Kandi Technologies Group, Inc. (the “Company,”
“we” or “Kandi”) (NASDAQ GS: KNDI), today announced financial
results for the third quarter of 2021.
Third Quarter Highlights
- Total revenues decreased by 10.3%
to $16.8 million, from $18.7 million in the same period of
2020.
- EV parts sales were $3.2 million,
compared to $8.4 million in the same period of 2020.
- Off-road vehicles sales were $6.8
million, compared to $8.9 million in the same period of 2020.
- Electric Scooters, Electric
Self-Balancing Scooters and associated parts sales were $6.3
million, compared to $0.9 million in the same period of 2020.
- Battery exchange equipment and
battery exchange service sales were $0.2 million. This new business
had no revenue in the same period of 2020.
- Gross margin was 16.4%, compared to
20.9% for the same period of 2020.
- Net loss was $7.9 million, or
($0.10) per fully diluted share due to decreased sales and
increased investment in R&D, compared to net loss of $1.5
million, or ($0.03) per fully diluted share for the same period of
2020.
- As of September 30, 2021, working
capital was $289.4 million. Cash, cash equivalents, restricted
cash, and a certificate of deposit totaled $211.0 million.
________________________
1 Includes cash, cash equivalents, restricted cash, and
certificate of deposit.
Hu Xiaoming, Chairman and CEO of Kandi commented: “Sales are
surging in the segment of e-Scooters, electric self-balancing
scooters and associated parts sales. With explosive growth again
this quarter, we are increasingly confident that our traction in
this market can continue. Our strategic entry into this market last
year represents a great success in identifying and developing
intelligent transportation products to counteract the impact to EV
market demand caused by the COVID-19 outbreak in 2020. We expect
the EV-related business recovery to take time. Our restructuring of
this business segment resulted in lower sales of EV products and
parts.”
Hu continued, “Compared to the second quarter,
our sales mix had a couple of notable shifts. Within EV parts,
battery pack sales were impacted by supply chain constraints
hitting the whole industry. Meanwhile, off-road vehicles sales grew
more rapidly, indicating burgeoning customer demand for off-road
and ATV recreation. We are excited about the new products we are
introducing for this segment.”
Turning to the balance sheet, Hu commented,
“During the quarter we received the final payment related to the
sale of our 22% equity position in Fengsheng. Our liquidity has
never been better. We are well-capitalized to pursue the most
promising market opportunities: those that show high demand, are
not oversupplied, and play to our competitive strengths. After we
finish the ‘reset’ of our electric vehicle business, we can again
achieve substantial growth.”
Q3 2021 Financial Results
Net Revenues and Gross Profit (in USD millions)
|
3Q21 |
3Q20 |
Y/Y% |
Net Revenue |
$16.8 |
$18.7 |
-10.3% |
Gross Profit |
$2.7 |
$3.9 |
-29.7% |
Gross Margin |
16.4% |
20.9% |
- |
Net revenues of $16.8 million decreased 10.3% from the third
quarter of 2020. The decrease in revenue was primarily due to lower
sales of EV parts. Gross margin was 16.4%, lower than the 20.9%
recorded in the same period of 2020, primarily attributable to a
lower proportion of revenue generated from off-road vehicles, which
offers higher gross margin.
Operating Income/Loss (in USD millions)
|
3Q21 |
3Q20 |
Y/Y% |
Operating Expenses |
($11.8) |
($6.3) |
87.2% |
Loss from Operations |
($9.0) |
($2.4) |
279.3% |
Operating Margin |
-53.7% |
-12.7% |
- |
Operating expenses were $11.8 million, compared
with expenses of $6.3 million in the third quarter of 2020. The
greater expense was primarily attributable to increased R&D
spending for new product development.
Net Loss (in USD millions)
|
3Q21 |
3Q20 |
Y/Y% |
Net Loss |
($7.9) |
($1.5) |
439.6% |
Net Loss per Share, Basic and Diluted |
($0.10) |
($0.03) |
- |
Net loss was $7.9 million, compared with a net
loss of $1.5 million in the same period of 2020. The greater loss
was primarily attributable to higher R&D spending and decreased
revenue generated by certain EV parts.
Conference Call Details
The Company has scheduled a conference call and live webcast to
discuss its financial results at 8:00 A.M. Eastern Time
(9:00 P.M. Beijing Time) on Tuesday, November 9, 2021.
Management will deliver prepared remarks to be followed by a
question and answer session.
