Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”)
(NASDAQ GS: KNDI), today announced its financial results for the
first quarter of 2022.
First Quarter Highlights
- Total revenues increased by 55.8% to $24.9 million, from $16.0
million in the same period of 2021.
- EV parts sales were $3.7 million, compared to $6.4 million in
the same period of 2021.
- EV products sales increased by 179.8% to $0.3 million, compared
to $0.1 million in the same period of 2021.
- Off-road vehicles sales increased by 90.7% to $10.7 million,
compared to $5.6 million in the same period of 2021.
- Electric Scooters, Electric Self-Balancing Scooters and
associated parts sales were $2.1 million, compared with $3.9
million in the same period of 2021.
- Lithium-ion cells sales were $8.0 million. There were no
comparable sales for the same period of 2021 since Jiangxi Huiyi
New Energy CO., Ltd. (“Jiangxi Huiyi”), the entity that
manufactures Lithium-ion cells, was acquired by the Company in
October 2021.
- Gross margin was 9.6%, compared to 27.3% for the same period of
2021.
- Net loss was $1.6 million, or $0.02 loss per fully diluted
share, compared to a net loss of $6.4 million, or $0.08 loss per
fully diluted share for the same period of 2021.
- As of March 31, 2022, working capital was $276.4 million; cash,
cash equivalents, restricted cash and certificate of deposit
totaled $229.2 million.
Mr. Hu Xiaoming, Chairman and CEO of Kandi commented, “We kicked
off 2022 with solid revenue growth. One highlight was our
all-electric off-road vehicles, which we developed last year in
response to the growing demand we observed. Our team made
substantial progress in the quarter. In February 2022, we
established Hainan Kandi Holding New Energy Technology Co., Ltd. in
Hainan province (“Hainan Kandi Holding”), which produces
‘crossover’ electric golf carts (“golf carts”). On February 22,
2022, SC Autosports and Coleman Powersports Inc. signed a
memorandum of understanding (“MOU”) regarding the sales of $29
million (equivalent to 5,000 units) golf carts. In addition, on
March 3, 2022, SC Autosports signed a sales MOU of $39 million
(equivalent to 5,000 units) luxury golf carts with more than twenty
dealers. Hainan Kandi Holding is already manufacturing the
vehicles. By the end of April, a total of 778 units were shipped
from Hainan province to SC Autosports. We are planning to deliver
another 2,000 units in May this year.”
Hu continued, “Lithium-ion battery cells also contributed
meaningfully to revenue. This is the principal product of Jiangxi
Huiyi, the leading battery manufacturer that we acquired last fall.
That acquisition is making an immediate revenue contribution from
production of batteries, strengthening our battery business. Also,
it boosts our capability of integrating the supply chain of
battery-powered vehicle products, which can be leveraged to
generate substantial growth in the electric off-road vehicles and
other battery-powered vehicle products.”
Q1 2022 Financial Results
Net Revenues and Gross Profit (in USD millions)
|
|
Q1 2022 |
Q1 2021 |
Y-o-Y% |
|
Net Revenues |
$24.9 |
$16.0 |
55.8% |
|
Gross Profit |
$2.4 |
$4.4 |
-45.2% |
|
Gross Margin% |
9.6% |
27.3% |
- |
Net revenues of $24.9 million in the first quarter 2022
increased 55.8% from the same period of 2021. Revenue growth was
primarily due to higher sales of off-road vehicles and the addition
of lithium-ion cell sales, which were generated from the Jiangxi
Huiyi acquisition in October 2021. Gross margin declined due to a
mix shift to lower margin products such as the lithium-ion cells.
Furthermore, margin was impacted by the introduction of the new
off-road vehicles into the US market, where value pricing was used
to promote sales.
Operating Income/Loss (in USD millions)
|
|
Q1 2022 |
Q1 2021 |
Y-o-Y% |
|
Operating Expenses |
($8.1) |
($27.2) |
-70.3% |
|
Loss from Operations |
($5.7) |
($22.8) |
-75.0% |
|
Operating Margin% |
-22.9% |
-143.0% |
- |
Total operating expenses in the first quarter of 2022 were $8.1
million, compared with $27.2 million for the same period of 2021.
