds from short-term loan -- 5,124

Net cash provided by (used in)

financing activities 24,227,551 5,124

Effect of exchange rate 727,694 316,552

Net increase in cash 29,047,124 123,447

Cash and cash equivalents at

beginning of year 9,190,870 6,586,800

Cash and cash equivalents at end of

period $38,237,994 $6,710,247

Supplemental disclosure of ca
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SOURCE China Sky One Medical, Inc.
Copyright©2008 PR Newswire.
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