Kandi Technologies Group, Inc. (the “Company,”
“we” or “Kandi”) (NASDAQ GS: KNDI), today announced financial
results for the second quarter of 2021.
Second Quarter
Highlights
- Total revenues increased by 53.7%
to $29.9 million, from $19.4 million in the same period of
2020.
- EV parts sales were $6.7 million,
compared to $12.5 million in the same period of 2020.
- Off-road vehicles sales were $5.5
million, compared to $6.6 million in the same period of 2020.
- Electric Scooters, Electric
Self-Balancing Scooters and associated parts sales were $16.5
million, compared to $0.4 million in the same period of 2020, This
growth represents a successful strategic initiative to sell
intelligent transportation products after the COVID-19 outbreak
seriously impacted the EV market in 2020.
- Battery exchange equipment and
battery exchange service sales were $0.6 million. As a new
business, there was no such revenue in the same period of
2020.
- Gross margin was 20.4%, compared to
18.2% for the same period of 2020.
- Net income was $40.9 million, or
$0.54 per fully diluted share primarily due to a gain on the
disposal of a long-live asset recognized as part of our Jinhua
facility relocation that was completed in the second quarter. This
compares to a net income of $4.1 million, or $0.08 per fully
diluted share for the same period of 2020.
- As of June 30, 2021, working
capital was $297.3 million. Cash, cash equivalents, restricted
cash, and certificate of deposit totaled $202.4 million.
1 Includes cash, cash equivalents, restricted cash, and
certificate of deposit.
Mr. Hu Xiaoming, Chairman and CEO of Kandi
commented: “We are excited to see both strong revenue growth and
profitability. Last year, as the Covid-19 pandemic impacted
our EV business, we undertook a strategic initiative to find new
markets for our industry-leading technology. This pivot to
new markets is proved successful, as you can see by our strong
growth in intelligent mobility sector and associated parts.
Furthermore, we are with our operating cash flow as robust because
we received final payments for the Jinhua Facility
relocation. The vacated old factory property met the
inspection authorities’ stipulated conditions, it was returned to
the government, and we received the agreed payments. With this cash
inflow, our balance sheet is even stronger for pursuing the
multiple growth opportunities we see ahead of us.”
Elaborating on Kandi’s commitment to R&D, Hu elaborated, “As
we noted last quarter, there are significant growth opportunities
in affordable short-distance EVs for the China market, and in UTVs
for the U.S. market. In May, we unveiled the K32 premium UTV, which
is produced at our factory in Hainan, China. The K32 features pure
electric four-wheel-drive propulsion and a fully enclosed cockpit
with air conditioning. We intend to sell the K32 in the U.S. by the
end of this year.”
Turning to acquisitions, Hu commented, “Last
month, we announced the acquisition of Jiangxi Huiyi, which pushes
us further into the battery cell business. Jiangxi Huiyi is a
leading battery cell producer with intelligent production lines
that each day can manufacture approximately 250,000 units of 18650
lithium-ion rechargeable cells. Today, the cells are
implemented in various consumer applications. Equipped with this
technology, Kandi will now focus on EV battery packs as well as
other appropriate consumer products.”
Q2 2021 Financial
Results
Net Revenues and Gross Profit (in USD millions)
|
|
|
2Q21 |
|
|
|
2Q20 |
|
|
|
Y/Y% |
|
Net
Revenue |
|
$ |
29.9 |
|
|
$ |
19.4 |
|
|
|
53.7 |
% |
Gross
Profit |
|
$ |
6.1 |
|
|
$ |
3.5 |
|
|
|
72.4 |
% |
Gross
Margin |
|
|
20.4 |
% |
|
|
18.2 |
% |
|
|
- |
|
Net revenues of $29.9 million increased 53.7%
from the second quarter of 2020. The increase in revenue was
primarily due to the growth in sales of Electric Scooters, Electric
Self-Balancing Scooters and associated parts. This segment had a
higher gross margin than other segments, resulting in 20.4% gross
margin in the second quarter of 2021, higher than 18.2% for the
same period of 2020.
