- Q2 GAAP net income of $1.4 million compared to
net loss of $11.6 million in the same period last year -- Q2 JV
Company sold 1,802 EV products, a 393.7% increase yoy -
Kandi Technologies Group, Inc. (the “Company,”
“we” or “Kandi”) (NASDAQ GS: KNDI), today announced its financial
results for the second quarter of 2018.
Second Quarter Highlights
- Total revenues were $16.4 million for the second quarter of
2018, a decrease of 40.1% from total revenues of $27.3 million for
the same period in 2017.
- Electric Vehicle (“EV”) parts sales decreased by 40.8%, to
$15.5 million for the second quarter of 2018, compared with EV
parts sales of $26.2 million for the same period in
2017.
- Revenues from sales of off-road vehicles decreased by 24.3%, to
$0.8 million for the second quarter of 2018, compared with revenues
from sales of off-road vehicles of $1.1 million for the same period
in 2017.
- Kandi Electric Vehicles Group Co., Ltd. (the "JV Company")
sold 1,802 EV products, for the second quarter of 2018
compared to 365 EV products sold in the same period last year.
- GAAP net income for the second
quarter of 2018 was $1.4 million, or $0.03 per fully diluted share,
compared with GAAP net loss of $11.6 million, or loss of $0.24 per
fully diluted share for the same period in 2017.
- Non-GAAP adjusted net income1,
which excludes stock compensation expenses and the change in fair
value of contingent consideration, was $2.5 million in the second
quarter of 2018, compared with Non-GAAP adjusted net loss of $9.5
million for the same period in 2017. Non-GAAP adjusted earnings per
share1 was $0.05 per fully diluted share for the second quarter of
2018, compared with Non-GAAP adjusted loss per share1 of $0.20 per
fully diluted share for the same period in 2017.
- Working capital deficit was $8.6
million as of June 30, 2018. Cash, cash equivalents and restricted
cash totaled $9.5 million as of June 30, 2018.
Mr. Hu Xiaoming, Chairman and Chief Executive
Officer of Kandi, commented, “due to the 2018 government subsidy
policy adjustments in product structure requirements, the JV
Company discontinued the manufacturing and selling of its EV
products with a driving range of less than 200km and shifted its
focus to the development of new EV models with a driving range
exceeding 300km. Currently, our new 300km EV models K23,K27,and K28
(EX3) received the approval from the Ministry of Industry and
Information Technology of the People’s Republic of China. The JV
Company has resumed its normal production and sales. With restored
production and a recovery of sales, we believe that Kandi's growth
will return to the previous predicted track. Despite recent weak
stock performance, the management team is dedicated to improving
Kandi’s market competitiveness and regaining our leading position
in the EV industry.”
Net Revenues and Gross Profit
|
|
2Q18 |
|
|
2Q17 |
|
Y-o-Y% |
|
Net Revenues (US$million) |
$ |
16.4 |
|
$ |
27.3 |
|
-40.1 |
% |
Gross Profit (US$million) |
$ |
2.1 |
|
$ |
3.8 |
|
-45.2 |
% |
Gross Margin |
|
12.6 |
% |
|
13.7 |
% |
- |
|
|
|
|
|
|
|
|
|
|
Net revenues for the second quarter of 2018
decreased by 40.1% compared to the same period last year. The
decrease in net revenues was mainly due to the decrease in EV parts
sales during this quarter. The selling prices of our products for
the three months ended June 30, 2018 did not change materially on
average from the same period last year. The decrease in revenue was
primarily due to the decrease of sales volume.
Operating Income (Loss)
|
|
2Q18 |
|
|
2Q17 |
|
Y-o-Y% |
|
Operating Expenses (US$million) |
$ |
4.7 |
|
$ |
7.1 |
|
-33.4 |
% |
Operating Loss (US$million) |
$ |
(2.7 |
) |
$ |
(3.3 |
) |
-20.1 |
% |
Operating Margin |
|
-16.3 |
% |
|
-12.2 |
% |
- |
|
|
|
|
|
|
|
|
|
|
Total operating expenses in the second quarter
of 2018 were $4.7 million, compared with $7.1 million in the same
quarter of 2017. The decrease in total operating expenses was due
to decreased R&D expenses, which were $0.6 million in this
quarter compared with $5.1 million in the same quarter last
year.
