Q2 2016 revenue increased 15.1% YoY to $55.2
millionQ2 JV’s EV products sales exceed expectations by 20%,
reaching 7,200, a 61.9% YoY increaseQ2 2016 Non-GAAP net income
increased 114.8% YoY to $10.5 million, or $0.22 EPS
Kandi Technologies Group, Inc. (the “Company,”
“we” or “Kandi”) (NASDAQ:KNDI) today announced its financial
results for the second quarter of 2016.
Second Quarter Highlights
- Total revenues grew 15.1% to $55.2 million for the second
quarter of 2016, compared with $48.0 million for the same period of
2015;
- Electric Vehicle (“EV”) parts sales increased 15.4% to $53.8
million for the second quarter of 2016, compared with $46.6 million
in the same period of 2015;
- Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"),
sold 7,200 units of EV products, including 5,072 EV products to the
Micro Public Transportation (MPT) program and 2,128 EV products to
the direct sales program, a 61.9% increase compared to the same
period last year;
- GAAP net income for the second quarter of 2016 was $2.8
million, or $0.06 per fully‑diluted share, compared with $5.4
million, or $0.12 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 $10.5 million in the second quarter of 2016, compared with $4.9
million of the same period of 2015. Non-GAAP adjusted earnings per
share1 was approximately $0.22 per fully‑diluted share for the
first quarter of 2016 compared with $0.10 per fully‑diluted share
for the same quarter of 2015; and
- Working capital surplus was $67.4 million as of June 30, 2016.
Cash, cash equivalents and restricted cash totaled $34.1million as
of June 30, 2016.
“After more than 3 months of waiting, the JV
Company finally obtained the approval for a purchase tax exemption
for its “Global Hawk” EV products and had a positive sales
performance in May and June. The total number of EV products sold
in the second quarter was 7,200, a 61.9% increase compared to the
same period of 2015 and exceeded our guidance by 20%,” commented
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi.
“Notably, Zhejiang Geely Holding Group, the parent company of Geely
Automobile Holdings Ltd., is planning to purchase 50% of the equity
of Shanghai Maple Guorun Automobile Co., Ltd. at a premium price (a
purchase price exceeding the cash amount of the aggregate of the
original investment and the shared profits over the years), which
will support the future growth of the JV Company and also create
better conditions for the JV Company to apply for its EV production
license and pursue public listing in China. Recently Zhejiang
Zuozhongyou Electric Vehicles Service Co., Ltd. (the “Service
Company”) expanded its micro public transportation program into two
new cities, Tianjin and Jiangyin. Pang Da Automobile Trade Co.,
Ltd. (“Pang Da”) has also signed a framework sales agreement
pursuant to which Pang Da is to buy at least 60,000 EVs in the next
four years from the JV Company for its Green Campus Drive Electric
Campaign. We are excited to see progress and continued business
growth in the future.”
“We have performed very well financially during the
second quarter of 2016,” added Mr. Wang Cheng (Henry), Chief
Financial Officer of Kandi. “Our margin improved compared to the
same quarter last year, and our non-GAAP net income reached $10.5
million, a 114.8% increase compared to $4.9 million in the same
period of 2015. We realized positive cash flow of $3.2 million in
the first half of 2016, compared to negative cash flow of $17.0
million in the same period of 2015.”
Net Revenues and Gross Profit
|
2Q16 |
1Q16 |
2Q15 |
Q-o-Q% |
Y-o-Y% |
Net Revenues (US$mln) |
$ |
55.2 |
|
$ |
50.7 |
|
$ |
48.0 |
|
|
9.0 |
% |
|
15.1 |
% |
Gross Profit (US$mln) |
$ |
8.5 |
|
$ |
6.7 |
|
$ |
6.5 |
|
|
25.9 |
% |
|
30.2 |
% |
Gross Margin |
|
15.3 |
% |
|
13.3 |
% |
|
13.5 |
% |
|
- |
|
|
- |
|
Net revenues for the second quarter of 2016
increased 15.1% compared to the same quarter last year. This
increase in net revenues was mainly due to the growth in EV parts
sales. Gross margin was 15.3%, 1.8% higher compared to 13.5%
for the same quarter of 2015, which was the result of cost
reduction on batteries purchased.