Operating Income/Loss (in USD millions)
|
|
|
2Q21 |
|
|
|
2Q20 |
|
|
|
Y/Y% |
|
Operating
Income |
|
$ |
38.3 |
|
|
$ |
8.1 |
|
|
|
373.3 |
% |
Income from
Operations |
|
$ |
44.4 |
|
|
$ |
11.6 |
|
|
|
281.7 |
% |
Operating
Margin |
|
|
148.5 |
% |
|
|
59.8 |
% |
|
|
- |
|
Operating income was $38.3 million, compared
with $8.1 million in the second quarter of 2020. The increase was
primarily attributable to the gain on disposal of a long-lived
asset related to the Jinhua facility relocation.
Net Income (in USD millions)
|
|
|
2Q21 |
|
|
|
2Q20 |
|
|
|
Y/Y% |
|
Net
Income |
|
$ |
40.9 |
|
|
$ |
4.1 |
|
|
|
909.3 |
% |
Net Income per Weighted Average Common Share |
|
$ |
0.54 |
|
|
$ |
0.08 |
|
|
|
- |
|
Net Income per Weighted Average Diluted Share |
|
$ |
0.54 |
|
|
$ |
0.08 |
|
|
|
- |
|
Net income was $40.9 million, compared with a
net income of $4.1 million in the same period of 2020.The greater
income was primarily attributable to the gain on disposal of a
long-lived asset recognized in the second quarter of 2021.
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,
August 9, 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=146195
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.
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
|
|
June 30, 2021 |
|
|
December 31, 2020 |
|
|
|
(UNAUDITED) |
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
132,071,957 |
|
|
$ |
142,078,190 |
|
Restricted
cash |
|
|
16,117,526 |
|
|
|
442,445 |
|
Certificate of deposit |
|
|
54,222,374 |
|
|
|
- |
|
Accounts
receivable (net of allowance for doubtful accounts of $111,512 and
$110,269 as of June 30, 2021 and December 31, 2020,
respectively) |
|
|
48,713,854 |
|
|
|
38,547,137 |
|
Inventories |
|
|
23,232,234 |
|
|
|
19,697,383 |
|
Notes
receivable |
|
|
8,985,422 |
|
|
|
31,404,630 |
|
Other
receivables |
|
|
40,574,115 |
|
|
|
1,875,245 |
|
Prepayments
and prepaid expense |
|
|
16,791,928 |
|
|
|
13,708,149 |
|
Advances to
suppliers |
|
|
13,274,911 |
|
|
|
36,733,182 |
|
Amount due
from the Affiliate Company |
|
|
- |
|
|
|
21,742,226 |
|
Amount due
from related party |
|
|
- |
|
|
|
886,989 |
|
TOTAL CURRENT ASSETS |
|
|
353,984,321 |
|
|
|
307,115,576 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
|
|
|
|
|
|
|
|
Property,
plant and equipment, net |
|
|
81,579,358 |
|
|
|
65,402,680 |
|
Intangible
assets, net |
|
|
2,936,697 |
|
|
|
3,232,753 |
|
Land use
rights, net |
|
|
3,248,223 |
|
|
|
3,257,760 |
|
Construction
in progress |
|
|
6,123,956 |
|
|
|
16,317,662 |
|
Deferred
taxes assets |
|
|
7,852,209 |
|
|
|
8,964,946 |
|
Long term
investment |
|
|
154,921 |
|
|
|
45,958 |
|
Investment
in the Affiliate Company |
|
|
- |
|
|
|
28,892,638 |
|
Goodwill |
|
|
29,970,415 |
|
|
|
29,712,383 |
|
Other long
term assets |
|
|
18,012,160 |
|
|
|
32,307,484 |
|
TOTAL NON-CURRENT ASSETS |
|
|
149,877,939 |
|
|
|
188,134,264 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
503,862,260 |
|
|
$ |
495,249,840 |
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
31,373,506 |
|
|
$ |
34,257,935 |
|
Other
payables and accrued expenses |
|
|
8,930,573 |
|
|
|
7,218,395 |
|
Short-term
loans |
|
|
250,000 |
|
|
|
- |
|
Notes
payable |
|
|
232,382 |
|
|
|
92,445 |
|
Income tax
payable |
|
|
11,280,164 |
|
|
|
1,313,754 |
|
Advance
receipts |
|
|
- |
|
|
|
38,229,242 |
|
Amount due
to related party |
|
|
500,000 |
|
|
|
500,000 |
|
Other
current liabilities |
|
|
