Kandi Technologies Group, Inc. (the “Company,”
“we” or “Kandi”) (NASDAQ:KNDI), today announced its financial
results for the full year ended December 31, 2017.
Full Year 2017 Highlights
- Total revenues were $102.8 million
in 2017, a decrease of 20.6% from total revenues of $129.5 million
in 2016.
- EV parts sales decreased by
18.9% to $97.4 million in 2017, compared with EV parts sales of
$120.1 million in 2016.
- Off-road vehicles sales
decreased by 4.3% to $5.4 million in 2017, compared with off-road
vehicles sales of $5.7 million in 2016.
- Kandi Electric Vehicles Group Co.,
Ltd. (The “JV Company”) sold 11,437 EV products in 2017, compared
to 10,148 EV products sold in 2016, an increase of 12.7%.
- GAAP net loss in 2017 was $28.3
million, or $0.59 loss per fully diluted share, compared with GAAP
net loss of $6.5 million, or $0.14 loss per fully diluted share in
2016. The primary reason for the GAAP net loss in 2017 was due to
$27.6 million research & development (“R&D”) expenses in
2017 related to the development of K23 and other models;
additionally, the JV Company incurred R&D expenses of $6.88
million (which posed $3.44 million impact on Kandi’s net
loss). Excluding the impact from the R&D expenses, under
the Non-GAAP adjusted financial measure I, our net income1 for 2017
would be $2.72 million, or $0.06 earnings per fully diluted
share.
- Non-GAAP adjusted financial measure
II2, which excludes stock award expenses and changes in the fair
value of financial derivatives, was net loss of $23.2 million in
2017, compared with non-GAAP adjusted net income of $4.6 million in
2016. Non-GAAP adjusted loss per share1 was approximately $0.48 per
fully diluted share for the full year of 2017, compared with
non-GAAP adjusted earnings per share of $0.10 per fully diluted
share for the full year of 2016. Excluding the impact from the
R&D expenses, under the adjusted Non-GAAP financial measure
III3, our net income for 2017 was $7.9 million, or $0.17 earnings
per fully diluted share.
- Working capital surplus was $53.7
million as of December 31, 2017. Cash, cash equivalents and
restricted cash totaled $16.1 million as of December 31, 2017.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi,
commented, “2017 was still a challenging year for Kandi. Our
business had been heavily impacted from the confusion surrounding
the reusable battery exchange model, however Kandi has been working
diligently to overcome the difficult time and resolve the issues.
We are confident to successfully execute our long-term business
model in the renewable energy industry that is full of
opportunities in the future, and hopping to be back in the major
league among EV industry players.”
“Although, the EV unit sales in 2017 did not meet the
expectations, the Company has had modest progress in the product
R&D. To name a few, the pure electric SUV model K26 has been
upgraded to be EX3, which will be exhibited at the upcoming launch
event in March 26, where there will be more than 100 distributors
and over 10 media representatives attending. Furthermore, Hainan
facility’s model K23 production will commence in March 28. We
believe these new products will strengthen our company’s
competitiveness as well grow our market share. In my personal view,
the loss in 2017 was temporary and strategic. What we have done in
the past year will lay a strong foundation to prepare for the
future development. Being the frontrunner in the pure EV industry,
we are not only the pure EV products manufacturer but also an
advocate of urban car-share with significant influence in the
development of China’s urban travel ecosphere. Whether the business
model or the market share, Kandi is packed with solid fundamentals
exceling its peers. The management team is confident in our future
growth.” Mr. Hu concluded.
Full Year 2017 Financial Results
Net Revenues and Gross Profit
|
|
2017 |
|
|
2016 |
|
Y-o-Y% |
Net Revenues (US$mln) |
$ |
102.8 |
|
$ |
129.5 |
|
-20.6 |
% |
Gross Profit (US$mln) |
$ |
14.3 |
|
$ |
17.7 |
|
-19.1 |
% |
Gross Margin |
|
14.0 |
% |
|
13.7 |
% |
- |
|
|
|
|
|
|
|
|
|
|
Net revenues for the full year 2017 decreased 20.6% from 2016.
