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Lotus Pharmaceuticals, Inc. Reports Strong 2008 Financial Results
Date:4/22/2009

ome from operations to net cash provided by (used in) operating activities: Depreciation and amortization 634,347 564,607 Amortization of deferred debt issuance costs 361,062 205,379 Interest expense 1,170,959 1,458,484 Amortization of prepaid expense attributable to warrants 163,338 -- Stock based compensation 318,551 284,200 Warrant repricing 74,593 -- (Decrease) increase in allowance for doubtful accounts (575,781) (2,385,354) Forgiveness of income and value-added taxes -- (2,160,795) Changes in assets and liabilities: Accounts receivable 16,001,384 (9,764,076) Inventories (145,910) (58,942) Prepaid expenses and other current assets 939,654 (714,013) Accounts payable and accrued expenses 1,360,568 27,266 Taxes payable 4,336,947 608,526 Unearned revenue -- 71,402 Advances from customers (36,276) (204,267) NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 37,394,084 (850,455) CASH FLOWS FROM INVESTING ACTIVITIES: Deposit on patent right (2,872,635) -- Installment on intangible assets (37,582,678) -- Purchase of intangible asset (7,756) -- Purchase of property and equipment (1,438,419) (381,772) NET CASH PROVID
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SOURCE Lotus Pharmaceuticals, Inc.
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