Kandi Technologies Group, Inc. (the “Company”, “we” or “Kandi”)
(NASDAQ GS: KNDI), today announced its financial results for the
full year ended December 31, 2023.
Full Year 2023 Highlights
- Total net revenues increased by 4.9% to $123.6 million, from
$117.8 million in 2022.
- As the primary driver of total revenue, off-road vehicles and
associated parts sales increased by 51.5% to $107.0 million from
$70.6 million in 2022.
- Gross profit increased by 112% to $41.4 million, from $19.5
million in 2022.
- Net income was $1.7 million, or $0.02 income per fully diluted
share, compared to a net loss of $12.9 million, or $0.17 loss per
fully diluted share for 2022.
- The Company has a strong working capital position. Cash and
equivalents, restricted cash, certificate of deposit and notes
receivable totaled $252.1 million as of December 31, 2023.
Dr. Xueqin Dong, CEO of Kandi commented, “We concluded the
challenging year of 2023, and it's with great pride that we
overcame the challenges in 2023 and made significant strides. In
particular, the off-road EVs and related parts sector were the main
driver of our record-high revenue over the past three years. In
2023, we developed and launched models such as the all-electric UTV
and electric mini golf carts. We acquired Northern Group to expand
our sales channels. Moreover, we further strengthened our
partnership with Lowe’s, expanding to more than 10 super centers in
2024, thereby broadening our market coverage in North America.
We're proud to return to profitability in 2023, marking an
important milestone in our development journey.”
Dr. Dong concluded, “As we move into 2024, we will increase our
R&D investment and launch more competitive all-electric
off-road vehicle products, demonstrating our confidence in the
future development of the company and our commitment to delivering
shareholder value. We are poised to capture the burgeoning demand
for fuel-to-electric conversion in off-road vehicles. Building on
this confidence, we expect significant growth in 2024, aiming to
increase the value we offer to our customers and shareholders.”
Full Year 2023 Financial Results
Net Revenues and Gross Profit (in USD millions)
|
|
|
2023 |
|
|
2022 |
|
Y-o-Y% |
|
Net Revenues |
$123.6 |
|
$117.8 |
|
4.9% |
|
|
Gross Profit |
$41.4 |
|
$19.5 |
|
112% |
|
|
Gross Margin% |
|
33.5% |
|
|
16.6% |
|
- |
|
In 2023, our net revenues rose to $123.6 million, an approximate
5% increase from 2022, driven by stronger sales of off-road
vehicles, notably the gross profit of our new crossover golf carts
sold in the U.S. surged 112% to $41.4 million, with gross margin
doubling from 16.6% to 33.5%, reflecting a profitable shift in
product mix towards higher-margin off-road vehicles.
Operating Loss (in USD millions)
|
|
|
2023 |
|
|
2022 |
|
Y-o-Y% |
|
Operating Expenses |
|
($54.4) |
|
|
($47.2) |
|
15.3% |
|
|
Loss from Operations |
|
($13.1) |
|
|
($27.7) |
|
-52.8% |
|
|
Operating Margin% |
|
-10.6% |
|
|
-23.5% |
|
- |
|
Operating expenses climbed to $54.4 million from $47.2 million,
driven by higher spending on sales and marketing for our higher
volume of production exportation to U.S. The operational loss
narrowed to $13.1 million, marking an improvement from 2022,
primarily attributed to a higher concentration of sales from
off-road vehicles with larger gross margin.
Net Income/Loss
|
|
|
|
2023 |
|
2022 |
|
Y-o-Y% |
|
|
Net Income (Loss) (in USD millions) |
$1.7 |
|
($12.9) |
|
- |
|
|
Net Income (Loss) per Share, Basic and Diluted |
$0.02 |
|
($0.17) |
|
- |
|
In 2023, our net income surged to $1.7 million, a remarkable
turnaround from the $12.9 million loss in 2022, driven by sustained
enhancements in gross profit, consistent with the trends observed
in the first three quarters of 2023.
Full Year 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 Friday, March 15, 2024. 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=1661148&tp_key=bfab9839be
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
New Energy Vehicle Town, 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 and Northern Group, Inc. Zhejiang Kandi
Technologies has established itself as one of China's leading
manufacturers of pure electric vehicle parts and off-road vehicles.
The Company routinely posts important updates on its website at
www.kandivehicle.com.