The decrease in net revenues was mainly due to the decrease of
sales volume. Gross margin for the full year 2017 increased to
14.0%, compared with 13.7% in 2016. The moderate increase of gross
margin was due to increased gross margin attributable to off-road
vehicles sales in the year 2017.
Operating Income (Loss)
|
|
2017 |
|
|
2016 |
|
Y-o-Y% |
Operating Expenses (US$mln) |
$ |
40.4 |
|
$ |
48.7 |
|
-17.1 |
% |
Operating -(Loss) (US$mln) |
$ |
(26.1 |
) |
$ |
(31.0 |
) |
-15.9 |
% |
Operating Margin |
|
-25.4 |
% |
|
-24.0 |
% |
- |
|
|
|
|
|
|
|
|
|
|
Total operating expenses in 2017 were $40.4
million, compared with $48.7 million in 2016. The decrease in total
operating expenses was due to decreased general and administrative
expenses in 2017.
GAAP Net Loss
|
|
2017 |
|
|
2016 |
|
Y-o-Y% |
GAAP Net Loss (US$mln) |
$ |
(28.3 |
) |
$ |
(6.5 |
) |
335.4 |
% |
Loss per Weighted Average Common Share |
$ |
(0.59 |
) |
$ |
(0.14 |
) |
- |
|
Loss per Weighted Average Diluted Share |
$ |
(0.59 |
) |
$ |
(0.14 |
) |
- |
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
We make reference to certain non-GAAP financial
measures, i.e., adjusted net income. Management believes that such
adjusted financial results are useful for investors in evaluating
our operating performance because they present a meaningful measure
of corporate performance. See the non-GAAP reconciliation table
below. 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 the
GAAP.
The following table summarizes our non-GAAP net
income (loss):
Non-GAAP financial measure I |
2017 |
|
GAAP Net Loss (US$mln) |
(28.35 |
) |
R&D Expense(US$mln) |
27.63 |
|
Share of (loss)after tax of JV impacted by JV Company's R&D
Expense(US$mln) |
3.44 |
|
Non-GAAP net Income(US$mln) |
2.72 |
|
|
|
|
Non-GAAP financial measure II |
|
2017 |
|
|
2016 |
|
Y-o-Y% |
GAAP Net Loss (US$mln) |
$ |
(28.3 |
) |
$ |
(6.5 |
) |
335.4 |
% |
Stock award expenses(US$mln) |
$ |
5.2 |
|
$ |
15.0 |
|
-65.3 |
% |
Change of the fair value of financial derivatives(US$mln)
|
|
- |
|
$ |
(3.8 |
) |
|
Non-GAAP net (Loss) income (US$mln) |
$ |
(23.2 |
) |
$ |
4.6 |
|
-600.6 |
% |
|
|
|
|
|
|
|
|
|
Non-GAAP financial measure III |
|
2017 |
|
GAAP Net Loss (US$mln) |
|
(28.35 |
) |
Stock award expenses(US$mln) |
$ |
5.2 |
|
Change of the fair value of financial derivatives(US$mln) |
|
- |
|
R&D Expense(US$mln) |
|
27.63 |
|
Share of (loss)after tax of JV impacted by JV Company's R&D
Expense(US$mln) |
|
3.44 |
|
Non-GAAP net Income(US$mln) |
|
7.91 |
|
|
|
|
|
Net loss in 2017 was $28.3 million, compared
with net loss of $6.5 million in 2016. The increase in net loss was
primarily attributable to $27.6 million related to the development
of K23 and other models; additionally, the JV Company incurred
R&D expenses of $6.88 million (which posed $3.44 million impact
on Kandi’s net loss) .
