Kandi Technologies Group, Inc. (the “Company,”
“we” or “Kandi”) (NASDAQ GS: KNDI), today announced financial
results for the first quarter of 2021.
First Quarter Highlights
- Total revenues increased by 150.7%
to $16.0 million, from $6.4 million in the same period of
2020.
- EV parts sales increased by 206.0%
to $6.4 million, compared to $2.1 million in the same period of
2020.
- Off-road vehicles sales increased
by 39.2% to $5.6 million, compared to $4.0 million in the same
period of 2020.
- Electric Scooters, Electric
Self-Balancing Scooters and associated parts sales were $3.9
million. As a new business, there was no revenue in the same period
of 2020.
- Gross margin was 27.3%, compared to
18.3% for the same period of 2020.
- Net loss was $6.4 million, or $0.08
loss per fully diluted share due to investment in R&D for new
products, compared to a net loss of $1.6 million, or $0.03 loss per
fully diluted share for the same period of 2020.
- As of March 31, 2021, working
capital was $244.1 million; cash, cash equivalents, restricted cash
and certificate of deposit totaled $162.5 million.
Mr. Hu Xiaoming, Chairman and CEO of Kandi
commented: “The most promising EV opportunities we see today are
short-distance small EVs in China and high-end electric Utility
Terrain Vehicles in the U.S. We are focused on mass markets by
developing vehicles for these segments with a cost of RMB 30,000
(approximately US$4,663) or less. For China we are developing a
‘neighborhood EV’. For the U.S., we are working on a fully enclosed
high-end air-conditioned electric 4WD UTV. We expect to launch both
products this year.”
Hu continued, “We intend to pursue the EV market
more aggressively now that we are no longer constrained by the
non-compete restrictions of our affiliation with Fengsheng. We
spent a lot on R&D in the quarter, as we start to develop a new
EV model. We are also considering EV product line expansion through
acquisition, and are in various stages of discussions with several
potential target companies.”
Turning to Kandi’s facility strategy, Hu elaborated, “In China
our Jinhua facility relocation work was completed in the first
quarter. We finished relocating production and offices to the new
industrial park and vacated the old factory property. In early
April, officials of the Jinhua Development Zone inspected and
approved the work. We expect to soon receive the remaining payment
of RMB 162 million, or approximately USD 25 million. Meanwhile, in
late April our U.S. subsidiary SC Autosports moved its team to our
newly purchased building in Dallas.”
Mr. Hu concluded, “Although our net loss grew in the first
quarter, this was due to our extensive investment in R&D. Sales
were solid and the EV product segment should soon recover as we
execute our growth plan. We are well-funded, having collected
payments for Fengsheng and the relocation. With our strong balance
sheet and leading technologies, we intend to pursue exciting EV
opportunities such as battery swap and the ride-sharing platform,
among others.”
Q1 2021 Financial Results
Net Revenues and Gross Profit (in USD millions)
|
|
1Q21 |
1Q20 |
Y/Y% |
|
Net Revenue |
$16.0 |
$6.4 |
150.7% |
|
Gross Profit |
$4.4 |
$1.2 |
273.0% |
|
Gross Margin |
27.3% |
18.3% |
- |
Net revenues of $16.0 million increased 150.7% from the first
quarter of 2020. The increase in revenue was primarily due to
growth in EV parts and the new segment of Electric Scooters,
Electric Self-Balancing Scooters and associated parts.
Operating Income/Loss (in USD millions)
|
|
1Q21 |
1Q20 |
Y/Y% |
|
Operating Expenses |
($27.2) |
($4.6) |
493.2% |
|
Operating Loss |
($22.8) |
($3.4) |
568.4% |
|
Operating Margin |
-143% |
-54% |
- |
Total operating expenses were $27.2 million,
compared with $4.6 million in the first quarter of 2020. The
increase was due to R&D spending to develop new products.
Net Loss (in USD millions)
|
|
1Q21 |
1Q20 |
Y/Y% |
|
Net Loss |
($6.4) |
($1.6) |
306.6% |
|
Loss per Weighted Average Common Share |
($0.08) |
($0.03) |
- |
|
Loss per Weighted Average Diluted Share |
($0.08) |
($0.03) |
- |
Net loss was $6.4 million, compared with a net
loss of $1.6 million in the same period of 2020. The greater loss
was primarily attributable to increased R&D expense for new
products.
