Kandi Technologies Group, Inc. (the “Company,”
“we” or “Kandi”) (NASDAQ GS: KNDI), today announced its financial
results for the second quarter of 2020.
Second Quarter Highlights
- Total revenues were $19.4 million
for the second quarter of 2020, a decrease of 19.5% from total
revenues of $24.1 million for the same period in
2019.
- Electric Vehicle (“EV”) parts sales
decreased by 34.1%, to $12.5 million for the second quarter of
2020, compared with EV parts sales of $19.0 million for the same
period in 2019.
- Revenues from sales of off-road
vehicles increased by 27.3%, to $6.6 million for the second quarter
of 2020, compared with revenues from sales of off-road vehicles of
$5.2 million for the same period in 2019.
- Gross margin for the second quarter
of 2020 was 18.2%, compared to 17.4% for the same period of
2019.
- Net income for the second quarter
of 2020 was $4.1 million, or $0.08 earnings per fully diluted
share, compared with net loss of $7.3 million, or $0.14 loss per
fully diluted share for the same period in 2019.
- Working capital was $75.6 million
as of June 30, 2020. Cash, cash equivalents and restricted cash
totaled $6.7 million as of June 30, 2020.
Mr. Hu Xiaoming, Chairman and Chief Executive
Officer of Kandi, commented, “Our second quarter results were
satisfactory. After the pandemic in China was effectively
contained, Kandi fully resumed production and actively pushed the
business forward. The COVID-19 situation significantly
decreased consumer demand, yet we contained the revenue decline,
improved gross margin, and achieved $4.1 million in profit.
We made meaningful progress in preparing for the online car-hailing
business, the launch of which is planned for Hainan soon. Our first
fully automatic intelligent battery swapping equipment was
delivered to the rideshare operator in Hainan on August 2.
Installation has been completed, and trial operations will
commence. For the first time, battery swapping stations are
classified as ‘infrastructure construction’ based on the Government
Work Report delivered by Premier Li Keqiang during the 2020
NPC. As such, we believe that our fully automatic smart
replacement system will be favored by the market and drive sales of
our electric vehicles. Furthermore, our affiliate company
Fengsheng Automotive successively launched two exciting new pure
electric SUVs and multi-purpose passenger vehicles and will
continue to launch more pure electric vehicle models to meet the
diversified travel needs of users.”Mr. Hu discussed the U.S.
opportunity: “While maintaining growth of off-road vehicles, our
American wholly-owned subsidiary has also prepared to launch sales
of pure EVs in the United States. A live virtual event will
occur on August 18 to officially kick-off pre-sales, which will be
a key milestone in the Company’s history. As a technology
innovator, Kandi is committed to provide high quality products with
great performance and affordable price.”“As a pioneer in the
electric vehicle industry and inventor of the ‘vehicle/battery
separation’ swap model, Kandi is well-positioned to benefit from
growing demand for EVs. The market potential of online car
hailing in China is huge, and with government support for the
battery swapping model, we are confident that Kandi will gain
market share in China’s EV industry in the near future.” Mr. Hu
concluded.
Net Revenues and Gross Profit
|
2Q20 |
|
2Q19 |
|
Y-o-Y |
% |
Net Revenues (US$million) |
$ |
19.4 |
|
$ |
24.1 |
|
-19.5 |
% |
Gross Profit (US$million) |
$ |
3.5 |
|
$ |
4.2 |
|
-15.8 |
% |
Gross Margin |
|
18.2 |
% |
|
17.4 |
% |
- |
|
Net revenues for the second quarter of 2020
decreased by 19.5% compared to the same period last year. The
decrease in revenue was mainly due to lower sales of EV parts. Due
to the outbreak of COVID-19 in China, the demand for EV parts from
customers was significantly affected during the first half of
2020.