JV Company Financial Results
In the full year 2017, the JV Company sold 11,437 EV products, a
12.7% increase from 2016. Total EV product sales comprised 7,416
units of Model K12, 3,939 units of Model K17 and 82 units of other
models.
The condensed financial income statement of the JV Company for
the full year 2017 is as set forth below:
|
|
2017 |
|
|
2016 |
|
Y-o-Y% |
Net Revenues (US$mln) |
$ |
192.7 |
|
$ |
179.3 |
|
7.5 |
% |
Gross Profit (US$mln) |
$ |
3.6 |
|
$ |
19.3 |
|
-81.3 |
% |
Gross Margin |
|
1.9 |
% |
|
10.8 |
% |
- |
|
Net Loss(US$mln) |
$ |
(22.7 |
) |
$ |
(14.2 |
) |
60.4 |
% |
% of Net revenues |
|
-11.8 |
% |
|
-7.9 |
% |
- |
|
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 $11.3 million for the full year 2017. After
eliminating intra-entity profits and losses, Kandi’s share of the
after tax loss of the JV Company was $11.6 million for the full
year 2017.
Full Year 2017 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 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=128730
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. Kandi
conducts its primary business operations through its wholly-owned
subsidiary, Zhejiang Kandi Vehicles Co., Ltd. (“Kandi Vehicles”),
and the partially and wholly-owned subsidiaries of Kandi
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 Company Contact:
Ms. Kewa Luo Kandi Technologies Group, Inc. Phone:
1-212-551-3610 Email: IR@kandigroup.com
- Tables Below -
|
KANDI TECHNOLOGIES GROUP, INC. AND
SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
|
|
|
December 31, 2017 |
|
|
December 31, 2016 |
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
4,891,808 |
|
|
$ |
12,235,921 |
|
Restricted cash |
|
|
11,218,688 |
|
|
|
12,957,377 |
|
Short term
investment |
|
|
- |
|
|
|
4,463,097 |
|
Accounts receivable
(net of allowance for doubtful accounts of $133,930 and $0 as of
December 31, 2017 and December 31, 2016, respectively) |
|
|
34,397,858 |
|
|
|
32,394,613 |
|
Inventories (net of
provision for slow moving inventory of $620,919 and $415,797 as of
December 31, 2017 and December 31, 2016, respectively) |
|
|
15,979,794 |
|
|
|
11,914,110 |
|
Notes receivable from
JV Company and related party |
|
|
1,137,289 |
|
|
|
400,239 |
|
Other receivables |
|
|
2,650,668 |
|
|
|
66,064 |
|
Prepayments and prepaid
expense |
|
|
6,536,839 |
|
|
|
4,317,855 |
|
Due from employees |
|
|
7,070 |
|
|
|
4,863 |
|
Advances to
suppliers |
|
|
14,908,385 |
|
|
|
38,250,818 |
|
Amount due from JV
Company, net |
|
|
146,422,440 |
|
|
|
136,536,159 |
|
Amount due from related
party |
|
|
162,048 |
|
|
|
10,484,816 |
|
TOTAL CURRENT
ASSETS |
|
|
238,312,887 |
|
|
|
264,025,932 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM
ASSETS |
|
|
|
|
|
|
|
|
Property, Plant and
equipment, net |
|
|
12,000,971 |
|
|
|
15,194,442 |
|
Land use rights,
net |
|
|
12,666,047 |
|
|
|
11,775,720 |
|
Construction in
progress |
|
|
53,083,925 |
|
|
|
27,054,181 |
|
Deferred taxes
assets |
|
|
4,383,425 |
|
|
|
- |
|
Long Term
Investment |
|
|
1,460,034 |
|
|
|
1,367,723 |
|
Investment in JV