Operating Income (Loss)
|
2Q16 |
1Q16 |
2Q15 |
Q-o-Q% |
Y-o-Y% |
Operating Expenses (US$mln) |
$ |
10.8 |
|
$ |
8.3 |
|
$ |
4.5 |
|
|
31.0 |
% |
|
141.5 |
% |
Operating Income (Loss) (US$mln) |
($ |
2.4 |
) |
($ |
1.6 |
) |
$ |
2.0 |
|
|
- |
|
|
- |
|
Operating Margin |
|
-4.3 |
% |
|
-3.1 |
% |
|
4.2 |
% |
|
- |
|
|
- |
|
Operating Income (Loss) (US$mln) (Non-GAAP) |
$ |
5.9 |
|
$ |
5.3 |
|
$ |
5.5 |
|
|
10.4 |
% |
|
7.2 |
% |
Total operating expenses in the second quarter of
2016 were $10.8 million, compared with $4.5 million in the same
quarter of 2015. The increase in total operating expenses was due
to an increase in stock compensation expenses, which were $8.3
million in this quarter, compared with $3.5 million in the same
quarter last year. Excluding stock compensation expenses, operating
expenses in the second quarter of 2016 were $2.6 million, compared
with $1.0 million in the same quarter last year. This increase was
mainly due to the maintenance expenses of batteries and a one-time
expense reversal in the second quarter of 2015.
GAAP Net Income
|
2Q16 |
1Q16 |
2Q15 |
Q-o-Q% |
Y-o-Y% |
Net Income (Loss) (US$mln) |
$ |
2.8 |
|
$ |
0.1 |
|
$ |
5.4 |
|
|
3059.0 |
% |
|
-48.5 |
% |
Earnings per Weighted Average Common Share |
$ |
0.06 |
|
$ |
0.00 |
|
$ |
0.12 |
|
|
- |
|
|
- |
|
Earnings per Weighted Average Diluted Share |
$ |
0.06 |
|
$ |
0.00 |
|
$ |
0.12 |
|
|
- |
|
|
- |
|
Stock award expenses |
$ |
8.3 |
|
$ |
6.9 |
|
$ |
3.5 |
|
|
20.1 |
% |
|
137.5 |
% |
Change of the fair value of financial derivatives |
($ |
0.5 |
) |
($ |
3.3 |
) |
($ |
4.0 |
) |
|
- |
|
|
- |
|
Non-GAAP net income (loss) from continuing operations |
$ |
10.5 |
|
$ |
3.7 |
|
$ |
4.9 |
|
|
185.5 |
% |
|
114.8 |
% |
Net income was $2.8 million in the second quarter
of 2016, compared with $5.4 million in the same quarter of 2015.
Net income was affected by significant increases in stock
option expense amortization, gain from the JV Company and change in
the fair value of financial derivatives.
Non-GAAP net income was $10.5 million, a 114.8%
increase in the second quarter of 2016 compared to $4.9 million in
the same quarter of 2015. The increase in Non-GAAP net income was
attributable to growth in revenue and gross profits, net profits
from the JV company and government subsidy income.
Kandi Electric Vehicles Group Co., Ltd. (the “JV
Company”) Financial Results
In the second quarter of 2016, the JV Company sold
7,200 EV products, an increase of 61.9% compared to 4,446 EV
products sold in the same quarter of 2015.
The condensed financial income statement of for JV
Company for the second quarter of 2016 is below:
|
2Q16 |
2Q15 |
Y-o-Y% |
Net Revenues (US$mln) |
$ |
111.8 |
|
$ |
69.0 |
|
|
62.1 |
% |
Gross Profit (US$mln) |
$ |
14.7 |
|
$ |
10.7 |
|
|
37.7 |
% |
Gross Margin |
|
13.1 |
% |
|
15.4 |
% |
|
- |
|
Net Income |
$ |
8.6 |
|
$ |
1.6 |
|
|
444.0 |
% |
% of Net revenue |
|
7.7 |
% |
|
2.3 |
% |
|
- |
|
Revenue for the JV Company was $111.8 million in
the second quarter of 2016, an increase of 62.1% compared to the
same quarter of 2015. Net income was $8.6 million, a 444.0%
increase compared to the same quarter of 2015.
Kandi’s investments in the JV Company are accounted
for using the equity method of accounting because Kandi has a 50%
ownership interest in the JV Company. As a result, Kandi recorded
50% of the JV Company’s income, $4.3 million, for this quarter.
After eliminating intra-entity profits and losses, Kandi’s share of
the after-tax income of the JV Company was $4.9 million for the
second quarter of 2016.
Second Quarter
of 2016
Conference Call Details
The Company has scheduled a conference call and
live webcast to discuss the financial results at 8:00 AM (U.S.
