RODOBO INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||||||||
For The Six Months Ended March 31, | |||||||||
2011 | 2010 | ||||||||
Cash flows from operating activities | |||||||||
Net income | $ | 7,925,586 | $ | 6,113,591 | |||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||
Depreciation and amortization | 1,769,927 | 1,215,529 | |||||||
Stock-based compensation | 597,226 | 696,809 | |||||||
Gain on bargain purchase | - | (1,677,020) | |||||||
Change in fair value of warrants | (776,140) | - | |||||||
Changes in assets and liabilities: | |||||||||
(Increase) decrease in - | |||||||||
Accounts receivable, net | (128,933) | (2,664,291) | |||||||
Inventories | (1,594,252) | 742,046 | |||||||
Prepaid expenses | (397,275) | (26,289) | |||||||
Advances to suppliers | 297,313 | 1,500,731 | |||||||
Increase (decrease) in - | |||||||||
Accounts payable and other payable | 724,228 | 1,504,910 | |||||||
Accrued expenses | (110,961) | (500,152) | |||||||
Advance from customers | 30,220 | (570,447) | |||||||
Net cash provided by operating activities | 8,336,939 | 6,335,417 | |||||||
Cash flows from investing activities | |||||||||
Purchase of fixed assets | (352,318) | (394,212) | |||||||
Cash used for construction in progress | (5,833,198) | (2,614,419) | |||||||
Purchase of mature biological assets | (2,058,757) | - | |||||||
Cash acquired in acquisitions, net of cash paid | - | 1,055,994 | |||||||
Collection of loan to others | - | 732,300 | |||||||
Collection of loan to shareholders | - | 923,627 | |||||||
Net cash used in investing activities | (8,244,274) | (296,710) | |||||||
Cash flows from financing activities | |||||||||
Proceeds from short-term loans | 1,133,247 | 549,237 | |||||||
Repayment of short-term loans | (664,838) | - | |||||||
Repayment of related party loans | (309,935) | (1,933,667) | |||||||
Net cash provided by (used in) financing activities | 158,474 | (1,384,430) | |||||||
Effect of exchange rate changes on cash and cash equivalents | 125,927 | 1,226 | |||||||
Net increase in cash and cash equivalents | 377,066 | 4,655,502 | |||||||
Cash and cash equivalents, beginning of period | 5,163,790 | 1,640,259 | |||||||
Cash and cash equivalents, end of period | $ | 5,540,856 | $ | 6,295,761 | |||||
Supplemental disclosures of cash flow information: | |||||||||
Interest paid | $ | 14,669 | $ | 30,297 | |||||
Income taxes paid | $ | - | $ | - | |||||
Non-cash investing and financing activities: | |||||||||
Common stock issued for services | $ | 11,893 | $ | 225,876 | |||||
Common stock issued for business acquisition | $ | - | $ | 23,850,000 | |||||
Preferred stock issued for business acquisition | $ | - | $ | 4,100,000 | |||||
