Kandi Technologies Reports Second Quarter 2023 Financial Results
August 08 2023 - 7:00AM
Kandi Technologies Group, Inc. (the “Company”, “we” or “Kandi”)
(NASDAQ GS: KNDI), today announced its financial results for the
second quarter of 2023.
Second Quarter Highlights
- Total revenues of $36.0 million increased by 72.5%
year-over-year.
- Gross profit of $13.7 million and gross margin of 38.2%,
compared to gross profit of $2.7 million and gross margin of 13.0%
in the same period of 2022.
- Net income was $4.4 million, or $0.06 income per fully diluted
share, compared to a net loss of $1.9 million, or $0.02 loss per
fully diluted share for the same period of 2022.
- Cash and equivalents, restricted cash, and certificate of
deposit totaled $232.5 million as of June 30, 2023.
Dr. Xueqin Dong, CEO of Kandi commented, “The Company's efforts
invested in product transformation over the past few years have
finally borne fruit this year, leading to a successful turnaround
from losses to profits. Net income reached $4.4 million,
demonstrating a significant recovery from the challenges we faced
in the prior years. The continued growth of gross profit reflects
our commitment to drive our product mix toward higher-profit and
more rapidly growing categories. The success of our all-electric
off-road vehicles is the driving force behind our sales recovery
and return to profitability. We see immense potential in the US
off-road vehicle market, and we are dedicated to expanding our
product offerings to meet the evolving demands of our
customers.”
Q2 2023 Financial Results
Net Revenues and Gross Profit (in USD millions)
|
|
Q2 2023 |
Q2 2022 |
Y-o-Y% |
|
Net Revenues |
$36.0 |
$20.8 |
+72.5% |
|
Gross Profit |
$13.7 |
$2.7 |
+405.2% |
|
Gross Margin% |
38.2% |
13.0% |
- |
Net revenues of $36.0 million increased by 72.5% from the same
period of 2022. Kandi’s focus on innovation, production, and
commercialization of electric off-road vehicles -- particularly
crossover golf carts, go karts, and all-terrain vehicles or ATVs --
boosted sales of off-road vehicles and associated parts to achieve
its largest proportion ever of quarterly sales. Gross margin grew
versus the year-earlier period because of the greater profitability
of off-road vehicles, with crossover golf carts being a significant
contributor to this increase.
Operating Income/Loss (in USD millions)
|
|
Q2 2023 |
Q2 2022 |
Y-o-Y% |
|
Operating Expenses |
($14.0) |
($9.0) |
+55.1% |
|
Loss from Operations |
($0.2) |
($6.3) |
-96.4% |
|
Operating Margin% |
-0.6% |
-30.1% |
- |
Operating expenses rose to $14.0 million from $9.0 million in
the same period of 2022. While operating expenses were up,
significantly higher gross profits resulted in improvement in
operating income. The rise in operating expenses can be attributed
mainly to increased sales and marketing expenses associated with
increasing number of electric off-road vehicles exported to the
U.S. market, and higher general and administration expenses due to
increased stock-based compensation.
Net Income/Loss (in USD millions)
|
|
Q2 2023 |
Q2 2022 |
Y-o-Y% |
|
Net Income (Loss) |
$4.4 |
($1.9) |
-333.9% |
|
Net Income (Loss) per Share, Basic and Diluted |
$0.06 |
($0.02) |
- |
Net income was $4.4 million, a noteworthy improvement compared
to a net loss of $1.9 million during the same period in 2022. The
primary factor for the swing to profit was the better gross
margins.
