Net cash used in investing
activities (7,507,300) (58,469)
CASH FLOWS FINANCING ACTIVITIES:
Proceeds from sale of common stock 337,500 --
Proceeds from sale of treasury stock 1,977 --
Payments for dividend (10,520,000) --
Payments for debt issuance cost (354,408) --
Proceeds from convertible debt 5,000,000 --
Proceed from officers 27,128 --
Payments for bank loans (5,425,600) (1,273,300)
Proceeds from bank loans 3,255,360 --
Notes payable 5,361,849 725,702
Restricted cash (5,361,849) (725,702)
Net cash used in financing
activities (7,678,043) (1,273,300)
EFFECTS OF EXCHANGE RATE CHANGE IN
CASH 1,324,727 166,101
INCREASE IN CASH 3,836,836 3,117,736
CASH, beginning of the period 17,737,208 3,371,598
CASH, end of the period $21,574,044 $6,489,334
For more information, please contact:
Genesis Pharmaceuticals Enterprises, Inc.
Ms. Elsa Sung CFO
Tel: +1-954-727-8436
Email: genesispharm@gmail.com
Web: http://www.genesis-china.net
CCG Elite Investor Relations, Inc.
Mr. Crocker Coulson, President
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
| SOURCE Genesis Pharmaceuticals Enterprises, Inc. Copyright©2008 PR Newswire. All rights reserved |