Kandi Technologies Group, Inc. (the “Company,”
“we” or “Kandi”) (NASDAQ:KNDI), today announced its financial
results for the full year ended December 31, 2016.
Full Year 2016 Highlights
- Total revenues were $129.5 million in 2016, a decrease of 35.6%
from total revenues of $201.1 million in 2015.
- EV parts sales decreased by 38.8% to $120.1 million in 2016,
compared with EV parts sales of $196.1 million in 2015.
- Off-road vehicles sales increased by 13.5% to $5.7 million in
2016, compared with off-road vehicle sales of $5.0 million in
2015.
- Kandi Electric Vehicles Group Co., Ltd. (The “JV Company”) sold
10,148 EV products in 2016, compared to 24,220 EV products sold in
2015. Total EV products sales included 4,766 EV products sold to
the Micro Public Transportation (“MPT”) program and 5,382 EV
products sold through distribution channels under our direct sales
program.
- GAAP net loss in 2016 was $6.5 million, or $0.14 loss per fully
diluted share, compared with GAAP net income of $14.7 million, or
$0.31 per fully diluted share, in 2015.
- Non-GAAP adjusted net income1, which excludes stock award
expenses and changes in the fair value of financial derivatives,
was $4.6 million in 2016, compared with non- GAAP adjusted net
income of $28.5 million in 2015. Non-GAAP adjusted earnings per
share1 was approximately $0.10 per fully diluted share for the full
year of 2016, compared with non-GAAP adjusted earnings per share of
$0.61 per fully diluted share for the same quarter of 2015.
- Working capital surplus was $86.3 million as of December 31,
2016. Cash, cash equivalents and restricted cash totaled $25.2
million as of December 31, 2016.
“2016 was a challenging year for us. Compared to the all-time
high EV sales we recorded in 2015, our net sales and profitability
decreased in 2016. This decrease was the result of confusion
surrounding EVs manufactured and sold by the JV Company during 2013
and 2014 that used the reusable battery exchange model. These
issues have since been properly resolved after the several
conversations with the relevant regulatory authorities. Although
the Chinese government’s EV subsidy review has now been finalized,
it had a negative effect on our business in 2016. However, despite
these setbacks, the Company has continued to put forth its best
efforts to improve its products and its business. We are also
excited about progress that we have made in the recent quarters,”
commented Mr. Hu Xiaoming, Chairman and Chief Executive Officer of
Kandi.
“First, Kandi’s wholly-owned subsidiary Kandi Hainan received a
second subsidy payment of RMB 100 million (approximately USD 14.5
million) in November 2016 from the Hainan Provincial Government for
research and development expenditures for a new EV model. The
subsidy payment is a strong indicator of the Hainan government’s
generous support for our Hainan EV project. Second, in December
2016, we received the final results of the Chinese government’s
subsidy review for renewable energy vehicles. According to the
results, EVs that were manufactured by the JV Company in 2015,
2016, and later will remain eligible for the same amount of
government subsidies as previously anticipated. Third, in the first
quarter of 2017, the JV Company’s two Global Hawk EV models,
JL7001BEV18 (Kandi Model K11) and SMA7001BEV25 (Kandi Model K17),
have been included in 2017’s first and second Directories of
Recommended Models for Energy Saving and New Energy Vehicle
Demonstration and Promotion issued by the Chinese Ministry of
Industry and Information Technology. We believe that our inclusion
in these directories has laid a solid foundation for Kandi’s
business growth in 2017. Fourth, our wholly-owned subsidiary
Yongkang Scrou successfully launched its next generation advanced
drive motor, which achieves higher output efficiencies and rated
power at roughly the same cost of production. The JV Company
expects to purchase more than 20,000 next generation drive motor
units from Yongkang Scrou in the second half of 2017. The new motor
will help enhance our product capabilities and increase its
competitive advantages while maintaining effective cost
controls.”
“The Company’s recent form 8-K reports certain financial
reporting issues identified by the Company’s management for the
full years 2014 and 2015 and the first three quarters of 2016. The
Company will include the restatement to its previously issued
financial statements in the annual report on Form 10-K for the
fiscal year ended December 31, 2016, which restatements will
include separate audited financial statements for the JV Company.