Second Quarter 2023 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 Tuesday, Aug 8, 2023. 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://viavid.webcasts.com/starthere.jsp?ei=1627967&tp_key=83400af773
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 SUBSIDIARIES |
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|
|
|
June 30,2023 |
|
|
December 31, 2022 |
|
| |
(Unaudited) |
|
|
|
|
| CURRENT
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
69,406,103 |
|
|
$ |
84,063,717 |
|
| Restricted cash |
|
54,238,569 |
|
|
|
66,976,554 |
|
| Certificate of deposit |
|
108,902,429 |
|
|
|
81,191,191 |
|
| Accounts receivable (net of
allowance for doubtful accounts of $2,679,598 and $2,285,386 as of
June 30, 2023 and December 31, 2022, respectively) |
|
23,137,337 |
|
|
|
38,150,876 |
|
| Inventories |
|
57,107,433 |
|
|
|
40,475,366 |
|
| Notes receivable |
|
256,276 |
|
|
|
434,461 |
|
| Other receivables |
|
9,813,439 |
|
|
|
11,912,615 |
|
| Prepayments and prepaid
expense |
|
3,159,764 |
|
|
|
2,970,261 |
|
| Advances to suppliers |
|
2,073,612 |
|
|
|
3,147,932 |
|
| TOTAL CURRENT
ASSETS |
|
328,094,962 |
|
|
|
329,322,973 |
|
| |
|
|
|
|
|
|
|
| NON-CURRENT
ASSETS |
|
|
|
|
|
|
|
| Property, plant and equipment,
net |
|
89,909,721 |
|
|
|
97,168,753 |
|
| Intangible assets, net |
|
5,927,783 |
|
|
|
7,994,112 |
|
| Land use rights, net |
|
2,725,604 |
|
|
|
2,909,950 |
|
| Construction in progress |
|
36,854 |
|
|
|
199,837 |
|
| Deferred tax assets |
|
1,427,290 |
|
|
|
1,432,527 |
|
| Long-term investment |
|
137,851 |
|
|
|
144,984 |
|
| Goodwill |
|
31,335,036 |
|
|
|
33,178,229 |
|
| Other long-term assets |
|
9,911,534 |
|
|
|
10,630,911 |
|
| TOTAL NON-CURRENT
ASSETS |
|
141,411,673 |
|
|
|
153,659,303 |
|
| |
|
|
|
|
|
|
|
| TOTAL
ASSETS |
$ |
469,506,635 |
|
|
$ |
482,982,276 |
|
| |
|
|
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
|
|
|
|
| Accounts payable |
$ |
36,693,759 |
|
|
$ |
35,321,262 |
|
| Other payables and accrued
expenses |
|
11,736,250 |
|
|
|
14,131,414 |
|
| Short-term loans |
|
6,967,612 |
|
|
|
5,569,154 |
|
| Notes payable |
|
16,310,719 |
|
|
|
19,123,476 |
|
| Income tax payable |
|
1,011,755 |
|
|
|
1,270,617 |
|
| Other current liabilities |
|
5,476,994 |
|
|
|
6,089,925 |
|
| TOTAL CURRENT
LIABILITIES |
|
78,197,089 |
|
|
|
81,505,848 |
|
| |
|
|
|
|
|
|
|
| NON-CURRENT
LIABILITIES |
|
|
|
|
|
|
|
| Deferred taxes liability |
|
1,172,820 |
|
|
|
1,378,372 |
|
| Contingent consideration
liability |
|
– |
|
|
|
1,803,000 |
|
| Other long-term
liabilities |
|
465,784 |
|
|
|
602,085 |
|
| TOTAL NON-CURRENT
LIABILITIES |
|
1,638,604 |
|
|
|
3,783,457 |
|
| |
|
|
|
|
|
|
|
| TOTAL
LIABILITIES |
|
79,835,693 |
|
|
|
85,289,305 |
|
| |
|
|
|
|
|
|
|
| STOCKHOLDER’S
EQUITY |
|
|
|
|
|
|
|
| Common stock, $0.001 par
value; 100,000,000 shares authorized; 75,010,171 and 77,668,730
shares issued and 75,010,171 and 74,180,171 outstanding at June
30,2023 and December 31,2022, respectively |
|
75,010 |
|
|
|
77,669 |
|
| Less: Treasury stock (null