GAAP & Non-GAAP Net Income
|
|
2Q18 |
|
|
2Q17 |
|
Y-o-Y% |
|
Net Income (Loss) (US$million) |
$ |
1.4 |
|
$ |
(11.6 |
) |
-111.9 |
% |
Earnings (loss) per Weighted Average Common Share |
|
0.03 |
|
$ |
(0.24 |
) |
- |
|
Earnings (loss) per Weighted Average Diluted Share |
|
0.03 |
|
$ |
(0.24 |
) |
- |
|
Stock Compensation Expenses |
$ |
1.8 |
|
$ |
2.0 |
|
-8.8 |
% |
Change in fair value of contingent consideration |
|
(0.7 |
) |
|
- |
|
- |
|
Non-GAAP Net Income (Loss) |
$ |
2.5 |
|
$ |
(9.5 |
) |
-126.5 |
% |
|
|
|
|
|
|
|
|
|
Net income was $1.4 million in the second
quarter of 2018, compared with net loss of $11.6 million in the
same quarter of 2017. The increase was primarily attributable to
the profits from the JV Company and decreased R&D expenses in
the second quarter as compared to the same period of last year.
Non-GAAP net income was $2.5 million in the
second quarter of 2018, a 126.5% increase compared to Non-GAAP net
loss of $9.5 million in the same quarter of 2017. The increase was
primarily attributable to the profits from the JV Company and
decreased R&D expenses in the second quarter as compared to the
same period of last year.
Kandi Electric Vehicles Group Co., Ltd. (the “JV
Company”) Financial Results
In the second quarter of 2018, the JV Company
sold 1,802 units of EV products.
The condensed financial income statements of the
JV Company in the second quarter are as set forth below:
|
|
2Q18 |
|
|
2Q17 |
|
Y-o-Y% |
|
Net Revenues (US$million) |
$ |
19.6 |
|
$ |
18.7 |
|
5.3 |
% |
Gross Loss (US$million) |
$ |
(4.7 |
) |
$ |
(1.5 |
) |
214.9 |
% |
Net Income (loss) |
$ |
4.8 |
|
$ |
(14.6 |
) |
-132.6 |
% |
% of Net revenue |
|
24.2 |
% |
|
-78.2 |
% |
- |
|
|
|
|
|
|
|
|
|
|
Revenue for the JV Company was $19.6 million in
the second quarter of 2018, an increase of 5.3% compared to the
same quarter of 2017. Net income was $4.8 million, a 132.6%
increase compared to net loss of $14.6 million in the same quarter
of 2017.
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 profit of $2.4 million for this
quarter. After eliminating intra-entity profits and losses, Kandi’s
share of the after-tax income of the JV Company was $2.4 million
for the second quarter of 2018.
Second Quarter 2018
Conference Call DetailsThe Company has scheduled a
conference call and live webcast to discuss its second quarter 2018
financial results at 8:00 A.M. Eastern Time (8:00 P.M.
Beijing Time) on August 9, 2018. 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:
+1-866-548-4713
- International dial-in number: +
1-323-794-2093
- Webcast and
replay: http://public.viavid.com/index.php?id=130907
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.
__________1 Non-GAAP measures, including
Non-GAAP net income and Non-GAAP EPS are defined as the financial
measures excluding the change in fair value of contingent
consideration and the effects of stock compensation 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.