Eastern time) on August 9, 2016 (8:00 PM Beijing time on August 9,
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 1-877-407-3982
- TOLL/INTERNATIONAL 1-201-493-6780
- Webcast and replay:
http://public.viavid.com/index.php?id=120673
The live audio webcast of the call can also be
accessed by visiting Kandi's investor relations website at
http://en.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 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 |
|
|
June 30, 2016 |
|
December 31, 2015 |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
19,533,856 |
|
|
$ |
16,738,559 |
|
Restricted cash |
|
14,519,706 |
|
|
|
16,172,009 |
|
Short
term investment |
|
- |
|
|
|
1,613,727 |
|
Accounts
receivable |
|
40,422,951 |
|
|
|
8,136,421 |
|
Inventories (net of provision for slow moving inventory of $474,683
and $485,901 as of June 30, 2016 and December 31, 2015,
respectively |
|
8,324,176 |
|
|
|
17,773,679 |
|
Notes
receivable |
|
6,192,424 |
|
|
|
13,033,315 |
|
Other
receivables |
|
473,667 |
|
|
|
332,922 |
|
Prepayments and prepaid expense |
|
275,522 |
|
|
|
181,534 |
|
Due from
employees |
|
94,938 |
|
|
|
34,434 |
|
Advances
to suppliers |
|
12,715,165 |
|
|
|
71,794 |
|
Amount
due from JV Company, net |
|
122,807,165 |
|
|
|
76,172,471 |
|
Amount
due from related party |
|
10,957,632 |
|
|
|
40,606,162 |
|
Deferred
taxes assets |
|
928,660 |
|
|
|
- |
|
TOTAL CURRENT ASSETS |
|
237,245,862 |
|
|
|
190,867,027 |
|
|
|
|
|
|
|
|
|
LONG-TERM ASSETS |
|
|
|
|
|
|
|
Property, Plant and equipment, net |
|
17,861,960 |
|
|
|
20,525,126 |
|
Land use
rights, net |
|
12,471,618 |
|
|
|
12,935,121 |
|
Construction in progress |
|
54,448,198 |
|
|
|
54,368,753 |
|
Long
Term Investment |
|
1,429,401 |
|
|
|
1,463,182 |
|
Investment in JV Company |
|
88,346,850 |
|
|
|
90,337,899 |
|
Goodwill |
|
322,591 |
|
|
|
322,591 |
|
Intangible assets |
|
454,258 |
|
|
|
495,306 |
|
Other
long term assets |
|
9,251,729 |
|
|
|
154,019 |
|
TOTAL Long-Term Assets |
|
184,586,605 |
|
|
|
180,601,997 |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
$ |
421,832,467 |
|
|
$ |
371,469,024 |
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
Accounts
payables |
$ |
110,049,815 |
|
|
$ |
73,957,969 |
|
Other
payables and accrued expenses |
|
15,080,603 |
|
|
|
9,544,909 |
|
Short-term loans |
|
35,810,260 |
|
|
|
36,656,553 |
|
Customer
deposits |
|
243,500 |
|
|
|
94,026 |
|
Notes
payable |
|
4,718,077 |
|
|
|
3,850,478 |
|
Income
tax payable |
|
3,894,811 |
|
|
|
624,276 |
|
Due to
employees |
|
14,439 |
|
|
|
9,423 |
|
Deferred
taxes liabilities |
|
- |
|
|
|
2,374,924 |
|
Financial derivate - liability |
|
10,692 |
|
|
|
3,823,590 |
|
Deferred
income |
|
- |
|
|
|
13,726 |
|
Total Current Liabilities |
|
169,822,197 |
|
|
|
130,949,874 |
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
|
|
|
|
|
|
|
Deferred
taxes liabilities |
|
262,042 |
|
|
|
1,593,582 |
|
Total Long-Term Liabilities |
|
262,042 |
|
|
|
1,593,582 |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
170,084,239 |
|
|
|
132,543,456 |
|
|
|
|
|
|
|
|
|
STOCKHOLDER'S EQUITY |
|
|
|
|
|
|
|
Common
stock, $0.001 par value; 100,000,000 shares authorized; 47,689,638
and 46,964,855 shares issued and outstanding at June 30,2016 and
December 31,2015, respectively |
|
47,020 |
|
|
|
46,965 |
|
Additional paid-in capital |
|
228,133,604 |
|
|
|
212,564,334 |
|
Retained
earnings (the restricted portion is $4,172,324 and $4,172,324 at