The decrease was primarily due to lower R&D expense, as the
Company’s R&D expenditure for new products was largely incurred
in the first quarter of 2021.
Net Income/Loss (in USD millions)
|
|
Q1 2022 |
Q1 2021 |
Y-o-Y% |
|
Net Loss |
($1.6) |
($6.4) |
-74.7% |
|
Net Loss per Share, Basic and Diluted |
($0.02) |
($0.08) |
- |
Net loss of $1.6 million in the first quarter of 2022 compares
to a net loss of $6.4 million for the same period of 2021, with the
decrease primarily coming from lower R&D expense.
First Quarter 2022 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 9, 2022. 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: https://event.choruscall.com/mediaframe/webcast.html?webcastid=sMgsHhtu
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
|
|
|
March 31,2022 |
|
|
December 31, 2021 |
|
|
|
|
(Unaudited) |
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
99,997,938 |
|
|
$ |
129,223,443 |
|
|
Restricted cash |
|
|
58,222,796 |
|
|
|
39,452,564 |
|
|
Certificate of deposit |
|
|
70,957,772 |
|
|
|
55,041,832 |
|
|
Accounts receivable (net of allowance for doubtful accounts of
$3,065,854 and $3,053,277 as of March 31, 2022 and December 31,
2021, respectively) |
|
|
40,262,353 |
|
|
|
52,896,305 |
|
|
Inventories |
|
|
30,958,762 |
|
|
|
33,171,973 |
|
|
Notes receivable |
|
|
837,302 |
|
|
|
323,128 |
|
|
Other receivables |
|
|
8,798,534 |
|
|
|
8,901,109 |
|
|
Prepayments and prepaid expense |
|
|
17,275,378 |
|
|
|
17,657,326 |
|
|
Advances to suppliers |
|
|
4,998,703 |
|
|
|
5,940,456 |
|
|
TOTAL CURRENT ASSETS |
|
|
332,309,538 |
|
|
|
342,608,136 |
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
110,004,425 |
|
|
|
111,577,411 |
|
|
Intangible assets, net |
|
|
12,770,134 |
|
|
|
13,249,079 |
|
|
Land use rights, net |
|
|
3,235,497 |
|
|
|
3,250,336 |
|
|
Construction in progress |
|
|
326,641 |
|
|
|
79,317 |
|
|
Deferred tax assets |
|
|
2,219,297 |
|
|
|
2,219,297 |
|
|
Long-term investment |
|
|
157,684 |
|
|
|
157,262 |
|
|
Goodwill |
|
|
36,109,089 |
|
|
|
36,027,425 |
|
|
Other long-term assets |
|
|
11,898,416 |
|
|
|
10,992,009 |
|
|
TOTAL NON-CURRENT ASSETS |
|
|
176,721,183 |
|
|
|
177,552,136 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
509,030,721 |
|
|
$ |
520,160,272 |
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
27,966,224 |
|
|
$ |
36,677,802 |
|
|
Other payables and accrued expenses |
|
|
7,747,034 |
|
|
|
9,676,973 |
|
|
Short-term loans |
|
|
1,450,000 |
|
|
|
950,000 |
|
|
Notes payable |
|
|
10,548,203 |
|
|
|
8,198,193 |
|
|
Income tax payable |
|
|
1,512,342 |
|
|
|
1,620,827 |
|
|
Other current liabilities |
|
|
6,726,257 |
|
|
|
7,038,895 |
|
|
TOTAL CURRENT LIABILITIES |
|
|
55,950,060 |
|
|
|
64,162,690 |
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
Long-term loans |
|
|
2,210,589 |
|
|
|
2,210,589 |
|
|
Deferred taxes liability |
|
|
2,460,141 |
|
|
|
2,460,141 |
|
|
Contingent consideration liability |
|
|
5,122,000 |
|
|
|
7,812,000 |
|
|
Other long-term liabilities |
|
|
989,018 |
|
|
|
314,525 |
|
|
TOTAL NON-CURRENT LIABILITIES |
|
|
10,781,748 |
|
|
|
12,797,255 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
66,731,808 |
|
|
|
76,959,945 |
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDER’S EQUITY |
|
|
|
|
|
|
|
|
|