The restatements will have no effect on the net income of the
Company as previously reported.”
“Going forward, we are confident with the continued support of
our investors, we will be able to focus on innovation and regain
our leading market position,” Mr. Hu concluded.
Full Year 2016 Financial Results
Net Revenues and Gross Profit
|
|
2016 |
|
2015 |
Y-o-Y% |
Net Revenues (US$mln) |
$ |
129.5 |
|
$ |
201.1 |
|
-35.6 |
% |
Gross Profit (US$mln) |
$ |
17.7 |
|
$ |
28.4 |
|
-37.6 |
% |
Gross Margin |
|
13.7 |
% |
|
14.1 |
% |
- |
|
|
|
|
|
Net revenues for the full year 2016 decreased 35.6% from 2015.
The decrease in net revenues was mainly due to the decrease of
sales volume. Gross margin for the full year 2016 decreased to
13.7%, compared with 14.1% in 2015. The moderate decrease of gross
margin was due to less profitable off-road vehicles sales this
year.
Operating Income (Loss)
|
|
2016 |
|
2015 |
Y-o-Y% |
Operating Expenses (US$mln) |
$ |
48.7 |
|
$ |
32.4 |
|
50.3 |
% |
Operating Income (Loss) (US$mln) |
($ |
31.0 |
) |
($ |
4.0 |
) |
675 |
% |
Operating Margin |
|
-24.0 |
% |
|
-2.0 |
% |
- |
|
Operating Income (Loss) (US$mln) (Non-GAAP) |
($ |
16.1 |
) |
$ |
18.4 |
|
-187.5 |
% |
|
|
|
|
Total operating expenses in 2016 were $48.7 million, compared
with $32.4 million in 2015. The significant increase in total
operating expenses was due to significantly increased research and
development costs for Hainan’s new EV model development.
GAAP Net Income
|
|
2016 |
|
2015 |
Y-o-Y% |
Net Income (US$mln) |
($ |
6.5 |
) |
$ |
14.7 |
|
-144.2 |
% |
Earnings per Weighted Average Common Share |
($ |
0.14 |
) |
$ |
0.31 |
|
- |
|
Earnings per Weighted Average Diluted Share |
($ |
0.14 |
) |
$ |
0.31 |
|
- |
|
Stock award expenses |
$ |
15.0 |
|
$ |
22.4 |
|
-33.0 |
% |
Change of the fair value of financial derivatives |
($ |
3.8 |
) |
($ |
8.5 |
) |
-55.3 |
% |
Non-GAAP net income from continuing operations |
$ |
4.6 |
|
$ |
28.5 |
|
-83.9 |
% |
|
|
|
|
Net loss in 2016 was $6.5 million, compared with net income of
$14.7 million in 2015. The decrease in net income was primarily
attributable to decreased revenue and gross profits, the JV
Company’s net losses, and significantly increased research and
development expenses to help prepare the Company for future
business growth.
JV Company Financial Results
In the fourth quarter 2016, the JV Company sold 2,764 EV
products. For the full year 2016, the JV Company sold 10,148 EV
products, a 58.1% decrease from 2015. Total EV product sales
comprised 4,766 EV products through the MPT program and 5,382 EV
products through our direct distribution channels.
The condensed financial income statement of the JV Company for
the full year 2016 is as set forth below:
|
|
2016 |
|
2015 |
Y-o-Y% |
Net Revenues (US$mln) |
$ |
179.3 |
|
$ |
362.7 |
|
-50.6 |
% |
Gross Profit (US$mln) |
$ |
19.3 |
|
$ |
59.6 |
|
-67.6 |
% |
Gross Margin |
|
10.8 |
% |
|
16.4 |
% |
- |
|
Net Income |
($ |
14.2 |
) |
$ |
23.3 |
|
-160.9 |
% |
% of Net revenues |
|
-7.9 |
% |
|
6.4 |
% |
- |
|
|
|
|
|
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 $7.1 million for the full year 2016. After
eliminating intra-entity profits and losses, Kandi’s share of the
after tax loss of the JV Company was $7.3 million for the full year
2016.