The dial-in details for the conference call are as follows:
- Toll-free dial-in
number: +1-844-825-9789
- International
dial-in number: + 1-412-317-5180
- Webcast and
replay: https://viavid.webcasts.com/starthere.jsp?ei=1511452&tp_key=9297e2ff2a
The live audio webcast of the call can also be accessed by
visiting Kandi's Investor Relations page on the Company's
website at http://www.kandivehicle.com. An archive of the
webcast will be available on the Company's website following the
live call.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua
Economic Development Zone, Zhejiang Province, is engaged in the
research, development, manufacturing, and sales of various
vehicular products. Kandi conducts its primary business operations
through its wholly-owned subsidiary, Zhejiang Kandi Technologies
Group Co., Ltd. (“Zhejiang Kandi Technologies”), formerly, Zhejiang
Kandi Vehicles Co., Ltd.) and its subsidiaries including Zhejiang
Kandi Smart Battery Swap Technology Co., Ltd, and SC Autosports,
LLC (d/b/a Kandi America), the wholly-owned subsidiary of Kandi in
the United States, and its wholly-owned subsidiary, Kandi America
Investment, LLC. Zhejiang Kandi Technologies has established itself
as one of China's leading manufacturers of pure electric vehicle
parts and off-road vehicles.
Safe Harbor Statement
This press release contains certain statements that may include
"forward-looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on the SEC's website (http://www.sec.gov).
All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by these risk factors. Other than as required under the
applicable securities laws, the Company does not assume a duty to
update these forward-looking statements.
Follow us on Twitter: @ Kandi_Group
Contacts:
Kandi Technologies Group, Inc.Ms. Kewa Luo+1
(212) 551-3610IR@kandigroup.com
The Blueshirt GroupMr. Gary Dvorchak,
CFAgary@blueshirtgroup.com
- Tables Below –
KANDI TECHNOLOGIES GROUP,
INC.AND SUBSIDIARIESCONDENSED
CONSOLIDATED BALANCE
SHEETS(UNAUDITED)
|
|
September 30,2021 |
|
|
December 31, 2020 |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
132,866,957 |
|
|
$ |
142,078,190 |
|
Restricted cash |
|
|
23,903,418 |
|
|
|
442,445 |
|
Certificate of deposit |
|
|
54,207,258 |
|
|
|
- |
|
Accounts receivable (net of
allowance for doubtful accounts of $111,481 and $110,269 as of
September 30, 2021 and December 31, 2020, respectively) |
|
|
43,998,755 |
|
|
|
38,547,137 |
|
Inventories |
|
|
27,346,751 |
|
|
|
19,697,383 |
|
Notes receivable |
|
|
106,514 |
|
|
|
31,404,630 |
|
Other receivables |
|
|
23,754,321 |
|
|
|
1,875,245 |
|
Prepayments and prepaid
expense |
|
|
19,371,962 |
|
|
|
13,708,149 |
|
Advances to suppliers |
|
|
12,506,543 |
|
|
|
36,733,182 |
|
Amount due from the Affiliate
Company |
|
|
- |
|
|
|
21,742,226 |
|
Amount due from related
party |
|
|
- |
|
|
|
886,989 |
|
TOTAL CURRENT
ASSETS |
|
|
338,062,479 |
|
|
|
307,115,576 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
ASSETS |
|
|
|
|
|
|
|
|
Property, plant and equipment,
net |
|
|
90,461,708 |
|
|
|
65,402,680 |
|
Intangible assets, net |
|
|
2,770,152 |
|
|
|
3,232,753 |
|
Land use rights, net |
|
|
3,224,185 |
|
|
|
3,257,760 |
|
Construction in progress |
|
|
8,306,311 |
|
|
|
16,317,662 |
|
Deferred taxes assets |
|
|
7,852,209 |
|
|
|
8,964,946 |
|
Long term investment |
|
|
154,878 |
|
|
|
45,958 |
|
Investment in the Affiliate
Company |
|
|
- |
|
|
|
28,892,638 |
|
Goodwill |
|
|
29,963,965 |
|
|
|
29,712,383 |
|
Other long term assets |
|
