BIOSTAR PHARMACEUTICALS, INC. | ||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
(UNAUDITED) | ||||
Three Months Ended | ||||
March 31, | ||||
2011 | 2010 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | $ 2,723,513 | $ 2,263,315 | ||
Adjustments to reconcile net income to net cash | ||||
provided by operating activities: | ||||
Depreciation and amortization | 107,085 | 138,403 | ||
Stock-based compensation and other non-cash expenses | 178,018 | 154,490 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | 576,149 | (1,030,791) | ||
Inventories | (395,190) | (224,825) | ||
Prepaid expenses and other receivables | 46,712 | 13,420 | ||
Accounts payable and accrued expenses | (131,727) | 248,346 | ||
Value-added tax payable | (672,336) | (421,316) | ||
Income tax payable | (1,053,447) | (561,431) | ||
Exchange difference | 9,662 | - | ||
Net cash provided by operating activities | 1,388,439 | 579,611 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchase of property and equipment | (84,902) | (281,542) | ||
Acquisition of proprietary technologies | - | (265,153) | ||
Net cash used in investing activities | (84,902) | (546,695) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Short-term bank loan | 458,008 | - | ||
Due to a sharholder | 199,975 | - | ||
Proceeds from issuance of common stock | - | 37,537 | ||
Net cash provided by financing activities | 657,965 | 37,537 | ||
Effect of exchange rate changes on cash and cash equivalents | 124,428 | (5,739) | ||
Net increase in cash and cash equivalents | 2,085,930 | 64,714 | ||
Cash and cash equivalents, beginning balance | 13,211,443 | 8,577,704 | ||
Cash and cash equivalents, ending balance | $ 15,297,373 | $ 8,642,418 | ||
SUPPLEMENTAL DISCLOSURES: | ||||
Income tax payments | $ 2,099,563 | $ 1,423,006 | ||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||
Conversion of preferred stock to common stock | $ - | $ 1,593 | ||
Cashless exercise of warrants | $ - | $ 815 | ||
Prior year deposit for acquisition of property and equipment | $ - | $ 438,851 | ||
Payable for acquisition of property and equipment and intangible assets | $ - | $ 197,483 | ||