Common stock, $0.001 par value; 100,000,000 shares authorized;
77,410,130 and 77,385,130 shares issued and 76,271,345 and
76,705,381 outstanding at March 31,2022 and December 31,2021,
respectively |
|
|
77,410 |
|
|
|
77,385 |
|
|
Less: Treasury stock (1,138,785 shares with average price of $3.48
and 679,749 shares with average price of $3.52 at March 31,2022 and
December 31,2021, respectively ) |
|
|
(3,962,527 |
) |
|
|
(2,392,203 |
) |
|
Additional paid-in capital |
|
|
449,559,150 |
|
|
|
449,479,461 |
|
|
Accumulated deficit (the restricted portion is $4,422,033 and
$4,422,033 at March 31,2022 and December 31,2021,
respectively) |
|
|
(5,832,158 |
) |
|
|
(4,216,102 |
) |
|
Accumulated other comprehensive loss |
|
|
1,261,597 |
|
|
|
251,786 |
|
|
TOTAL KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS’
EQUITY |
|
|
441,103,472 |
|
|
|
443,200,327 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
1,195,441 |
|
|
|
- |
|
|
TOTAL STOCKHOLDERS’ EQUITY |
|
|
442,298,913 |
|
|
|
443,200,327 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
509,030,721 |
|
|
$ |
520,160,272 |
|
KANDI TECHNOLOGIES GROUP,
INC.AND SUBSIDIARIESCONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
ANDCOMPREHENSIVE INCOME
(LOSS)(UNAUDITED)
|
|
|
Three Months Ended |
|
|
|
|
March 31,2022 |
|
|
March 31,2021 |
|
|
|
|
|
|
|
|
|
|
REVENUES FROM UNRELATED PARTIES, NET |
|
$ |
24,891,404 |
|
|
$ |
15,976,170 |
|
|
REVENUES FROM THE FORMER AFFILIATE COMPANY AND RELATED PARTIES,
NET |
|
|
- |
|
|
|
1,584 |
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES, NET |
|
|
24,891,404 |
|
|
|
15,977,754 |
|
|
|
|
|
|
|
|
|
|
|
|
COST OF GOODS SOLD |
|
|
(22,504,241 |
) |
|
|
(11,623,403 |
) |
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
|
|
2,387,163 |
|
|
|
4,354,351 |
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME (EXPENSE): |
|
|
|
|
|
|
|
|
|
Research and development |
|
|
(1,140,586 |
) |
|
|
(21,624,597 |
) |
|
Selling and marketing |
|
|
(1,193,699 |
) |
|
|
(1,146,866 |
) |
|
General and administrative |
|
|
(5,756,531 |
) |
|
|
(4,430,123 |
) |
|
TOTAL OPERATING EXPENSE |
|
|
(8,090,816 |
) |
|
|
(27,201,586 |
) |
|
|
|
|
|
|
|
|
|
|
|
EXPENSE FROM OPERATIONS |
|
|
(5,703,653 |
) |
|
|
(22,847,235 |
) |
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
|
|
Interest income |
|
|
1,222,304 |
|
|
|
528,592 |
|
|
Interest expense |
|
|
(148,144 |
) |
|
|
(126,348 |
) |
|
Change in fair value of contingent consideration |
|
|
2,690,000 |
|
|
|
357,000 |
|
|
Government grants |
|
|
244,098 |
|
|
|
234,793 |
|
|
Gain from sale of equity in the Former Affiliate Company |
|
|
- |
|
|
|
17,700,260 |
|
|
Share of loss after tax of the Former Affiliate Company |
|
|
- |
|
|
|
(2,579,497 |
) |
|
Other income, net |
|
|
43,782 |
|
|
|
498,901 |
|
|
TOTAL OTHER INCOME , NET |
|
|
4,052,040 |
|
|
|
16,613,701 |
|
|
|
|
|
|
|
|
|
|
|
|
LOSS BEFORE INCOME TAXES |
|
|
(1,651,613 |
) |
|
|
(6,233,534 |
) |
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX BENEFIT (EXPENSE) |
|
|
32,600 |
|
|
|
(169,186 |
) |
|
|
|
|
|
|
|
|
|
|
|
NET LOSS |
|
|
(1,619,013 |
) |
|
|
(6,402,720 |
) |
|
|
|
|
|
|
|
|
|
|
|
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING
INTERESTS |
|
|
2,957 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC.
