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

) Accounts payable 569,601 (453,390) Accrued liabilities 153,587 311,785 Other payables 1,815,563 (879,701) Other payables - related parties 66,028 13,359 Liabilities assumed from reorganization (903,600) (689,022) Taxes payable 13,821,621 3,363,650 Net cash provided by operating activities 26,414,211 2,871,426 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sales of marketable securities 117,614 376,205 Prepayment for land use right -- (2,544,100) Cash receipt from reverse acquisition -- 534,950 Acquisition of equipment (128,179) (293,487) Net cash used in investing activities (10,565) (1,926,432) CASH FLOWS FROM FINANCING ACTIVITIES: Decrease (Increase) in restricted cash 12,921,612 4,270,071 Proceeds from sale of common stock and options exercised -- 180,000 Proceeds from convertible debt -- 5,000,000 Payments on debt issuance costs -- (354,408) Payments for dividend -- (10,596,800) Proceeds from bank loans 2,196,450 3,183,560 Principal payments on short term bank loans (2,782,170) (2,649,200) Payment to escrow account -- (325,000) Payments on notes payable 704,328 (4,270,071)
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SOURCE Genesis Pharmaceuticals Enterprises, Inc.
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