Conference Call Details
The 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 Monday, May 10, 2021. Management
will deliver prepared remarks to be 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=144859
The 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
Economic Development Zone, Zhejiang Province, is engaged in the
research, development, manufacturing, and sales of various
vehicular products. Kandi conducts its primary business operations
through its wholly-owned subsidiary, Zhejiang Kandi Technologies
Group Co., Ltd. (“Zhejiang Kandi Technologies”), formerly, Zhejiang
Kandi Vehicles Co., Ltd.) and its subsidiaries including Zhejiang
Kandi Smart Battery Swap Technology Co., Ltd, and SC Autosports,
LLC (d/b/a Kandi America), the wholly-owned subsidiary of Kandi in
the United States, and its wholly-owned subsidiary, Kandi America
Investment, LLC. Zhejiang Kandi Technologies has established itself
as one of China's leading manufacturers of pure electric vehicle
parts and off-road vehicles.
More information about KNDI is available on 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
applicable securities laws, the Company does not assume a duty to
update these forward-looking statements.
Follow us on Twitter: @ Kandi_Group
Contacts:
Kandi Technologies Group, Inc.Ms. Kewa Luo+1
(212) 551-3610IR@kandigroup.com
The Blueshirt GroupMr. Gary Dvorchak,
CFAgary@blueshirtgroup.com
- Tables Below –
KANDI TECHNOLOGIES GROUP,
INC.AND SUBSIDIARIESCONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
March 31, 2021 |
|
|
December 31, 2020 |
|
|
|
|
(UNAUDITED) |
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
146,714,469 |
|
|
$ |
142,078,190 |
|
|
Restricted cash |
|
|
480,604 |
|
|
|
442,445 |
|
|
Certificate of deposit |
|
|
15,258,789 |
|
|
|
- |
|
|
Accounts receivable (net of allowance for doubtful accounts of
$109,833 and $110,269 as of March 31, 2021 and December 31, 2020,
respectively) |
|
|
49,888,350 |
|
|
|
38,547,137 |
|
|
Inventories |
|
|
20,481,613 |
|
|
|
19,697,383 |
|
|
Notes receivable |
|
|
18,409,729 |
|
|
|
31,404,630 |
|
|
Other receivables |
|
|
38,596,446 |
|
|
|
1,875,245 |
|
|
Prepayments and prepaid expense |
|
|
14,910,522 |
|
|
|
13,708,149 |
|
|
Advances to suppliers |
|
|
16,731,376 |
|
|
|
36,733,182 |
|
|
Amount due from the Affiliate Company |
|
|
- |
|
|
|
21,742,226 |
|
|
Amount due from related party |
|
|
883,484 |
|
|
|
886,989 |
|
|
TOTAL CURRENT ASSETS |
|
|
322,355,382 |
|
|
|
307,115,576 |
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
69,203,628 |
|
|
|
65,402,680 |
|
|
Intangible assets, net |
|
|
3,056,720 |
|
|
|
3,232,753 |
|
|
Land use rights, net |
|
|
3,222,094 |
|
|
|
3,257,760 |
|
|
Construction in progress |
|
|
16,864,585 |
|
|
|
16,317,662 |
|
|
Deferred taxes assets |
|
|
8,473,546 |
|
|
|
8,964,946 |
|
|
Long term investment |
|
|
152,588 |
|
|
|
45,958 |
|
|
Investment in the Affiliate Company |
|
|
- |
|
|
|
28,892,638 |
|
|
Goodwill |
|
|
29,621,966 |
|
|
|
29,712,383 |
|
|
Other long term assets |
|
|
31,621,451 |
|
|
|
32,307,484 |
|
|
TOTAL NON-CURRENT ASSETS |
|
|
162,216,578 |
|
|
|
188,134,264 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
484,571,960 |
|
|
$ |
495,249,840 |
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
29,846,891 |
|
|
$ |
34,257,935 |
