Kandi Technologies Group, Inc. (the “Company,”
“we” or “Kandi”) (NASDAQ:KNDI), today announced its financial
results for the first quarter of 2016.
First Quarter Highlights
- Total revenues grew 15.7% to $50.7 million for the first
quarter of 2016, from $43.8 million for the same period of
2015.
- Electric Vehicle (“EV”) parts sales increased 7.5% to $46.2
million for the first quarter of 2016, compared with $43.0 million
in the same period of 2015.
- GAAP net income for the first quarter of 2016 was $0.1 million,
or $0.00 per fully diluted share, compared with $6.1 million, or
$0.13 per fully diluted share in the same period of 2015.
- Non-GAAP adjusted net income1, which excludes stock award
expenses and changes in the fair value of financial derivatives,
was $3.7 million in the first quarter of 2016, compared with $3.4
million of the same period of 2015. Non-GAAP adjusted earnings per
share1 was approximately $0.08 per fully diluted share for the
first quarter of 2016 compared with $0.07 per fully diluted share
for the same quarter of 2015;
- Working capital surplus was $72.5 million as of March 31, 2016.
Cash, cash equivalents and restricted cash totaled $29.7 million as
of March 31, 2016.
“In this quarter, various elements, including
the newly approved product list from Ministry of Industrial and
Information Technology of China (“MIIT”) for national subsidies and
the subsequent pending of the list of vehicles entitled to purchase
tax exemption from the National Tax Bureau heavily impacted the JV
Company’s sales and also Kandi’s financial performance,” commented
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi,
“After confirming that four EV products of the JV Company were on
the newly approved list which qualified for purchase tax
exemption, the JV Company has started to sell EV products since
April 2016. Although the JV Company has no sales in the first
quarter, I believe it will catch up in the rest of the year and
achieve the full year target. We expect to deliver 5,500-6,000 EV
products in the second quarter and no less than 35,000 EVs for the
full year. Out of our full year targets of 35,000 EVs, we
anticipate 10,000 of them be used for our Micro Public
Transportation Program while 25,000 EVs be allocated to the direct
sales channel.”
“In 2016, the JV Company continues to develop
more distribution channels and service stores to achieve the direct
sales target of 25,000 or more EVs,” Mr. Hu Xiaoming commented
further, “Till May 2016, the JV Company has establish 74 service
stores countrywide to cover the main market in those important
cities, some of which are shared with Geely’s distribution channel,
such as Beijing, Shanghai, Nanjing, Suzhou, Haikou. Meanwhile, the
JV Company also works with independent distributors closely and
plans to establish the strategic partnership with 4-5 strategic
distribution partners, including Pangda Automobiles Sales Group
Inc., Henxing Automobiles Group Inc. and others.”
“Despite of the lack of EV products sales by our
JV Company in this quarter, Kandi still has revenue growth of 15.7%
during this quarter compared to the same period of 2015. However,
our net profit has been significantly impacted by the JV Company’s
net profit during the quarter,” added Mr. Wang Cheng, Chief
Financial Officer of Kandi, “I believe we can achieve good
financial performance in line with the revenue growth from the JV
Company for the rest of 2016.”
Net Revenues and Gross Profit
|
1Q16 |
1Q15 |
Y-o-Y% |
Net Revenues (US$mln) |
$ |
50.7 |
|
$ |
43.8 |
|
|
15.7 |
% |
Gross Profit (US$mln) |
$ |
6.7 |
|
$ |
6.4 |
|
|
5.5 |
% |
Gross Margin |
|
13.3 |
% |
|
14.6 |
% |
|
- |
|
Net revenues for the first quarter increased
15.7% compared to the same period last year. The increase in net
revenues was mainly due to the 7.5% EV parts sales growth and
the EV products sales by the Company of $3.8 million on the EV
products in the stock.
