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Skystar Bio-Pharmaceutical Announces Second Quarter 2007 Results

,451 $38,460

Non-interest bearing loan from third party - 62,818

Accounts payable 292,504 71,223

Accrued expenses 308,396 523,892

Taxes payable 614,972 218,231

Other payables 11,033 607,595

Other payables - related parties 20,963 16,025

Total current liabilities 1,287,319 1,538,244


Deferred government grant 986,250 961,500

Liquidated damages 141,267 -

Convertible debenture, net of $3,482,980

discount 397,642 -

Total other liabilities 1,525,159 961,500

Total liabilities 2,812,478 2,499,744



Preferred stock, $0.001 par value,

50,000,000 shares authorized, 2,000,000

series "A" shares issued and outstanding

as of June 30, 2007 and December 31, 2006,

respectively; Nil series "B" shares issued

and outstanding as of June 30, 2007 and

December 31, 2006, respectively. 2,000 2,000

Common stock, $0.001 par value, 50,000,000

shares authorized; 12,795,549 and 12,795,549

shares issued and outstanding as of June 30,

2007 and December 31, 2006, respectively 12,795 12,795

Paid-in-capital 10,964,602 6,246,325

Deferred compensation (243,603) (705,877)

Statutory reserves 955,555 779,62

SOURCE Skystar Bio-Pharmaceutical Co.

Copyright©2007 PR Newswire.

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