Kandi Technologies Group, Inc. (the “Company,”
“we” or “Kandi”) (NASDAQ:KNDI), today announced its financial
results for the first quarter of 2017.
First Quarter Highlights
- Total revenues were $4.3 million for the first quarter of 2017,
a decrease of 91.6% from total revenues of $50.7 million for the
same period in 2016.
- Electric Vehicle (“EV”) parts sales decreased by 94.2% to $2.7
million for the first quarter of 2017, compared with EV parts sales
of $46.2 million for the same period in 2016.
- Off-road vehicles revenues increased by 130.0% to $1.6 million
for the first quarter of 2017, compared with off-road vehicle sales
of $0.7 million for the same period in 2016.
- GAAP net loss for the first quarter of 2017 was $24.2 million,
or a loss of $0.51 per fully diluted share, which was largely due
to $20.8 million for research & development, compared with GAAP
net income of $0.1 million, or $0.00 in income per fully diluted
share for the same period in 2016.
- Non-GAAP adjusted net loss1, which excludes stock award
expenses, was $21.7 million in the first quarter of 2017, compared
with non-GAAP net income of $3.7 million for the same period in
2016. Non-GAAP adjusted loss per share1 was approximately $0.45 per
fully diluted share for the first quarter of 2017, compared with
Non-GAAP adjusted earnings per share1 of $0.07 per fully diluted
share for the same period in 2016;
- Working capital surplus was $65.3 million as of March 31, 2017.
Cash, cash equivalents and restricted cash totaled $16.3 million as
of March 31, 2017.
Mr. Hu Xiaoming, Chairman and Chief Executive
Officer of Kandi, commented, “Due to extended delays in receiving
government subsidy payments, as well as the government’s recent
revisions regarding the new technical standards to the MIIT
directory of recommended new energy vehicle models, or the
Directory, that required re-submission of applications of new
energy vehicles to be included in the Directory, the JV Company was
not able to have normal production in the first quarter. By April 4
of this year, all of the JV Company’s five Geely Global
Hawk EV models (SMA7000BEV05 (Kandi Model K12),
SMA7000BEV06(Kandi Model K10D), SMA7000BEV07(Kandi Model K12A),
SMA7001BEV25 (Kandi Model K17), and JL7001BEV18 (Kandi Model K11))
received MIIT approval and are included in the updated
Directory.”
“The significant drop in overall sales this
quarter was a direct result of reduced EV product sales by the JV
Company. However, now that we have begun receiving subsidy payments
from the Chinese government and capital support from the supply
chain finance program of the National Economic and Technological
Development Zone of Rugao City, our normal production activities
have resumed. We believe that we will regain our sales momentum and
competitive edge in the second half of this year and consequently
will achieve improved business operations.”
“Additionally, we have made significant progress
towards the JV Company's receiving EV manufacturing license
approval. Our application was accepted by the National Development
and Reform Commission, or the Commission on March 20, 2017, and
from April 13, 2017 to April 15, 2017, the project evaluation and
assessment team of experts made an on-site visit to conduct a
comprehensive inspection and evaluation of the JV Company’s
research and development, trial production, and manufacturing
capabilities. The JV Company received top marks from the evaluation
and assessment team’s experts. Pursuant to the application process,
the evaluation and assessment team submitted its appraisal report
to the Commission on May 4, 2017, and we expect we will receive
feedback from the Commission in the near future. Lastly, we note
that we are honored to welcome one of most influential experts in
China’s EV industry, Mr. Yi Lin, to be our independent board
member. Mr. Lin has many years of experience in manufacturing,
research and development, and management in the renewable energy
automotive industry. He is a valuable asset to the Company and we
believe that his involvement will improve the quality of our board
and provide the professional guidance we need to maximize Kandi’s
potential. The efforts we have made this year will lay a solid
foundation for the growth of our business and towards gaining our
leading market position,” Mr. Hu concluded.
Net Revenues and Gross Profit
|
1Q17 |
1Q16 |
Y-o-Y% |
Net Revenues (US$mln) |
$4.3 |
$50.7 |
-91.6% |
Gross Profit (US$mln) |
$0.7 |
$6.7 |
-90.1% |
Gross Margin |
15.6% |
13.3% |
- |
Net revenues for the first quarter decreased by
91.6% compared to the same period last year. The decrease in net
revenues was mainly due to a significant reduction in EV parts
sales during this quarter. The selling prices of our products for
the three months ended March 31, 2017 decreased slightly on average
from the same period last year. The decrease in revenue was
primarily due to the decrease in sales volume.