Income (Loss) from Operations
|
2Q20 |
|
2Q19 |
|
Y-o-Y |
% |
Total Operating Income (Expenses) (US$million) |
$ |
8.1 |
|
($ |
7.2 |
) |
-213.0 |
% |
Income (Loss) from Operations (US$million) |
$ |
11.6 |
|
($ |
3.0 |
) |
-493.5 |
% |
Operating Margin |
|
59.8 |
% |
|
-12.2 |
% |
- |
|
Total operating income in the second quarter of
2020 were $8.1 million, compared with $7.2 million of total
operating expenses in the same quarter of 2019. The increase in
total operating income was mainly due to the gain on disposal of
long-live asset related to the real estate repurchase agreement of
our Jinhua Facility’s relocation which was $13.9 incurred during
the second quarter of 2020.
Net Income (Loss)
|
2Q20 |
|
2Q19 |
|
Y-o-Y |
% |
Net Income (Loss) (US$million) |
$ |
4.1 |
|
($ |
7.3 |
) |
-155.4 |
% |
Earnings (loss) per Weighted Average Common Share |
$ |
0.08 |
|
($ |
0.14 |
) |
- |
|
Earnings (loss) per Weighted Average Diluted Share |
$ |
0.08 |
|
($ |
0.14 |
) |
- |
|
Net income was $4.1 million in the second
quarter of 2020, compared with net loss of $7.3 million in the same
quarter of 2019. The decrease in loss was primarily due to the gain
on disposal of long-live asset which was related to the real estate
repurchase agreement of our Jinhua Facility’s relocation.
Financial Condition
As of June 30, 2020, the Company had cash and
cash equivalents of $3.5 million, restricted cash of $3.2 million,
working capital of $75.6 million; compared to $5.5 million, $11.0
million, $63.7 million as of December 31, 2019.
As of June 30, 2020, our accounts receivable was
$60.0 million, compared to $61.2 million as of December 31,
2019.
For the first half of 2020, cash used in
operating activities was $34.3 million, as compared to cash used in
operating activities of $33.1 million for the same period last
year.
Second Quarter 2020
Conference Call DetailsThe Company will conduct a
conference call and live webcast to discuss its second quarter 2020
financial results at 8:00 A.M. Eastern Time (8:00 P.M.
Beijing Time) on August 10, 2019. Management will deliver
prepared remarks to be followed by a question and answer
session.
Dial-in details for the conference call are as
follows:
- Toll-free dial-in number:
+1-877-407-3982
- International dial-in number: +
1-201-493-6780
- Webcast and
replay: http://public.viavid.com/index.php?id=1441129
A live audio webcast of the call can also be
accessed by visiting Kandi's Investor Relations page on
the Company’s website at http://www.kandivehicle.com. An
archive of the webcast will be available on the Company’s website
following the live call.
About Kandi Technologies Group,
Inc.
Kandi Technologies Group, Inc. (KNDI),
headquartered in Jinhua 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 Vehicles Co., Ltd. ("Kandi Vehicles") and its subsidiaries
including Zhejiang Kandi Smart Battery Swap Technology Co., Ltd, SC
Autosports, LLC (d/b/a Kandi America), the wholly-owned subsidiary
of Kandi in the United States and Fengsheng Automobile Technology
Group Co., Ltd (formerly known as Kandi Electric Vehicles Group
Co., Ltd., the “Affiliate Company”). Kandi Vehicles has established
itself as one of China's leading manufacturers of pure electric
vehicle parts and off-road vehicles.
In 2013, Kandi Vehicles and Geely Group, China's
leading automaker, jointly invested in the establishment of the
Affiliate Company in order to develop, manufacture and sell pure
electric vehicle ("EV") products. Geely Group (including its
affiliate) and Kandi Vehicles currently holds 78% and 22% of the
equity interests in the Affiliate Company, respectively. The
Affiliate Company has established itself as one of the driving
forces in the development and the manufacturing of pure EV products
in China.
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
For More Information:
Kandi Technologies Group, Inc.