Full Year 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
March 16, 2017 (8:00 PM Beijing time on March 16, 2017). Mr. Hu
Xiaoming, the Company’s Chief Executive Officer and Mr. Mei Bing,
the Company’s 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: +1 877-407-3982 |
• |
|
|
International dial-in
number: +1 201-493-6780 |
• |
|
|
Webcast and replay:
http://public.viavid.com/index.php?id=123367 |
A live audio webcast of the call may 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
- Tables Below -
KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
|
|
December 31, 2016 |
|
|
December 31, 2015 |
|
|
|
|
|
|
Restated |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
12,235,921 |
|
$ |
16,738,559 |
|
Restricted cash |
|
12,957,377 |
|
|
16,172,009 |
|
Short term
investment |
|
4,463,097 |
|
|
1,613,727 |
|
Accounts
receivable |
|
32,394,613 |
|
|
8,136,421 |
|
|
|
|
|
|
|
|
|
|
11,914,110 |
|
|
17,773,679 |
|
Inventories (net of
provision for slow moving inventory of $415,797 and $485,901 as of
December 31, 2016 and December 31, 2015, respectively) |
|
|
|
|
|
|
Notes receivable |
|
- |
|
|
11,102,239 |
|
Notes receivable from
JV Company and related party |
|
400,239 |
|
|
1,931,076 |
|
Other receivables |
|
66,064 |
|
|
332,922 |
|
Prepayments and prepaid
expense |
|
4,317,855 |
|
|
181,534 |
|
Due from employees |
|
4,863 |
|
|
34,434 |
|
Advances to
suppliers |
|
38,250,818 |
|
|
7,618,731 |
|
Amount due from JV
Company, net |
|
136,536,159 |
|
|
76,172,471 |
|
Amount due from related
party |
|
10,484,816 |
|
|
40,606,162 |
|
TOTAL CURRENT
ASSETS |
|
264,025,932 |
|
|
198,413,964 |
|
|
|
|
|
|
|
|
LONG-TERM ASSETS |
|
|
|
|
|
|
Property, Plant and
equipment, net |
|
15,194,442 |
|
|
20,525,126 |
|
Land use rights,
net |
|
11,775,720 |
|
|
12,935,121 |
|
Construction in
progress |
|
27,054,181 |
|
|
46,821,816 |
|
Long Term
Investment |
|
1,367,723 |
|
|
1,463,182 |
|
Investment in JV
Company |
|
77,453,014 |
|
|
90,337,899 |
|
Goodwill |
|
322,591 |
|
|
322,591 |
|
Intangible assets |
|
413,211 |
|
|
495,306 |
|
Other long term
assets |
|
42,091,371 |
|
|
154,019 |
|
TOTAL Long-Term
Assets |
|
175,672,253 |
|
|
173,055,060 |
|
|
|
|
|
|
|
|
TOTAL ASSETS |
$ |
439,698,185 |
|
$ |
371,469,024 |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Accounts payables |
$ |
115,870,051 |
|
$ |
73,957,969 |
|
Other payables and
accrued expenses |
|
4,835,952 |
|
|
9,544,909 |
|
Short-term loans |
|
34,265,065 |
|
|
36,656,553 |
|
Customer deposits |
|
41,671 |
|
|
94,026 |
|
Notes payable |
|
14,797,325 |
|
|
3,850,478 |
|
Income tax payable |
|
1,364,235 |
|
|
624,276 |
|
Due to employees |
|
21,214 |
|
|
9,423 |
|
Deferred taxes
liabilities |
|
118,643 |
|
|
2,374,924 |
|
Financial derivate -
liability |
|
- |
|
|
3,823,590 |
|
Deferred income |
|
6,363,751 |
|
|
13,726 |
|
Total Current
Liabilities |
|
177,677,907 |
|
|
130,949,874 |
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES |
|
|
|
|
|
|
Long term bank
loans |
|
28,794,172 |
|
|
- |
|
Deferred taxes
liabilities |
|
878,639 |
|
|
1,593,582 |
|
Total Long-Term
Liabilities |
|
29,672,811 |
|
|
1,593,582 |
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
207,350,718 |
|
|
132,543,456 |
|
|
|
|
|
|
|
|
STOCKHOLDER'S