Operating Income (Loss)
|
1Q16 |
1Q15 |
Y-o-Y% |
Operating Expenses (US$mln) |
$ |
8.3 |
|
$ |
4.5 |
|
|
85.5 |
% |
Operating Income (Loss) (US$mln) |
($ |
1.6 |
) |
$ |
1.9 |
|
|
- |
|
Operating Margin |
|
-3.1 |
% |
|
4.4 |
% |
|
- |
|
Operating Income (Loss) (US$mln) (Non-GAAP) |
$ |
5.3 |
|
$ |
4.0 |
|
|
34.5 |
% |
Total operating expenses in the first quarter
were $8.3 million, compared with $4.5 million in the same quarter
of 2015. The increase in total operating expenses was due to the
increased stock compensation expense, which was $6.9 million in
this quarter, compared with $2.0 million in the same quarter last
year. Excluding stock compensation expenses, operation expenses in
the first quarter of 2016 were $1.4 million, compared with $2.4
million in the same quarter last year. The decrease was mainly due
to research and development expenses savings of $0.4 million and
the one-time legal expense $0.5 million occurred in 2015.
GAAP Net Income
|
1Q16 |
1Q15 |
Y-o-Y% |
Net Income (Loss) (US$mln) |
$ |
0.1 |
|
$ |
6.1 |
|
|
-98.6 |
% |
Earnings per Weighted Average Common Share |
$ |
0.00 |
|
$ |
0.13 |
|
|
- |
|
Earnings per Weighted Average Diluted Share |
$ |
0.00 |
|
$ |
0.13 |
|
|
- |
|
Stock award expenses |
$ |
6.9 |
|
$ |
2.0 |
|
|
236.0 |
% |
Change of the fair value of financial derivatives |
($ |
3.3 |
) |
($ |
4.8 |
) |
|
- |
|
Non-GAAP net income (loss) from continuing operations |
$ |
3.7 |
|
$ |
3.4 |
|
|
7.5 |
% |
Net income was $0.1 million in the first
quarter, compared with $6.1 million in the same quarter of 2015.
Net income was affected by significant increases in stock
option expense amortization and the loss from the JV Company and
also the change of the fair value of financial derivatives.
Non-GAAP net income was $3.7 million, a 7.5%
increase in the first quarter of 2016 compared to $3.4 million in
the same quarter of 2015. The increase in Non-GAAP net income was
in line with the revenue growth in the quarter.
JV Company Financial Results
In the first quarter, the JV Company has no EV
products sales, compared to 1,670 EV products sold in the same
quarter of 2015. In this quarter, the newly approved product list
from the MIIT for national subsidies and the subsequent pending for
the list of vehicles entitled to purchase tax exemption from the
National Tax Bureau heavily impacted the JV Company’s sales and
also Kandi’s financial performance. After confirming that four EV
products of the JV Company were on the newly approved list which
qualified for the purchase tax exemption, the JV Company has
started to sell EV products since April 2016.
The condensed financial income statement of the JV
Company in the first quarter is as below:
|
1Q16 |
1Q15 |
Y-o-Y% |
Net Revenues (US$mln) |
($ |
0.5 |
) |
$ |
30.6 |
|
|
-101.6 |
% |
Gross Profit (US$mln) |
($ |
1.1 |
) |
$ |
8.0 |
|
|
-113.3 |
% |
Gross Margin |
|
- |
|
|
26.1 |
% |
|
- |
|
Net Income |
($ |
8.1 |
) |
$ |
0.8 |
|
|
- |
|
% of Net revenue |
|
- |
|
|
2.6 |
% |
|
- |
|
There was no EV products sold by the JV Company
in the first quarter and the negative amount was a small price
discount occurred in this quarter.
Kandi’s investments in the JV Company are
accounted for under the equity method of accounting, as Kandi has a
50% ownership interest in the JV Company. As a result, Kandi
recorded 50% of the JV Company’s loss for $4.0 million for the this
quarter. After eliminating intra-entity profits and losses, Kandi’s
share of the after tax loss of the JV Company was $4.8 million for
the first quarter of 2016.
Outlook
For the second quarter of 2016, Kandi expects net
revenues to be in the range of $55 million to $57 million, with
gross margin in the range of 12.5% to 13.5%. For the full year
2016, Kandi expects net revenues to be in the range of $270 million
to $300 million.
The Company also expects the JV Company to
deliver 5,500-6,000 EV products in the second quarter and a total
of 35,000 or more EV products in the full year of 2016.
This outlook reflects the current view of the
management, which is subject to change.
