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 | |