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

29,438,245 PROPERTY AND EQUIPMENT - Net 7,554,817 6,169,966 OTHER ASSETS Deposit on patent license 2,917,919 -- Installments on intangible assets 38,175,134 -- Intangible assets, net of accumulated amortization 1,231,730 1,291,322 Deferred debt costs 66,344 -- Total Assets $63,708,518 $36,899,533 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Convertible debt, net of debt discount $-- $2,561,645 Accounts payable and accrued expenses 2,170,165 764,491 Taxes Payable 5,015,908 572,200 Advances from customers -- 34,531 Unearned revenue 565,629 530,063 Due to related parties 1,588,689 323,178 Total Current Liabilities 9,340,391 4,786,108 LONG-TERM LIABILITIES: Due to related parties 525,225 738,300 Notes payable - related parties 5,056,451 4,738,508 Series A convertible redeemable preferred stock, $.001 par value; 10,000,000 shares authorized; 5,747,118 and -0- shares issued and outstanding at December 31, 2008 and 2007, respectively, net 3,652,341 -- Total Liabilities 18,574,408 10,262,916 SHAREHOLDERS' EQUITY: Common stock ($.001 par value; 200,000,000 shares authorized; 42,420,239 and 41,794,200 shares issued and outsta
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