CHINA PHARMA HOLDINGS, INC. | |||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
(Unaudited) | |||||
For the Three Months | |||||
Ended March 31, | |||||
2011 | 2010 | ||||
Cash Flows from Operating Activities: | |||||
Net income | $ 5,103,622 | $ 4,853,158 | |||
Depreciation and amortization | 441,993 | 419,903 | |||
Stock based compensation | 41,898 | 47,624 | |||
Derivative gain | (677,498) | (558,504) | |||
Changes in assets and liabilities: | |||||
Trade accounts receivable | (1,455,529) | (1,224,072) | |||
Other receivables | (72,955) | (6,209) | |||
Advances to suppliers | 794,570 | (1,037,525) | |||
Inventory | (2,525,349) | (1,604,046) | |||
Deferred tax assets | (1,414) | (72,339) | |||
Trade accounts payable | (1,261,422) | 318,952 | |||
Accrued expenses | 194,444 | (36,265) | |||
Accrued taxes payable | 184,552 | 155,402 | |||
Other payables | 44,932 | 2,043 | |||
Advances from customers | 574,632 | (134,791) | |||
Net Cash Provided by Operating Activities | 1,386,476 | 1,123,331 | |||
Cash Flows from Investing Activities: | |||||
Net investment in banker's acceptances | (467,902) | - | |||
Advances for purchases of property and equipment | |||||
and intangible assets | (239,670) | (1,291,216) | |||
Purchase of property and equipment | (60,949) | (58,272) | |||
Purchase of intangible assets | (608,708) | (1,207,541) | |||
Net Cash Used in Investing Activities | (1,377,229) | (2,557,029) | |||
Cash Flows from Financing Activity: | |||||
Proceeds from related party loan | 67,919 | - | |||
Proceeds from exercise of warrants | - | 2,583,000 | |||
Net Cash Provided by Financing Activity | 67,919 | 2,583,000 | |||
Effect of Exchange Rate Changes on Cash | 34,393 | 527 | |||
Net Increase in Cash and Cash Equivalents | 111,559 | 1,149,829 | |||
Cash and Cash Equivalents at Beginning of Period | 3,692,086 | 3,634,753 | |||
Cash and Cash Equivalents at End of Period | $ 3,803,645 | $ 4,784,582 | |||
Supplemental Cash Flow Information: | |||||
Cash paid for interest | $ 58,170 | $ 50,490 | |||
Cash paid for income taxes | 385,546 | 376,727 | |||