|
|
Other payables and accrued expenses |
|
|
4,648,178 |
|
|
|
7,218,395 |
|
|
Notes payable |
|
|
92,079 |
|
|
|
92,445 |
|
|
Income tax payable |
|
|
1,355,094 |
|
|
|
1,313,754 |
|
|
Advance receipts |
|
|
38,078,159 |
|
|
|
38,229,242 |
|
|
Amount due to related party |
|
|
500,000 |
|
|
|
500,000 |
|
|
Other current liabilities |
|
|
3,742,741 |
|
|
|
2,185,654 |
|
|
TOTAL CURRENT LIABILITIES |
|
|
78,263,142 |
|
|
|
83,797,425 |
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
Deferred taxes liability |
|
|
3,483,171 |
|
|
|
3,483,171 |
|
|
Contingent consideration liability |
|
|
3,386,000 |
|
|
|
3,743,000 |
|
|
Other long-term liabilities |
|
|
457,764 |
|
|
|
459,580 |
|
|
TOTAL NON-CURRENT LIABILITIES |
|
|
7,326,935 |
|
|
|
7,685,751 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
85,590,077 |
|
|
|
91,483,176 |
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDER'S EQUITY |
|
|
|
|
|
|
|
|
|
Common stock, $0.001 par value; 100,000,000 shares authorized;
77,308,499 and 77,298,499 shares issued and 75,387,555 and
75,377,555 outstanding at March 31,2021 and December 31,2020,
respectively |
|
|
75,387 |
|
|
|
75,377 |
|
|
Additional paid-in capital |
|
|
442,343,280 |
|
|
|
439,549,338 |
|
|
Accumulated deficit (the restricted portion is $4,422,033 and
$4,422,033 at March 31,2021 and December 31,2020,
respectively) |
|
|
(33,482,620 |
) |
|
|
(27,079,900 |
) |
|
Accumulated other comprehensive loss |
|
|
(9,954,164 |
) |
|
|
(8,778,151 |
) |
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
398,981,883 |
|
|
|
403,766,664 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
484,571,960 |
|
|
$ |
495,249,840 |
|
|
|
|
|
|
|
|
|
|
|
KANDI TECHNOLOGIES GROUP,
INC.AND SUBSIDIARIESCONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
ANDCOMPREHENSIVE INCOME
(LOSS)(UNAUDITED)
|
|
|
Three Months Ended |
|
|
|
|
March 31, 2021 |
|
|
March 31,2020 |
|
|
|
|
|
|
|
|
|
|
REVENUES FROM UNRELATED PARTIES, NET |
|
$ |
15,976,170 |
|
|
$ |
6,372,424 |
|
|
REVENUES FROM THE AFFILIATE COMPANY AND RELATED PARTIES, NET |
|
|
1,584 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES, NET |
|
|
15,977,754 |
|
|
|
6,372,424 |
|
|
|
|
|
|
|
|
|
|
|
|
COST OF GOODS SOLD |
|
|
(11,623,403 |
) |
|
|
(5,205,165 |
) |
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
|
|
4,354,351 |
|
|
|
1,167,259 |
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
Research and development |
|
|
(21,624,597 |
) |
|
|
(640,240 |
) |
|
Selling and marketing |
|
|
(1,146,866 |
) |
|
|
(878,306 |
) |
|
General and administrative |
|
|
(4,430,123 |
) |
|
|
(3,066,735 |
) |
|
TOTAL OPERATING EXPENSES |
|
|
(27,201,586 |
) |
|
|
(4,585,281 |
) |
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM OPERATIONS |
|
|
(22,847,235 |
) |
|
|
(3,418,022 |
) |
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
|
|
Interest income |
|
|
528,592 |
|
|
|
338,944 |
|
|
Interest expense |
|
|
(126,348 |
) |
|
|
(982,934 |
) |
|
Change in fair value of contingent consideration |
|
|
357,000 |
|
|
|
3,792,000 |
|
|
Government grants |
|
|
234,793 |
|
|
|
11,099 |
|
|
Gain from sale of equity in the Affiliate Company |
|
|
17,700,260 |
|
|
|
- |
|
|
Share of loss after tax of the Affiliate Company |
|
|
(2,579,497 |
) |
|
|
(1,102,770 |
) |
|
Other income, net |
|
|
498,901 |