shares and 3,488,559 shares with average price of $2.81 at June 30,
2023 and December 31, 2022 ) |
|
– |
|
|
|
(9,807,820 |
) |
| Additional paid-in
capital |
|
446,260,170 |
|
|
|
451,373,645 |
|
| Accumulated deficit (the
restricted portion is $4,422,033 and $4,422,033 at June 30,
2023 and December 31, 2022, respectively) |
|
(12,640,763 |
) |
|
|
(16,339,765 |
) |
| Accumulated other
comprehensive loss |
|
(46,029,611 |
) |
|
|
(28,333,239 |
) |
| TOTAL KANDI
TECHNOLOGIES GROUP, INC. STOCKHOLDERS’ EQUITY |
|
387,664,806 |
|
|
|
396,970,490 |
|
| |
|
|
|
|
|
|
|
| Non-controlling interests |
|
2,006,136 |
|
|
|
722,481 |
|
| TOTAL STOCKHOLDERS’
EQUITY |
|
389,670,942 |
|
|
|
397,692,971 |
|
| |
|
|
|
|
|
|
|
| TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
$ |
469,506,635 |
|
|
$ |
482,982,276 |
|
| |
|
|
|
|
|
|
|
|
KANDI TECHNOLOGIES GROUP, INC. |
|
AND SUBSIDIARIES |
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND |
|
COMPREHENSIVE INCOME (LOSS) |
|
(UNAUDITED) |
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
|
June 30,2023 |
|
|
June 30,2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES FROM UNRELATED PARTIES, NET |
$ |
35,953,339 |
|
|
$ |
20,841,183 |
|
|
$ |
58,815,447 |
|
|
$ |
45,732,587 |
|
| REVENUES FROM THE FORMER
AFFILIATE COMPANY AND RELATED PARTIES, NET |
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REVENUES,
NET |
|
35,953,339 |
|
|
|
20,841,183 |
|
|
|
58,815,447 |
|
|
|
45,732,587 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COST OF GOODS SOLD |
|
(22,218,767 |
) |
|
|
(18,122,316 |
) |
|
|
(37,051,645 |
) |
|
|
(40,626,557 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GROSS
PROFIT |
|
13,734,572 |
|
|
|
2,718,867 |
|
|
|
21,763,802 |
|
|
|
5,106,030 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING
EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development |
|
(874,562 |
) |
|
|
(1,253,843 |
) |
|
|
(1,753,542 |
) |
|
|
(2,394,429 |
) |
| Selling and marketing |
|
(2,780,515 |
) |
|
|
(1,172,528 |
) |
|
|
(4,608,244 |
) |
|
|
(2,366,227 |
) |
| General and
administrative |
|
(8,838,319 |
) |
|
|
(6,574,079 |
) |
|
|
(16,397,771 |
) |
|
|
(12,330,610 |
) |
| Impairment of goodwill |
|
(507,603 |
) |
|
|
– |
|
|
|
(507,603 |
) |
|
|
– |
|
| Impairment of long-lived
assets |
|
(962,737 |
) |
|
|
– |
|
|
|
(962,737 |
) |
|
|
– |
|
| TOTAL OPERATING
EXPENSE |
|
(13,963,736 |
) |
|
|
(9,000,450 |
) |
|
|
(24,229,897 |
) |
|
|
(17,091,266 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LOSS FROM
OPERATIONS |
|
(229,164 |
) |
|
|
(6,281,583 |
) |
|
|
(2,466,095 |
) |
|
|
(11,985,236 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OTHER INCOME
(EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
1,954,563 |
|
|
|
1,378,774 |
|
|
|
4,054,906 |
|
|
|
2,601,078 |
|
| Interest expense |
|
(194,239 |
) |
|
|
(138,433 |
) |
|
|
(367,609 |
) |
|
|
(286,577 |
) |
| Change in fair value of
contingent consideration |
|
2,164,000 |
|
|
|
(391,000 |
) |
|
|
1,803,000 |
|
|
|
2,299,000 |
|
| Government grants |