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”),
Sportsman Country, LLC (“Sportsman Country”), 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 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_GroupCompany
Contact:
Ms. Kewa LuoKandi Technologies Group, Inc.Phone:
1-212-551-3610Email: IR@kandigroup.com
- Tables Below -
KANDI TECHNOLOGIES GROUP,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEET(UNAUDITED)
|
|
June 30, 2018 |
|
|
December 31, 2017 |
|
|
|
(Unaudited) |
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash
and cash equivalents |
|
$ |
1,612,459 |
|
|
$ |
4,891,808 |
|
Restricted cash |
|
|
7,878,200 |
|
|
|
11,218,688 |
|
Accounts receivable(net of allowance for doubtful accounts of
$331,362 and $133,930 as of June 30, 2018 and December
31, 2017, respectively) |
|
|
34,071,931 |
|
|
|
34,397,858 |
|
Inventories (net of provision for slow moving inventory of $938,624
and $620,919 as of June 30, 2018 and December 31,
2017, respectively) |
|
|
11,644,868 |
|
|
|
15,979,794 |
|
Notes
receivable from JV Company and related party |
|
|
- |
|
|
|
1,137,289 |
|
Other
receivables |
|
|
2,342,060 |
|
|
|
2,650,668 |
|
Prepayments and prepaid expense |
|
|
6,099,704 |
|
|
|
6,536,839 |
|
Due
from employees |
|
|
4,527 |
|
|
|
7,070 |
|
Advances to suppliers |
|
|
15,211,522 |
|
|
|
14,908,385 |
|
Amount due from JV Company, net |
|
|
64,775,429 |
|
|
|
146,422,440 |
|
Amount due from related party |
|
|
- |
|
|
|
162,048 |
|
TOTAL CURRENT ASSETS |
|
|
143,640,700 |
|
|
|
238,312,887 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM ASSETS |
|
|
|
|
|
|
|
|
Property, Plant and equipment, net |
|
|
12,806,094 |
|
|
|
12,000,971 |
|
Land
use rights, net |
|
|
12,377,307 |
|
|
|
12,666,047 |
|
Construction in progress |
|
|
69,541,416 |
|
|
|
53,083,925 |
|
Deferred taxes assets |
|
|
3,301,698 |
|
|
|
4,383,425 |
|
Long
Term Investment |
|
|
- |
|
|
|
1,460,034 |
|
Investment in JV Company |
|
|
154,866,326 |
|
|
|
70,681,013 |
|
Goodwill |
|
|
24,156,275 |
|
|
|
322,591 |
|
Intangible assets |
|
|
4,811,077 |
|
|
|
331,116 |
|
Advances to suppliers |
|
|
- |
|
|
|
21,592,918 |
|
Other
long term assets |
|
|
6,855,927 |
|
|
|
7,590,734 |
|
Amount due from JV Company, net |
|
|
- |
|
|
|
15,907,183 |
|
TOTAL Long-Term Assets |
|
|
288,716,120 |
|
|
|
200,019,957 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
432,356,820 |
|
|
$ |
438,332,844 |
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Accounts payables |
|
$ |
92,759,784 |
|
|
$ |
111,595,540 |
|
Other
payables and accrued expenses |
|
|
5,323,548 |
|
|
|
6,556,209 |
|
Short-term loans |
|
|
32,482,003 |
|
|
|
33,042,864 |
|
Customer deposits |
|
|
274,205 |
|
|
|
205,544 |
|
Notes
payable |
|
|
18,848,520 |
|
|
|
28,075,945 |
|
Income tax payable |
|
|
1,181,776 |
|
|
|
2,902,699 |
|
Due
to employees |
|
|
10,521 |
|
|
|
35,041 |
|
Deferred income |
|
|
1,404,431 |
|
|
|
2,191,143 |
|
Total Current Liabilities |
|
|
152,284,788 |
|
|
|
184,604,985 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
|
|
|
|
|
|
|
|
Long
term bank loans |
|
|
30,064,737 |
|
|
|
30,737,547 |
|
Contingent liability |
|
|
5,345,985 |
|
|
|
- |
|
Other
long-term liability |
|
|
549,568 |
|
|
|
- |
|
Total Long-Term Liabilities |
|
|
35,960,290 |
|
|
|
30,737,547 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