Operating Income (Loss)
|
1Q17 |
1Q16 |
Y-o-Y% |
Operating Expenses (US$mln) |
$29.4 |
$8.3 |
255.4% |
Operating (Loss) (US$mln) |
($28.8) |
($1.6) |
- |
Operating Margin |
-673.3% |
-3.1% |
- |
Operating Income (Loss) (US$mln) (Non-GAAP) |
($26.3) |
$5.3 |
-596.2% |
Total operating expenses in the first quarter
were $29.4 million, compared with $8.3 million in the same quarter
of 2016. The increase in total operating expenses was due to
increased research and development expenses relating to the
development of a new EV model in an effort to prepare the Company
for business growth in the coming years. Research and development
expenses were $20.8 million in this quarter, compared with $0.2
million in the same quarter last year.
GAAP Net Income
|
1Q17 |
1Q16 |
Y-o-Y% |
Net Income (Loss) (US$mln) |
($24.2) |
$0.1 |
-27416.7% |
Earnings per Weighted Average Common Share |
($0.51) |
$0.00 |
- |
Earnings per Weighted Average Diluted Share |
($0.51) |
$0.00 |
- |
Stock Award Expenses |
$2.5 |
$6.9 |
-63.77% |
Change in the Fair Value of Financial Derivatives |
- |
($3.3) |
- |
Non-GAAP Net Income (Loss) from Continuing Operations |
($21.7) |
$3.7 |
-687.4% |
Net loss was $24.2 million in the first quarter,
compared with net income of $0.1 million in the same quarter of
2016. The negative change was primarily attributable to
significantly decreased sales and gross profits, JV Company losses,
and significantly increased research and development expenses of
approximately $21 million.
Non-GAAP net loss was $21.7 million, a 687.4%
decrease in the first quarter of 2017 compared to Non-GAAP net
income of $3.7 million in the same quarter of 2016. The
decrease was primarily attributable to decreased revenues and
gross profits, the JV Company’s net losses, and significantly
increased research and development expenses undertaken to prepare
the Company for future business growth.
JV Company Financial Results
As a result of revisions to the MIIT directory
of recommended new energy vehicle models and because of the PRC
government’s new subsidy policies, effective as of January 1, 2017,
as well as extended delays in subsidy payments for EVs manufactured
in previous years resulting from the PRC government’s industry-wide
subsidy review in 2016, the JV Company had no EV product sales in
the first quarter of 2017. The JV Company had no EV product sales
in the same quarter of 2016. This quarter, total revenue was $1.3
million, an increase of $1.8 million over the same quarter of
2016.
The condensed financial income statements of the JV
Company in the first quarter are as set forth below:
|
1Q17 |
1Q16 |
Y-o-Y% |
Net Revenues (Loss) (US$mln) |
$1.3 |
($0.5) |
360.0% |
Gross (Loss) (US$mln) |
($0.3) |
($1.1) |
- |
Gross Margin |
- |
- |
- |
Net loss |
($10.6) |
($8.1) |
-30.9% |
% of Net revenue |
- |
- |
- |
Kandi’s investments in the JV Company are
accounted for under 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 loss for a total loss of $5.3
million for this quarter. After eliminating intra-entity profits
and losses, Kandi’s share of the JV Company’s after-tax loss was
$5.2 million for the first quarter of 2017.
First Quarter
2017 Conference Call
DetailsThe 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 May 10,
2017. Mr. Hu Xiaoming, Chief Executive Officer of the Company, and
Mr. Mei Bing, Chief Financial Officer of the Company, will deliver
prepared remarks to be followed by a question and answer
session.
