China Shenghuo Reports Full Year 2007 Financi...(December 31 ...),Health

2007 2006

ASSETS:

Current Assets:

Cash and cash equivalents $ 2,800,641 $ 3,691,438

Restricted cash -- 474,576

Accounts receivable, less allowance for

doubtful accounts of $2,083,561

and $794,468, respectively 9,651,304 9,907,184

Employee advances, less allowance for

doubtful accounts of $883,815

and $1,429,426, respectively 10,147,415 3,130,045

Advances to suppliers 669,858 46,620

Inventory, net of reserve for

obsolescence of $136,359 and $111,128,

respectively 4,125,193 2,581,519

Receivable from related parties 27,555 76,751

Other current assets 159,657 17,454

Total Current Assets 27,581,623 19,925,587

Property, plant and equipment, net of

accumulated depreciation of $4,247,993

and $3,333,305, respectively 7,573,204 7,554,747

Intangible assets, net of accumulated

amortization of $42,957 and

$22,569, respectively 648,090 624,426

Long-term employee advances, less

allowance for doubtful accounts of

$1,717,078 and $0, respectively 514,042 --

Deferred income taxes 1,593,159 655,223

TOTAL ASSETS $ 37,910,118 $ 28,759,983

LIABILITIES AND STOCKHOLDERS' EQUITY:

Current Liabilities:

Accounts payable $ 745,514 $ 764,636

Accrued expenses 2,017,748 1,966,822

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