Ms. Kewa LuoPhone: +1 (212) 551-3610Email: IR@kandigroup.com
The Blueshirt Group
U.S.:Mr. Gary DvorchakEmail: gary@blueshirtgroup.com
China:Ms. Susie Wang Email: susie@blueshirtgroup.com
KANDI TECHNOLOGIES GROUP,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(UNAUDITED)
|
|
June 30, 2020 |
|
|
December 31, 2019 |
|
|
|
(UNAUDITED) |
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
3,457,498 |
|
|
$ |
5,490,557 |
|
Restricted cash |
|
|
3,221,053 |
|
|
|
11,022,078 |
|
Accounts receivable (net of allowance for doubtful accounts of
$251,012 and $254,665 as of June 30, 2020 and December 31, 2019,
respectively) |
|
|
60,020,455 |
|
|
|
61,181,849 |
|
Inventories |
|
|
28,245,267 |
|
|
|
27,736,566 |
|
Notes receivable |
|
|
- |
|
|
|
42,487,225 |
|
Other receivables |
|
|
42,661,342 |
|
|
|
5,019,971 |
|
Prepayments and prepaid expense |
|
|
10,407,572 |
|
|
|
10,615,063 |
|
Amount due from the Affiliate Company, net |
|
|
20,107,347 |
|
|
|
31,330,763 |
|
Other current assets |
|
|
13,283,400 |
|
|
|
688,364 |
|
TOTAL CURRENT ASSETS |
|
|
181,403,934 |
|
|
|
195,572,436 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM ASSETS |
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
69,907,964 |
|
|
|
74,407,858 |
|
Intangible assets |
|
|
3,298,384 |
|
|
|
3,654,772 |
|
Land use rights, net |
|
|
8,765,196 |
|
|
|
11,272,815 |
|
Investment in the Affiliate Company |
|
|
42,490,448 |
|
|
|
47,228,614 |
|
Goodwill |
|
|
27,962,871 |
|
|
|
28,270,400 |
|
Other long term assets |
|
|
10,529,348 |
|
|
|
10,811,501 |
|
TOTAL Long-Term Assets |
|
|
162,954,211 |
|
|
|
175,645,960 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
344,358,145 |
|
|
$ |
371,218,396 |
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
59,656,133 |
|
|
$ |
72,093,940 |
|
Other payables and accrued expenses |
|
|
4,239,760 |
|
|
|
6,078,041 |
|
Short-term loans |
|
|
- |
|
|
|
25,980,364 |
|
Notes payable |
|
|
2,971,053 |
|
|
|
10,765,344 |
|
Income tax payable |
|
|
2,901,610 |
|
|
|
1,796,601 |
|
Advance receipts |
|
|
18,497,676 |
|
|
|
- |
|
Long term loans - current portion |
|
|
16,128,576 |
|
|
|
13,779,641 |
|
Other current liability |
|
|
1,421,364 |
|
|
|
1,379,808 |
|
Total Current Liabilities |
|
|
105,816,172 |
|
|
|
131,873,739 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
|
|
|
|
|
|
|
|
Long term loans |
|
|
11,712,415 |
|
|
|
14,353,792 |
|
Deferred taxes liability |
|
|
3,448,922 |
|
|
|
1,362,786 |
|
Contingent consideration liability |
|
|
2,334,000 |
|
|
|
5,197,000 |
|
Other long-term liability |
|
|
565,915 |
|
|
|
574,152 |
|
Total Long-Term Liabilities |
|
|
18,061,252 |
|
|
|
21,487,730 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
123,877,424 |
|
|
|
153,361,469 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDER’S EQUITY |
|
|
|
|
|
|
|
|
Common stock, $0.001 par value; 100,000,000 shares
authorized; 56,273,102 and 56,263,102 shares issued and
54,352,158 and 52,839,441 outstanding at June 30,2020 and December
31,2019, respectively |
|
|
54,352 |
|
|
|
52,839 |
|
Less: Treasury stock (487,155 shares with average price of $5.09 at
June 30,2020 and December 31,2019, respectively ) |
|
|
(2,477,965 |
) |
|
|