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, $0.001
par value; 100,000,000 shares authorized; 47,699,638 and 46,964,855
shares issued and outstanding at December 31,2016 and |
|
47,700 |
|
|
46,965 |
|
December 31,2015,
respectively |
|
|
|
|
|
|
Additional paid-in
capital |
|
227,911,477 |
|
|
212,564,334 |
|
|
|
|
|
|
|
|
|
|
24,545,163 |
|
|
31,055,919 |
|
Retained earnings (the
restricted portion is $4,219,808 and $4,172,324 at December 31,2016
and December 31,2015, respectively) |
|
|
|
|
|
|
Accumulated other
comprehensive income (loss) |
|
(20,156,873 |
) |
|
(4,741,650 |
) |
TOTAL STOCKHOLDERS'
EQUITY |
|
232,347,467 |
|
|
238,925,568 |
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY |
$ |
439,698,185 |
|
$ |
371,469,024 |
|
|
|
|
|
|
|
|
KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE
INCOME (LOSS) FOR THE YEARS ENDED DECEMBER 31,
2016, 2015 AND 2014
|
|
|
|
|
Year Ended |
|
|
|
|
|
|
December 31, 2016 |
|
|
December 31, 2015 |
|
|
December 31, 2014 |
|
|
|
|
|
|
Restated |
|
|
Restated |
|
|
|
|
|
|
|
|
|
|
|
REVENUES FROM UNRELATED
PARTY, NET |
$ |
47,870,589 |
|
$ |
6,790,032 |
|
$ |
49,539,910 |
|
REVENUES FROM JV
COMPANY AND RELATED PARTY, NET |
|
81,621,424 |
|
|
194,279,141 |
|
|
120,689,096 |
|
|
|
|
|
|
|
|
|
|
|
REVENUES, NET |
|
129,492,013 |
|
|
201,069,173 |
|
|
170,229,006 |
|
|
|
|
|
|
|
|
|
|
|
COST OF GOODS SOLD |
|
111,770,197 |
|
|
172,649,955 |
|
|
146,825,073 |
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
|
17,721,816 |
|
|
28,419,218 |
|
|
23,403,933 |
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
Research and
development |
|
26,504,650 |
|
|
3,482,511 |
|
|
2,755,637 |
|
Selling and
marketing |
|
1,567,707 |
|
|
633,863 |
|
|
1,345,588 |
|
General and
administrative |
|
20,665,709 |
|
|
28,255,267 |
|
|
14,058,548 |
|
Total Operating
Expenses |
|
48,738,066 |
|
|
32,371,641 |
|
|
18,159,773 |
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM
OPERATIONS |
|
(31,016,250 |
) |
|
(3,952,423 |
) |
|
5,244,160 |
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE): |
|
|
|
|
|
|
|
|
|
Interest income |
|
2,961,153 |
|
|
3,138,717 |
|
|
1,701,121 |
|
Interest expense |
|
(1,831,667 |
) |
|
(2,214,635 |
) |
|
(3,480,646 |
) |
Change in fair value of
financial instruments |
|
3,823,590 |
|
|
8,519,295 |
|
|
6,531,308 |
|
Government grants |
|
25,913,540 |
|
|
1,645,032 |
|
|
288,498 |
|
Share of profit (loss)
in associated companies |
|
0 |
|
|
0 |
|
|
(54,308 |
) |
Share of profit (loss)
after tax of JV |
|
(7,307,510 |
) |
|
11,841,855 |
|
|
4,490,266 |
|
Other income (expense),
net |
|
1,627,933 |
|
|
1,814,882 |
|
|
(34,649 |
) |
Total other income,
net |
|
25,187,039 |
|
|
24,745,146 |
|
|
9,441,590 |
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES |
|
(5,829,211 |
) |
|
20,792,723 |
|
|
14,685,750 |
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX BENEFIT
(EXPENSE) |
|
(681,546 |
) |
|
(6,127,228 |
) |
|
(2,414,412 |
) |
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
|
(6,510,757 |
) |
|
14,665,495 |
|
|
12,271,338 |
|
|
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE
INCOME (LOSS) |
|
|
|
|
|
|
|
|
|
Foreign currency
translation |
|
(15,415,223 |
) |
|
(9,631,753 |
) |
|
(2,725,143 |
) |