|
|
|
19,650 |
|
|
TOTAL OTHER INCOME, NET |
|
|
16,613,701 |
|
|
|
2,075,989 |
|
|
|
|
|
|
|
|
|
|
|
|
LOSS BEFORE INCOME TAXES |
|
|
(6,233,534 |
) |
|
|
(1,342,033 |
) |
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX EXPENSE |
|
|
(169,186 |
) |
|
|
(232,613 |
) |
|
|
|
|
|
|
|
|
|
|
|
NET LOSS |
|
|
(6,402,720 |
) |
|
|
(1,574,646 |
) |
|
|
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE INCOME (LOSS) |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
(1,176,013 |
) |
|
|
(3,523,065 |
) |
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE LOSS |
|
$ |
(7,578,733 |
) |
|
$ |
(5,097,711 |
) |
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC AND DILUTED |
|
|
75,383,777 |
|
|
|
52,361,077 |
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS PER SHARE, BASIC AND DILUTED |
|
$ |
(0.08 |
) |
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
KANDI TECHNOLOGIES GROUP,
INC.AND
SUBSIDIARIESCONDENSED CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS’
EQUITY(UNAUDITED)
|
|
|
Number
ofOutstandingShares |
|
|
CommonStock |
|
|
TreasuryStock |
|
|
Additional Paid-in
Capital |
|
|
AccumulatedDeficit |
|
|
AccumulatedOtherComprehensiveLoss |
|
|
Total |
|
|
Balance, December 31, 2019 |
|
|
52,839,441 |
|
|
$ |
52,839 |
|
|
$ |
(2,477,965 |
) |
|
$ |
259,691,370 |
|
|
$ |
(16,685,736 |
) |
|
$ |
(22,723,581 |
) |
|
$ |
217,856,927 |
|
|
Stock issuance and award |
|
|
10,000 |
|
|
|
10 |
|
|
|
- |
|
|
|
22,290 |
|
|
|
- |
|
|
|
- |
|
|
|
22,300 |
|
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,574,646 |
) |
|
|
- |
|
|
|
(1,574,646 |
) |
|
Foreign currency translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,523,065 |
) |
|
|
(3,523,065 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2020 |
|
|
52,849,441 |
|
|
$ |
52,849 |
|
|
$ |
(2,477,965 |
) |
|
$ |
259,713,660 |
|
|
$ |
(18,260,382 |
) |
|
$ |
(26,246,646 |
) |
|
$ |
212,781,516 |
|
|
|
|
Number ofOutstanding
Shares |
|
|
CommonStock |
|
|
TreasuryStock |
|
|
AdditionalPaid-inCapital |
|
|
AccumulatedEarning(Deficit) |
|
|
AccumulatedOtherComprehensiveIncome |
|
|
Total |
|
|
Balance, December 31, 2020 |
|
|
75,377,555 |
|
|
$ |
75,377 |
|
|
$ |
- |
|
|
$ |
439,549,338 |
|
|
$ |
(27,079,900 |
) |
|
$ |
(8,778,151 |
) |
|
$ |
403,766,664 |
|
|
Stock issuance and award |
|
|
10,000 |
|
|
|
10 |
|
|
|
- |
|
|
|
22,290 |
|
|
|
- |
|
|
|
- |
|
|
|
22,300 |
|
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(6,402,720 |
) |
|
|
- |
|
|
|
(6,402,720 |
) |
|
Foreign currency translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,176,013 |
) |
|
|
(1,176,013 |
) |
|
Reversal of reduction in the Affiliate Company’s equity (net off
tax effect of $491,400) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,771,652 |
|
|
|
- |
|
|
|
- |
|
|
|
2,771,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2021 |
|
|
75,387,555 |
|
|
$ |
75,387 |
|
|
$ |
- |
|
|
$ |
442,343,280 |
|
|
$ |
(33,482,620 |
) |
|
$ |
(9,954,164 |
) |
|
$ |
398,981,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KANDI TECHNOLOGIES GROUP,
INC.AND SUBSIDIARIESCONDENSED
CONSOLIDATED STATEMENTS OF CASH
FLOWS(UNAUDITED)
|
|
|
Three Months Ended |
|
|
|
|
March 31,2021 |
|
|
March 31, 2020 |
|
|
|
|
|
|
|
|
|
| CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
Net loss |
|
$ |