Company |
|
|
70,681,013 |
|
|
|
77,453,014 |
|
Goodwill |
|
|
322,591 |
|
|
|
322,591 |
|
Intangible assets |
|
|
331,116 |
|
|
|
413,211 |
|
Advances to
suppliers |
|
|
21,592,918 |
|
|
|
33,819,419 |
|
Other long-term
assets |
|
|
7,590,734 |
|
|
|
8,271,952 |
|
Amount due from JV
Company, net |
|
|
15,907,183 |
|
|
|
- |
|
TOTAL Long-Term
Assets |
|
|
200,019,957 |
|
|
|
175,672,253 |
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
|
$ |
438,332,844 |
|
|
$ |
439,698,185 |
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
Accounts payables |
|
$ |
111,595,540 |
|
|
$ |
115,870,051 |
|
Other payables and
accrued expenses |
|
|
6,556,209 |
|
|
|
4,835,952 |
|
Short-term loans |
|
|
33,042,864 |
|
|
|
34,265,065 |
|
Customer deposits |
|
|
205,544 |
|
|
|
41,671 |
|
Notes payable |
|
|
28,075,945 |
|
|
|
14,797,325 |
|
Income tax payable |
|
|
2,902,699 |
|
|
|
1,364,235 |
|
Due to employees |
|
|
35,041 |
|
|
|
21,214 |
|
Deferred taxes
liabilities |
|
|
- |
|
|
|
118,643 |
|
Deferred income |
|
|
2,191,143 |
|
|
|
6,363,751 |
|
Total Current
Liabilities |
|
|
184,604,985 |
|
|
|
177,677,907 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES |
|
|
|
|
|
|
|
|
Long term bank
loans |
|
|
30,737,547 |
|
|
|
28,794,172 |
|
Deferred taxes
liabilities |
|
|
- |
|
|
|
878,639 |
|
Total Long-Term
Liabilities |
|
|
30,737,547 |
|
|
|
29,672,811 |
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES |
|
|
215,342,532 |
|
|
|
207,350,718 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDER’S
EQUITY |
|
|
|
|
|
|
|
|
Common stock, $0.001
par value; 100,000,000 shares authorized; 48,036,538 and 47,699,638
shares issued and outstanding at December 31,2017 and December
31,2016, respectively |
|
|
48,037 |
|
|
|
47,700 |
|
Additional paid-in
capital |
|
|
233,055,348 |
|
|
|
227,911,477 |
|
Retained earnings (the
restricted portion is $4,422,033 and $4,219,808 at December 31,2017
and December 31, 2016, respectively) |
|
|
(3,802,310 |
) |
|
|
24,545,163 |
|
Accumulated other
comprehensive loss |
|
|
(6,310,763 |
) |
|
|
(20,156,873 |
) |
TOTAL
STOCKHOLDERS’ EQUITY |
|
|
222,990,312 |
|
|
|
232,347,467 |
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
438,332,844 |
|
|
$ |
439,698,185 |
|
|
|
|
|
|
|
|
|
|
|
KANDI TECHNOLOGIES GROUP, INC. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND
COMPREHENSIVE INCOME (LOSS) |
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016
AND 2015 |
|
|
|
Year Ended |
|
|
|
December 31, 2017 |
|
|
December 31, 2016 |
|
|
December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
REVENUES FROM UNRELATED
PARTY, NET |
|
$ |
9,853,410 |
|
|
$ |
47,870,589 |
|
|
$ |
6,790,032 |
|
REVENUES FROM JV
COMPANY AND RELATED PARTY, NET |
|
|
92,952,211 |
|
|
|
81,621,424 |
|
|
|
194,279,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES,
NET |
|
|
102,805,621 |
|
|
|
129,492,013 |
|
|
|
201,069,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF GOODS SOLD |
|
|
(88,461,432 |
) |
|
|
(111,770,197 |
) |
|
|
(172,649,955 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT |
|
|