|
189,948 |
|
|
|
463,219 |
|
|
|
810,352 |
|
|
|
707,317 |
|
| Other income, net |
|
807,315 |
|
|
|
2,373,528 |
|
|
|
1,073,780 |
|
|
|
2,417,310 |
|
| TOTAL OTHER INCOME,
NET |
|
4,921,587 |
|
|
|
3,686,088 |
|
|
|
7,374,429 |
|
|
|
7,738,128 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INCOME (LOSS) BEFORE
INCOME TAXES |
|
4,692,423 |
|
|
|
(2,595,495 |
) |
|
|
4,908,334 |
|
|
|
(4,247,108 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INCOME TAX (EXPENSE)
BENEFIT |
|
(305,223 |
) |
|
|
719,843 |
|
|
|
74,323 |
|
|
|
752,443 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME
(LOSS) |
|
4,387,200 |
|
|
|
(1,875,652 |
) |
|
|
4,982,657 |
|
|
|
(3,494,665 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LESS: NET INCOME ATTRIBUTABLE
TO NON-CONTROLLING INTERESTS |
|
659,088 |
|
|
|
61,619 |
|
|
|
1,283,655 |
|
|
|
58,662 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME (LOSS)
ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC.
STOCKHOLDERS |
|
3,728,112 |
|
|
|
(1,937,271 |
) |
|
|
3,699,002 |
|
|
|
(3,553,327 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OTHER COMPREHENSIVE LOSS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency translation
adjustment |
|
(19,279,059 |
) |
|
|
(19,966,230 |
) |
|
|
(17,696,372 |
) |
|
|
(18,956,419 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COMPREHENSIVE
LOSS |
$ |
(14,891,859 |
) |
|
$ |
(21,841,882 |
) |
|
$ |
(12,713,715 |
) |
|
$ |
(22,451,084 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| WEIGHTED AVERAGE SHARES
OUTSTANDING BASIC |
|
74,378,083 |
|
|
|
75,863,479 |
|
|
|
74,282,823 |
|
|
|
76,075,484 |
|
| WEIGHTED AVERAGE SHARES
OUTSTANDING DILUTED |
|
76,315,953 |
|
|
|
75,863,479 |
|
|
|
75,786,201 |
|
|
|
76,075,484 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME (LOSS) PER SHARE,
BASIC |
$ |
0.06 |
|
|
$ |
(0.02 |
) |
|
$ |
0.07 |
|
|
$ |
(0.05 |
) |
| NET INCOME (LOSS) PER SHARE,
DILUTED |
$ |
0.06 |
|
|
$ |
(0.02 |
) |
|
$ |
0.07 |
|
|
$ |
(0.05 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KANDI TECHNOLOGIES GROUP, INC. |
|
AND SUBSIDIARIES |
|
CONDENSED CONSOLIDATED STATEMENTS OF
CHANGES IN STOCKHOLDERS’ EQUITY |
|
(UNAUDITED) |
|
|
|
|
Number
ofOutstandingShares |
|
|
CommonStock |
|
|
TreasuryStock |
|
|
Additional Paid-in Capital |
|
|
Accumulated Earning
(Deficit) |
|
|
Accumulated Other
Comprehensive 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 |
|
| Stock issuance and award |
|
238,600 |
|
|
|
239 |
|
|
|
– |
|
|
|
584,331 |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
584,570 |
|
| Stock buyback |
|
– |
|
|
|
– |
|
|
|
(1,974,490 |
) |
|
|
(22,578 |
) |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
(1,997,068 |
) |
| Net income (loss) |
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
(1,937,271 |
) |
|
|
– |
|
|
|
61,619 |
|
|
|
(1,875,652 |
) |
| Foreign currency
translation |
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
(19,966,230 |
) |
|
|
(63,460 |
) |
|
|
(20,029,690 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, June 30, 2022 |