4,067,928 |
|
|
|
2,185,654 |
|
TOTAL CURRENT LIABILITIES |
|
|
56,634,553 |
|
|
|
83,797,425 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Deferred
taxes liability |
|
|
602,435 |
|
|
|
3,483,171 |
|
Contingent
consideration liability |
|
|
- |
|
|
|
3,743,000 |
|
Other
long-term liabilities |
|
|
464,763 |
|
|
|
459,580 |
|
TOTAL NON-CURRENT LIABILITIES |
|
|
1,067,198 |
|
|
|
7,685,751 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
57,701,751 |
|
|
|
91,483,176 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDER’S EQUITY |
|
|
|
|
|
|
|
|
Common
stock, $0.001 par value; 100,000,000 shares authorized; 77,547,099
and 77,298,499 shares issued and 75,626,155 and 75,377,555
outstanding at June 30,2021 and December 31,2020, respectively |
|
|
75,626 |
|
|
|
75,377 |
|
Additional
paid-in capital |
|
|
443,717,378 |
|
|
|
439,549,338 |
|
Accumulated
deficit (the restricted portion is $4,422,033 and $4,422,033 at
June 30,2021 and December 31,2020, respectively) |
|
|
7,446,854 |
|
|
|
(27,079,900 |
) |
Accumulated
other comprehensive loss |
|
|
(5,079,349 |
) |
|
|
(8,778,151 |
) |
TOTAL STOCKHOLDERS’ EQUITY |
|
|
446,160,509 |
|
|
|
403,766,664 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY |
|
$ |
503,862,260 |
|
|
$ |
495,249,840 |
|
KANDI TECHNOLOGIES GROUP,
INC.AND SUBSIDIARIESCONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
ANDCOMPREHENSIVE INCOME
(LOSS)(UNAUDITED)
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES FROM UNRELATED PARTIES, NET |
|
$ |
29,875,835 |
|
|
$ |
19,436,120 |
|
|
$ |
45,852,002 |
|
|
$ |
25,808,544 |
|
REVENUES
FROM THE AFFILIATE COMPANY AND RELATED PARTIES, NET |
|
|
- |
|
|
|
956 |
|
|
|
1,587 |
|
|
|
956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES, NET |
|
|
29,875,835 |
|
|
|
19,437,076 |
|
|
|
45,853,589 |
|
|
|
25,809,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF
GOODS SOLD |
|
|
(23,778,053 |
) |
|
|
(15,900,298 |
) |
|
|
(35,401,456 |
) |
|
|
(21,105,463 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
|
|
6,097,782 |
|
|
|
3,536,778 |
|
|
|
10,452,133 |
|
|
|
4,704,037 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME (EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
|
(3,564,905 |
) |
|
|
(1,149,901 |
) |
|
|
(25,189,502 |
) |
|
|
(1,790,141 |
) |
Selling and
marketing |
|
|
(1,057,517 |
) |
|
|
(763,666 |
) |
|
|
(2,204,383 |
) |
|
|
(1,641,972 |
) |
General and
administrative |
|
|
(5,359,572 |
) |
|
|
(3,907,191 |
) |
|
|
(9,789,695 |
) |
|
|
(6,973,926 |
) |
Gain on
disposal of long-lived assets |
|
|
48,253,667 |
|
|
|
13,907,574 |
|
|
|
48,253,667 |
|
|
|
13,907,574 |
|
TOTAL OPERATING INCOME |
|
|
38,271,673 |
|
|
|
8,086,816 |
|
|
|
11,070,087 |
|
|
|
3,501,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM OPERATIONS |
|
|
44,369,455 |
|
|
|
11,623,594 |
|
|
|
21,522,220 |
|
|
|
8,205,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
974,105 |
|
|
|
221,792 |
|
|
|
1,502,697 |
|
|
|
560,736 |
|
Interest
expense |
|
|
(78,069 |
) |
|
|
(1,123,056 |
) |
|
|
(204,417 |
) |
|
|
(2,105,990 |
) |
Change in
fair value of contingent consideration |
|
|
(357,000 |
) |
|
|
(929,000 |
) |
|
|
- |
|
|
|
2,863,000 |
|
Government
grants |
|
|
114,402 |
|
|
|
86,799 |
|
|
|
349,195 |
|
|
|
97,898 |
|
Gain from
sale of equity in the Affiliate Company |
|
|
33,651 |
|
|
|
- |
|
|
|
17,733,911 |
|
|
|
- |
|
Share of
loss after tax of the Affiliate Company |
|
|
