Kandi Technologies Group, Inc. (the “Company,” “we” or
“Kandi”) (NASDAQ GS: KNDI), today announced its financial results
for the full year ended December 31, 2021.
Full Year 2021 Highlights
• Total revenue was $91.5 million, compared to $76.9 million in
2020.
• EV parts sales were $25.3million, compared to $40.6 million in
2020.
• Off-road vehicles sales were $29.3 million, compared to $29.8
million in 2020.
• EV product sales increased by 116% to $1.5 million, compared
to $0.7 million in 2020.
• Electric Scooters, Electric Self-Balancing Scooters and
associated parts sales increased by 420.6% to $30.0 million,
compared with $5.8 million in 2020.
• Gross margin was 17.8%, compared to 17.5% in 2020.
• Operating income was $1.34 million, compared to $0.8 million
in 2020.
• Net income was $22.9 million, or $0.30 income per fully
diluted share, compared to a net loss of $10.4 million, or $0.19
loss per fully diluted share in 2020.
• As of December 31, 2021, working capital was $278.4 million;
cash, cash equivalents, restricted cash and certificate of deposit
totaled $223.7 million.
Mr. Hu Xiaoming, Chairman and CEO of Kandi commented, “As a
company, our primary focus initially was the design, development,
manufacture, and sale of electric vehicle products and electric
vehicle parts. Nevertheless, some Chinese pure electric vehicle
manufacturers have attempted to capture market share at any cost,
resulting in substantial losses in recent years. It has become
increasingly obvious that the pure electric vehicle market in China
has not yet reached a healthy development stage. We do not believe
it is prudent to participate in such loss-making competition given
our current financial resources. It has always been our belief that
pure electric vehicles can only become widely popular once the
battery swap model matures. With our advanced pure electric vehicle
intelligent battery swapping equipment, pure electric vehicle
manufacturing capacity and dozens of patented technologies for
battery swap, we will continue to focus on improving car-hailing
using EVs with battery swap capability. As soon as the electric
vehicle market in China enters an orderly stage of development, we
will consider re-entering the market.”
Hu continued, “We see huge demand building for electrified
off-road vehicles. In 2022, we will apply EV technology to off-road
vehicle products and launch a variety of pure electric utility
terrain vehicles (“UTVs”), neighborhood EVs (“NEVs”), golf carts,
and off-road crossover vehicles. We will make full use of our
high-end technology, which is the culmination of years of
development work in the EVs, to aggressively pursue the off-road
vehicle market. Our goal is to become the market
leader in this field in China within three years.”
Regarding Company’s strategy, Hu commented, “The business
transformation undertaken by the company in 2021 is already proving
successful. Due to the strategic action, we took following the
COVID-19 pandemic in 2020, our development has been reignited. We
are concentrating our resources on markets with the best growth
potential and a reasonable level of competition. Despite the
challenges associated with this type of transformation, this is a
step that Kandi must take to achieve sustainable growth.”
Hu concluded, “Looking forward, we are optimistic about the
future of our company. Since we will be launching several pure
electric off-road vehicles soon, we believe that our 100% electric
off-road vehicle products that incorporate pure EV technology will
be quite popular. Additionally, we look forward to the new
opportunities brought about by China entering a healthy and orderly
development stage for its pure electric vehicle market. In view of
our outstanding technological innovation capabilities, solution
integration capabilities and operational experience, we are in an
excellent position to benefit from the development of the EV and
electric off-road vehicle industries.”
Full Year 2021 Financial Results
Net Revenues and Gross Profit (in USD
millions)
|
|
2021 |
|
|
2020 |
|
|
Y-o-Y% |
|
Net Revenues |
|
$ |
91.5 |
|
|
$ |
76.9 |
|
|
|
18.9 |
% |
Gross
Profit |
|
$ |
16.2 |
|
|
$ |
13.5 |
|
|
|
20.5 |
% |
Gross
Margin% |
|
|
17.8 |
% |
|
|
17.5 |
% |
|
|
- |
|
Net revenues of $91.5 million increased 18.9% from 2020. The
increase was due mainly to explosive growth in the Electric
Scooters, Electric Self-Balancing Scooters and associated parts
segment. Since entering this market in 2020, Kandi has driven
growth through sales to more customers, and high growth of
customers’ end-product sales. Gross margin was stable at 17.8%,
compared with 17.5% in 2020.
