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Genesis Pharmaceuticals Reports Results for the Second Quarter of its Fiscal Year 2009
Date:2/17/2009

MENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED DECEMBER 31, 2008 AND 2007 (UNAUDITED) 2008 2007 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $8,532,670 $8,388,455 Loss from discontinued operations 1,590,823 112,931 Income from continuing operations 10,123,493 8,501,386 Adjustments to reconcile net income to cash from operating activities: Depreciation 289,749 241,282 Amortization of intangible assets 147,120 58,289 Amortization of financing costs 340,151 18,049 Amortization of debt discount 1,646,235 254,630 Bad debt expense 111,237 -- Gain on sale of marketable securities (115,128) (64,742) Unrealized loss (gain) on trading securities 1,459,656 (8,893) Other non-cash settlement (20,000) -- Stock-based compensation 38,028 28,750 Changes in operating assets and liabilities Accounts receivable (1,764,421) (5,314,103) Accounts receivable - related parties 488,580 (1,093,483) Notes receivables -- 58,893 Inventories (1,049,318) 738,910 Other receivables (2,175,378) (84,925) Other receivables- related parties (236,724) -- Advances to suppliers and other assets 1,608,131 (2,129,298
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SOURCE Genesis Pharmaceuticals Enterprises, Inc.
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