First Quarter
of 2016
Conference Call DetailsThe Company has scheduled a
conference call and live webcast to discuss the financial results
at 8:00 AM (U.S. Eastern time) on May 10, 2016 (8:00 PM Beijing
time on May 10, 2016). Mr. Hu Xiaoming, Chief Executive Officer and
Mr. Wang Cheng (Henry), Chief Financial Officer, will deliver
prepared remarks, followed by a question and answer session.
The dial-in details for the conference call are
as follows:
- Toll-free dial-in number: +1 855-327-6837
- International dial-in number: +1 631-891-4304
- Conference ID: 10001128
- Webcast and replay:
http://public.viavid.com/index.php?id=119454
The live audio webcast of the call can also be
accessed by visiting Kandi's Investor Relations website at
http://ir.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, Zhejiang Province, is engaged in the
research and development, manufacturing and sales of various
vehicle products. Kandi has established itself as one of China's
leading manufacturers of pure electric vehicle ("EV") products
(through its joint venture), EV parts and off-road vehicles. More
information can be viewed at the Company's corporate website at
http://www.kandivehicle.com. The Company routinely posts important
information on its website.
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
securities laws, the Company does not assume a duty to update these
forward-looking statements.Follow us on Twitter: @ Kandi_Group
1 Non-GAAP measures, including the Non-GAAP
net income and Non-GAAP EPS are defined as the financial measures
excluding the change of the fair value of financial derivatives and
the effects of the stock award expense. We supply non-GAAP
information because we believe it allows our investors to obtain a
clearer understanding of our operations. Any non-GAAP
measures should not be considered as a substitute for, and should
only be read in conjunction with, measures of financial performance
prepared in accordance with GAAP.
- Tables Below -
KANDI
TECHNOLOGIES GROUP, INC. |
AND
SUBSIDIARIES |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
ASSETS |
|
|
|
March 31, 2016 |
|
December 31, 2015 |
|
|
|
|
|
Current assets |
|
|
|
|
Cash and
cash equivalents |
$ |
|
13,447,666 |
|
$ |
|
16,738,559 |
|
Restricted cash |
|
|
16,277,051 |
|
|
|
16,172,009 |
|
Short
term investment |
|
|
3,100,391 |
|
|
|
1,613,727 |
|
Accounts
receivable |
|
|
40,867,698 |
|
|
|
8,136,421 |
|
Inventories (net of provision for slow moving inventory of 489,057
and 485,901 as of March 31, 2016 and December 31, 2015,
respectively) |
|
|
25,814,430 |
|
|
|
17,773,679 |
|
Notes
receivable |
|
|
11,276,387 |
|
|
|
13,033,315 |
|
Other
receivables |
|
|
487,077 |
|
|
|
332,922 |
|
Prepayments and prepaid expense |
|
|
353,628 |
|
|
|
181,534 |
|
Due from
employees |
|
|
105,868 |
|
|
|
34,434 |
|
Advances
to suppliers |
|
|
348,761 |
|
|
|
71,794 |
|
Amount
due from related party |
|
|
5,585,613 |
|
|
|
40,606,162 |
|
Deferred
taxes assets |
|
|
744,910 |
|
|
|
- |
|
TOTAL CURRENT ASSETS |
|
|
211,199,129 |
|
|
|
190,867,027 |
|
|
|
|
|
|
LONG-TERM ASSETS |
|
|
|
|
Plant
and equipment, net |