(4,904 |
) |
|
|
(2,978,529 |
) |
|
|
(2,584,401 |
) |
|
|
(4,081,299 |
) |
Other
income, net |
|
|
3,827,089 |
|
|
|
1,043,335 |
|
|
|
4,325,990 |
|
|
|
1,062,985 |
|
TOTAL OTHER INCOME (EXPENSE), NET |
|
|
4,509,274 |
|
|
|
(3,678,659 |
) |
|
|
21,122,975 |
|
|
|
(1,602,670 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES |
|
|
48,878,729 |
|
|
|
7,944,935 |
|
|
|
42,645,195 |
|
|
|
6,602,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX
EXPENSE |
|
|
(7,949,255 |
) |
|
|
(3,889,889 |
) |
|
|
(8,118,441 |
) |
|
|
(4,122,502 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME |
|
|
40,929,474 |
|
|
|
4,055,046 |
|
|
|
34,526,754 |
|
|
|
2,480,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
COMPREHENSIVE INCOME (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
currency translation adjustment |
|
|
4,874,815 |
|
|
|
477,734 |
|
|
|
3,698,802 |
|
|
|
(3,045,331 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME (LOSS) |
|
$ |
45,804,289 |
|
|
$ |
4,532,780 |
|
|
$ |
38,225,556 |
|
|
$ |
(564,931 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC AND DILUTED |
|
|
75,510,788 |
|
|
|
53,369,602 |
|
|
|
75,447,633 |
|
|
|
52,862,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
PER SHARE, BASIC AND DILUTED |
|
$ |
0.54 |
|
|
$ |
0.08 |
|
|
$ |
0.46 |
|
|
$ |
0.05 |
|
KANDI TECHNOLOGIES GROUP,
INC.AND
SUBSIDIARIESCONDENSED CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS’
EQUITY(UNAUDITED)
|
|
Number of Outstanding Shares |
|
|
Common Stock |
|
|
Treasury Stock |
|
|
Additional Paid-in Capital |
|
|
Accumulated Deficit |
|
|
Accumulated Other Comprehensive Loss |
|
|
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 |
|
Stock
issuance and award |
|
|
1,502,717 |
|
|
|
1,503 |
|
|
|
|
|
|
|
3,164,925 |
|
|
|
|
|
|
|
|
|
|
|
3,166,428 |
|
Net
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,055,043 |
|
|
|
|
|
|
|
4,055,043 |
|
Foreign
currency translation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
477,734 |
|
|
|
477,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2020 |
|
|
54,352,158 |
|
|
$ |
54,352 |
|
|
$ |
(2,477,965 |
) |
|
$ |
262,878,585 |
|
|
$ |
(14,205,339 |
) |
|
$ |
(25,768,912 |
) |
|
$ |
220,480,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Outstanding Shares |
|
|
|
Common Stock |
|
|
|
Treasury Stock |
|
|
|
Additional Paid-in Capital |
|
|
|
Accumulated Earning (Deficit) |
|
|
|
Accumulated Other Comprehensive Income |
|
|
|
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 |
|
Stock
issuance and award |
|
|
238,600 |
|
|
|
239 |
|
|
|
|
|
|
|
1,374,098 |
|
|
|
|
|
|
|
|
|
|
|
1,374,337 |
|
Net
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,929,474 |
|
|
|
|
|
|
|
40,929,474 |
|
Foreign
currency translation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,874,815 |
|
|
|
4,874,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2021 |
|
|
75,626,155 |
|
|
$ |
75,626 |
|
|
$ |
- |
|
|
$ |
443,717,378 |
|
|
$ |
7,446,854 |
|
|
$ |
(5,079,349 |
) |
|
$ |
446,160,509 |
|
KANDI TECHNOLOGIES GROUP,
INC.AND SUBSIDIARIESCONDENSED
CONSOLIDATED STATEMENTS OF CASH
FLOWS(UNAUDITED)
|
|
Six Months Ended |
|
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
|
|
|
|
|
|
|
CASH
FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
34,526,754 |
|
|
$ |
2,480,400 |
|
Adjustments
to reconcile net income to net cash provided by operating
activities |
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
