Date:11/12/2009

2008 CASH FLOWS FROM OPERATING ACTIVITIES Net income $8,810,355 $4,138,279 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 470,833 485,051 Provision for doubtful accounts -- 186,085 Loss on disposal of building 248,730 -- Changes in operating assets and liabilities: Accounts receivable (6,118,030) (6,101,916) Inventories (389,966) (111,725) Deposit -- (285,676) Prepaid expenses and other receivables (1,505,755) 27,210 Accounts payable and accrued expenses 241,181 1,132,285 Customer and other deposits 63,363 (18,942) VAT tax payable 472,244 134,787 Income tax payable 574,387 (128,161) Net cash provided by (used in) operating activities 2,867,342 (542,723) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment (9,897) (51,400) Deposit for acquisition of land use right (1,169,529) -- Net cash provided by (used in) Investing activities (1,179,426) (51,400) CASH FLOWS FROM FINANCING ACTIVITIES Repayment of short-term bank loan -- (554,508) Net cash provided by (used in) financing activities -- (554,508) Effect of exchange rate changes on cash and cash equivalents
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SOURCE Biostar Pharmaceuticals, Inc. Copyright©2009 PR Newswire. All rights reserved

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