14,344,189 |
|
|
|
17,721,816 |
|
|
|
28,419,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
|
(27,628,085 |
) |
|
|
(26,504,650 |
) |
|
|
(3,482,511 |
) |
Selling and
marketing |
|
|
(1,465,007 |
) |
|
|
(1,567,707 |
) |
|
|
(633,863 |
) |
General and
administrative |
|
|
(11,333,336 |
) |
|
|
(20,665,709 |
) |
|
|
(28,255,267 |
) |
Total Operating
Expenses |
|
|
(40,426,428 |
) |
|
|
(48,738,066 |
) |
|
|
(32,371,641 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM
OPERATIONS |
|
|
(26,082,239 |
) |
|
|
(31,016,250 |
) |
|
|
(3,952,423 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
2,269,844 |
|
|
|
2,961,153 |
|
|
|
3,138,717 |
|
Interest expense |
|
|
(2,280,286 |
) |
|
|
(1,831,667 |
) |
|
|
(2,214,635 |
) |
Change in fair value of
financial instruments |
|
|
- |
|
|
|
3,823,590 |
|
|
|
8,519,295 |
|
Government grants |
|
|
5,913,554 |
|
|
|
25,913,540 |
|
|
|
1,645,032 |
|
Share of (loss) income
after tax of JV |
|
|
(11,555,302 |
) |
|
|
(7,307,510 |
) |
|
|
11,841,855 |
|
Other income, net |
|
|
123,925 |
|
|
|
1,627,933 |
|
|
|
1,814,882 |
|
Total other
(expense) income, net |
|
|
(5,528,265 |
) |
|
|
25,187,039 |
|
|
|
24,745,146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME
BEFORE INCOME TAXES |
|
|
(31,610,504 |
) |
|
|
(5,829,211 |
) |
|
|
20,792,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX BENEFIT
(EXPENSE) |
|
|
3,263,030 |
|
|
|
(681,546 |
) |
|
|
(6,127,228 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET(LOSS)
INCOME |
|
|
(28,347,474 |
) |
|
|
(6,510,757 |
) |
|
|
14,665,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE
INCOME (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation |
|
|
13,846,110 |
|
|
|
(15,415,223 |
) |
|
|
(9,631,753 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE (LOSS)
INCOME |
|
$ |
(14,501,364 |
) |
|
$ |
(21,925,980 |
) |
|
$ |
5,033,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES
OUTSTANDING BASIC |
|
|
47,943,830 |
|
|
|
47,447,665 |
|
|
|
46,744,718 |
|
WEIGHTED AVERAGE SHARES
OUTSTANDING DILUTED |
|
|
47,943,830 |
|
|
|
47,447,665 |
|
|
|
46,925,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET (LOSS) INCOME PER
SHARE, BASIC |
|
$ |
(0.59 |
) |
|
$ |
(0.14 |
) |
|
$ |
0.31 |
|
NET (LOSS) INCOME PER
SHARE, DILUTED |
|
$ |
(0.59 |
) |
|
$ |
(0.14 |
) |
|
$ |
0.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KANDI TECHNOLOGIES GROUP, INC. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH
FLOW |
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016
AND 2015 |
|
|
|
Year Ended |
|
|
|
December 31, 2017 |
|
|
December 31, 2016 |
|
|
December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(28,347,474 |
) |
|
$ |
(6,510,757 |
) |
|
$ |
14,665,495 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
4,777,992 |
|
|
|
4,863,277 |
|
|
|
5,788,780 |
|
Assets Impairments |
|
|
170,506 |
|
|
|
(40,142 |
) |
|
|
194,366 |
|
Allowance for doubtful
accounts |
|
|
128,972 |
|
|
|
- |
|
|
|
- |
|
Deferred taxes |
|
|
(5,448,015 |
) |
|
|
3,651,362 |
|
|
|
1,446,345 |
|
Change in fair value of
financial instruments |