|
77,648,730 |
|
|
$ |
77,649 |
|
|
$ |
(5,937,017 |
) |
|
$ |
450,120,903 |
|
|
$ |
(7,769,429 |
) |
|
$ |
(18,704,633 |
) |
|
|
1,193,600 |
|
|
$ |
418,981,073 |
|
|
|
Number ofOutstanding
Shares |
|
|
CommonStock |
|
|
TreasuryStock |
|
|
Additional Paid-in
Capital |
|
|
Accumulated Earning
(Deficit) |
|
|
Accumulated Other
Comprehensive Income |
|
|
Non-controlling interests |
|
|
Total |
|
|
Balance, December 31, 2022 |
|
77,668,730 |
|
|
$ |
77,669 |
|
|
$ |
(9,807,820 |
) |
|
$ |
451,373,645 |
|
|
$ |
(16,339,765 |
) |
|
$ |
(28,333,239 |
) |
|
$ |
722,481 |
|
|
$ |
397,692,971 |
|
| Stock issuance and award |
|
10,000 |
|
|
|
10 |
|
|
|
– |
|
|
|
22,290 |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
22,300 |
|
| Stock based compensation |
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
980,893 |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
980,893 |
|
| Net income (loss) |
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
(29,110 |
) |
|
|
– |
|
|
|
624,567 |
|
|
|
595,457 |
|
| Foreign currency
translation |
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
1,582,687 |
|
|
|
– |
|
|
|
1,582,687 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, March 31, 2023 |
|
77,678,730 |
|
|
$ |
77,679 |
|
|
$ |
(9,807,820 |
) |
|
$ |
452,376,828 |
|
|
$ |
(16,368,875 |
) |
|
$ |
(26,750,552 |
) |
|
$ |
1,347,048 |
|
|
$ |
400,874,308 |
|
| Stock issuance and award |
|
820,000 |
|
|
|
820 |
|
|
|
– |
|
|
|
2,706,780 |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
2,707,600 |
|
| Stock based compensation |
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
980,893 |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
980,893 |
|
| Cancellation of the Treasury
Stock |
|
(3,488,559 |
) |
|
|
(3,489 |
) |
|
|
9,807,820 |
|
|
|
(9,804,331 |
) |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Net income |
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
3,728,112 |
|
|
|
– |
|
|
|
659,088 |
|
|
|
4,387,200 |
|
| Foreign currency
translation |
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
(19,279,059 |
) |
|
|
– |
|
|
|
(19,279,059 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, June 30, 2023 |
|
75,010,171 |
|
|
$ |
75,010 |
|
|
$ |
– |
|
|
$ |
446,260,170 |
|
|
$ |
(12,640,763 |
) |
|
$ |
(46,029,611 |
) |
|
$ |
2,006,136 |
|
|
$ |
389,670,942 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KANDI TECHNOLOGIES GROUP, INC. |
|
AND SUBSIDIARIES |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
(UNAUDITED) |
|
|
|
|
Six Months Ended |
|
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
| |
|
|
|
|
|
| CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net income (loss) |
$ |
4,982,657 |
|
|
$ |
(3,494,665 |
) |
| Adjustments to reconcile net
(loss) income to net cash provided by operating activities |
|
|
|
|
|
|
|
| Depreciation and
amortization |
|
6,044,494 |
|
|
|
6,447,548 |
|
| Impairments |
|
1,470,340 |
|
|
|
– |
|
| Provision of allowance for
doubtful accounts |
|
530,759 |
|
|