|
11,946,463 |
|
|
|
32,307,484 |
|
TOTAL NON-CURRENT
ASSETS |
|
|
154,679,871 |
|
|
|
188,134,264 |
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
|
$ |
492,742,350 |
|
|
$ |
495,249,840 |
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
26,177,367 |
|
|
$ |
34,257,935 |
|
Other payables and accrued
expenses |
|
|
3,000,136 |
|
|
|
7,218,395 |
|
Short-term loans |
|
|
2,630,000 |
|
|
|
- |
|
Notes payable |
|
|
371,707 |
|
|
|
92,445 |
|
Income tax payable |
|
|
11,660,654 |
|
|
|
1,313,754 |
|
Advance receipts |
|
|
601,644 |
|
|
|
38,229,242 |
|
Amount due to related
party |
|
|
500,000 |
|
|
|
500,000 |
|
Other current liabilities |
|
|
3,682,386 |
|
|
|
2,185,654 |
|
TOTAL CURRENT
LIABILITIES |
|
|
48,623,894 |
|
|
|
83,797,425 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
Deferred taxes liability |
|
|
602,435 |
|
|
|
3,483,171 |
|
Contingent consideration
liability |
|
|
- |
|
|
|
3,743,000 |
|
Other long-term
liabilities |
|
|
464,634 |
|
|
|
459,580 |
|
TOTAL NON-CURRENT
LIABILITIES |
|
|
1,067,069 |
|
|
|
7,685,751 |
|
TOTAL
LIABILITIES |
|
|
49,690,963 |
|
|
|
91,483,176 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDER’S
EQUITY |
|
|
|
|
|
|
|
|
Common stock, $0.001 par
value; 100,000,000 shares authorized; 77,462,516 and 77,298,499
shares issued and 77,152,972 and 75,377,555 outstanding at
September 30,2021 and December 31,2020, respectively |
|
|
77,153 |
|
|
|
75,377 |
|
Additional paid-in
capital |
|
|
448,591,602 |
|
|
|
439,549,338 |
|
Accumulated deficit (the
restricted portion is $4,422,033 and $4,422,033 at September
30,2021 and December 31,2020, respectively) |
|
|
(421,965 |
) |
|
|
(27,079,900 |
) |
Accumulated other
comprehensive loss |
|
|
(5,195,403 |
) |
|
|
(8,778,151 |
) |
TOTAL STOCKHOLDERS’
EQUITY |
|
|
443,051,387 |
|
|
|
403,766,664 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
$ |
492,742,350 |
|
|
$ |
495,249,840 |
|
KANDI TECHNOLOGIES GROUP,
INC.AND SUBSIDIARIESCONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
ANDCOMPREHENSIVE INCOME
(LOSS)(UNAUDITED)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
September 30, 2021 |
|
|
September 30,2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES FROM UNRELATED PARTIES, NET |
|
$ |
16,795,712 |
|
|
$ |
18,717,212 |
|
|
$ |
62,647,714 |
|
|
$ |
44,525,756 |
|
REVENUES FROM THE AFFILIATE
COMPANY AND RELATED PARTIES, NET |
|
|
- |
|
|
|
6 |
|
|
|
1,587 |
|
|
|
962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES,
NET |
|
|
16,795,712 |
|
|
|
18,717,218 |
|
|
|
62,649,301 |
|
|
|
44,526,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF GOODS SOLD |
|
|
(14,046,041 |
) |
|
|
(14,806,322 |
) |
|
|
(49,447,497 |
) |
|
|
(35,911,785 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT |
|
|
2,749,671 |
|
|
|
3,910,896 |
|
|
|
13,201,804 |
|
|
|
8,614,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
(EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
(6,747,934 |
) |
|
|
(987,285 |
) |
|
|
(31,937,436 |
) |
|
|
(2,777,426 |
) |
Selling and marketing |
|
|
(1,290,544 |
) |
|
|
(2,165,383 |
) |
|
|
(3,494,927 |
) |
|
|
(3,807,355 |
) |
General and
administrative |
|
|
(3,733,230 |
) |
|
|
(3,212,209 |
) |
|
|
(13,522,925 |
) |
|
|
(10,186,135 |
) |
Gain on disposal of long-lived
assets |
|
|
2,238 |
|
|
|
76,159 |
|
|
|
48,255,905 |
|
|
|
13,983,733 |
|
TOTAL OPERATING
EXPENSE |
|
|
(11,769,470 |
) |
|
|
(6,288,718 |
) |
|
|
(699,383 |
) |
|
|
(2,787,183 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME FROM
OPERATIONS |