Operating Income/Loss (in USD millions)
|
|
2021 |
|
|
2020 |
|
|
Y-o-Y% |
|
Operating Expenses |
|
$ |
(14.9 |
) |
|
$ |
(12.7 |
) |
|
|
17.1 |
% |
Income from
Operations |
|
$ |
1.3 |
|
|
$ |
0.8 |
|
|
|
77.1 |
% |
Operating
Margin% |
|
|
1.5 |
% |
|
|
1.0 |
% |
|
|
- |
|
Total operating expenses were $14.9 million, compared with $12.7
million in 2020. The increase was due to higher R&D expense.
Operating expenses were partially offset by the gain on disposal of
long-lived assets recognized from the relocation of the Jinhua
facility.
Net Income/Loss (in USD millions)
|
|
2021 |
|
|
2020 |
|
|
Y-o-Y% |
|
Net Income (Loss) |
|
$ |
22.9 |
|
|
$ |
(10.4 |
) |
|
|
-320.0 |
% |
Net Income
(Loss) per Share, Basic and Diluted |
|
$ |
0.30 |
|
|
$ |
(0.19 |
) |
|
|
- |
|
Net income was $22.9 million, comparing to a net loss of $10.4
million in 2020. The profitable result was attributable to the gain
resulting from the relocation of the Jinhua headquarters.
Full Year 2021 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 (8:00 P.M.
Beijing Time) on Tuesday, March 15, 2022. 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: +1-877-407-3982
• International dial-in number: + 1-201-493-6780
• Webcast and
replay: https://themediaframe.com/mediaframe/webcast.html?webcastid=8oRuq5Ul
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
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS
|
|
December 31, 2021 |
|
|
December 31, 2020 |
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
129,223,443 |
|
|
$ |
142,078,190 |
|
Restricted cash |
|
|
39,452,564 |
|
|
|
442,445 |
|
Certificate of deposit |
|
|
55,041,832 |
|
|
|
- |
|
Accounts receivable (net of allowance for doubtful accounts of
$3,053,277 and $110,269 as of December 31, 2021 and December 31,
2020, respectively) |
|
|
52,896,305 |
|
|
|
38,547,137 |
|
Inventories |
|
|
33,171,973 |
|
|
|
19,697,383 |
|
Notes receivable |
|
|
323,128 |
|
|
|
31,404,630 |
|
Other receivables |
|
|
8,901,109 |
|
|
|
1,875,245 |
|
Prepayments and prepaid expense |
|
|
17,657,326 |
|
|
|
13,708,149 |
|
Advances to suppliers |
|
|
5,940,456 |
|
|
|
36,733,182 |
|
Amount due from the Affiliate Company |
|
|
- |
|
|
|
21,742,226 |
|
Amount due from related party |
|
|
- |
|
|
|
886,989 |
|
TOTAL CURRENT ASSETS |
|
|
342,608,136 |
|
|
|
307,115,576 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
111,577,411 |
|
|
|
65,402,680 |
|
Intangible assets, net |
|
|
13,249,079 |
|
|
|
3,232,753 |
|
Land use rights, net |
|
|
3,250,336 |
|
|
|
3,257,760 |
|
Construction in progress |
|
|
79,317 |
|
|
|
16,317,662 |
|
Deferred tax assets |
|
|
2,219,297 |
|
|
|
8,964,946 |
|
Long-term investment |
|
|
157,262 |
|
|
|
45,958 |
|
Investment in the Affiliate Company |
|
|
- |
|
|
|
28,892,638 |
|
Goodwill |
|
|
36,027,425 |
|
|
|
29,712,383 |
|
Other long-term assets |
|
|
10,992,009 |
|
|
|
32,307,484 |
|
TOTAL NON-CURRENT ASSETS |
|
|
177,552,136 |
|
|
|
188,134,264 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
520,160,272 |
|
|
$ |
495,249,840 |
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
36,677,802 |
|
|
$ |
34,257,935 |
|
Other payables and accrued expenses |
|
|
9,676,973 |
|
|
|
7,218,395 |
|
Short-term loans |
|
|
950,000 |
|
|
|
- |
|
Notes payable |
|
|
8,198,193 |
|
|
|
92,445 |
|
Income tax payable |
|
|
1,620,827 |
|
|
|
1,313,754 |
|
Advance receipts |
|
|
- |
|
|
|
38,229,242 |
|
Amount due to related party |
|
|
- |
|
|
|
500,000 |
|
Other current liabilities |
|
|
7,038,895 |
|
|
|
2,185,654 |
|
TOTAL CURRENT LIABILITIES |
|
|
64,162,690 |
|
|
|
83,797,425 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Long-term loans |
|
|
2,210,589 |
|
|
|
- |
|
Deferred tax liability |
|
|