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME
(LOSS) |
$ |
(21,925,980 |
) |
$ |
5,033,742 |
|
$ |
9,546,195 |
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES
OUTSTANDING BASIC |
|
47,447,665 |
|
|
46,744,718 |
|
|
42,583,495 |
|
WEIGHTED AVERAGE SHARES
OUTSTANDING DILUTED |
|
47,447,665 |
|
|
46,925,554 |
|
|
42,715,818 |
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) PER
SHARE, BASIC |
$ |
(0.14 |
) |
$ |
0.31 |
|
$ |
0.29 |
|
NET INCOME (LOSS) PER
SHARE, DILUTED |
$ |
(0.14 |
) |
$ |
0.31 |
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
|
|
KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW FOR THE YEARS ENDED DECEMBER
31, 2016, 2015 AND 2014
|
|
Year Ended |
|
|
|
December 31, 2016 |
|
|
December 31, 2015 |
|
|
December 31, 2014 |
|
|
|
|
|
|
As Restated |
|
|
As Restated |
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(6,510,757 |
) |
$ |
14,665,495 |
|
$ |
12,271,338 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities |
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
4,863,277 |
|
|
5,788,780 |
|
|
5,571,465 |
|
Assets Impairments |
|
(40,142 |
) |
|
194,366 |
|
|
0 |
|
Deferred taxes |
|
3,651,362 |
|
|
1,446,345 |
|
|
1,579,855 |
|
Change in fair value of
financial instruments |
|
(3,823,590 |
) |
|
(8,519,295 |
) |
|
(6,531,308 |
) |
|
|
|
|
|
|
|
|
|
|
Loss (income) in
investment in associated companies |
|
0 |
|
|
0 |
|
|
54,308 |
|
Share of profit after
tax of JV Company |
|
7,307,510 |
|
|
(11,841,855 |
) |
|
(4,490,266 |
) |
Decrease in reserve for
fixed assets |
|
0 |
|
|
0 |
|
|
(302,023 |
) |
Stock Compensation
cost |
|
14,913,212 |
|
|
22,306,987 |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
Changes in operating
assets and liabilities, net of effects of acquisition: |
|
|
|
|
|
|
|
|
|
(Increase) Decrease
In: |
|
|
|
|
|
|
|
|
|
Accounts
receivable |
|
(40,962,889 |
) |
|
(16,240,270 |
) |
|
13,739,774 |
|
Notes receivable |
|
1,383,605 |
|
|
1,708,223 |
|
|
0 |
|
Notes receivable from
the JV Company and related parties |
|
|
|
|
|
|
|
|
|
Inventories |
|
4,952,792 |
|
|
(3,497,460 |
) |
|
(6,280,502 |
) |
Other receivables |
|
(43,650,395 |
) |
|
(193,954 |
) |
|
315,071 |
|
Due from employee |
|
41,529 |
|
|
(7,596 |
) |
|
5,139 |
|
Prepayments and prepaid
expenses |
|
(9,209,955 |
) |
|
6,664,779 |
|
|
2,609,162 |
|
Amount due from JV
Company |
|
(111,996,250 |
) |
|
(127,667,063 |
) |
|
(62,142,181 |
) |
Due from related
party |
|
28,715,113 |
|
|
(42,249,905 |
) |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
In: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
112,150,789 |
|
|
164,704,112 |
|
|
43,114,334 |
|
Other payables and
accrued liabilities |
|
(3,790,859 |
) |
|
5,300,095 |
|
|
2,694,689 |
|
Notes payable |
|
(8,480,858 |
) |
|
(15,398,471 |
) |
|
(1,951,788 |
) |
Customer deposits |
|
(48,312 |
) |
|
(2,496,382 |
) |
|
2,588,830 |
|
Income Tax payable |
|
1,008,274 |
|
|
(1,039,187 |
) |
|
482,020 |
|
Net cash (used in )
provided by operating activities |
$ |
(49,526,543 |
) |
$ |
(6,372,255 |
) |
$ |
3,327,918 |
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
(Purchases)/Disposal of
plant and equipment, net |
|
(275,801 |
) |
|
(827,059 |
) |
|
(2,101,355 |
) |
(Purchases)/Disposal of