STOCKHOLDERS |
|
|
(1,616,056 |
) |
|
|
(6,402,720 |
) |
|
|
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE INCOME (LOSS) |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
1,009,811 |
|
|
|
(1,176,013 |
) |
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME (LOSS) |
|
$ |
(609,202 |
) |
|
$ |
(7,578,733 |
) |
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC AND DILUTED |
|
|
76,289,846 |
|
|
|
75,383,777 |
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS PER SHARE, BASIC AND DILUTED |
|
$ |
(0.02 |
) |
|
$ |
(0.08 |
) |
KANDI TECHNOLOGIES GROUP,
INC.AND
SUBSIDIARIESCONDENSED CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS’
EQUITY(UNAUDITED)
|
|
|
Number of Outstanding Shares |
|
|
Common Stock |
|
|
Treasury Stock |
|
|
AdditionalPaid-inCapital |
|
|
Accumulated Deficit |
|
|
AccumulatedOtherComprehensive Loss |
|
|
Non-controlling interests |
|
|
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 Former Affiliate Company’s equity (net
of 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 |
|
|
|
|
Number of OutstandingShares |
|
|
Common Stock |
|
|
Treasury Stock |
|
|
AdditionalPaid-in Capital |
|
|
AccumulatedEarning (Deficit) |
|
|
AccumulatedOtherComprehensive Income |
|
|
Non-controlling interests |
|
|
Total |
|
|
Balance, December 31, 2021 |
|
|
77,385,130 |
|
|
$ |
77,385 |
|
|
$ |
(2,392,203 |
) |
|
$ |
449,479,461 |
|
|
$ |
(4,216,102 |
) |
|
$ |
251,786 |
|
|
$ |
- |
|
|
$ |
443,200,327 |
|
|
Stock issuance and award |
|
|
25,000 |
|
|
|
25 |
|
|
|
- |
|
|
|
92,925 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
92,950 |
|
|
Stock buyback |
|
|
|
|
|
|
|
|
|
|
(1,570,324 |
) |
|
|
(13,236 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,583,560 |
) |
|
Capital contribution from shareholder |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,198,398 |
|
|
|
1,198,398 |
|
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,616,056 |
) |
|
|
- |
|
|
|
(2,957 |
) |
|
|
(1,619,013 |
) |
|
Foreign currency translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,009,811 |
|
|
|
- |
|
|
|
1,009,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2022 |
|
|
77,410,130 |
|
|
$ |
77,410 |
|
|
$ |
(3,962,527 |
) |
|
$ |
449,559,150 |
|
|
$ |
(5,832,158 |
) |
|
$ |
1,261,597 |
|
|
$ |
1,195,441 |
|
|
$ |
442,298,913 |
|
KANDI TECHNOLOGIES GROUP,
INC.AND SUBSIDIARIESCONDENSED
CONSOLIDATED STATEMENTS OF CASH
FLOWS(UNAUDITED)
|
|
|
Three Months Ended |
|
|
|
|
March 31,2022 |
|
|
March 31,2021 |
|
| |
|
|
|
|
|
|
| CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,619,013 |
) |
|
$ |
(6,402,720 |
) |
| Adjustments to reconcile net
income to net cash provided by operating activities |
|
|
|
|
|
|
|
|
| Depreciation and
amortization |
|
|
3,294,499 |
|
|
|
2,212,965 |
|
| Provision (reversal) of
allowance for doubtful accounts |
|
|
4,389 |
|
|
|
- |
|
| Share of loss after tax of the
Former Affiliate Company |
|
|
- |
|
|
|
2,579,497 |
|
| Loss from equity sale in the
Former Affiliate Company |
|
|
- |
|
|
|
(17,700,260 |
) |
| Change in fair value of
contingent consideration |
|
|
(2,690,000 |
) |
|
|
(357,000 |
) |
| Stock based compensation
expense |
|
|
22,925 |
|
|
|
22,925 |
|
| |
|
|
|
|
|
|
|
|
| Changes in operating
