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Kiwa Bio-Tech Revenues for 1st Half Exceed $3.25 Million

p> debt allowance of $265,900

and $258,667, respectively 153,659 929,446

Inventories 882,962 541,340

Prepaid expenses 186,816 302,007

Other current assets 45,348 57,011

Total current assets 1,477,014 2,327,907

Property, Plant and Equipment:

Buildings 1,079,195 1,046,116

Machinery and equipment 633,316 585,282

Automobiles 43,841 47,772

Office equipment 81,560 78,096

Computer software 9,474 9,240

Property plant and equipment - total 1,847,386 1,766,506

Less: accumulated depreciation (352,185) (286,039)

Property plant and equipment - net 1,495,201 1,480,467

Construction in progress 43,424 34,548

Intangible asset - net 314,864 337,027

Deferred financing costs 170,793 211,793

Deposit to purchase the proprietary

technology 126,444 126,443

Total assets $3,627,740 $4,518,185



Current liabilities

Accounts payable and accrued expenses $1,507,207 $983,980

Construction costs payable 317,095 366,879

Due to related parties 397,400 496,806

Current portion of bank notes payables 4,157 5,405

Total current liabilities 2,225,859

SOURCE Kiwa Bio-Tech Products Group Corporation

Copyright©2007 PR Newswire.

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