June 30,2016 and December 31,2015, respectively) |
|
33,937,518 |
|
|
|
31,055,919 |
|
Accumulated other comprehensive income(loss) |
|
(10,369,914 |
) |
|
|
(4,741,650 |
) |
TOTAL STOCKHOLDERS' EQUITY |
|
251,748,228 |
|
|
|
238,925,568 |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
421,832,467 |
|
|
$ |
371,469,024 |
|
|
KANDI TECHNOLOGIES GROUP, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(LOSS) AND |
COMPREHENSIVE INCOME
(LOSS) |
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2016 |
|
June 30, 2015 |
|
June 30, 2016 |
|
June 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES, NET |
$ |
55,217,368 |
|
|
$ |
47,963,460 |
|
|
$ |
105,875,261 |
|
|
$ |
91,744,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF
GOODS SOLD |
|
46,762,331 |
|
|
|
41,471,997 |
|
|
|
90,702,126 |
|
|
|
78,882,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
|
8,455,037 |
|
|
|
6,491,463 |
|
|
|
15,173,135 |
|
|
|
12,862,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
494,193 |
|
|
|
571,621 |
|
|
|
700,161 |
|
|
|
1,142,641 |
|
Selling
and marketing |
|
730,443 |
|
|
|
75,516 |
|
|
|
776,778 |
|
|
|
189,411 |
|
General
and administrative |
|
9,625,194 |
|
|
|
3,845,013 |
|
|
|
17,658,076 |
|
|
|
7,625,661 |
|
Total Operating
Expenses |
|
10,849,830 |
|
|
|
4,492,150 |
|
|
|
19,135,015 |
|
|
|
8,957,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME(LOSS) FROM
OPERATIONS |
|
(2,394,793 |
) |
|
|
1,999,313 |
|
|
|
(3,961,880 |
) |
|
|
3,904,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME(EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
785,152 |
|
|
|
722,843 |
|
|
|
1,565,333 |
|
|
|
1,313,323 |
|
Interest
expense |
|
(432,318 |
) |
|
|
(597,320 |
) |
|
|
(874,397 |
) |
|
|
(1,195,911 |
) |
Change
in fair value of financial instruments |
|
526,558 |
|
|
|
4,003,044 |
|
|
|
3,812,898 |
|
|
|
8,753,344 |
|
Government grants |
|
1,503,384 |
|
|
|
92,863 |
|
|
|
1,697,857 |
|
|
|
92,863 |
|
Share of
profit after tax of JV |
|
4,918,633 |
|
|
|
251,167 |
|
|
|
96,163 |
|
|
|
720,523 |
|
Other
income, net |
|
286,790 |
|
|
|
82,207 |
|
|
|
309,177 |
|
|
|
106,054 |
|
Total other income,
net |
|
7,588,199 |
|
|
|
4,554,804 |
|
|
|
6,607,031 |
|
|
|
9,790,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES |
|
5,193,406 |
|
|
|
6,554,117 |
|
|
|
2,645,151 |
|
|
|
13,694,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
TAX BENEFIT (EXPENSE) |
|
(2,400,226 |
) |
|
|
(1,128,615 |
) |
|
|
236,449 |
|
|
|
(2,137,524 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME |
|
2,793,180 |
|
|
|
5,425,502 |
|
|
|
2,881,600 |
|
|
|
11,557,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
COMPREHENSIVE INCOME(LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
currency translation |
|
(7,152,903 |
) |
|
|
448,032 |
|
|
|
(5,628,264 |
) |
|
|
941,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME(LOSS) |
$ |
(4,359,723 |
) |
|
$ |
5,873,534 |
|
|
$ |
(2,746,664 |
) |
|
$ |
12,498,398 |
|
WEIGHTED
AVERAGE SHARES OUTSTANDING BASIC |
|
47,601,286 |
|
|
|
46,759,651 |
|
|
|
47,305,560 |
|
|
|
46,523,584 |
|
WEIGHTED
AVERAGE SHARES OUTSTANDING DILUTED |
|
47,601,286 |
|
|
|
46,896,809 |
|
|
|
47,311,584 |
|
|
|
46,800,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME PER SHARE, BASIC |
$ |
0.06 |
|
|
$ |
0.12 |
|
|
$ |
0.06 |
|
|
$ |
0.25 |
|
NET
INCOME PER SHARE, DILUTED |
$ |
0.06 |
|
|
$ |
0.12 |
|
|
$ |
0.06 |
|
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KANDI TECHNOLOGIES GROUP,