(2,477,965 |
) |
Additional paid-in capital |
|
|
262,878,585 |
|
|
|
259,691,370 |
|
Accumulated deficit (the restricted portion is $4,422,033 and
$4,422,033 at June 30,2020 and December 31,2019, respectively) |
|
|
(14,205,339 |
) |
|
|
(16,685,736 |
) |
Accumulated other comprehensive loss |
|
|
(25,768,912 |
) |
|
|
(22,723,581 |
) |
TOTAL STOCKHOLDERS’ EQUITY |
|
|
220,480,721 |
|
|
|
217,856,927 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
344,358,145 |
|
|
$ |
371,218,396 |
|
|
|
|
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, 2020 |
|
|
June 30, 2019 |
|
|
June 30, 2020 |
|
|
June 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES FROM UNRELATED PARTY, NET |
|
$ |
19,436,120 |
|
|
$ |
20,056,696 |
|
|
$ |
25,808,544 |
|
|
$ |
36,391,659 |
|
REVENUES FROM THE AFFILIATE COMPANY AND RELATED PARTY, NET |
|
|
956 |
|
|
|
4,089,534 |
|
|
|
956 |
|
|
|
5,823,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES, NET |
|
|
19,437,076 |
|
|
|
24,146,230 |
|
|
|
25,809,500 |
|
|
|
42,214,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF GOODS SOLD |
|
|
(15,900,298 |
) |
|
|
(19,944,076 |
) |
|
|
(21,105,463 |
) |
|
|
(34,876,099 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
|
|
3,536,778 |
|
|
|
4,202,154 |
|
|
|
4,704,037 |
|
|
|
7,338,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME (EXPENSES): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
(1,149,901 |
) |
|
|
(632,590 |
) |
|
|
(1,790,141 |
) |
|
|
(1,170,023 |
) |
Selling and marketing |
|
|
(763,666 |
) |
|
|
(899,478 |
) |
|
|
(1,641,972 |
) |
|
|
(1,517,481 |
) |
General and administrative |
|
|
(3,907,191 |
) |
|
|
(5,623,798 |
) |
|
|
(6,973,926 |
) |
|
|
(7,663,326 |
) |
Gain on disposal of long-live asset |
|
|
13,907,574 |
|
|
|
- |
|
|
|
13,907,574 |
|
|
|
- |
|
Total Operating Income (Expenses) |
|
|
8,086,816 |
|
|
|
(7,155,866 |
) |
|
|
3,501,535 |
|
|
|
(10,350,830 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS |
|
|
11,623,594 |
|
|
|
(2,953,712 |
) |
|
|
8,205,572 |
|
|
|
(3,012,239 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSES): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
221,792 |
|
|
|
97,814 |
|
|
|
560,736 |
|
|
|
350,218 |
|
Interest expense |
|
|
(1,123,056 |
) |
|
|
(429,355 |
) |
|
|
(2,105,990 |
) |
|
|
(868,538 |
) |
Change in fair value of contingent consideration |
|
|
(929,000 |
) |
|
|
548,000 |
|
|
|
2,863,000 |
|
|
|
637,000 |
|
Government grants |
|
|
86,799 |
|
|
|
175,319 |
|
|
|
97,898 |
|
|
|
223,043 |
|
Gain from equity dilution in the Affiliate Company |
|
|
- |
|
|
|
(24,131 |
) |
|
|
- |
|
|
|
4,341,259 |
|
Share of loss after tax of the Affiliate Company |
|
|
(2,978,529 |
) |
|
|
(4,500,201 |
) |
|
|
(4,081,299 |
) |
|
|
(14,449,359 |
) |
Other income (expenses), net |
|
|
1,043,335 |
|
|
|
(174,597 |
) |
|
|
1,062,985 |
|
|
|
299,793 |
|
Total other expenses, net |
|
|
(3,678,659 |
) |
|
|
(4,307,151 |
) |
|
|
(1,602,670 |
) |
|
|
(9,466,584 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE INCOME TAXES |
|
|
7,944,935 |
|
|
|
(7,260,863 |
) |
|
|
6,602,902 |
|
|
|
(12,478,823 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX (EXPENSE) BENEFIT |
|
|
(3,889,889 |