(6,402,720 |
) |
|
$ |
(1,574,646 |
) |
|
Adjustments to reconcile net income to net cash provided by
operating activities |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,212,965 |
|
|
|
2,037,045 |
|
|
Impairments |
|
|
- |
|
|
|
24,316 |
|
|
Share of loss after tax of the Affiliate Company |
|
|
2,579,497 |
|
|
|
1,102,770 |
|
|
Gain from equity sale in the Affiliate Company |
|
|
(17,700,260 |
) |
|
|
- |
|
|
Change in fair value of contingent consideration |
|
|
(357,000 |
) |
|
|
(3,792,000 |
) |
|
Stock based compensation expense |
|
|
22,925 |
|
|
|
22,925 |
|
|
|
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
8,916,548 |
|
|
|
5,540,503 |
|
|
Inventories |
|
|
(864,177 |
) |
|
|
(2,955,178 |
) |
|
Other receivables and other assets |
|
|
(13,058,262 |
) |
|
|
(8,734,544 |
) |
|
Advances to supplier and prepayments and prepaid expenses |
|
|
18,807,547 |
|
|
|
(8,311,506 |
) |
|
Amount due from the Affiliate Company |
|
|
- |
|
|
|
4,187,038 |
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) In: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
(340,133 |
) |
|
|
(2,575,446 |
) |
|
Other payables and accrued liabilities |
|
|
107,011 |
|
|
|
(781,409 |
) |
|
Notes payable |
|
|
- |
|
|
|
(10,745,294 |
) |
|
Income tax payable |
|
|
58,779 |
|
|
|
29,357 |
|
|
Net cash used in operating activities |
|
$ |
(6,017,280 |
) |
|
$ |
(26,526,069 |
) |
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment, net |
|
|
(5,866,207 |
) |
|
|
(1,355 |
) |
|
Payment for construction in progress |
|
|
(4,339,770 |
) |
|
|
- |
|
|
Repayments of loan to third party |
|
|
13,113,237 |
|
|
|
- |
|
|
Certificate of deposit |
|
|
(15,427,337 |
) |
|
|
- |
|
|
Cash received from sales of equity in the Affiliate Company |
|
|
23,758,099 |
|
|
|
11,461,646 |
|
|
Long Term Investment |
|
|
(107,991 |
) |
|
|
- |
|
|
Net cash provided by investing activities |
|
$ |
11,130,031 |
|
|
$ |
11,460,291 |
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Proceeds from short-term loans |
|
|
- |
|
|
|
8,452,964 |
|
|
Net cash provided by financing activities |
|
$ |
- |
|
|
$ |
8,452,964 |
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND
RESTRICTED CASH |
|
$ |
5,112,751 |
|
|
$ |
(6,612,814 |
) |
|
Effect of exchange rate changes |
|
$ |
(438,313 |
) |
|
$ |
(145,928 |
) |
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING
OF YEAR |
|
$ |
142,520,635 |
|
|
$ |
16,512,635 |
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF
PERIOD |
|
$ |
147,195,073 |
|
|
$ |
9,753,893 |
|
|
-CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
|
146,714,469 |
|
|
|
3,719,142 |
|
|
-RESTRICTED CASH AT END OF PERIOD |
|
|
480,604 |
|
|
|
6,034,751 |
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
|
Income taxes paid |
|
$ |
110,407 |
|
|
|
203,256 |
|
|
Interest paid |
|
$ |
- |
|
|
|
345,170 |
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL NON-CASH DISCLOSURES: |
|
|
|
|
|
|
|
|
|
Reversal of decrease in investment in the Affiliate Company due to
change in itsequity (net off tax effect of $491,400) |
|
$ |
2,807,696 |
|
|
|
- |
|
|
Increase of other receivable for equity transfer payment of the
Affiliate Company |
|
$ |
23,758,099 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
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