NUTRASTAR INTERNATIONAL INC. and subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (AMOUNTS EXPRESSED IN US DOLLARS) | |||||||||
For the Three Months EndedMarch 31, | |||||||||
2011 | 2010 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
Net income | $ | 3,007,771 | $ | 2,721,062 | |||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||
Change in fair value of warrants | (392,191) | - | |||||||
Depreciation and amortization | 263,838 | 252,892 | |||||||
Share-based compensation expense | 92,753 | 45,375 | |||||||
(Increase) decrease in assets: | |||||||||
Accounts receivable | 144,759 | (152,407) | |||||||
Prepayments and other receivables | 230,979 | 240,313 | |||||||
Inventories | (40,953) | 77,538 | |||||||
Increase (decrease) in liabilities: | |||||||||
Accounts payable | 24,756 | 54,730 | |||||||
Other payables and accruals | (61,212) | (23,572) | |||||||
Taxes payable | 552,406 | (42,775) | |||||||
Net cash provided by operating activities | 3,822,906 | 3,173,156 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
Purchase of property, plant and equipment | (1,168) | (4,816) | |||||||
Net cash
used in investing activities | (1,168) | (4,816) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Advances from restricted cash | 44,650 | - | |||||||
Repayment to related party | - | (428) | |||||||
Net cash provided by (used in) financing activities | 44,650 | (428) | |||||||
Foreign currency translation adjustment | 391,926 | 5,836 | |||||||
INCREASE IN CASH AND CASH EQUIVALENTS | 4,258,314 | 3,173,748 | |||||||
CASH AND CASH EQUIVALENTS, at the beginning of the
period | 40,758,848 | 20,115,677 | |||||||
CASH AND CASH EQUIVALENTS, at the end of the period | $ | 45,017,162 | $ | 23,289,425 | |||||
NON-CASH TRANSACTIONS | |||||||||
Preferred stock and dividend converted into common stock | $ | 673,351 | $ | - | |||||
Share-based payment - IR warrants | 22,359 | - | |||||||
Share-based payments to officers and directors under equity incentive plan | 92,753 | 45,375 | |||||||
SUPPLEMENTAL DISCLOSURE INFORMATION | |||||||||
Cash paid for income taxes | $ | 215,317 | $ | 356,550 | |||||