|
|
(9,019,799 |
) |
|
|
(2,377,822 |
) |
|
|
12,502,421 |
|
|
|
5,827,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
1,247,544 |
|
|
|
558,059 |
|
|
|
2,750,241 |
|
|
|
1,118,795 |
|
Interest expense |
|
|
(63,368 |
) |
|
|
(788,589 |
) |
|
|
(267,785 |
) |
|
|
(2,894,579 |
) |
Change in fair value of
contingent consideration |
|
|
- |
|
|
|
(1,069,000 |
) |
|
|
- |
|
|
|
1,794,000 |
|
Government grants |
|
|
220,967 |
|
|
|
13,431 |
|
|
|
570,162 |
|
|
|
111,329 |
|
Gain from sale of equity in
the Affiliate Company |
|
|
822 |
|
|
|
- |
|
|
|
17,734,733 |
|
|
|
- |
|
Share of loss after tax of the
Affiliate Company |
|
|
(119 |
) |
|
|
(1,550,568 |
) |
|
|
(2,584,520 |
) |
|
|
(5,631,867 |
) |
Other income, net |
|
|
442,102 |
|
|
|
988,287 |
|
|
|
4,768,092 |
|
|
|
2,051,272 |
|
TOTAL OTHER INCOME
(EXPENSE), NET |
|
|
1,847,948 |
|
|
|
(1,848,380 |
) |
|
|
22,970,923 |
|
|
|
(3,451,050 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME BEFORE
INCOME TAXES |
|
|
(7,171,851 |
) |
|
|
(4,226,202 |
) |
|
|
35,473,344 |
|
|
|
2,376,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX (EXPENSE)
BENEFIT |
|
|
(696,968 |
) |
|
|
2,767,939 |
|
|
|
(8,815,409 |
) |
|
|
(1,354,563 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET (LOSS)
INCOME |
|
|
(7,868,819 |
) |
|
|
(1,458,263 |
) |
|
|
26,657,935 |
|
|
|
1,022,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE INCOME
(LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustment |
|
|
(116,054 |
) |
|
|
8,216,974 |
|
|
|
3,582,748 |
|
|
|
5,171,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE (LOSS)
INCOME |
|
$ |
(7,984,873 |
) |
|
$ |
6,758,711 |
|
|
$ |
30,240,683 |
|
|
$ |
6,193,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES
OUTSTANDING BASIC AND DILUTED |
|
|
76,394,573 |
|
|
|
54,112,981 |
|
|
|
75,766,749 |
|
|
|
53,282,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET (LOSS) INCOME PER SHARE,
BASIC AND DILUTED |
|
$ |
(0.10 |
) |
|
$ |
(0.03 |
) |
|
$ |
0.35 |
|
|
$ |
0.02 |
|
KANDI TECHNOLOGIES GROUP,
INC.AND
SUBSIDIARIESCONDENSED CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS’
EQUITY(UNAUDITED)
|
|
Number of Outstanding Shares |
|
|
Common Stock |
|
|
Treasury Stock |
|
|
Additional Paid-in Capital |
|
|
Accumulated Deficit |
|
|
Accumulated Other Comprehensive Loss |
|
|
Total |
|
Balance, December 31, 2019 |
|
|
52,839,441 |
|
|
$ |
52,839 |
|
|
$ |
(2,477,965 |
) |
|
$ |
259,691,370 |
|
|
$ |
(16,685,736 |
) |
|
$ |
(22,723,581 |
) |
|
$ |
217,856,927 |
|
Stock issuance and award |
|
|
10,000 |
|
|
|
10 |
|
|
|
- |
|
|
|
22,290 |
|
|
|
- |
|
|
|
- |
|
|
|
22,300 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,574,646 |
) |
|
|
- |
|
|
|
(1,574,646 |
) |
Foreign currency translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,523,065 |
) |
|
|
(3,523,065 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2020 |
|
|
52,849,441 |
|
|
$ |
52,849 |
|
|
$ |
(2,477,965 |
) |
|
$ |
259,713,660 |
|
|
$ |
(18,260,382 |
) |
|
$ |
(26,246,646 |
) |
|
$ |
212,781,516 |
|
Stock issuance and award |
|
|
1,502,717 |
|
|
|
1,503 |
|
|
|
|
|
|
|
3,164,925 |
|
|
|
|
|
|
|
|
|
|
|
3,166,428 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,055,043 |
|
|
|
|
|
|
|
4,055,043 |
|
Foreign currency translation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
477,734 |
|
|
|
477,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2020 |
|
|
54,352,158 |
|
|
$ |
54,352 |
|
|
$ |
(2,477,965 |
) |
|
$ |
262,878,585 |
|
|
$ |
(14,205,339 |
) |
|
$ |