2,460,141 |
|
|
|
3,483,171 |
|
Contingent consideration liability |
|
|
7,812,000 |
|
|
|
3,743,000 |
|
Other long-term liabilities |
|
|
314,525 |
|
|
|
459,580 |
|
TOTAL NON-CURRENT LIABILITIES |
|
|
12,797,255 |
|
|
|
7,685,751 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
76,959,945 |
|
|
|
91,483,176 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDER’S EQUITY |
|
|
|
|
|
|
|
|
Common stock, $0.001 par value; 100,000,000 shares authorized;
77,385,130 and 77,298,499 shares issued and 76,705,381 and
75,377,555 outstanding at December 31,2021 and December 31,2020,
respectively |
|
|
77,385 |
|
|
|
75,377 |
|
Less: Treasury stock (679,749 shares and 0 shares with average
price of $3.52 at December 31,2021 and December 31,2020,
respectively) |
|
|
(2,392,203 |
) |
|
|
- |
|
Additional paid-in capital |
|
|
449,479,461 |
|
|
|
439,549,338 |
|
Accumulated deficit (the restricted portion is $4,422,033 and
$4,422,033 at December 31,2021 and December 31,2020,
respectively) |
|
|
(4,216,102 |
) |
|
|
(27,079,900 |
) |
Accumulated other comprehensive income (loss) |
|
|
251,786 |
|
|
|
(8,778,151 |
) |
TOTAL STOCKHOLDERS’ EQUITY |
|
|
443,200,327 |
|
|
|
403,766,664 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
520,160,272 |
|
|
$ |
495,249,840 |
|
KANDI TECHNOLOGIES GROUP, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS
ANDCOMPREHENSIVE INCOME (LOSS)FOR
THE YEARS ENDED DECEMBER 31, 2021 AND 2020
|
|
Years Ended |
|
|
|
December 31, 2021 |
|
|
December 31, 2020 |
|
REVENUES FROM UNRELATED PARTIES, NET |
|
$ |
91,484,792 |
|
|
$ |
76,176,609 |
|
REVENUES FROM THE AFFILIATE COMPANY AND RELATED PARTIES, NET |
|
|
1,592 |
|
|
|
743,904 |
|
|
|
|
|
|
|
|
|
|
REVENUES, NET |
|
|
91,486,384 |
|
|
|
76,920,513 |
|
|
|
|
|
|
|
|
|
|
COST OF GOODS SOLD |
|
|
(75,238,522 |
) |
|
|
(63,432,580 |
) |
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
|
|
16,247,862 |
|
|
|
13,487,933 |
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME (EXPENSE): |
|
|
|
|
|
|
|
|
Research and development |
|
|
(38,971,986 |
) |
|
|
(7,246,312 |
) |
Selling and marketing |
|
|
(4,736,000 |
) |
|
|
(6,619,355 |
) |
General and administrative |
|
|
(19,605,468 |
) |
|
|
(13,042,103 |
) |
Gain on disposal of long-lived assets |
|
|
48,401,797 |
|
|
|
14,174,233 |
|
TOTAL OPERATING EXPENSE |
|
|
(14,911,657 |
) |
|
|
(12,733,537 |
) |
|
|
|
|
|
|
|
|
|
INCOME FROM OPERATIONS |
|
|
1,336,205 |
|
|
|
754,396 |
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
|
Interest income |
|
|
4,208,751 |
|
|
|
2,190,678 |
|
Interest expense |
|
|
(407,620 |
) |
|
|
(3,750,233 |
) |
Change in fair value of contingent consideration |
|
|
2,834,000 |
|
|
|
(565,000 |
) |
Government grants |
|
|
1,233,192 |
|
|
|
1,130,262 |
|
Gain from sale of equity in the Affiliate Company |
|
|
17,788,351 |
|
|
|
- |
|
Share of loss after tax of the Affiliate Company |
|
|
(2,592,334 |
) |
|
|
(17,252,662 |
) |
Other income, net |
|
|
4,809,743 |
|
|
|
2,051,226 |
|
TOTAL OTHER INCOME (EXPENSE), NET |
|
|
27,874,083 |
|
|
|
(16,195,729 |
) |
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE INCOME TAXES |
|
|
29,210,288 |
|
|
|
(15,441,333 |
) |
|
|
|
|
|
|
|
|
|
INCOME TAX (EXPENSE) BENEFIT |
|
|
(6,346,490 |
) |
|
|
5,047,169 |
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
|
|
22,863,798 |
|
|
|
(10,394,164 |
) |
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE INCOME |
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
9,029,937 |
|
|
|
13,945,430 |
|
COMPREHENSIVE INCOME |
|
$ |
31,893,735 |
|
|
$ |
3,551,266 |
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC AND DILUTED |
|
|
76,148,688 |
|
|
|
55,960,010 |
