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Lotus Pharmaceuticals Announces Second Quarter 2008 Results
Date:8/18/2008

EQUIPMENT - Net 6,551,138 6,169,966

OTHER ASSETS

Deposit on patent license 2,910,446 --

Deposit on land use right 6,033,353 --

Intangible assets, net of

accumulated amortization 1,298,038 1,291,322

Deferred debt costs 265,377 --

Total Assets $49,016,208 $36,899,533

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:

Convertible debt, net of debt

discount $-- $2,561,645

Accounts payable and accrued

expenses 1,027,999 764,491

Value-added and service taxes

payable 2,030,543 572,200

Advances from customers -- 34,531

Unearned revenue 641,162 530,063

Due to related parties 1,272,153 323,178

Total Current Liabilities 4,971,857 4,786,108

LONG-TERM LIABILITIES:

Due to related parties 654,850 738,300

Notes payable - related parties 5,043,500 4,738,508

Series A convertible redeemable

preferred stock, $.001 par

value; 10,000,000 shares

authorized; 5,747,118 and - 0 -

shares issued and outstanding

at June 31, 2008 and

December 31, 2007, respectively 3,305,813 --

Total Liabilities 13,976,020 10,262,916

SHAREHOLDERS' EQUITY:

Common stock ($.001 par value;

200,000,000 shares authorized;

42,420,239 and 41,794,200

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SOURCE Lotus Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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