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Lotus Pharmaceuticals, Inc. Reports Second Quarter 2009 Financial Results
Date:8/14/2009

$1,278,808 Accounts receivable, net of allowance for doubtful accounts 2,133,871 6,132,912 Other receivable 16,120 15,757 Other receivable-related party -- 2,027,954 Inventories, net of reserve for obsolete inventory 2,775,382 3,787,802 Prepaid expenses and other assets 45,429 121,274 Deferred debt costs 265,378 398,067 Total Current Assets 7,066,546 13,762,574 PROPERTY AND EQUIPMENT - Net 14,770,393 7,554,817 OTHER ASSETS Deposit on patent right 2,921,926 2,917,919 Installments on intangible assets 38,958,041 38,175,134 Intangible assets, net of accumulated amortization 8,650,147 1,231,730 Deferred debt costs -- 66,344 Total Assets $72,367,053 $63,708,518 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and accrued expenses $224,050 $895,283 Other payables 1,400,382 1,274,882 Taxes payable 4,159,405 5,015,908 Unearned revenue 711,250 565,629 Due to related parties 1,841,015 1,588,689 Series A convertible redeemable preferred stock, $.001 par value; 10,000,000 shares authorized; 6,034,477 and 5,747,118 shares issued and outstanding at June 30, 2009 and December 31, 2008, respectively, net 4,503,010 -- Total Current Liabilities 12,839,
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