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
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS |
|
|
|
|
|
December 31, 2023 |
|
|
December 31,2022 |
|
| |
|
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
33,756,941 |
|
|
$ |
84,063,717 |
|
| Restricted cash |
|
|
59,873,127 |
|
|
|
66,976,554 |
|
| Certificate of deposit |
|
|
33,947,212 |
|
|
|
81,191,191 |
|
| Accounts receivable (net of
allowance for doubtful accounts of $2,886,223 and $2,285,386 as of
December 31, 2023 and December 31, 2022, respectively) |
|
|
18,951,745 |
|
|
|
38,150,876 |
|
| Inventories |
|
|
61,551,268 |
|
|
|
40,475,366 |
|
| Notes receivable |
|
|
124,473,111 |
|
|
|
434,461 |
|
| Other receivables |
|
|
6,476,542 |
|
|
|
11,912,615 |
|
| Prepayments and prepaid
expense |
|
|
1,909,094 |
|
|
|
2,970,261 |
|
| Advances to suppliers |
|
|
2,609,098 |
|
|
|
3,147,932 |
|
| TOTAL CURRENT
ASSETS |
|
|
343,548,138 |
|
|
|
329,322,973 |
|
| |
|
|
|
|
|
|
|
|
| NON-CURRENT
ASSETS |
|
|
|
|
|
|
|
|
| Property, plant and equipment,
net |
|
|
98,803,772 |
|
|
|
97,168,753 |
|
| Intangible assets, net |
|
|
6,395,825 |
|
|
|
7,994,112 |
|
| Land use rights, net |
|
|
2,754,442 |
|
|
|
2,909,950 |
|
| Construction in progress |
|
|
- |
|
|
|
199,837 |
|
| Deferred tax assets |
|
|
814,610 |
|
|
|
1,432,527 |
|
| Long-term investment |
|
|
- |
|
|
|
144,984 |
|
| Goodwill |
|
|
33,146,682 |
|
|
|
33,178,229 |
|
| Other long-term assets |
|
|
9,993,130 |
|
|
|
10,630,911 |
|
| TOTAL NON-CURRENT
ASSETS |
|
|
151,908,461 |
|
|
|
153,659,303 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL
ASSETS |
|
$ |
495,456,599 |
|
|
$ |
482,982,276 |
|
| |
|
|
|
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
| Accounts payable |
|
$ |
28,744,854 |
|
|
$ |
35,321,262 |
|
| Other payables and accrued
expenses |
|
|
7,252,814 |
|
|
|
14,131,414 |
|
| Short-term loans |
|
|
9,072,336 |
|
|
|
5,569,154 |
|
| Notes payable |
|
|
24,071,461 |
|
|
|
19,123,476 |
|
| Income tax payable |
|
|
2,130,083 |
|
|
|
1,270,617 |
|
| Other current liabilities |
|
|
5,402,081 |
|
|
|
6,089,925 |
|
| TOTAL CURRENT
LIABILITIES |
|
|
76,673,629 |
|
|
|
81,505,848 |
|
| |
|
|
|
|
|
|
|
|
| NON-CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
| Long-term loans |
|
|
8,389,163 |
|
|
|
- |
|
| Deferred taxes liability |
|
|
963,691 |
|
|
|
1,378,372 |
|
| Contingent consideration
liability |
|
|
2,693,000 |
|
|
|
1,803,000 |
|
| Other long-term
liabilities |
|
|
227,024 |
|
|
|
602,085 |
|
| TOTAL NON-CURRENT
LIABILITIES |
|
|
12,272,878 |
|
|
|
3,783,457 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL
LIABILITIES |
|
|
88,946,507 |
|
|
|
85,289,305 |
|
| |
|
|
|
|
|
|
|
|
| STOCKHOLDER’S
EQUITY |
|
|
|
|
|
|
|
|
| Common stock, $0.001 par
value; 100,000,000 shares authorized; 87,532,800 and 77,668,730
shares issued and 87,348,234 and 74,180,171 outstanding at December
31,2023 and December 31,2022, respectively |
|
|