land use rights and other intangible assets |
|
(3,388 |
) |
|
1,589,165 |
|
|
(1,668,534 |
) |
(Purchases)/Disposal of
construction in progress |
|
(6,001,664 |
) |
|
1,128,443 |
|
|
(58,860,969 |
) |
Disposal of associated
company |
|
0 |
|
|
0 |
|
|
(96,299 |
) |
Issuance of notes
receivable |
|
0 |
|
|
(9,411,720 |
) |
|
(9,450,642 |
) |
Repayment of notes
receivable |
|
10,335,807 |
|
|
6,410,154 |
|
|
15,043,109 |
|
Long Term
Investment |
|
0 |
|
|
(1,522,411 |
) |
|
0 |
|
Short Term
Investment |
|
(3,088,327 |
) |
|
(1,679,051 |
) |
|
0 |
|
Net cash provided by
(used in) investing activities |
$ |
966,627 |
|
$ |
(4,312,479 |
) |
$ |
(57,134,690 |
) |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Restricted
cash |
|
2,257,268 |
|
|
(4,006,346 |
) |
|
(13,010,291 |
) |
Proceeds from
short-term and long-term bank loans |
|
65,912,237 |
|
|
50,640,214 |
|
|
48,306,743 |
|
Repayments of
short-term and long-term bank loans |
|
(35,815,325 |
) |
|
(47,595,391 |
) |
|
(46,517,604 |
) |
Proceeds from
notes payable |
|
12,038,765 |
|
|
0 |
|
|
13,011,917 |
|
Repayment of
notes payable |
|
0 |
|
|
0 |
|
|
(27,650,324 |
) |
Repayment of bond
payable |
|
0 |
|
|
0 |
|
|
(13,011,917 |
) |
Fund raising
through issuing common stock and warrants |
|
0 |
|
|
0 |
|
|
78,358,991 |
|
Option exercise,
stock awards & other financing |
|
0 |
|
|
0 |
|
|
8,431,247 |
|
Warrant
exercise |
|
434,666 |
|
|
0 |
|
|
21,101,039 |
|
Net cash provided
by (used in) financing activities |
$ |
44,827,611 |
|
$ |
(961,523 |
) |
$ |
69,019,801 |
|
|
|
|
|
|
|
|
|
|
|
NET (DECREASE) INCREASE
IN CASH AND CASH EQUIVALENTS |
|
(3,732,305 |
) |
|
(11,646,257 |
) |
|
15,213,029 |
|
Effect of exchange rate
changes on cash |
|
(770,333 |
) |
|
2,005,356 |
|
|
(1,595,938 |
) |
Cash and cash
equivalents at beginning of year |
|
16,738,559 |
|
|
26,379,460 |
|
|
12,762,369 |
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD |
$ |
12,235,921 |
|
$ |
16,738,559 |
|
$ |
26,379,460 |
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY CASH FLOW
INFORMATION |
|
|
|
|
|
|
|
|
|
Income taxes paid |
$ |
2,598,846 |
|
$ |
2,496,654 |
|
$ |
1,932,392 |
|
Interest paid |
$ |
1,671,372 |
|
$ |
2,188,223 |
|
$ |
3,475,893 |
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL NON-CASH
DISCLOSURES: |
|
|
|
|
|
|
|
|
|
Construction in
progress transferred back to prepayments |
$ |
35,035,762 |
|
$ |
- |
|
$ |
7,969,799 |
|
Accounts payable
transferred to construction in progress |
$ |
4,191,246 |
|
$ |
- |
|
$ |
- |
|
Settlement of due from
JV Company and related parties with notes receivable |
$ |
43,707,157 |
|
$ |
99,147,703 |
|
$ |
13,548,659 |
|
Settlement of accounts
receivables with notes receivable from unrelated parties |
$ |
15,052,339 |
|
$ |
23,292,896 |
|
$ |
1,706,188 |
|
Assignment of notes
receivable to supplier to settle accounts payable |
$ |
59,355,952 |
|
$ |
119,107,737 |
|
$ |
14,311,483 |
|
Settlement of accounts
payable with notes payables |
$ |
8,146,783 |
|
$ |
13,781,830 |
|
$ |
5,707,027 |
|
______________________________________
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.
Company Contact:
Ms. Kewa Luo
Kandi Technologies Group, Inc.
Phone: 1-212-551-3610
Email: IR@kandigroup.com
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