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

ED BY (USED IN) INVESTING ACTIVITIES (41,901,488) (381,772) CASH FLOWS FROM FINANCING ACTIVITIES: Net proceeds (payments) from convertible debt (2,520,000) 2,950,000 Proceeds from sale of convertible redeemable preferred stocks 5,000,000 -- Payment of debt issuance costs (468,568) (231,526) Proceeds from related party advances 965,986 1,061,009 Repayments of related party advances (1,996,481) (816,732) Repayments of notes payable - related parties -- 509,351 NET CASH PROVIDED BY FINANCING ACTIVITIES 980,937 3,472,102 EFFECT OF EXCHANGE RATE ON CASH 247,318 228,926 NET (DECREASE) INCREASE IN CASH (3,279,149) 2,468,801 CASH - beginning of year 4,557,957 2,089,156 CASH - end of year $1,278,808 $4,557,957 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for: Interest $103,250 $477,001 Income taxes $-- $-- Non-cash investing and financing activities: Warrants issued for prepaid financing costs $327,565 $-- Warrants issued for consulting $178,187 $-- Common stock issued for compensation $318,551 $-- Common stock issued for conversion of convertible debt $250,000 $230,000 Debt discount for grant of warrants and beneficial conversion feature $2,310,263 $1,616,839 Due from related p
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SOURCE Lotus Pharmaceuticals, Inc.
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