) |
|
|
(57,295 |
) |
|
|
(4,122,502 |
) |
|
|
751,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
|
|
4,055,046 |
|
|
|
(7,318,158 |
) |
|
|
2,480,400 |
|
|
|
(11,727,630 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE INCOME (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
|
477,734 |
|
|
|
(4,915,589 |
) |
|
|
(3,045,331 |
) |
|
|
488,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME (LOSS) |
|
$ |
4,532,780 |
|
|
$ |
(12,233,747 |
) |
|
$ |
(564,931 |
) |
|
$ |
(11,239,191 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC |
|
|
53,369,602 |
|
|
|
52,806,331 |
|
|
|
52,862,043 |
|
|
|
52,189,237 |
|
WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED |
|
|
53,369,602 |
|
|
|
52,806,331 |
|
|
|
52,862,043 |
|
|
|
52,189,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) PER SHARE, BASIC |
|
$ |
0.08 |
|
|
$ |
(0.14 |
) |
|
$ |
0.05 |
|
|
$ |
(0.22 |
) |
NET INCOME (LOSS) PER SHARE, DILUTED |
|
$ |
0.08 |
|
|
$ |
(0.14 |
) |
|
$ |
0.05 |
|
|
$ |
(0.22 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Income |
|
|
Total |
|
Balance, December 31, 2018 |
|
|
51,484,444 |
|
|
$ |
51,484 |
|
|
$ |
- |
|
|
$ |
254,989,657 |
|
|
$ |
(9,497,009 |
) |
|
$ |
(19,921,258 |
) |
|
$ |
225,622,874 |
|
Stock issuance and award |
|
|
1,096,397 |
|
|
|
1,097 |
|
|
|
- |
|
|
|
3,387,379 |
|
|
|
- |
|
|
|
- |
|
|
|
3,388,476 |
|
Net income (loss) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(4,409,472 |
) |
|
|
- |
|
|
|
(4,409,472 |
) |
Foreign currency translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,404,028 |
|
|
|
5,404,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2019 |
|
|
52,580,841 |
|
|
$ |
52,581 |
|
|
$ |
- |
|
|
$ |
258,377,036 |
|
|
$ |
(13,906,481 |
) |
|
$ |
(14,517,230 |
) |
|
$ |
230,005,906 |
|
Stock issuance and award |
|
|
238,600 |
|
|
|
238 |
|
|
|
|
|
|
|
1,259,569 |
|
|
|
|
|
|
|
|
|
|
|
1,259,807 |
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,318,158 |
) |
|
|
|
|
|
|
(7,318,158 |
) |
Foreign currency translation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,915,589 |
) |
|
|
(4,915,589 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2019 |
|
|
52,819,441 |
|
|
|
52,819 |
|
|
|
- |
|
|
|
259,636,605 |
|
|
|
(21,224,639 |
) |
|
|
(19,432,819 |
) |
|
|
219,031,966 |
|
|
|
Number of Outstanding Shares |
|
|
Common Stock |
|
|
Treasury Stock |
|
|
Additional Paid-in Capital |
|
|
Accumulated Deficit |
|
|
Accumulated Other Comprehensive Income |
|
|
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 income (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 (loss) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
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 |
|
|
|
|
KANDI TECHNOLOGIES GROUP,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
|
June 30, 2019 |
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net income (loss) |
|
$ |
2,480,400 |
|
|
$ |
(11,727,630 |
) |
Adjustments to reconcile net income to net cash provided by
operating activities |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
4,022,676 |
|
|
|
4,376,097 |
|
Impairments |
|
|
(148,054 |
) |
|
|
59,799 |
|
Allowance for doubtful accounts |
|
|
- |
|
|
|