87,533 |
|
|
|
77,669 |
|
| Less: Treasury stock (184,566
shares with average price of $2.75 and 3,488,559 shares with
average price of $2.81 at December 31, 2023 and December 31, 2022,
respectively) |
|
|
(507,013 |
) |
|
|
(9,807,820 |
) |
| Additional paid-in
capital |
|
|
457,847,155 |
|
|
|
451,373,645 |
|
| Accumulated deficit (the
restricted portion is $4,422,033 and $4,422,033 at December 31,
2023 and December 31, 2022, respectively) |
|
|
(16,332,633 |
) |
|
|
(16,339,765 |
) |
| Accumulated other
comprehensive loss |
|
|
(36,970,066 |
) |
|
|
(28,333,239 |
) |
| TOTAL KANDI
TECHNOLOGIES GROUP, INC. STOCKHOLDERS’ EQUITY |
|
|
404,124,976 |
|
|
|
396,970,490 |
|
| |
|
|
|
|
|
|
|
|
| Non-controlling interests |
|
|
2,385,116 |
|
|
|
722,481 |
|
| TOTAL STOCKHOLDERS’
EQUITY |
|
|
406,510,092 |
|
|
|
397,692,971 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
$ |
495,456,599 |
|
|
$ |
482,982,276 |
|
| |
|
|
|
|
|
|
|
|
|
KANDI TECHNOLOGIES GROUP, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS
ANDCOMPREHENSIVE INCOME (LOSS)FOR
THE YEARS ENDED DECEMBER 31, 2023 AND 2022 |
|
|
|
|
|
Years Ended |
|
|
|
|
December31, 2023 |
|
|
December31, 2022 |
|
| |
|
|
|
|
|
|
|
REVENUES, NET |
|
$ |
123,599,232 |
|
|
$ |
117,813,049 |
|
| |
|
|
|
|
|
|
|
|
| COST OF GOODS SOLD |
|
|
(82,229,209 |
) |
|
|
(98,295,323 |
) |
| |
|
|
|
|
|
|
|
|
| GROSS
PROFIT |
|
|
41,370,023 |
|
|
|
19,517,726 |
|
| |
|
|
|
|
|
|
|
|
| OPERATING
EXPENSE: |
|
|
|
|
|
|
|
|
| Research and development |
|
|
(4,265,176 |
) |
|
|
(6,029,608 |
) |
| Selling and marketing |
|
|
(13,335,950 |
) |
|
|
(5,501,475 |
) |
| General and
administrative |
|
|
(35,381,496 |
) |
|
|
(32,325,889 |
) |
| Impairment of goodwill |
|
|
(496,981 |
) |
|
|
(642,665 |
) |
| Impairment of long-lived
assets |
|
|
(942,591 |
) |
|
|
(2,697,521 |
) |
| TOTAL OPERATING
EXPENSE |
|
|
(54,422,194 |
) |
|
|
(47,197,158 |
) |
| |
|
|
|
|
|
|
|
|
| LOSS FROM
OPERATIONS |
|
|
(13,052,171 |
) |
|
|
(27,679,432 |
) |
| |
|
|
|
|
|
|
|
|
| OTHER INCOME
(EXPENSE): |
|
|
|
|
|
|
|
|
| Interest income |
|
|
9,984,558 |
|
|
|
6,427,502 |
|
| Interest expense |
|
|
(1,327,341 |
) |
|
|
(707,488 |
) |
| Change in fair value of
contingent consideration |
|
|
1,803,000 |
|
|
|
4,196,995 |
|
| Government grants |
|
|
2,017,551 |
|
|
|
1,639,328 |
|
| Other income, net |
|
|
4,047,074 |
|
|
|
2,784,561 |
|
| TOTAL OTHER INCOME ,
NET |
|
|
16,524,842 |
|
|
|
14,340,898 |
|
| |
|
|
|
|
|
|
|
|
| INCOME (LOSS) BEFORE
INCOME TAXES |
|
|
3,472,671 |
|
|
|
(13,338,534 |
) |
| |
|
|
|
|
|
|
|
|
| INCOME TAX (EXPENSE)
BENEFIT |
|
|
(1,802,904 |
) |
|
|
487,510 |
|
| |
|
|
|
|
|
|
|
|
| NET INCOME
(LOSS) |
|
|
1,669,767 |
|
|
|
(12,851,024 |
) |
| |
|
|
|
|
|
|
|
|
| LESS: NET INCOME (LOSS)
ATTRIBUTABLE TO NON-CONTROLLING INTERESTS |
|
|
1,662,635 |
|
|
|
(727,361 |
) |
| |
|
|
|
|
|
|
|
|
| NET INCOME (LOSS)
ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC.