|
4,301 |
|
| Deferred taxes |
|
(200,316 |
) |
|
|
(116,206 |
) |
| Change in fair value of
contingent consideration |
|
(1,803,000 |
) |
|
|
(2,299,000 |
) |
| Stock award and stock based
compensation expense |
|
4,724,507 |
|
|
|
639,690 |
|
| |
|
|
|
|
|
|
|
| Changes in operating
assets and liabilities: |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Accounts receivable |
|
6,424,500 |
|
|
|
(9,108,858 |
) |
| Notes receivable |
|
588,417 |
|
|
|
1,925,896 |
|
| Inventories |
|
(17,938,859 |
) |
|
|
(9,949,597 |
) |
| Other receivables and other
assets |
|
1,302,745 |
|
|
|
(2,806,192 |
) |
| Advances to supplier and
prepayments and prepaid expenses |
|
680,110 |
|
|
|
13,475,591 |
|
| |
|
|
|
|
|
|
|
| Increase (Decrease)
In: |
|
|
|
|
|
|
|
| Accounts payable |
|
20,729,603 |
|
|
|
32,751,997 |
|
| Other payables and accrued
liabilities |
|
(1,071,220 |
) |
|
|
4,198,349 |
|
| Notes payable |
|
(15,133,991 |
) |
|
|
(7,788,622 |
) |
| Income tax payable |
|
(70,636 |
) |
|
|
(777,068 |
) |
| Net cash provided by
operating activities |
$ |
11,260,110 |
|
|
$ |
23,103,164 |
|
| |
|
|
|
|
|
|
|
| CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment, net |
|
(1,360,492 |
) |
|
|
(1,491,918 |
) |
|
Payment for construction in progress |
|
(76,792 |
) |
|
|
(308,304 |
) |
| Certificate of deposit |
|
(33,214,435 |
) |
|
|
(21,617,615 |
) |
|
Net cash used in investing activities |
$ |
(34,651,719 |
) |
|
$ |
(23,417,837 |
) |
| |
|
|
|
|
|
|
|
| CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
| Proceeds from short-term
loans |
|
7,928,212 |
|
|
|
5,070,582 |
|
| Repayments of short-term
loans |
|
(6,398,565 |
) |
|
|
(4,570,582 |
) |
| Contribution from
non-controlling shareholder |
|
– |
|
|
|
787,499 |
|
| Purchase of treasury
stock |
|
– |
|
|
|
(3,580,628 |
) |
|
Net cash provided by (used in) financing
activities |
$ |
1,529,647 |
|
|
$ |
(2,293,129 |
) |
| |
|
|
|
|
|
|
|
| NET DECREASE IN CASH
AND CASH EQUIVALENTS AND RESTRICTED CASH |
$ |
(21,861,962 |
) |
|
$ |
(2,607,802 |
) |
| Effect of exchange rate
changes |
$ |
(5,533,637 |
) |
|
$ |
(6,734,387 |
) |
| CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR |
$ |
151,040,271 |
|
|
$ |
168,676,007 |
|
| |
|
|
|
|
|
|
|
| CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD |
$ |
123,644,672 |
|
|
$ |
159,333,818 |
|
| -CASH AND CASH EQUIVALENTS AT
END OF PERIOD |
|
69,406,103 |
|
|
|
87,098,779 |
|
| -RESTRICTED CASH AT END OF
PERIOD |
|
54,238,569 |
|
|
|
72,235,039 |
|
| |
|
|
|
|
|
|
|
| SUPPLEMENTARY CASH
FLOW INFORMATION |
|
|
|
|
|
|
|
| Income taxes paid |
$ |
76,016 |
|
|
$ |
140,831 |
|
| Interest paid |
$ |
198,793 |
|
|
$ |
102,722 |
|
| |
|
|
|
|
|
|
|
| SUPPLEMENTAL NON-CASH
DISCLOSURES: |
|
|
|
|
|
|
|
| Contribution from
non-controlling shareholder by inventories, fixed assets and
intangible assets |
$ |
– |
|
|
$ |
393,986 |
|
Kandi Technolgies (NASDAQ:KNDI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Kandi Technolgies (NASDAQ:KNDI)
Historical Stock Chart
From Apr 2023 to Apr 2024
