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SOKO Fitness & Spa Group Announces Record Financial Results for Fiscal Year; Sets Conference Call to Discuss Results
Date:9/1/2009

(RESTATED) Cash Flows From Operating Activities: Net income $ 7,030,500 $ 5,175,930 Adjustments to reconcile net income to net cash provided by operating activities: Stock based compensation 48,621 -- Depreciation 1,719,398 1,016,855 Minority interest (287,865) 108,481 Liquidated damage penalty 200,000 -- Loss from disposal of fixed assets 54,809 -- Rent expense converted from leasehold improvement 163,229 -- Changes in operating assets and liabilities: Restricted cash (7,219) -- Accounts receivable 605,326 (270,326) Inventories (302,677) (584,845) Advances to suppliers 503,705 (279,736) Employee advance 198,831 (163,600) Prepaid expense 265,225 (254,681) Security deposit (47,761) -- Deferred Rent (588,061) -- Deposit to suppliers (730,864) 6,816 Accounts payable 7,283 (33,815) Unearned revenue 1,367,451 6,948 Taxes payable 15,018 203,532 Accrued expenses and other payables (829,923) (82,086) Cash provided by operating activities 9,385,023 4,849,473
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SOURCE SOKO Fitness & Spa Group, Inc.
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