STOCKHOLDERS |
|
|
7,132 |
|
|
|
(12,123,663 |
) |
| |
|
|
|
|
|
|
|
|
| OTHER COMPREHENSIVE LOSS |
|
|
|
|
|
|
|
|
| Foreign currency translation
adjustment |
|
|
(8,636,827 |
) |
|
|
(28,585,025 |
) |
| |
|
|
|
|
|
|
|
|
| COMPREHENSIVE
LOSS |
|
$ |
(6,967,060 |
) |
|
$ |
(41,436,049 |
) |
| |
|
|
|
|
|
|
|
|
| WEIGHTED AVERAGE SHARES
OUTSTANDING BASIC |
|
|
78,781,094 |
|
|
|
75,571,702 |
|
| WEIGHTED AVERAGE SHARES
OUTSTANDING DILUTED |
|
|
79,902,891 |
|
|
|
75,571,702 |
|
| |
|
|
|
|
|
|
|
|
| NET INCOME (LOSS) PER SHARE,
BASIC |
|
$ |
0.02 |
|
|
$ |
(0.17 |
) |
| NET INCOME (LOSS) PER SHARE,
DILUTED |
|
$ |
0.02 |
|
|
$ |
(0.17 |
) |
|
|
|
|
|
|
|
|
|
|
|
KANDI TECHNOLOGIES GROUP, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CHANGES IN
STOCKHOLDERS’ EQUITYFOR THE YEARS ENDED DECEMBER
31, 2023 AND 2022 |
|
|
|
|
|
Number
ofOutstandingShares |
|
|
CommonStock |
|
|
TreasuryStock |
|
|
AdditionalPaid-inCapital |
|
|
AccumulatedDeficit |
|
|
AccumulatedOtherComprehensiveIncome(Loss） |
|
|
Non-controllinginterests |
|
|
Total |
|
|
BALANCE AS OFDECEMBER 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 |
|
|
283,600 |
|
|
|
284 |
|
|
|
- |
|
|
|
746,636 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
746,920 |
|
| Stock based compensation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,231,566 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,231,566 |
|
| Stock buyback |
|
|
- |
|
|
|
- |
|
|
|
(7,415,617 |
) |
|
|
(84,018 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(7,499,635 |
) |
| Capital contribution from
shareholder |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,449,842 |
|
|
|
1,449,842 |
|
| Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(12,123,663 |
) |
|
|
- |
|
|
|
(727,361 |
) |
|
|
(12,851,024 |
) |
| Foreign currency
translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(28,585,025 |
) |
|
|
- |
|
|
|
(28,585,025 |
) |
| BALANCE AS
OFDECEMBER 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 |
|
|
11,685,968 |
|
|
|
11,686 |
|
|
|
- |
|
|
|
9,357,192 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
9,368,878 |
|
| Stock based compensation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,476,058 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,476,058 |
|
| Stock buyback |
|
|
- |
|
|
|
- |
|
|
|
(507,013 |
) |
|
|
(3,731 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(510,744 |
) |
| Cancellation of the Treasury
Stock |
|
|
(3,488,559 |
) |
|
|
(3,489 |
) |
|
|
9,807,820 |
|
|
|
(9,804,331 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Stock option exercise |
|
|
1,666,661 |
|
|
|
1,667 |
|
|
|
- |
|
|
|
3,448,322 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,449,989 |
|
| Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,132 |
|
|
|
- |
|
|
|
1,662,635 |
|
|
|
1,669,767 |
|
| Foreign currency
translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(8,636,827 |
) |
|
|
- |
|
|
|
(8,636,827 |
) |
| BALANCE AS
OFDECEMBER 31, 2023 |
|
|
87,532,800 |
|
|
$ |
87,533 |
|
|
$ |
(507,013 |
) |
|
$ |
457,847,155 |
|
|
$ |
(16,332,633 |
) |
|
$ |
(36,970,066 |
) |
|
$ |
2,385,116 |
|
|
$ |
406,510,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KANDI TECHNOLOGIES GROUP, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWSFOR THE YEARS ENDED DECEMBER 31, 2023 AND
2022 |
| |
| |
|
Years Ended |
|
| |
|
December31, 2023 |
|
|
December31, 2022 |
|
| |
|
|
|
|
|
|
| CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
1,669,767 |
|
|
$ |
(12,851,024 |
) |
| Adjustments to reconcile net
(loss) income to net cash provided by operating activities |
|
|
|
|
|
|
|
|
| Depreciation and