|
4,443,218 |
|
|
|
4,022,676 |
|
Impairments |
|
|
- |
|
|
|
(148,054 |
) |
Deferred
taxes |
|
|
(11,970 |
) |
|
|
2,089,505 |
|
Share of
loss after tax of the Affiliate Company |
|
|
2,584,401 |
|
|
|
4,081,299 |
|
Gain from
equity sale in the Affiliate Company |
|
|
(17,733,911 |
) |
|
|
- |
|
Gain on
disposal of long-live assets |
|
|
(48,253,667 |
) |
|
|
(13,907,574 |
) |
Change in
fair value of contingent consideration |
|
|
- |
|
|
|
(2,863,000 |
) |
Stock based
compensation expense |
|
|
1,429,456 |
|
|
|
847,546 |
|
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
2,054,930 |
|
|
|
(1,431,388 |
) |
Inventories |
|
|
(3,328,120 |
) |
|
|
(743,483 |
) |
Other
receivables and other assets |
|
|
(14,040,619 |
) |
|
|
(11,248,701 |
) |
Advances to
supplier and prepayments and prepaid expenses |
|
|
20,596,182 |
|
|
|
(12,586,777 |
) |
Amount due
from the Affiliate Company |
|
|
- |
|
|
|
4,129,516 |
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) In: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
|
(1,044,040 |
) |
|
|
(282,560 |
) |
Other
payables and accrued liabilities |
|
|
(463,016 |
) |
|
|
736,715 |
|
Notes
payable |
|
|
(93,273 |
) |
|
|
(10,664,922 |
) |
Income tax
payable |
|
|
7,671,740 |
|
|
|
1,161,312 |
|
Net
cash used in operating activities |
|
$ |
(11,661,935 |
) |
|
$ |
(34,327,490 |
) |
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchases of
property, plant and equipment, net |
|
|
(6,565,755 |
) |
|
|
(59,670 |
) |
Payment for
construction in progress |
|
|
(1,869,028 |
) |
|
|
- |
|
Proceeds
from disposal of long-lived assets |
|
|
23,234,680 |
|
|
|
34,696,547 |
|
Repayments
of loan to third party |
|
|
31,686,168 |
|
|
|
- |
|
Certificate of deposit |
|
|
(54,098,335 |
) |
|
|
- |
|
Cash
received from sales of equity in the Affiliate Company |
|
|
23,803,268 |
|
|
|
15,641,886 |
|
Long Term
Investment |
|
|
(108,197 |
) |
|
|
- |
|
Net
cash provided by investing activities |
|
$ |
16,082,801 |
|
|
$ |
50,278,763 |
|
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds
from short-term loans |
|
|
250,000 |
|
|
|
24,031,625 |
|
Repayments
of short-term loans |
|
|
- |
|
|
|
(49,769,638 |
) |
Repayments
of long-term loans |
|
|
- |
|
|
|
(284,398 |
) |
Proceeds
from long-term loans |
|
|
- |
|
|
|
394,116 |
|
Net
cash provided by (used in) financing activities |
|
$ |
250,000 |
|
|
$ |
(25,628,295 |
) |
|
|
|
|
|
|
|
|
|
NET
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED
CASH |
|
$ |
4,670,866 |
|
|
$ |
(9,677,022 |
) |
Effect of
exchange rate changes |
|
$ |
997,982 |
|
|
$ |
(157,062 |
) |
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 |
|
$ |
148,189,483 |
|
|
$ |
6,678,551 |
|
-CASH AND
CASH EQUIVALENTS AT END OF PERIOD |
|
|
132,071,957 |
|
|
|
3,457,498 |
|
-RESTRICTED
CASH AT END OF PERIOD |
|
|
16,117,526 |
|
|
|
3,221,053 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Income taxes
paid |
|
$ |
373,433 |
|
|
|
870,082 |
|
Interest
paid |
|
$ |
- |
|
|
|
641,213 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL NON-CASH DISCLOSURES: |
|
|
|
|
|
|
|
|
Reversal of
decrease in investment in the Affiliate Company due to change in
its equity (net off tax effect of $491,400) |
|
$ |
2,813,968 |
|
|
|
- |
|
Increase of
other receivable for equity transfer payment of the Affiliate
Company |
|
$ |
23,803,268 |
|
|
|
- |
|
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