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=124320
A 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, 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 StatementThis 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 |
CONDENSED CONSOLIDATED BALANCE
SHEET |
|
(UNAUDITED) |
|
|
|
March 31, 2017 |
|
|
December 31,
2016 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Cash
and cash equivalents |
|
$ |
2,044,025 |
|
|
$ |
12,235,921 |
|
Restricted cash |
|
|
14,222,418 |
|
|
|
12,957,377 |
|
Short
term investments |
|
|
82,371 |
|
|
|
4,463,097 |
|
Accounts receivable |
|
|
34,053,585 |
|
|
|
32,394,613 |
|
Inventories (net of provision for slow moving inventory of $464,950
and $415,797 as of March 31, 2017 and December 31, 2016,
respectively |
|
|
14,742,642 |
|
|
|
11,914,110 |
|
Notes
receivable from JV Company and related party |
|
|
1,329,481 |
|
|
|
400,239 |
|
Other
receivables |
|
|
576,867 |
|
|
|
66,064 |
|
Prepayments and prepaid expense |
|
|
4,011,087 |
|
|
|
4,317,855 |
|
Due
from employees |
|
|
46,207 |
|
|
|
4,863 |
|
Advances to suppliers |
|
|
16,958,367 |
|
|
|
38,250,818 |
|
Amount due from JV Company, net |
|
|
130,463,405 |
|
|
|
136,536,159 |
|
Amount due from related party |
|
|
10,568,992 |
|
|
|
10,484,816 |
|
Deferred taxes assets |
|
|
581,806 |
|
|
|
- |
|
Total Current assets |
|
|
229,681,253 |
|
|
|
264,025,932 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM ASSETS |
|
|
|
|
|
|
|
|
Property, plants and equipment, net |
|
|
14,277,542 |
|
|
|
15,194,442 |
|
Land
use rights, net |
|
|
11,790,750 |
|
|
|
11,775,720 |
|
Construction in progress |
|
|
36,779,576 |
|
|
|
27,054,181 |
|
Deferred tax assets |
|
|
3,196,909 |
|
|
|
0 |
|
Long
term investments |
|
|
1,378,704 |
|
|
|
1,367,723 |
|
Investment in JV Company |
|
|
72,914,887 |
|
|
|
77,453,014 |
|
Goodwill |
|
|
322,591 |
|
|
|
322,591 |
|
Intangible assets |
|
|
392,687 |
|
|
|
413,211 |
|
Advances to suppliers |
|
|
31,751,164 |
|
|
|
33,819,419 |
|
Other
long term assets |
|
|
8,045,747 |
|
|
|
8,271,952 |
|
Total Long-Term Assets |
|
|
180,850,557 |
|
|
|
175,672,253 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
410,531,810 |
|
|
$ |
439,698,185 |
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
106,672,979 |
|
|
$ |
115,870,051 |
|
Other
payables and accrued expenses |
|
|
4,338,481 |
|
|
|
4,835,952 |
|
Short-term loans |
|
|
32,508,385 |
|
|
|
34,265,065 |
|
Customer deposits |
|
|
169,177 |
|
|
|
41,671 |
|
Notes
payable |
|
|
18,761,779 |
|
|
|
14,797,325 |
|
Income tax payable |
|
|
607,699 |
|
|
|
1,364,235 |
|
Due
to employees |
|
|
16,014 |
|
|
|
21,214 |
|
Deferred tax liabilities |
|
|
- |
|
|
|
118,643 |
|
Deferred income |
|
|
1,349,098 |
|
|
|
6,363,751 |
|
Total Current Liabilities |
|
|
164,423,612 |
|
|
|
177,677,907 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
|
|
|
|
|
|
|
|
Long
term bank loans |
|
|
29,025,343 |
|
|
|
28,794,172 |
|
Deferred tax liabilities |
|
|
- |
|
|
|
878,639 |
|
Total Long-Term Liabilities |
|
|
29,025,343 |
|
|
|
29,672,811 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
193,448,955 |
|
|
|
207,350,718 |
|
|
|
|
|
|
|
|
|
|
Loss
contingency-litigation |
|
|
4,620,488 |
|
|
|
0 |
|
STOCKHOLDER'S EQUITY |
|
|
|
|
|
|
|
|
Common stock, $0.001 par value; 100,000,000 shares authorized;
47,772,138 and 47,699,638 shares issued and outstanding at March
31, 2017 and December 31, 2016, respectively |
|
|
47,772 |
|
|
|
47,700 |
|
Additional paid-in capital |
|
|
230,387,924 |
|
|
|
227,911,477 |
|
Retained earnings (restricted portions were $4,217,753 and
$4,219,808 at March 31, 2017 and December 31, 2016,
respectively) |
|
|
391,728 |