amortization |
|
|
11,913,647 |
|
|
|
12,427,973 |
|
| Impairments |
|
|
1,439,573 |
|
|
|
3,340,186 |
|
| Provision of allowance for
doubtful accounts |
|
|
656,330 |
|
|
|
(542,801 |
) |
| Deferred taxes |
|
|
203,236 |
|
|
|
(461,045 |
) |
| Loss from long-term
Investment |
|
|
141,389 |
|
|
|
- |
|
| Change in fair value of
contingent consideration |
|
|
(1,803,000 |
) |
|
|
(4,196,995 |
) |
| Stock award and stock based
compensation expense |
|
|
11,059,801 |
|
|
|
1,926,376 |
|
| |
|
|
|
|
|
|
|
|
| Changes in operating
assets and liabilities: |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Accounts receivable |
|
|
10,560,521 |
|
|
|
(20,965,140 |
) |
| Notes receivable |
|
|
(123,992,862 |
) |
|
|
4,726,570 |
|
| Inventories |
|
|
(21,531,323 |
) |
|
|
(9,145,298 |
) |
| Other receivables and other
assets |
|
|
5,165,337 |
|
|
|
(4,932,463 |
) |
| Advances to supplier and
prepayments and prepaid expenses |
|
|
1,491,762 |
|
|
|
16,275,678 |
|
| |
|
|
|
|
|
|
|
|
| Increase (Decrease)
In: |
|
|
|
|
|
|
|
|
| Accounts payable |
|
|
38,603,301 |
|
|
|
62,592,477 |
|
| Other payables and accrued
liabilities |
|
|
(5,062,494 |
) |
|
|
7,842,715 |
|
| Notes payable |
|
|
(32,629,627 |
) |
|
|
(24,533,127 |
) |
| Income tax payable |
|
|
954,006 |
|
|
|
(25,171 |
) |
| Net cash (used in)
provided by operating activities |
|
$ |
(101,160,636 |
) |
|
$ |
31,478,911 |
|
| |
|
|
|
|
|
|
|
|
| CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
| Purchases of property, plant
and equipment, net |
|
|
(13,172,512 |
) |
|
|
(3,690,235 |
) |
| Payment for construction in
progress |
|
|
(75,185 |
) |
|
|
(129,894 |
) |
| Certificate of deposit |
|
|
45,244,390 |
|
|
|
(31,210,986 |
) |
| Acquisition of NGI |
|
|
282,135 |
|
|
|
- |
|
| Net cash provided by
(used in) investing activities |
|
$ |
32,278,828 |
|
|
$ |
(35,031,115 |
) |
| |
|
|
|
|
|
|
|
|
| CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
| Proceeds from short-term
loans |
|
|
23,420,534 |
|
|
|
30,765,776 |
|
| Repayments of short-term
loans |
|
|
(19,709,663 |
) |
|
|
(28,357,211 |
) |
| Repayments of long-term
loans |
|
|
(46,426 |
) |
|
|
- |
|
| Proceeds from long-term
loans |
|
|
8,225,000 |
|
|
|
- |
|
| Contribution from
non-controlling shareholder |
|
|
- |
|
|
|
757,981 |
|
| Purchase of treasury
stock |
|
|
(510,745 |
) |
|
|
(7,499,634 |
) |
| Proceeds from exercises stock
options, stock awards and other financing |
|
|
3,449,988 |
|
|
|
- |
|
| Net cash provided by
(used in) financing activities |
|
$ |
14,828,688 |
|
|
$ |
(4,333,088 |
) |
| |
|
|
|
|
|
|
|
|
| NET DECREASE IN CASH
AND CASH EQUIVALENTS AND RESTRICTED CASH |
|
$ |
(54,053,120 |
) |
|
$ |
(7,885,292 |
) |
| Effect of exchange rate
changes |
|
$ |
(3,357,083 |
) |
|
$ |
(9,750,444 |
) |
| 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 |
|
$ |
93,630,068 |
|
|
$ |
151,040,271 |
|
| -CASH AND CASH EQUIVALENTS AT
END OF PERIOD |
|
|
33,756,941 |
|
|
|
84,063,717 |
|
| -RESTRICTED CASH AT END OF
PERIOD |
|
|
59,873,127 |
|
|
|
66,976,554 |
|
| |
|
|
|
|
|
|
|
|
| SUPPLEMENTARY CASH
FLOW INFORMATION |
|
|
|
|
|
|
|
|
| Income taxes paid |
|
$ |
311,504 |
|
|
$ |
350,002 |
|
| Interest paid |
|
$ |
965,025 |
|
|
$ |
345,451 |
|
| |
|
|
|
|
|
|
|
|
| SUPPLEMENTAL NON-CASH
DISCLOSURES: |
|
|
|
|
|
|
|
|
| Contribution from
non-controlling shareholder by inventories, fixed assets and
intangible assets |
|
$ |
- |
|
|
$ |
393,986 |
|
| Common stock issued for
settlement of payables related to acquisitions (see Note 19) |
|
$ |
1,812,005 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
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