assets and liabilities: |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Accounts receivable |
|
|
5,197,268 |
|
|
|
8,916,548 |
|
| Notes receivable |
|
|
1,965,596 |
|
|
|
- |
|
| Inventories |
|
|
2,498,914 |
|
|
|
(864,177 |
) |
| Other receivables and other
assets |
|
|
(790,486 |
) |
|
|
(13,058,262 |
) |
| Advances to supplier and
prepayments and prepaid expenses |
|
|
1,425,684 |
|
|
|
18,807,547 |
|
| |
|
|
|
|
|
|
|
|
| Increase (Decrease)
In: |
|
|
|
|
|
|
|
|
| Accounts payable |
|
|
3,088,095 |
|
|
|
(340,133 |
) |
| Other payables and accrued
liabilities |
|
|
(1,688,414 |
) |
|
|
107,011 |
|
| Notes payable |
|
|
(4,401,457 |
) |
|
|
- |
|
| Income tax payable |
|
|
(119,559 |
) |
|
|
58,779 |
|
| Net cash provided by
(used in) operating activities |
|
$ |
6,188,441 |
|
|
$ |
(6,017,280 |
) |
| |
|
|
|
|
|
|
|
|
| CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
| Purchases of property, plant
and equipment, net |
|
|
(709,881 |
) |
|
|
(5,866,207 |
) |
| Payment for construction in
progress |
|
|
(246,971 |
) |
|
|
(4,339,770 |
) |
| Repayment from (loan to) third
party |
|
|
- |
|
|
|
13,113,237 |
|
| Certificate of deposit |
|
|
(15,759,448 |
) |
|
|
(15,427,337 |
) |
| Proceeds from sales of equity
in the Former Affiliate Company |
|
|
- |
|
|
|
23,758,099 |
|
| Long-term Investment |
|
|
- |
|
|
|
(107,991 |
) |
| Net cash (used in)
provided by investing activities |
|
$ |
(16,716,300 |
) |
|
$ |
11,130,031 |
|
| |
|
|
|
|
|
|
|
|
| CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
| Proceeds from short-term
loans |
|
|
500,000 |
|
|
|
- |
|
| Contribution from
non-controlling shareholder |
|
|
803,732 |
|
|
|
- |
|
| Purchase of treasury
stock |
|
|
(1,583,561 |
) |
|
|
- |
|
| Net cash used in
financing activities |
|
$ |
(279,829 |
) |
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
| NET (DECREASE)
INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED
CASH |
|
$ |
(10,807,688 |
) |
|
$ |
5,112,751 |
|
| Effect of exchange rate
changes |
|
$ |
352,415 |
|
|
$ |
(438,313 |
) |
| CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR |
|
$ |
168,676,007 |
|
|
$ |
142,520,635 |
|
| |
|
|
|
|
|
|
|
|
| CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD |
|
$ |
158,220,734 |
|
|
$ |
147,195,073 |
|
| -CASH AND CASH EQUIVALENTS AT
END OF PERIOD |
|
|
99,997,938 |
|
|
|
146,714,469 |
|
| -RESTRICTED CASH AT END OF
PERIOD |
|
|
58,222,796 |
|
|
|
480,604 |
|
| |
|
|
|
|
|
|
|
|
| SUPPLEMENTARY CASH
FLOW INFORMATION |
|
|
|
|
|
|
|
|
| Income taxes paid |
|
$ |
5,496 |
|
|
|
110,407 |
|
| Interest paid |
|
$ |
37,116 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| SUPPLEMENTAL NON-CASH
DISCLOSURES: |
|
|
|
|
|
|
|
|
| Reversal of decrease in
investment in the Former Affiliate Company due to change in its
equity (net of tax effect of $491,400) |
|
|
- |
|
|
|
2,807,696 |
|
| Increase of other receivable
for equity transfer payment of the Former Affiliate Company |
|
|
- |
|
|
|
23,758,099 |
|
| Contribution from
non-controlling shareholder by inventories and fix assets |
|
|
393,986 |
|
|
|
- |
|
_______________________
1 Includes cash, cash equivalents, restricted cash, and
certificate of deposit.
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