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) PER SHARE, BASIC AND DILUTED |
|
$ |
0.30 |
|
|
$ |
(0.19 |
) |
KANDI TECHNOLOGIES GROUP, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CHANGES IN
STOCKHOLDERS’ EQUITYFOR THE YEARS ENDED DECEMBER
31, 2021 AND 2020
|
|
Number of Outstanding Shares |
|
|
Common Stock |
|
|
Treasury Stock |
|
|
Additional Paid-in Capital |
|
|
AccumulatedDeficit |
|
|
Accumulated Other Comprehensive Income (Loss) |
|
|
Total |
|
BALANCE AS OF 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 |
|
|
1,771,317 |
|
|
|
1,771 |
|
|
|
- |
|
|
|
4,058,052 |
|
|
|
- |
|
|
|
- |
|
|
|
4,059,823 |
|
Cancellation of the Treasury Stock |
|
|
(487,155 |
) |
|
|
(487 |
) |
|
|
2,477,965 |
|
|
|
(2,477,478 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Registered Direct Offering |
|
|
18,253,952 |
|
|
|
18,254 |
|
|
|
- |
|
|
|
151,904,993 |
|
|
|
- |
|
|
|
- |
|
|
|
151,923,247 |
|
Warrants issuance |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Stock option exercise |
|
|
3,000,000 |
|
|
|
3,000 |
|
|
|
- |
|
|
|
29,157,000 |
|
|
|
- |
|
|
|
- |
|
|
|
29,160,000 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(10,394,164 |
) |
|
|
- |
|
|
|
(10,394,164 |
) |
Foreign currency translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
13,945,430 |
|
|
|
13,945,430 |
|
Reduction in the Affiliate Company’s equity (net of tax effect
of $491,400) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,784,599 |
) |
|
|
- |
|
|
|
- |
|
|
|
(2,784,599 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE AS OF DECEMBER 31, 2020 |
|
|
75,377,555 |
|
|
$ |
75,377 |
|
|
$ |
- |
|
|
$ |
439,549,338 |
|
|
$ |
(27,079,900 |
) |
|
$ |
(8,778,151 |
) |
|
$ |
403,766,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issuance and award |
|
|
2,007,575 |
|
|
|
2,008 |
|
|
|
- |
|
|
|
7,178,928 |
|
|
|
- |
|
|
|
- |
|
|
|
7,180,936 |
|
Stock buyback |
|
|
|
|
|
|
|
|
|
|
(2,392,203 |
) |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
(2,392,203 |
) |
Commission in stock buyback |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(20,457 |
) |
|
|
|
|
|
|
|
|
|
|
(20,457 |
) |
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
22,863,798 |
|
|
|
- |
|
|
|
22,863,798 |
|
Foreign currency translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
9,029,937 |
|
|
|
9,029,937 |
|
Reversal of reduction in the Affiliate Company’s equity (net of
tax effect of $491,400) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,771,652 |
|
|
|
- |
|
|
|
- |
|
|
|
2,771,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE AS OF DECEMBER 31, 2021 |
|
|
77,385,130 |
|
|
$ |
77,385 |
|
|
$ |
(2,392,203 |
) |
|
$ |
449,479,461 |
|
|
$ |
(4,216,102 |
) |
|
$ |
251,786 |
|
|
$ |
443,200,327 |
|
KANDI TECHNOLOGIES GROUP, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWSFOR THE YEARS ENDED DECEMBER 31, 2021 AND
2020
|
|
Years Ended |
|
|
|
December 31, 2021 |
|
|
December 31, 2020 |
|
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
22,863,798 |
|
|
$ |
(10,394,164 |
) |
Adjustments to reconcile net
income to net cash provided by operating activities |
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
10,038,976 |
|
|
|
8,222,984 |
|
Provision (reversal) of allowance
for doubtful accounts |
|
|
862,414 |
|
|
|
(152,809 |
) |
Deferred taxes |
|
|
4,073,315 |
|
|
|
(5,349,722 |
) |
Share of loss after tax of the
Affiliate Company |
|
|
2,592,334 |
|
|
|
17,252,662 |
|
Gain from equity sale in the
Affiliate Company |
|
|
(17,788,351 |
) |
|
|
- |
|
Gain on disposal of long-lived
assets |
|
|
(48,401,797 |
) |
|
|
(14,174,233 |
) |
Change in fair value of
contingent consideration |
|
|
(2,834,000 |
) |
|
|
565,000 |
|
Stock based compensation
