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China Medicine Announces First Quarter 2009 Results
Date:5/13/2009

respectively 14,919,635 19,225,091 Inventories 7,879,305 4,725,322 Advances to suppliers 9,415,546 6,121,974 Other current assets 230,801 192,080 Total current assets 35,212,442 33,657,192 EQUIPMENT, net 3,559,893 3,761,637 OTHER ASSETS Long term prepayment 5,536,804 6,014,920 Intangible assets, net 1,245,844 1,247,567 Total other assets 6,782,648 7,262,487 Total assets $45,554,983 $44,681,316 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable, trade $57,758 $61,243 Other payables and accrued liabilities 23,292 50,559 Customer deposits 88,914 151,429 Taxes payable 570,184 772,289 Liquidated damages payable 44,003 44,003 Total current liabilities 784,151 1,079,523 Fair value of warrant liabilities 1,174,231 -- Total liabilities 1,958,382 1,079,523 Commitment and contingencies SHAREHOLDERS' EQUITY Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding -- -- Common stock, $0.0001 par value; 900,000,000 shares authorized, 15,226,742 shares issued and outstanding at March 31, 2009 and December 31, 2008 1,522 1,522
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SOURCE China Medicine Corporation
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