188,245,078 |
|
|
|
215,342,532 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDER’S EQUITY |
|
|
|
|
|
|
|
|
Common stock, $0.001 par value; 100,000,000 shares
authorized; 54,257,312 and 48,036,538 shares
issued and 51,297,475 and 48,036,538 outstanding at June
30,2018 and December 31,2017, respectively |
|
|
51,297 |
|
|
|
48,037 |
|
Additional paid-in capital |
|
|
254,193,380 |
|
|
|
233,055,348 |
|
Retained earnings (the restricted portion is $4,422,033 and
$4,422,033 at June 30,2018 and December 31,2017,
respectively) |
|
|
1,300,210 |
|
|
|
(3,802,310 |
) |
Accumulated other comprehensive loss |
|
|
(11,433,145 |
) |
|
|
(6,310,763 |
) |
TOTAL STOCKHOLDERS’ EQUITY |
|
|
244,111,742 |
|
|
|
222,990,312 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
432,356,820 |
|
|
$ |
438,332,844 |
|
|
|
|
|
|
|
|
|
|
KANDI TECHNOLOGIES GROUP,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, 2018 |
|
|
June 30, 2017 |
|
|
June 30, 2018 |
|
|
June 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES FROM UNRELATED PARTY, NET |
|
|
11,618,855 |
|
|
|
1,153,555 |
|
|
$ |
17,351,318 |
|
|
$ |
4,116,486 |
|
REVENUES FROM JV COMPANY AND RELATED PARTY, NET |
|
|
4,740,751 |
|
|
|
26,171,724 |
|
|
|
7,344,195 |
|
|
|
27,483,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES, NET |
|
|
16,359,606 |
|
|
|
27,325,279 |
|
|
|
24,695,513 |
|
|
|
31,599,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST
OF GOODS SOLD |
|
|
(14,301,594 |
) |
|
|
(23,568,343 |
) |
|
|
(21,291,550 |
) |
|
|
(27,175,584 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
|
|
2,058,012 |
|
|
|
3,756,936 |
|
|
|
3,403,963 |
|
|
|
4,424,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
(642,889 |
) |
|
|
(5,142,041 |
) |
|
|
(1,400,187 |
) |
|
|
(25,911,773 |
) |
Selling and marketing |
|
|
(228,173 |
) |
|
|
(402,253 |
) |
|
|
(976,398 |
) |
|
|
(760,562 |
) |
General and administrative |
|
|
(3,861,263 |
) |
|
|
(1,558,652 |
) |
|
|
(3,463,092 |
) |
|
|
(9,877,946 |
) |
Total Operating Expenses |
|
|
(4,732,325 |
) |
|
|
(7,102,946 |
) |
|
|
(5,839,677 |
) |
|
|
(36,550,281 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) FROM OPERATIONS |
|
|
(2,674,313 |
) |
|
|
(3,346,010 |
) |
|
|
(2,435,714 |
) |
|
|
(32,126,013 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME(EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
456,784 |
|
|
|
559,425 |
|
|
|
1,399,777 |
|
|
|
1,090,067 |
|
Interest expense |
|
|
(471,616 |
) |
|
|
(548,810 |
) |
|
|
(1,022,033 |
) |
|
|
(1,163,263 |
) |
Change in fair value of contingent consideration |
|
|
686,833 |
|
|
|
- |
|
|
|
3,367,012 |
|
|
|
- |
|
Government grants |
|
|
15,558 |
|
|
|
262,137 |
|
|
|
110,813 |
|
|
|
5,329,611 |
|
Share
of income (loss) after tax of JV |
|
|
2,372,696 |
|
|
|
(8,738,254 |
) |
|
|
3,167,751 |
|
|
|
(13,899,967 |
) |
Other
income , net |
|
|
627,582 |
|
|
|
121,556 |
|
|
|
650,559 |
|
|
|
150,177 |
|
Total other income (expense), net |
|
|
3,687,837 |
|
|
|
(8,343,946 |
) |
|
|
7,673,879 |
|
|
|
(8,493,375 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE INCOME TAXES |
|
|
1,013,524 |
|
|
|
(11,689,956 |
) |
|
|
5,238,165 |
|
|
|
(40,619,388 |
) |
INCOME TAX BENEFIT (EXPENSE) |
|
|
361,001 |
|
|
|
131,939 |
|
|
|
(135,645 |
) |
|
|
4,907,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
