Selling and distribution expenses totaled $174,001 for the nine months ended Sept. 30, 2009, an increase of $25,398 or 17%, from $148,603 for the nine months ended Sept. 30, 2008. The increase in selling and distribution expenses was mainly due to the increase in freight expenses of $33,166.
Cash balance amounted to $284,886 at Sept. 30, 2009. In the nine months ended Sept. 30, 2009, cash provided by operating activities totaled $169,785, mainly due to net income for the period of $1,429,523 and an increase in accounts receivable of $1,592,376. In the nine months ended Sept. 30, 2009, cash used in investing activities totaled $194,238, mainly for the purchase of property and equipment. Cash provided by financing activities in the nine months ended Sept. 30, 2009 of $263,062 was a bank loan from a PRC bank. Working capital amounted to $6,645,414 at Sept. 30, 2009.
About Huifeng Bio-Pharmaceutical Technology, Inc. (HFGB)
Huifeng Bio-Pharmaceutical Technology, Inc., located in Xi'an, People's
Republic of China, develops and produces plant extracts and pharmaceutical raw
materials for use in pharmaceutical, nutraceutical and food production. It is
the leading Chinese producer of rutin and related plant-derived chemicals in a
class called flavonoids, with medicinal and other beneficial properties in
Xi'an China. Founded in 2002, Huifeng uses proprietary patented processes to
extract rutin more efficiently than traditional extraction techniques. The
Company is diversifying its product lines through internal development,
acquisition and cooperation with scientific research organizations. Additional
information is available at the Company's website:
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