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Metropolitan Health Networks Reports 2008 Second Quarter Results
Date:8/5/2008

0,371 1,588,498

OTHER ASSETS 92,143 599,742

TOTAL ASSETS $56,772,320 $53,811,047

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

Accounts payable $499,076 $1,461,668

Estimated medical expenses payable - 7,016,632

Due to CMS - 2,695,087

Accrued payroll and payroll taxes 1,745,909 2,546,295

Due to Humana - 753,466

Liabilities of HMO subsidiary

held for sale 10,508,119 -

Accrued expenses 1,595,872 1,071,920

TOTAL CURRENT LIABILITIES 14,348,976 15,545,068

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY

Preferred stock, par value $.001

per share; stated value $100 per share;

10,000,000 shares authorized; 5,000

issued and outstanding, with a

liquidation preference of $529,167

and $516,667 in 2008 and 2007,

respectively 500,000 500,000

Common stock, par value $.001 per share;

80,000,000 shares authorized;

51,992,282 and 51,556,732 issued and

outstanding at June 30, 2008 and

December 31, 2007, respectively 51,992 51,557

Additional paid-in capital 44,102,050 43,311,741

Accumulated deficit (2,230,698) (5,597,319)

TOTAL STOCKHOLDERS' EQUITY 42,423,344 38,265,979

TOTAL LIABILITIES AND

STOCKHOLDERS' EQUITY $56,772,320 $53,811,047

METROPOLITAN HEALTH NETWORKS, INC. AND SUBSIDIARIES

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SOURCE Metropolitan Health Networks, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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