|
|
1,374,525 |
|
|
|
(11,558,017 |
) |
|
|
5,102,520 |
|
|
|
(35,711,452 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
COMPREHENSIVE (LOSS) INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
|
(12,587,622 |
) |
|
|
3,118,462 |
|
|
|
(5,122,382 |
) |
|
|
4,910,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE (LOSS) |
|
$ |
(11,213,097 |
) |
|
$ |
(8,439,555 |
) |
|
$ |
(19,862 |
) |
|
$ |
(30,801,174 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC |
|
|
51,140,542 |
|
|
|
47,974,974 |
|
|
|
50,893,356 |
|
|
|
47,854,351 |
|
WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED |
|
|
51,140,542 |
|
|
|
47,974,974 |
|
|
|
50,893,356 |
|
|
|
47,854,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME (LOSS) PER SHARE, BASIC |
|
$ |
0.03 |
|
|
$ |
(0.24 |
) |
|
$ |
0.10 |
|
|
$ |
(0.75 |
) |
NET
INCOME (LOSS) PER SHARE, DILUTED |
|
$ |
0.03 |
|
|
$ |
(0.24 |
) |
|
$ |
0.10 |
|
|
$ |
(0.75 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KANDI TECHNOLOGIES GROUP,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|
|
|
|
|
Six Months Ended |
|
|
|
June 30, 2018 |
|
|
June 30, 2017 |
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net
income (loss) |
|
$ |
5,102,520 |
|
|
$ |
(35,711,452 |
) |
Adjustments to reconcile net income to net cash provided by
operating activities |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,791,762 |
|
|
|
2,334,776 |
|
Assets impairments |
|
|
341,261 |
|
|
|
38,548 |
|
Allowance for doubtful accounts |
|
|
(7,257 |
) |
|
|
- |
|
Deferred taxes |
|
|
- |
|
|
|
(5,415,959 |
) |
Share
of income after tax of JV Company |
|
|
(3,167,751 |
) |
|
|
13,899,967 |
|
Reserve for fixed assets |
|
|
(54,799 |
) |
|
|
- |
|
Change in fair value of contingent consideration |
|
|
(3,367,012 |
) |
|
|
- |
|
Stock
compensation cost |
|
|
222,259 |
|
|
|
4,493,187 |
|
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities, net of effects
of acquisition: |
|
|
|
|
|
|
|
|
(Increase) Decrease In: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(36,123,904 |
) |
|
|
(2,826,433 |
) |
Deferred taxes assets |
|
|
(53,330 |
) |
|
|
-
|
|
Notes
receivable |
|
|
502,623 |
|
|
|
- |
|
Notes
receivable from JV Company and related party |
|
|
2,060,755 |
|
|
|
4,875,795 |
|
Inventories |
|
|
5,020,163 |
|
|
|
(1,242,422 |
) |
Other
receivables and other assets |
|
|
927,544 |
|
|
|
(498,376 |
) |
Due
from employee |
|
|
(22,355 |
) |
|
|
(23,344 |
) |
Advances to supplier and prepayments and prepaid expenses |
|
|
(2,626,098 |
) |
|
|
23,946,781 |
|
Advances to suppliers-long term |
|
|
- |
|
|
|
(4,099,879 |
) |
Amount due from JV Company |
|
|
(39,263,079 |
) |
|
|
(21,853,571 |
) |
Amount due from JV Company-Long term |
|
|
15,907,183 |
|
|
|
- |
|
Due
from related party |
|
|
165,614 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) In: |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
41,319,755 |
|
|
|
25,017,146 |
|
Other
payables and accrued liabilities |
|
|
25,636,794 |
|
|
|
127,252 |
|
Notes
payable |
|
|
(11,936,770 |
) |
|
|
(2,731,692 |
) |
Customer deposits |
|
|
75,010 |
|
|
|
132,765 |
|
Income tax payable |
|
|
(1,837,147 |
) |
|
|
(31,314 |
) |
Deferred income |
|
|
(779,240 |
) |
|
|
(5,077,291 |
) |
Loss
contingency-litigation |
|
|
- |
|
|
|
2,909,151 |
|
