Our accounts receivable balance at March 31, 2007 was $1,973,273, as compared to $1,886,251 at the end of 2006. The increase is mainly attributable to receivables from Beijing Mobile and All China Logistics Online Co., Ltd.
Our inventory position at the end of the first quarter of 2007 was $185,056, as compared to $34,182 at the end of 2006. The increase was mainly due to the work-in-progress of the contract for an e-commerce platform to Guangxi Caexpo.
We ended the first quarter of 2007 with a cash position of $800,786. We had positive operating cash flow of $470,788, primarily due to net profit and an increase in customer deposits.
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