INC. |
AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
|
|
|
Six Months Ended |
|
|
June 30, 2016 |
|
June 30, 2015 |
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
|
|
|
|
Net
income |
$ |
2,881,600 |
|
|
$ |
11,557,155 |
|
Adjustments to reconcile net income to net cash provided by
operating activities |
|
|
|
|
|
|
|
Depreciation and amortization |
|
2,458,160 |
|
|
|
2,955,663 |
|
Deferred
taxes |
|
(4,645,415 |
) |
|
|
(153,916 |
) |
Change
in fair value of financial instruments |
|
(3,812,898 |
) |
|
|
(8,753,344 |
) |
Share of
profit after tax of JV Company |
|
(96,163 |
) |
|
|
(720,523 |
) |
Stock
Compensation cost |
|
15,134,658 |
|
|
|
5,482,808 |
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities, net of effects
of acquisition: |
|
|
|
|
|
|
|
(Increase) Decrease
In: |
|
|
|
|
|
|
|
Accounts
receivable |
|
(33,014,640 |
) |
|
|
(14,077,317 |
) |
Inventories |
|
9,189,542 |
|
|
|
(12,122,839 |
) |
Other
receivables and other assets |
|
(9,424,711 |
) |
|
|
(58,055 |
) |
Due from
employee |
|
(56,998 |
) |
|
|
(9,250 |
) |
Prepayments and prepaid expenses |
|
(12,953,797 |
) |
|
|
(143,163 |
) |
Amount
due from JV Company |
|
(49,198,396 |
) |
|
|
(50,224,378 |
) |
|
|
|
|
|
|
|
|
Increase (Decrease)
In: |
|
|
|
|
|
|
|
Accounts
payable |
|
38,423,919 |
|
|
|
54,732,723 |
|
Other
payables and accrued liabilities |
|
6,009,203 |
|
|
|
(1,716,848 |
) |
Customer
deposits |
|
154,168 |
|
|
|
106,563 |
|
Income
Tax payable |
|
3,363,489 |
|
|
|
506,321 |
|
Due from
related party |
|
29,188,707 |
|
|
|
- |
|
Net cash used in operating
activities |
$ |
(6,399,572 |
) |
|
$ |
(12,638,400 |
) |
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
|
|
|
|
Purchases of plant and equipment, net |
|
(37,554 |
) |
|
|
(291,895 |
) |
Disposal
of land use rights and other intangible assets |
|
13,775 |
|
|
|
- |
|
Purchases of construction in progress |
|
(1,356,866 |
) |
|
|
(39,361 |
) |
Issuance
of notes receivable |
|
(42,626,834 |
) |
|
|
(5,588,283 |
) |
Repayment of notes receivable |
|
49,275,627 |
|
|
|
4,145,502 |
|
Short
Term Investment |
|
1,602,698 |
|
|
|
- |
|
Net cash provided by (used in) investing
activities |
$ |
6,870,846 |
|
|
$ |
(1,774,037 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
Restricted cash |
|
1,300,215 |
|
|
|
(9,937,929 |
) |
Proceeds from short-term bank
loans |
|
- |
|
|
|
19,061,273 |
|
Repayments of short-term bank
loans |
|
- |
|
|
|
(15,965,853 |
) |
Proceeds from notes payable |
|
4,796,570 |
|
|
|
9,937,929 |
|
Repayment of notes payable |
|
(3,824,162 |
) |
|
|
(5,716,427 |
) |
Warrant exercise |
|
434,666 |
|
|
|
- |
|
Net cash (used in) provided by financing
activities |
$ |
2,707,289 |
|
|
$ |
(2,621,007 |
) |
|
|
|
|
|
|
|
|
NET INCREASE IN CASH AND CASH EQUIVALENTS |
|
3,178,563 |
|
|
|
(17,033,444 |
) |
Effect
of exchange rate changes on cash |
|
(383,266 |
) |
|
|
117,975 |
|
Cash and
cash equivalents at beginning of year |
|
16,738,559 |
|
|
|
26,379,460 |
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
19,533,856 |
|
|
|
9,463,991 |
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY CASH FLOW INFORMATION |
|
|
|
|
|
|
|
Income
taxes paid |
|
1,051,032 |
|
|
|
1,310,173 |
|
Interest
paid |
|
877,496 |
|
|
|
1,192,526 |
|
|
|
|
|
|
|
|
|
Company Contact:
Ms. Kewa Luo
Kandi Technologies Group, Inc.
Phone: 1-212-551-3610
Email: IR@kandigroup.com
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