(25,768,912 |
) |
|
$ |
220,480,721 |
|
Stock issuance and award |
|
|
258,600 |
|
|
|
259 |
|
|
|
- |
|
|
|
870,837 |
|
|
|
- |
|
|
|
- |
|
|
|
871,096 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,458,263 |
) |
|
|
- |
|
|
|
(1,458,263 |
) |
Foreign currency translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
8,216,974 |
|
|
|
8,216,974 |
|
Reduction in the Affiliate Company’s equity |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,144,213 |
) |
|
|
- |
|
|
|
- |
|
|
|
(3,144,213 |
) |
Balance, September 30, 2020 |
|
|
54,610,758 |
|
|
$ |
54,611 |
|
|
$ |
(2,477,965 |
) |
|
$ |
260,605,209 |
|
|
$ |
(15,663,602 |
) |
|
$ |
(17,551,938 |
) |
|
$ |
224,966,315 |
|
|
|
|
Number of Outstanding Shares |
|
|
|
Common Stock |
|
|
|
Treasury Stock |
|
|
|
Additional Paid-in Capital |
|
|
|
Accumulated Earning (Deficit) |
|
|
|
Accumulated Other Comprehensive Income |
|
|
|
Total |
|
Balance, December 31, 2020 |
|
|
75,377,555 |
|
|
$ |
75,377 |
|
|
$ |
- |
|
|
$ |
439,549,338 |
|
|
$ |
(27,079,900 |
) |
|
$ |
(8,778,151 |
) |
|
$ |
403,766,664 |
|
Stock issuance and award |
|
|
10,000 |
|
|
|
10 |
|
|
|
- |
|
|
|
22,290 |
|
|
|
- |
|
|
|
- |
|
|
|
22,300 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(6,402,720 |
) |
|
|
- |
|
|
|
(6,402,720 |
) |
Foreign currency translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,176,013 |
) |
|
|
(1,176,013 |
) |
Reversal of reduction in the Affiliate Company’s equity (net off
tax effect of $491,400) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,771,652 |
|
|
|
- |
|
|
|
- |
|
|
|
2,771,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2021 |
|
|
75,387,555 |
|
|
$ |
75,387 |
|
|
$ |
- |
|
|
$ |
442,343,280 |
|
|
$ |
(33,482,620 |
) |
|
$ |
(9,954,164 |
) |
|
$ |
398,981,883 |
|
Stock issuance and award |
|
|
238,600 |
|
|
|
239 |
|
|
|
- |
|
|
|
1,374,098 |
|
|
|
- |
|
|
|
- |
|
|
|
1,374,337 |
|
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
40,929,474 |
|
|
|
- |
|
|
|
40,929,474 |
|
Foreign currency translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,874,815 |
|
|
|
4,874,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2021 |
|
|
75,626,155 |
|
|
$ |
75,626 |
|
|
$ |
- |
|
|
$ |
443,717,378 |
|
|
$ |
7,446,854 |
|
|
$ |
(5,079,349 |
) |
|
$ |
446,160,509 |
|
Stock issuance and award |
|
|
1,526,817 |
|
|
|
1,527 |
|
|
|
- |
|
|
|
4,874,224 |
|
|
|
- |
|
|
|
- |
|
|
|
4,875,751 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(7,868,819 |
) |
|
|
- |
|
|
|
(7,868,819 |
) |
Foreign currency translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(116,054 |
) |
|
|
(116,054 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2021 |
|
|
77,152,972 |
|
|
$ |
77,153 |
|
|
$ |
- |
|
|
$ |
448,591,602 |
|
|
$ |
(421,965 |
) |
|
$ |
(5,195,403 |
) |
|
$ |
443,051,387 |
|
KANDI TECHNOLOGIES GROUP,
INC.AND SUBSIDIARIESCONDENSED
CONSOLIDATED STATEMENTS OF CASH
FLOWS(UNAUDITED)
|
|
Nine Months Ended |
|
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net income |
|
$ |
26,657,935 |
|
|
$ |
1,022,137 |
|
Adjustments to reconcile net
income to net cash provided by operating activities |
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
6,893,192 |
|
|
|
6,078,070 |
|
(Reversal) provision of
allowance for doubtful accounts |
|
|
- |
|
|
|
(150,756 |
) |
Deferred taxes |
|
|
(11,970 |
) |
|
|
1,256,167 |
|
Share of loss after tax of the
Affiliate Company |
|
|
2,584,520 |
|
|
|
5,631,867 |
|
Gain from equity sale in the
Affiliate Company |
|
|
(17,734,733 |
) |
|
|