15,543 |
|
Deferred taxes |
|
|
2,089,505 |
|
|
|
51,275 |
|
Share of loss after tax of the Affiliate Company |
|
|
4,081,299 |
|
|
|
14,449,359 |
|
Gain from equity dilution in the Affiliate Company |
|
|
- |
|
|
|
(4,341,259 |
) |
Gain on disposal of long-live asset |
|
|
(13,907,574 |
) |
|
|
- |
|
Change in fair value of contingent consideration |
|
|
(2,863,000 |
) |
|
|
(637,000 |
) |
Stock compensation cost |
|
|
847,546 |
|
|
|
1,314,408 |
|
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
(Increase) Decrease In: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(1,431,388 |
) |
|
|
(16,560,338 |
) |
Notes receivable |
|
|
- |
|
|
|
250,593 |
|
Notes receivable from the Affiliate Company and related party |
|
|
- |
|
|
|
442,223 |
|
Inventories |
|
|
(743,483 |
) |
|
|
(7,093,904 |
) |
Other receivables and other assets |
|
|
(11,248,701 |
) |
|
|
(6,258,341 |
) |
Advances to supplier and prepayments and prepaid expenses |
|
|
(12,586,777 |
) |
|
|
708,825 |
|
Amount due from the Affiliate Company |
|
|
4,129,516 |
|
|
|
(4,128,506 |
) |
|
|
|
|
|
|
|
|
|
Increase (Decrease) In: |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
(282,560 |
) |
|
|
387,505 |
|
Other payables and accrued liabilities |
|
|
736,715 |
|
|
|
7,868,402 |
|
Notes payable |
|
|
(10,664,922 |
) |
|
|
(10,161,233 |
) |
Income tax payable |
|
|
1,161,312 |
|
|
|
(2,134,722 |
) |
Net cash used in by operating activities |
|
$ |
(34,327,490 |
) |
|
$ |
(33,118,904 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment, net |
|
|
(59,670 |
) |
|
|
(512,707 |
) |
Proceeds from disposal of long-live asset |
|
|
34,696,547 |
|
|
|
- |
|
Cash received from equity sale in the Affiliate Company |
|
|
15,641,886 |
|
|
|
- |
|
Advance receipts of equity transfer |
|
|
- |
|
|
|
14,740,783 |
|
Net cash provided by investing activities |
|
$ |
50,278,763 |
|
|
$ |
14,228,076 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds from short-term loans |
|
|
24,031,625 |
|
|
|
17,541,532 |
|
Repayments of short-term loans |
|
|
(49,769,638 |
) |
|
|
(15,920,046 |
) |
Proceeds from long-term loans |
|
|
394,116 |
|
|
|
- |
|
Repayments of long-term loans |
|
|
(284,398 |
) |
|
|
(147,408 |
) |
Net cash (used in) provided by financing
activities |
|
$ |
(25,628,295 |
) |
|
$ |
1,474,078 |
|
|
|
|
|
|
|
|
|
|
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED
CASH |
|
|
(9,677,022 |
) |
|
|
(17,416,750 |
) |
Effect of exchange rate changes on cash |
|
|
(157,062 |
) |
|
|
246,604 |
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING
OF YEAR |
|
|
16,512,635 |
|
|
|
22,353,071 |
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF
PERIOD |
|
|
6,678,551 |
|
|
|
5,182,925 |
|
-CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
|
3,457,498 |
|
|
|
3,608,933 |
|
-RESTRICTED CASH AT END OF PERIOD |
|
|
3,221,053 |
|
|
|
1,573,992 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Income taxes paid |
|
|
870,082 |
|
|
|
1,199,807 |
|
Interest paid |
|
|
641,213 |
|
|
|
868,538 |
|
|
|
|
|
|
|
|
|
|
Kandi Technolgies (NASDAQ:KNDI)
Historical Stock Chart
From Aug 2024 to Sep 2024
Kandi Technolgies (NASDAQ:KNDI)
Historical Stock Chart
From Sep 2023 to Sep 2024