|
|
|
24,545,163 |
|
Accumulated other comprehensive income (loss) |
|
|
(18,365,057 |
) |
|
|
(20,156,873 |
) |
TOTAL STOCKHOLDERS' EQUITY |
|
|
212,462,367 |
|
|
|
232,347,467 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
410,531,810 |
|
|
$ |
439,698,185 |
|
|
|
KANDI TECHNOLOGIES GROUP,
INC. |
AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(LOSS) AND |
COMPREHENSIVE INCOME (LOSS) |
(UNAUDITED) |
|
|
|
Three Months Ended |
|
|
|
March 31, 2017 |
|
|
March 31, 2016 |
|
|
|
|
|
|
|
|
REVENUES FROM UNRELATED PARTIES, NET |
|
|
2,962,931 |
|
|
|
33,974,416 |
|
REVENUES FROM THE JV COMPANY AND RELATED PARTIES, NET |
|
|
1,311,642 |
|
|
|
16,683,477 |
|
|
|
|
|
|
|
|
|
|
REVENUES, NET |
|
|
4,274,573 |
|
|
|
50,657,893 |
|
|
|
|
|
|
|
|
|
|
COST
OF GOODS SOLD |
|
|
3,607,241 |
|
|
|
43,939,795 |
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
|
|
667,332 |
|
|
|
6,718,098 |
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
Research and development |
|
|
20,769,732 |
|
|
|
205,968 |
|
Selling and marketing |
|
|
358,309 |
|
|
|
46,335 |
|
General and administrative |
|
|
8,319,294 |
|
|
|
8,032,882 |
|
Total Operating Expenses |
|
|
29,447,335 |
|
|
|
8,285,185 |
|
|
|
|
|
|
|
|
|
|
(LOSS) FROM OPERATIONS |
|
|
(28,780,003 |
) |
|
|
(1,567,087 |
) |
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
|
Interest income |
|
|
530,642 |
|
|
|
780,181 |
|
Interest expense |
|
|
(614,453 |
) |
|
|
(442,079 |
) |
Change in fair value of financial instruments |
|
|
0 |
|
|
|
3,286,340 |
|
Government grants |
|
|
5,067,474 |
|
|
|
194,473 |
|
Share
of loss after tax of JV |
|
|
(5,161,713 |
) |
|
|
(4,822,470 |
) |
Other
income (expense), net |
|
|
28,621 |
|
|
|
22,387 |
|
Total other expense, net |
|
|
(149,429 |
) |
|
|
(981,168 |
) |
|
|
|
|
|
|
|
|
|
(LOSS) BEFORE INCOME TAXES |
|
|
(28,929,432 |
) |
|
|
(2,548,255 |
) |
|
|
|
|
|
|
|
|
|
INCOME TAX BENEFIT |
|
|
4,775,997 |
|
|
|
2,636,675 |
|
|
|
|
|
|
|
|
|
|
NET (LOSS) INCOME |
|
|
(24,153,435 |
) |
|
|
88,420 |
|
|
|
|
|
|
|
|
|
|
OTHER
COMPREHENSIVE INCOME (LOSS) |
|
|
|
|
|
|
|
|
Foreign currency translation |
|
|
1,791,816 |
|
|
|
1,524,639 |
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE (LOSS) INCOME |
|
$ |
(22,361,619 |
) |
|
$ |
1,613,059 |
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC |
|
|
47,732,388 |
|
|
|
47,009,834 |
|
WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED |
|
|
47,732,388 |
|
|
|
47,027,744 |
|
|
|
|
|
|
|
|
|
|
NET
(LOSS) INCOME PER SHARE, BASIC |
|
$ |
(0.51 |
) |
|
$ |
0.00 |
|
NET
(LOSS) INCOME PER SHARE, DILUTED |
|
$ |
(0.51 |
) |
|
$ |
0.00 |
|
|
|
KANDI TECHNOLOGIES GROUP,
INC. |
AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(UNAUDITED) |
|
|
Three months Ended |
|
|
|
March 31, 2017 |
|
|
March 31, 2016 |
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net
income |
|
$ |
(24,153,435 |
) |
|
$ |
88,420 |
|
Adjustments to reconcile net income to net cash provided by
operating activities |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,162,795 |
|
|
|
1,223,243 |
|
Asset
impairments |
|
|
45,831 |
|
|
|
0 |
|
Deferred taxes |
|
|
(4,775,997 |
) |
|
|
(4,397,828 |
) |
Change in fair value of financial instruments |
|
|
0 |
|
|
|
(3,286,340 |
) |
Share
of loss after tax of the JV Company |
|
|
5,161,713 |
|
|
|
4,822,470 |
|
Stock
compensation costs |
|
|
2,476,519 |
|
|
|
6,887,892 |
|
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities, net of effects
of acquisitions: |
|
|
|
|
|
|
|
|
(Increase) Decrease in: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(1,399,372 |
) |
|
|
(42,638,900 |
) |
Notes
receivable from the JV Company and related parties |
|