|
|
- |
|
|
|
(3,823,590 |
) |
|
|
(8,519,295 |
) |
Share of loss after tax
of JV Company |
|
|
11,555,302 |
|
|
|
7,307,510 |
|
|
|
(11,841,855 |
) |
Reserve for fixed
assets |
|
|
451,503 |
|
|
|
- |
|
|
|
- |
|
Stock Compensation
cost |
|
|
5,191,307 |
|
|
|
14,913,212 |
|
|
|
22,306,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in
operating assets and liabilities, net of effects of
acquisition: |
|
|
|
|
|
|
|
|
|
|
|
|
(Increase)
Decrease In: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
(5,821,522 |
) |
|
|
(40,962,889 |
) |
|
|
(16,240,270 |
) |
Notes receivable |
|
|
- |
|
|
|
1,383,605 |
|
|
|
1,708,223 |
|
Notes receivable from
JV Company and related party |
|
|
8,068,968 |
|
|
|
- |
|
|
|
- |
|
Inventories |
|
|
(3,311,357 |
) |
|
|
4,952,792 |
|
|
|
(3,497,460 |
) |
Other receivables and
other assets |
|
|
(1,243,552 |
) |
|
|
(43,650,395 |
) |
|
|
(193,954 |
) |
Due from employee |
|
|
10,127 |
|
|
|
41,529 |
|
|
|
(7,596 |
) |
Advances to supplier
and Prepayments and prepaid expenses |
|
|
23,107,334 |
|
|
|
(9,209,955 |
) |
|
|
6,664,779 |
|
Advances to
suppliers-Long term |
|
|
(5,941,692 |
) |
|
|
- |
|
|
|
- |
|
Amount due from JV
Company |
|
|
(53,622,842 |
) |
|
|
(111,996,250 |
) |
|
|
(127,667,063 |
) |
Amount due from JV
Company-Long term |
|
|
(15,907,183 |
) |
|
|
- |
|
|
|
- |
|
Due from related
party |
|
|
10,622,123 |
|
|
|
28,715,113 |
|
|
|
(42,249,905 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
(Decrease) In: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
66,784,385 |
|
|
|
112,150,789 |
|
|
|
164,704,112 |
|
Other payables and
accrued liabilities |
|
|
1,914,293 |
|
|
|
(3,790,859 |
) |
|
|
5,300,095 |
|
Notes payable |
|
|
(13,297,993 |
) |
|
|
(8,480,858 |
) |
|
|
(15,398,471 |
) |
Customer deposits |
|
|
155,100 |
|
|
|
(48,312 |
) |
|
|
(2,496,382 |
) |
Income Tax payable |
|
|
1,221,012 |
|
|
|
1,008,274 |
|
|
|
(1,039,187 |
) |
Deferred income |
|
|
(4,431,765 |
) |
|
|
- |
|
|
|
|
|
Net cash used
in operating activities |
|
$ |
(3,214,471 |
) |
|
$ |
(49,526,543 |
) |
|
$ |
(6,372,256 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property,
plant and equipment, net |
|
|
(760,253 |
) |
|
|
(275,801 |
) |
|
|
(827,059 |
) |
(Purchases)/Disposal of
land use rights and other intangible assets |
|
|
(416,361 |
) |
|
|
(3,388 |
) |
|
|
1,589,165 |
|
(Purchases)/Disposal of
construction in progress |
|
|
(702,719 |
) |
|
|
(6,001,664 |
) |
|
|
1,128,443 |
|
Issuance of notes
receivable |
|
|
- |
|
|
|
- |
|
|
|
(9,411,720 |
) |
Repayment of notes
receivable |
|
|
- |
|
|
|
10,335,807 |
|
|
|
6,410,154 |
|
Long Term
Investment |
|
|
- |
|
|
|
- |
|
|
|
(1,522,411 |
) |
Short Term
Investment |
|
|
4,587,971 |
|
|
|
(3,088,327 |
) |
|
|
(1,679,051 |
) |
Net cash
provided by (used in) investing activities |
|
$ |
2,708,638 |
|
|
$ |
966,627 |
|
|
$ |
(4,312,479 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Restricted
cash |
|
|
2,516,481 |
|
|
|
2,257,268 |
|
|
|
(4,006,346 |
) |
Proceeds from
short-term bank loans |
|
|
32,263,794 |
|
|
|
65,912,237 |