|
|
19,539,908 |
|
|
|
20,525,126 |
|
Deferred
taxes assets |
|
|
- |
|
|
|
- |
|
Investment in associated company |
|
|
|
|
Long
Term Investment |
|
|
1,472,686 |
|
|
|
1,463,182 |
|
Investment in JV Company |
|
|
86,034,442 |
|
|
|
90,337,899 |
|
Goodwill |
|
|
322,591 |
|
|
|
322,591 |
|
Intangible assets |
|
|
474,782 |
|
|
|
495,306 |
|
Other
long term assets |
|
|
155,020 |
|
|
|
154,019 |
|
TOTAL Long-Term Assets |
|
|
175,684,067 |
|
|
|
180,601,997 |
|
|
|
|
|
|
TOTAL ASSETS |
$ |
|
386,883,196 |
|
$ |
|
371,469,024 |
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
Accounts
payables |
$ |
|
91,647,247 |
|
$ |
|
73,957,969 |
|
Other
payables and accrued expenses |
|
|
1,678,011 |
|
|
|
9,544,909 |
|
Short-term loans |
|
|
36,894,649 |
|
|
|
36,656,553 |
|
Customer
deposits |
|
|
149,688 |
|
|
|
94,026 |
|
Notes
payable |
|
|
5,968,252 |
|
|
|
3,850,478 |
|
Income
tax payable |
|
|
1,822,276 |
|
|
|
624,276 |
|
Due to
employees |
|
|
11,944 |
|
|
|
9,423 |
|
Deferred
taxes liabilities |
|
|
- |
|
|
|
2,374,924 |
|
Financial derivate - liability |
|
|
537,250 |
|
|
|
3,823,590 |
|
Deferred
income |
|
|
- |
|
|
|
13,726 |
|
Total Current Liabilities |
|
|
138,709,317 |
|
|
|
130,949,874 |
|
|
|
|
|
|
LONG-TERM LIABILITIES |
|
|
|
|
Deferred
taxes liabilities |
|
|
312,693 |
|
|
|
1,593,582 |
|
Bond
payable |
|
|
- |
|
|
|
- |
|
Financial derivate - liability |
|
|
- |
|
|
|
- |
|
Total Long-Term Liabilities |
|
|
312,693 |
|
|
|
1,593,582 |
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
139,022,010 |
|
|
|
132,543,456 |
|
|
|
|
|
|
STOCKHOLDER'S EQUITY |
|
|
|
|
Common
stock, $0.001 par value; 100,000,000 shares authorized; 47,019,638
and 46,964,855 shares issued and outstanding at March 31,2016 and
December 31,2015, respectively |
|
|
47,020 |
|
|
|
46,965 |
|
Additional paid-in capital |
|
|
219,886,837 |
|
|
|
212,564,334 |
|
Retained
earnings (the restricted portion is $4,172,324 and $4,172,324 at
March 31,2016 and December 31,2015, respectively) |
|
|
31,144,340 |
|
|
|
31,055,919 |
|
Accumulated other comprehensive income(loss) |
|
|
(3,217,011 |
) |
|
|
(4,741,650 |
) |
TOTAL STOCKHOLDERS' EQUITY |
|
|
247,861,186 |
|
|
|
238,925,568 |
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
|
386,883,196 |
|
$ |
|
371,469,024 |
|
KANDI
TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND |
COMPREHENSIVE INCOME (LOSS) |
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
March 31, 2016 |
% of Revenue |
|
March 31, 2015 |
% of Revenue |
|
Change in Amount |
Change in % |
|
|
|
|
|
|
|
|
|
|
REVENUES,
NET |
$ |
|
50,657,893 |
|
|
$ |
|
43,781,086 |
|
|
|
|
6,876,807 |
|
|
15.7 |
% |
|
|
|
|
|
|
|
|
|
|
COST OF GOODS SOLD |
|
|
43,939,795 |
|
|
86.7 |
% |
|
|
37,410,353 |
|
|
85.4 |
% |
|
|
6,529,442 |
|
|
17.5 |
% |
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
|
|
6,718,098 |
|
|
13.3 |
% |
|
|
6,370,733 |
|
|
14.6 |
% |
|
|
347,365 |
|
|
5.5 |
% |
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
Research and development |
|
|
205,968 |
|
|
0.4 |
% |
|
|
571,020 |
|
|
1.3 |
% |
|
|
(365,052 |
) |
|
(63.9 |
%) |
Selling and marketing |
|