|
3,704,957 |
|
|
|
0 |
|
Inventories |
|
|
(2,779,644 |
) |
|
|
(7,815,491 |
) |
Other
receivables and other assets |
|
|
(210,503 |
) |
|
|
(144,118 |
) |
Due
from employees |
|
|
(46,692 |
) |
|
|
(67,798 |
) |
Advances to suppliers and prepayments and prepaid expenses |
|
|
21,948,470 |
|
|
|
(441,602 |
) |
Advances to suppliers-Long term |
|
|
(5,682,460 |
) |
|
|
0 |
|
Amounts due from the JV Company |
|
|
(15,542,072 |
) |
|
|
(47,249,577 |
) |
Due
from related parties |
|
|
(300,000 |
) |
|
|
34,781,767 |
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) In: |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
9,986,016 |
|
|
|
59,895,019 |
|
Other
payables and accrued liabilities |
|
|
(297,408 |
) |
|
|
(7,875,311 |
) |
Notes
payable |
|
|
(1,855,353 |
) |
|
|
0 |
|
Customer deposits |
|
|
127,216 |
|
|
|
54,289 |
|
Income tax payable |
|
|
(789,661 |
) |
|
|
1,165,635 |
|
Deferred income |
|
|
(5,067,474 |
) |
|
|
0 |
|
Loss
contingency-litigation |
|
|
4,622,066 |
|
|
|
0 |
|
Net cash used in operating activities |
|
$ |
(13,664,488 |
) |
|
$ |
(4,998,230 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchases of plants and equipment, net |
|
|
(23,492 |
) |
|
|
(29,696 |
) |
Disposal of land use rights and other intangible assets |
|
|
0 |
|
|
|
13,767 |
|
Purchases of construction in progress |
|
|
(1,488,409 |
) |
|
|
(28,140 |
) |
Repayment of notes receivable |
|
|
- |
|
|
|
2,724,443 |
|
Short
term investments |
|
|
4,418,065 |
|
|
|
(1,455,727 |
) |
Net cash provided by investing activities |
|
$ |
2,906,164 |
|
|
$ |
1,224,647 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Restricted cash |
|
|
(1,161,410 |
) |
|
|
0 |
|
Proceeds from short-term bank loans |
|
|
3,629,407 |
|
|
|
- |
|
Repayments of short-term bank loans |
|
|
(5,661,875 |
) |
|
|
0 |
|
Proceeds from notes payable |
|
|
3,669,853 |
|
|
|
- |
|
Warrant exercises |
|
|
- |
|
|
|
434,666 |
|
Net cash provided by financing
activities |
|
$ |
475,975 |
|
|
$ |
434,666 |
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN CASH AND CASH EQUIVALENTS |
|
|
(10,282,349 |
) |
|
|
(3,338,917 |
) |
Effect of exchange rate changes on cash |
|
|
90,453 |
|
|
|
48,024 |
|
Cash
and cash equivalents at beginning of year |
|
|
12,235,921 |
|
|
|
16,738,559 |
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
|
2,044,025 |
|
|
|
13,447,666 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Income taxes paid |
|
|
786,172 |
|
|
|
595,518 |
|
Interest paid |
|
|
386,973 |
|
|
|
445,176 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL NON-CASH DISCLOSURES: |
|
|
|
|
|
|
|
|
Prepayments transferred to construction in progress |
|
|
8,023,030 |
|
|
|
0 |
|
Accounts payable transferred to construction in progress |
|
|
980,292 |
|
|
|
0 |
|
Settlement of accounts due from the JV Company and related parties
with notes receivable |
|
|
22,713,442 |
|
|
|
31,350,559 |
|
Settlement of accounts receivables with notes receivable from
unrelated parties |
|
|
- |
|
|
|
10,413,273 |
|
Assignment of notes receivable to suppliers to settle accounts
payable |
|
|
18,082,140 |
|
|
|
40,855,454 |
|
Settlement of accounts payable with notes payables |
|
|
2,032,468 |
|
|
|
2,063,766 |
|
|
1 Non-GAAP measures, including Non-GAAP net income and
Non-GAAP EPS are defined as the financial measures excluding the
change of fair value of financial derivatives and the effects of
stock award expenses. We supply non-GAAP information because we
believe it allows our investors to obtain a clearer understanding
of our operations. Any non-GAAP measure 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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