|
|
|
50,640,214 |
|
Repayments of
short-term bank loans |
|
|
(35,667,772 |
) |
|
|
(35,815,325 |
) |
|
|
(47,595,391 |
) |
Proceeds from
notes payable |
|
|
22,270,028 |
|
|
|
12,038,765 |
|
|
|
- |
|
Repayment of
notes payable |
|
|
(28,680,591 |
) |
|
|
- |
|
|
|
- |
|
Warrant
exercise |
|
|
- |
|
|
|
434,666 |
|
|
|
- |
|
Net cash
(used in) provided by financing activities |
|
$ |
(7,298,060 |
) |
|
$ |
44,827,611 |
|
|
$ |
(961,523 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET DECREASE IN
CASH AND CASH EQUIVALENTS |
|
|
(7,803,893 |
) |
|
|
(3,732,305 |
) |
|
|
(11,646,257 |
) |
Effect of exchange rate
changes on cash |
|
|
459,780 |
|
|
|
(770,333 |
) |
|
|
2,005,356 |
|
Cash and cash
equivalents at beginning of year |
|
|
12,235,921 |
|
|
|
16,738,559 |
|
|
|
26,379,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD |
|
|
4,891,808 |
|
|
|
12,235,921 |
|
|
|
16,738,559 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY
CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes paid |
|
|
1,448,523 |
|
|
|
2,598,846 |
|
|
|
2,496,654 |
|
Interest paid |
|
|
1,625,240 |
|
|
|
1,671,372 |
|
|
|
2,188,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
NON-CASH DISCLOSURES: |
|
|
|
|
|
|
|
|
|
|
|
|
Construction in
progress transferred back to prepayments |
|
|
- |
|
|
|
35,035,762 |
|
|
|
- |
|
Advances to
suppliers-long term transferred to Construction in progress |
|
|
18,848,586 |
|
|
|
- |
|
|
|
- |
|
Purchase of
construction in progress by accounts payable |
|
|
3,756,605 |
|
|
|
4,191,246 |
|
|
|
- |
|
Advances to
suppliers-long term adjusted for other payable |
|
|
1,065,100 |
|
|
|
- |
|
|
|
- |
|
Settlement of due from
JV Company and related parties with notes receivable |
|
|
53,565,297 |
|
|
|
43,707,157 |
|
|
|
99,147,703 |
|
Settlement of accounts
receivables with notes receivable from unrelated parties |
|
|
5,868,902 |
|
|
|
15,052,339 |
|
|
|
23,292,896 |
|
Assignment of notes
receivable from unrelated parties to supplier to settle accounts
payable |
|
|
5,868,902 |
|
|
|
14,509,390 |
|
|
|
22,748,033 |
|
Assignment of notes
receivable from JV Company and related parties to supplier to
settle accounts payable |
|
|
44,812,574 |
|
|
|
44,846,561 |
|
|
|
96,359,704 |
|
Settlement of accounts
payable with notes payables |
|
|
31,533,939 |
|
|
|
8,146,783 |
|
|
|
13,781,830 |
|
Deferred tax change to
other comprehensive income |
|
|
78,967 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________________________________________________1Non-GAAP
financial measure I, including the Non-GAAP net income and Non-GAAP
EPS are defined as the financial measures excluding the R&D
expenses. 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.
2Non-GAAP financial measures II, 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.
3Non-GAAP financial measures III, 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, the effects of the stock award expense and the effects
of the R&D expenses.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.
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