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China Medicine Announces Record Fourth Quarter and 2008 Results
Date:3/26/2009

74 5,983,277 Other current assets 192,080 81,221 Total current assets 33,657,192 29,407,079 EQUIPMENT, net 3,761,637 1,388,919 OTHER ASSETS Long term prepayment 6,014,920 678,237 Intangible assets, net 1,247,567 1,166,003 Total other assets 7,262,487 1,844,240 Total assets $44,681,316 $32,640,238 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable, trade $61,243 $76,907 Other payables and accrued liabilities 50,559 70,343 Customer deposits 151,429 203,281 Taxes payable 772,289 468,184 Liquidated damages payable 44,003 44,003 Total liabilities 1,079,523 862,718 MINORITY INTEREST 835,532 893,337 SHAREHOLDERS' EQUITY Preferred stock, $0.0001 par value; 10,000,000 shares authorized, 0 and 111,649 shares issued and outstanding at December 31, 2008 and 2007, respectively -- 11 Common stock, $0.0001 par value; 100,000,000 shares authorized, 15,226,742 and 14,821,641 shares issued and outstanding at December 31, 2008 and 2007, respectively 1,522 1,482 Paid-in capital 13,011,012 12,560,078 Statutory reserves 3,178,861 2,191,230 Retained earnings 22,146,572 14,008,587
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SOURCE China Medicine Corporation
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