|
46,335 |
|
|
0.1 |
% |
|
|
113,895 |
|
|
0.3 |
% |
|
|
(67,560 |
) |
|
(59.3 |
%) |
General and administrative |
|
|
8,032,882 |
|
|
15.9 |
% |
|
|
3,780,648 |
|
|
8.6 |
% |
|
|
4,252,234 |
|
|
112.5 |
% |
Total Operating
Expenses |
|
|
8,285,185 |
|
|
16.4 |
% |
|
|
4,465,563 |
|
|
10.2 |
% |
|
|
3,819,622 |
|
|
85.5 |
% |
|
|
|
|
|
|
|
|
|
|
INCOME(LOSS) FROM
OPERATIONS |
|
|
(1,567,087 |
) |
|
(3.1 |
%) |
|
|
1,905,170 |
|
|
4.4 |
% |
|
|
(3,472,257 |
) |
|
(182.3 |
%) |
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME(EXPENSE): |
|
|
|
|
|
|
|
|
|
Interest income |
|
|
780,181 |
|
|
1.5 |
% |
|
|
590,480 |
|
|
1.3 |
% |
|
|
189,701 |
|
|
32.1 |
% |
Interest expense |
|
|
(442,079 |
) |
|
(0.9 |
%) |
|
|
(598,591 |
) |
|
(1.4 |
%) |
|
|
156,512 |
|
|
(26.1 |
%) |
Change in fair value of financial
instruments |
|
|
3,286,340 |
|
|
6.5 |
% |
|
|
4,750,300 |
|
|
10.9 |
% |
|
|
(1,463,960 |
) |
|
(30.8 |
%) |
Government grants |
|
|
194,473 |
|
|
0.4 |
% |
|
|
- |
|
|
0.0 |
% |
|
|
194,473 |
|
|
Share of profit after tax of
JV |
|
|
(4,822,470 |
) |
|
(9.5 |
%) |
|
|
469,356 |
|
|
1.1 |
% |
|
|
(5,291,826 |
) |
|
(1127.5 |
%) |
Other income, net |
|
|
22,387 |
|
|
0.0 |
% |
|
|
23,847 |
|
|
0.1 |
% |
|
|
(1,460 |
) |
|
(6.1 |
%) |
Total other income,
net |
|
|
(981,168 |
) |
|
(1.9 |
%) |
|
|
5,235,392 |
|
|
12.0 |
% |
|
|
(6,216,560 |
) |
|
(118.7 |
%) |
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES |
|
|
(2,548,255 |
) |
|
(5.0 |
%) |
|
|
7,140,562 |
|
|
16.3 |
% |
|
|
(9,688,817 |
) |
|
(135.7 |
%) |
|
|
|
|
|
|
|
|
|
|
INCOME TAX EXPENSE |
|
|
2,636,675 |
|
|
5.2 |
% |
|
|
(1,008,909 |
) |
|
(2.3 |
%) |
|
|
3,645,584 |
|
|
(361.3 |
%) |
|
|
|
|
|
|
|
|
|
|
NET INCOME |
|
|
88,420 |
|
|
0.2 |
% |
|
|
6,131,653 |
|
|
14.0 |
% |
|
|
(6,043,233 |
) |
|
(98.6 |
%) |
|
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE INCOME |
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
|
1,524,639 |
|
|
|
|
493,211 |
|
|
|
|
1,031,428 |
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME(LOSS) |
$ |
|
1,613,059 |
|
|
$ |
|
6,624,864 |
|
|
|
|
(5,011,805 |
) |
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES
OUTSTANDING BASIC |
|
|
47,009,834 |
|
|
|
|
46,281,299 |
|
|
|
|
|
WEIGHTED AVERAGE SHARES
OUTSTANDING DILUTED |
|
|
47,027,744 |
|
|
|
|
46,397,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME PER SHARE, BASIC |
$ |
|
0.00 |
|
|
$ |
|
0.13 |
|
|
|
|
|
NET INCOME PER SHARE, DILUTED |
$ |
|
0.00 |
|
|
$ |
|
0.13 |
|
|
|
|
|
KANDI
TECHNOLOGIES GROUP, INC. |
AND
SUBSIDIARIES |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|
|
Three Months Ended |
|
|
March 31, 2016 |
|
March 31, 2015 |
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
Net
income(loss) |
$ |
|
88,420 |
|
$ |
|
6,131,653 |
|
Adjustments to reconcile net income to net cash provided by
operating activities |
|
|
|
|
Depreciation and amortization |
|
|
1,223,243 |
|
|
|
1,479,384 |
|
Assets
Impairments |
|
|
- |
|
|
|
- |
|
Deferred
taxes |
|
|
(4,397,828 |
) |
|
|
- |
|
Change
in fair value of financial instruments |
|
|
(3,286,340 |
) |
|
|
(4,750,300 |
) |
Loss
