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TPI Reports Third Quarter Fiscal Year 2011 Financial Results

Monday, May 16, 2011 General News J E 4
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TIANYIN PHARMACEUTICAL CO., INC.

Consolidated Statements of Cash Flows

(Unaudited)

For the Nine Months Ended

March 31,

2011

2010

Cash flows from operating activities:

Net Income

$11,773,570

$ 7,664,407

Adjustments to reconcile net income to net cash

 provided by (used in) operating activities:

   Depreciation and amortization

893,896

678,372

   Bad debt expense

-

96,734

   Share-based payments

1,913,453

1,274,516

   Loss on disposal of fixed assets

-

39,510

   Changes in assets and liabilities:

Accounts receivable

(1,235,887)

(2,725,110)

Inventory

(1,682,777)

190,744

Other current assets

46,400

457,487

Accounts payable and accrued expenses

(267,848)

437,483

Accounts payable – construction related

280,295

2,887,122

VAT taxes payable

36,038

87,300

Income taxes payable

433,118

195,177

Other taxes payable

164,187

5,175

Dividends payable

(18,138)

-

Other current liabilities

(131,682)

195,931

           Total adjustments

431,055

3,820,441

           Net cash provided by operating activities

12,204,625

11,484,848

Cash flows from investing activities:

   Additions to property and equipment

(10,317,824)

(5,338,740)

   Additions to intangible assets – approved drugs

-

(2,742,168)

   Loans receivable

300,300

(293,280)

           Net cash used in investing activities

(10,017,524)

(8,374,188)

Cash flows from financing activities:

   Proceeds from bank loans

1,201,200

65,988

   Additional paid-in capital

-

8,864,825

   Contribution from minority shareholders

-

439,920

   Dividends paid

(54,857)

(1,577,068)

           Net cash provided by financing activities

1,146,343

7,793,665

Effect of foreign currency translation on cash

724,417

2,852

Net increase in cash and cash equivalents

4,057,861

10,907,177

Cash and cash equivalents – beginning

27,009,066

12,352,223

Cash and cash equivalents – ending

$31,066,927

$23,259,400

Supplemental schedule of non cash activities

   Advance payments exchanged for intangible assets – drug

$                 -

$     807,986

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