Net cash used in operating activities |
|
$ |
(165,499 |
) |
|
$ |
(1,736,365 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment, net |
|
|
(122,407 |
) |
|
|
(128,509 |
) |
Purchases of land use rights and other intangible assets |
|
|
(107,917 |
) |
|
|
- |
|
Acquisition of Jinhua An Kao (net of cash received) |
|
|
(3,694,275 |
) |
|
|
- |
|
Purchases of construction in progress |
|
|
(48,042 |
) |
|
|
(1,029,516 |
) |
Reimbursement of capitalize interests for construction in
progress |
|
|
1,860,287 |
|
|
|
- |
|
Long
Term Investment |
|
|
1,492,162 |
|
|
|
- |
|
Short
term investment |
|
|
- |
|
|
|
4,509,183 |
|
Net cash (used in) provided by investing
activities |
|
$ |
(620,192 |
) |
|
$ |
3,351,158 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds from short-term bank loans |
|
|
14,764,553 |
|
|
|
13,963,923 |
|
Repayments of short-term bank loans |
|
|
(14,764,553 |
) |
|
|
(17,018,531) |
|
Repayments of long-term bank loans |
|
|
(157,070 |
) |
|
|
-
|
|
Proceeds from notes payable |
|
|
34,702,510 |
|
|
|
5,713,368 |
|
Repayment of notes payable |
|
|
(40,349,566 |
) |
|
|
- |
|
Net cash (used in) provided by financing
activities |
|
$ |
(5,804,126 |
) |
|
$ |
2,658,760 |
|
|
|
|
|
|
|
|
|
|
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND
RESTRICTED CASH |
|
|
(6,589,817 |
) |
|
|
4,273,553 |
|
Effect of exchange rate changes on cash |
|
|
(30,020 |
) |
|
|
648,835 |
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING
OF YEAR |
|
|
16,110,496 |
|
|
|
25,193,298 |
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF
PERIOD |
|
|
9,490,659 |
|
|
|
30,115,686 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Income taxes paid |
|
|
1,815,156 |
|
|
|
1,001,501 |
|
Interest paid |
|
|
848,232 |
|
|
|
742,958 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL NON-CASH DISCLOSURES: |
|
|
|
|
|
|
|
|
Advances to suppliers-long term transferred to construction in
progress |
|
|
22,068,080 |
|
|
|
8,712,000 |
|
Advances to suppliers transferred to construction in progress |
|
|
6,090,219 |
|
|
|
- |
|
Purchase of construction in progress in accounts payable |
|
|
- |
|
|
|
5,974,383 |
|
Settlement of due from JV Company and related parties with notes
receivable |
|
|
36,310,747 |
|
|
|
22,819,847 |
|
Settlement of accounts receivables with notes receivable from
unrelated parties |
|
|
39,932,517 |
|
|
|
1,076,386 |
|
Assignment of notes receivable from unrelated parties to supplier
to settle accounts payable |
|
|
12,570,974 |
|
|
|
1,076,386 |
|
Assignment of notes receivable from JV Company and related parties
to supplier to settle accounts payable |
|
|
35,176,703 |
|
|
|
18,348,424 |
|
Settlement of accounts payable with notes payables |
|
|
19,480,843 |
|
|
|
18,839,444 |
|
Deferred tax changed to other comprehensive income |
|
|
- |
|
|
|
24,486 |
|
Acquisition of Jinhua An Kao by stock |
|
|
20,718,859 |
|
|
|
- |
|
Cancellation of notes payables |
|
|
10,994,880 |
|
|
|
- |
|
Amount due from JV Company converted to investment in JV
Company |
|
|
85,602,991 |
|
|
|
- |
|
Adjustment of construction in progress with accounts payable |
|
|
8,299,226 |
|
|
|
- |
|
Adjustment of advance to supplier with accounts payable |
|
|
3,703,808 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
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