2007 2006
(Audited) (Audited)
Revenues $26,384,608 $15,932,075
Other Sales -- 2,937
Cost of goods sold (13,913,034) (9,594,852)
Gross profit 12,471,574 6,340,160
Selling expenses (1,581,655) (599,571)
General and administrative expenses
Amortization of intangible assets (141,681) (96,615)
Amortization of debt issue costs (201,255) --
Depreciation (333,964) (132,747)
Bad debts (287,482) (364,064)
Director remuneration (94,247) --
Penalty to investors (1,022,275) --
Finder fee (293,751) --
Cash bonus -- --
Consulting and professional fees (8,353,615) (326,403)
Other general and administrative
expenses (3,173,307) (1,533,775)
Total general and administrative
expenses (13,901,577) (2,453,604)
Gains / (losses) on disposals of fixed
assets (30,027) (249,381)
Research and development expenses (553,962) (30,821)
Total operating expenses (16,067,221) (3,333,377)
Operating income / (loss) (3,595,647) 3,006,783
Interest income / (expense) (3,389,676) (108,811)
Other income (expenses) 55,964 (281,190)
Government subsidies / grants 2,276,574 --
Income /
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