expense |
|
|
1,484,576 |
|
|
|
902,666 |
|
|
|
|
|
|
|
|
|
|
Changes in operating
assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(2,542,692 |
) |
|
|
19,247,519 |
|
Inventories |
|
|
(7,522,761 |
) |
|
|
9,246,455 |
|
Other receivables and other
assets |
|
|
(291,235 |
) |
|
|
2,008,612 |
|
Advances to supplier and
prepayments and prepaid expenses |
|
|
27,786,143 |
|
|
|
(36,330,634 |
) |
Amount due from the Affiliate
Company |
|
|
- |
|
|
|
4,237,103 |
|
Due from related party |
|
|
(500,000 |
) |
|
|
(339,118 |
) |
|
|
|
|
|
|
|
|
|
Increase (Decrease)
In: |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
2,176,638 |
|
|
|
(30,993,717 |
) |
Other payables and accrued
liabilities |
|
|
10,513,511 |
|
|
|
(173,806 |
) |
Notes payable |
|
|
(2,423,514 |
) |
|
|
(13,912,842 |
) |
Income tax payable |
|
|
154,334 |
|
|
|
(745,208 |
) |
Net cash provided by
(used in) operating activities |
|
$ |
241,689 |
|
|
$ |
(50,883,252 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchases of property, plant and
equipment, net |
|
|
(11,574,706 |
) |
|
|
(7,483,743 |
) |
Purchases of land use rights and
other intangible assets |
|
|
(2,356,626 |
) |
|
|
(3,281,115 |
) |
Acquisition of Jiangxi Huiyi |
|
|
(7,117,310 |
) |
|
|
- |
|
Payment for construction in
progress |
|
|
(5,210,642 |
) |
|
|
(7,419,644 |
) |
Proceeds from disposal of
long-lived assets |
|
|
23,306,007 |
|
|
|
52,579,492 |
|
Loan to third party |
|
|
31,783,439 |
|
|
|
(26,097,991 |
) |
Certificate of deposit |
|
|
(54,264,407 |
) |
|
|
- |
|
Cash received from sales of
equity in the Affiliate Company |
|
|
47,752,678 |
|
|
|
42,897,929 |
|
Long-term investment |
|
|
(108,529 |
) |
|
|
(43,478 |
) |
Net cash provided by
investing activities |
|
$ |
22,209,904 |
|
|
$ |
51,151,450 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds from short-term
loans |
|
|
950,000 |
|
|
|
24,642,399 |
|
Repayments of short-term
loans |
|
|
- |
|
|
|
(50,873,903 |
) |
Repayments of long-term
loans |
|
|
- |
|
|
|
(28,799,501 |
) |
Proceeds from long-term
loans |
|
|
2,210,589 |
|
|
|
394,116 |
|
Proceeds from issuance of common
stock and warrants |
|
|
- |
|
|
|
151,923,247 |
|
Purchase of treasury stock |
|
|
(2,412,660 |
) |
|
|
- |
|
Proceeds from exercises stock
options, stock awards and other financing |
|
|
- |
|
|
|
29,160,000 |
|
Net cash provided by
financing activities |
|
$ |
747,929 |
|
|
$ |
126,446,358 |
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN CASH AND
CASH EQUIVALENTS AND RESTRICTED CASH |
|
$ |
23,199,522 |
|
|
$ |
126,714,556 |
|
Effect of exchange rate
changes |
|
$ |
2,955,850 |
|
|
$ |
(706,556 |
) |
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 |
|
$ |
168,676,007 |
|
|
$ |
142,520,635 |
|
-CASH AND CASH EQUIVALENTS AT END
OF PERIOD |
|
|
129,223,443 |
|
|
|
142,078,190 |
|
-RESTRICTED CASH AT END OF
PERIOD |
|
|
39,452,564 |
|
|
|
442,445 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY CASH FLOW
INFORMATION |
|
|
|
|
|
|
|
|
Income taxes paid |
|
$ |
2,074,668 |
|
|
|
1,046,127 |
|
Interest paid |
|
$ |
35,001 |
|
|
|
653,507 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL NON-CASH
DISCLOSURES: |
|
|
|
|
|
|
|
|
Decrease in investment in the
Affiliate Company due to change in its equity |
|
|
- |
|
|
|
3,099,193 |
|
Reversal of decrease in
investment in the Affiliate Company due to change in its equity
(net of tax effect of $491,400) |
|
|
2,824,115 |
|
|
|
- |
|
Purchase of construction in
progress in accounts payable and other payable |
|
|
- |
|
|
|
7,945,414 |
|
Common stock issued from
settlement of payables related to acquisitions |
|
|
5,762,000 |
|
|
|
3,166,427 |
|
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