Kandi Technologies Group, Inc. (the “Company,”
“we” or “Kandi”) (NASDAQ:KNDI), announced a correction to its press
release issued on Tuesday, May 10, 2016 entitled, “Kandi
Technologies Reports First Quarter 2016 Financial Results.”
In the press release issued at 7:00 am ET,
“Amount due from JV Company, net”, “Land use rights, net”,
“Construction in progress” were missing from Balance Sheets and
“Due from related party” was missing from Statements of Cash Flows
due to the table format adjustment. There are also cosmetic edits
in the wording of certain entries in the financial statement
tables.
The complete press release with corrected
information is as follows:
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 the 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 |
|
|
|
March
31, |
|
|
December 31, |
|
|
|
2016 |
|
|
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 JV
Company, net |
|
92,789,649 |
|
|
76,172,471 |
|
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 |
|
Land use rights,
net |
|
12,934,208 |
|
|
12,935,121 |
|
Construction in
progress |
|
54,750,430 |
|
|
54,368,753 |
|
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 |
|
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 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) |
(UNAUDITED) |
|
|
|
Three Months Ended |
|
|
|
March
31, |
|
|
|
March
31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
REVENUES,
NET |
$ |
50,657,893 |
|
|
$ |
43,781,086 |
|
|
|
|
|
|
|
|
|
COST OF GOODS SOLD |
|
43,939,795 |
|
|
|
37,410,353 |
|
|
|
|
|
|
|
|
|
GROSS
PROFIT |
|
6,718,098 |
|
|
|
6,370,733 |
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
Research and
development |
|
205,968 |
|
|
|
571,020 |
|
Selling and
marketing |
|
46,335 |
|
|
|
113,895 |
|
General and
administrative |
|
8,032,882 |
|
|
|
3,780,648 |
|
Total Operating
Expenses |
|
8,285,185 |
|
|
|
4,465,563 |
|
|
|
|
|
|
|
|
|
INCOME(LOSS)
FROM OPERATIONS |
|
(1,567,087 |
) |
|
|
1,905,170 |
|
|
|
|
|
|
|
|
|
OTHER
INCOME(EXPENSE): |
|
|
|
|
|
|
|
Interest income |
|
780,181 |
|
|
|
590,480 |
|
Interest expense |
|
(442,079 |
) |
|
|
(598,591 |
) |
Change in fair value of
financial instruments |
|
3,286,340 |
|
|
|
4,750,300 |
|
Government grants |
|
194,473 |
|
|
|
- |
|
Share of profit after
tax of JV |
|
(4,822,470 |
) |
|
|
469,356 |
|
Other income, net |
|
22,387 |
|
|
|
23,847 |
|
Total other
income (loss), net |
|
(981,168 |
) |
|
|
5,235,392 |
|
|
|
|
|
|
|
|
|
INCOME BEFORE
INCOME TAXES |
|
(2,548,255 |
) |
|
|
7,140,562 |
|
|
|
|
|
|
|
|
|
INCOME TAX BENEFIT
(EXPENSE) |
|
2,636,675 |
|
|
|
(1,008,909 |
) |
|
|
|
|
|
|
|
|
NET
INCOME |
|
88,420 |
|
|
|
6,131,653 |
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE
INCOME |
|
|
|
|
|
|
|
Foreign currency
translation |
|
1,524,639 |
|
|
|
493,211 |
|
|
|
|
|
|
|
|
|
COMPREHENSIVE
INCOME |
$ |
1,613,059 |
|
|
$ |
6,624,864 |
|
|
|
|
|
|
|
|
|
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 |
(UNAUDITED) |
|
|
|
Three Months Ended |
|
|
|
March 31, 2016 |
|
|
|
March 31, 2015 |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
Net income |
$ |
|
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 |
|
Deferred taxes |
|
|
(4,397,828 |
) |
|
|
- |
|
Change in fair value of
financial instruments |
|
|
(3,286,340 |
) |
|
|
(4,750,300 |
) |
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 |
) |
Due from related
party |
|
|
34,781,767 |
|
|
|
- |
|
Net cash used
in operating activities |
$ |
|
(6,153,618 |
) |
|
$ |
(9,476,551 |
) |
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
Purchases of plant and
equipment, net |
|
|
(29,696 |
) |
|
|
(233,343 |
) |
Disposal of land use
rights and other intangible assets |
|
|
13,767 |
|
|
|
- |
|
Purchases of
construction in progress |
|
|
(28,140 |
) |
|
|
(39,266 |
) |
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 |
) |
|
|
- |
|
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 |
|
Proceeds from notes payable |
|
|
2,063,766 |
|
|
|
6,663,525 |
|
Warrant exercise |
|
|
434,666 |
|
|
|
- |
|
Net cash
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 Luo
Kandi Technologies Group, Inc.
Phone: 1-212-551-3610
Email: IR@kandigroup.com
Kandi Technolgies (NASDAQ:KNDI)
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