(income) in investment in associated companies |
|
|
- |
|
|
|
- |
|
Share of
profit after tax of JV Company |
|
|
4,822,470 |
|
|
|
(469,356 |
) |
Stock
Compensation cost |
|
|
6,887,892 |
|
|
|
2,049,683 |
|
|
|
|
|
|
Changes in operating assets and liabilities, net of effects
of acquisition: |
|
|
|
|
(Increase) Decrease In: |
|
|
|
|
Accounts
receivable |
|
|
(32,225,627 |
) |
|
|
(12,844,602 |
) |
Inventories |
|
|
(7,815,491 |
) |
|
|
(11,246,265 |
) |
Other
receivables |
|
|
(144,118 |
) |
|
|
(65,602 |
) |
Due from
employee |
|
|
(67,798 |
) |
|
|
(10,225 |
) |
Prepayments and prepaid expenses |
|
|
(441,602 |
) |
|
|
(527,687 |
) |
Amount
due from JV Company |
|
|
(15,899,018 |
) |
|
|
(19,570,708 |
) |
|
|
|
|
|
Increase (Decrease) In: |
|
|
|
|
Accounts
payable |
|
|
16,975,799 |
|
|
|
31,915,168 |
|
Other
payables and accrued liabilities |
|
|
(7,875,311 |
) |
|
|
(1,438,571 |
) |
Customer
deposits |
|
|
54,289 |
|
|
|
1,365 |
|
Income
Tax payable |
|
|
1,165,635 |
|
|
|
(130,488 |
) |
Net cash (used in ) provided by operating
activities |
$ |
|
(6,153,618 |
) |
$ |
|
(9,476,551 |
) |
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
(Purchases)/Disposal of plant and equipment, net |
|
|
(29,696 |
) |
|
|
(233,343 |
) |
(Purchases)/Disposal of land use rights and other intangible
assets |
|
13,767 |
|
|
|
- |
|
(Purchases)/Disposal of construction in progress |
|
|
(28,140 |
) |
|
|
(39,266 |
) |
Disposal
of associated company |
|
|
- |
|
|
|
- |
|
Issuance
of notes receivable |
|
|
(614,592 |
) |
|
|
(4,225,884 |
) |
Repayment of notes receivable |
|
|
2,430,657 |
|
|
|
2,584,147 |
|
Short
Term Investment |
|
|
-1,455,727 |
|
|
|
- |
|
Cash
acquired in acquisition |
|
|
- |
|
|
|
- |
|
Net cash provided by (used in) investing
activities |
$ |
|
316,269 |
|
$ |
|
(1,914,346 |
) |
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
Restricted cash |
|
|
- |
|
|
|
(12,366,201 |
) |
Proceeds from short-term bank loans |
|
|
- |
|
|
|
6,338,475 |
|
Repayments of short-term bank loans |
|
|
- |
|
|
|
- |
|
Proceeds from notes payable |
|
|
2,063,766 |
|
|
|
6,663,525 |
|
Fund raising through issuing common stock and
warrants |
|
0 |
|
|
|
- |
|
Option exercise,stock awards & other financing |
|
|
- |
|
|
|
- |
|
Warrant exercise |
|
|
434,666 |
|
|
|
- |
|
Common stock issued for acquisition, net of cost of
capital |
|
- |
|
|
|
- |
|
Net cash (used in) provided by financing
activities |
$ |
|
2,498,432 |
|
$ |
|
635,799 |
|
|
|
|
|
|
NET INCREASE IN CASH AND CASH EQUIVALENTS |
|
|
(3,338,917 |
) |
|
|
(10,755,098 |
) |
Effect
of exchange rate changes on cash |
|
|
48,024 |
|
|
|
11,296 |
|
Cash and
cash equivalents at beginning of year |
|
|
16,738,559 |
|
|
|
26,379,460 |
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
|
13,447,666 |
|
|
|
15,635,658 |
|
|
|
|
|
|
SUPPLEMENTARY CASH FLOW INFORMATION |
|
|
|
|
Income
taxes paid |
|
|
595,518 |
|
|
|
1,139,397 |
|
Interest
paid |
|
|
445,176 |
|
|
|
577,874 |
|
Company Contact:
Ms. Kewa LuoKandi Technologies Group, Inc.Phone:
1-212-551-3610Email: IR@kandigroup.com
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