- |
|
Gain on disposal of long-live
assets |
|
|
(48,255,905 |
) |
|
|
(13,983,733 |
) |
Change in fair value of
contingent consideration |
|
|
- |
|
|
|
(1,794,000 |
) |
Stock based compensation
expense |
|
|
1,452,381 |
|
|
|
870,471 |
|
|
|
|
|
|
|
|
|
|
Changes in operating
assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
4,289,150 |
|
|
|
18,165,084 |
|
Inventories |
|
|
(7,443,414 |
) |
|
|
(1,830,827 |
) |
Other receivables and other
assets |
|
|
(17,537,034 |
) |
|
|
(5,226,968 |
) |
Advances to supplier and
prepayments and prepaid expenses |
|
|
18,776,708 |
|
|
|
(84,089 |
) |
Amount due from the Affiliate
Company |
|
|
- |
|
|
|
4,178,477 |
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
In: |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
(4,116,153 |
) |
|
|
(15,642,931 |
) |
Other payables and accrued
liabilities |
|
|
7,052,572 |
|
|
|
2,675,156 |
|
Notes payable |
|
|
(93,278 |
) |
|
|
(13,725,855 |
) |
Income tax payable |
|
|
8,053,977 |
|
|
|
(804,238 |
) |
Net cash used in
operating activities |
|
$ |
(19,432,052 |
) |
|
$ |
(13,365,968 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchases of property, plant
and equipment, net |
|
|
(10,948,968 |
) |
|
|
(383,568 |
) |
Prepayments for acquisition of
Jiangxi Huiyi |
|
|
(3,864,346 |
) |
|
|
- |
|
Payment for construction in
progress |
|
|
(4,048,889 |
) |
|
|
(1,604,427 |
) |
Proceeds from disposal of
long-lived assets |
|
|
23,235,758 |
|
|
|
51,872,829 |
|
Loan to third party |
|
|
31,687,637 |
|
|
|
(45,958,247 |
) |
Certificate of deposit |
|
|
(54,100,844 |
) |
|
|
- |
|
Cash received from sales of
equity in the Affiliate Company |
|
|
47,608,743 |
|
|
|
42,321,385 |
|
Long Term Investment |
|
|
(108,202 |
) |
|
|
- |
|
Advance receipts of equity
transfer |
|
|
600,463 |
|
|
|
- |
|
Net cash provided by
investing activities |
|
$ |
30,061,352 |
|
|
$ |
46,247,972 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds from short-term
loans |
|
|
2,630,000 |
|
|
|
24,163,223 |
|
Repayments of short-term
loans |
|
|
- |
|
|
|
(50,042,178 |
) |
Repayments of long-term
loans |
|
|
- |
|
|
|
(285,955 |
) |
Proceeds from long-term
loans |
|
|
- |
|
|
|
394,116 |
|
Net cash provided by
(used in) financing activities |
|
$ |
2,630,000 |
|
|
$ |
(25,770,794 |
) |
|
|
|
|
|
|
|
|
|
NET INCREASE IN CASH
AND CASH EQUIVALENTS AND RESTRICTED CASH |
|
$ |
13,259,300 |
|
|
$ |
7,111,210 |
|
Effect of exchange rate
changes |
|
$ |
990,440 |
|
|
$ |
535,314 |
|
CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR |
|
$ |
142,520,635 |
|
|
$ |
16,512,635 |
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD |
|
$ |
156,770,375 |
|
|
$ |
24,159,159 |
|
-CASH AND CASH EQUIVALENTS AT
END OF PERIOD |
|
|
132,866,957 |
|
|
|
23,909,159 |
|
-RESTRICTED CASH AT END OF
PERIOD |
|
|
23,903,418 |
|
|
|
250,000 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY CASH
FLOW INFORMATION |
|
|
|
|
|
|
|
|
Income taxes paid |
|
$ |
688,160 |
|
|
|
901,021 |
|
Interest paid |
|
$ |
17,536 |
|
|
|
644,724 |
|
SUPPLEMENTAL NON-CASH
DISCLOSURES: |
|
|
|
|
|
|
|
|
Reversal of decrease in
investment in the Affiliate Company due to change in its equity
(net off tax effect of $491,400) |
|
$ |
2,813,968 |
|
|
|
- |
|
Decrease in investment in the
Affiliate Company due to change in its equity |
|
|
- |
|
|
|
3,057,540 |
|
Common stock issued for
settlement of payables related to acquisitions (see Note 21) |
|
$ |
4,853,451 |
|
|
|
3,166,427 |
|
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