Kandi Technologies Reports Third Quarter 2022 Financial Results
November 08 2022 - 07:02AM
Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”)
(NASDAQ GS: KNDI), today announced its financial results for the
third quarter of 2022.
Third Quarter Highlights
- Total revenues of $33.7 million compared to $16.8 million in
the same period of 2021.
- Off-road vehicles and associated parts sales increased by
217.6% to $21.7 million, compared to $6.8 million in the same
period of 2021.
- EV products sales increased significantly to $1.7 million from
$0.3 million in the same period of 2021.
- EV parts sales were $2.6 million, compared to $3.2 million in
the same period of 2021.
- Electric Scooters, Electric Self-Balancing Scooters and
associated parts sales were $1.2 million, compared with $6.3
million in the same period of 2021.
- Net income was $1.1 million, or $0.01 income per fully diluted
share, compared to a net loss of $7.9 million, or $0.10 loss per
fully diluted share for the same period of 2021. A turn to
profitability from loss was largely attributed to higher total
revenue, resulted from highly performed off-road vehicles and
associated parts sales, and lower operating expenses.
- Working capital totaled $252.9 million as of September 30,
2022
- Cash and equivalents, restricted cash, and certificate of
deposit totaled $210.2 million as of September 30, 2022
Mr. Hu Xiaoming, Chairman and CEO of Kandi commented, “During
the third quarter, our strategic pivot enabled us to make inroads
in electric off-road vehicles. With high market interest in the
electrification of off-road vehicles, we successfully developed and
delivered “crossover” electric golf carts that are seeing high
acceptance by our customers. Growing demand, and positive market
feedback gives us more confidence to invest more in electric
off-road vehicles. Our next step is to launch more models in the
categories of golf crossovers, utility terrain vehicles, and more.
We believe that our top line growth and disciplined control of
operating expenses can drive improved profitability, which will be
increasingly recognized by investors.”
Q3 2022 Financial Results
Net Revenues and Gross Profit (in USD millions)
|
|
Q3 2022 |
Q3 2021 |
Y-o-Y% |
|
Net Revenues |
$33.7 |
$16.8 |
100.5% |
|
Gross Profit |
$6.4 |
$2.7 |
131.6% |
|
Gross Margin% |
18.9% |
16.4% |
- |
Net revenues of $33.7 million in the third quarter of 2022
increased 100.5% from the same period of 2021. The increase in
revenue and gross margin was primarily due to a product mix shift
to off-road vehicles, a segment with a higher gross margin that
achieved significant growth in the past quarter.
Operating Income/Loss (in USD millions)
|
|
Q3 2022 |
Q3 2021 |
Y-o-Y% |
|
Operating Expenses |
($8.6) |
($11.8) |
27.3% |
|
Loss from Operations |
($2.2) |
($9.0) |
75.7% |
|
Operating Margin% |
-6.5% |
-53.7% |
- |
Operating expenses were $8.6 million, compared with operating
expense of $11.8 million for the same period of 2021. Operating
expenses decreased as the Company moved past the 2021 peak research
and development effort on new products.
Net Income/Loss (in USD millions)
|
|
Q3 2022 |
Q3 2021 |
Y-o-Y% |
|
Net Income (Loss) |
$1.1 |
($7.9) |
113.6% |
|
Net Income (Loss) per Share, Basic and Diluted |
$0.01 |
($0.1) |
- |
Net income was $1.1 million comparing to a net loss of $7.9
million for the same period of 2021. The turn to profitability was
primarily due to higher total revenue and lower operating
expenses.
Third 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 (9:00 P.M.
Beijing Time) on Tuesday, November 8, 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: +1-844-825-9789
- International dial-in number: + 1-412-317-5180
- Webcast and
replay: https://viavid.webcasts.com/starthere.jsp?ei=1581599&tp_key=a040e098ec
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(UNAUDITED)
|
|
|
September 30, 2022 |
|
|
December 31, 2021 |
|
| |
|
|
|
|
|
|
| Current
assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
99,029,118 |
|
|
$ |
129,223,443 |
|
| Restricted cash |
|
|
40,855,710 |
|
|
|
39,452,564 |
|
| Certificate of deposit |
|
|
70,324,477 |
|
|
|
55,041,832 |
|
|
Accounts receivable (net of allowance for doubtful accounts of
$2,734,642 and $3,053,277 as of September 30, 2022 and December 31,
2021, respectively) |
|
|
40,034,961 |
|
|
|
52,896,305 |
|
| Inventories |
|
|
43,673,888 |
|
|
|
33,171,973 |
|
| Notes receivable |
|
|
1,371,773 |
|
|
|
323,128 |
|
| Other receivables |
|
|
19,293,487 |
|
|
|
8,901,109 |
|
| Prepayments and prepaid
expense |
|
|
4,006,808 |
|
|
|
17,657,326 |
|
| Advances to suppliers |
|
|
5,800,659 |
|
|
|
5,940,456 |
|
| TOTAL CURRENT
ASSETS |
|
|
324,390,881 |
|
|
|
342,608,136 |
|
| |
|
|
|
|
|
|
|
|
| NON-CURRENT
ASSETS |
|
|
|
|
|
|
|
|
| Property, plant and equipment,
net |
|
|
94,908,520 |
|
|
|
111,577,411 |
|
| Intangible assets, net |
|
|
10,785,106 |
|
|
|
13,249,079 |
|
| Land use rights, net |
|
|
2,843,944 |
|
|
|
3,250,336 |
|
| Construction in progress |
|
|
329,726 |
|
|
|
79,317 |
|
| Deferred tax assets |
|
|
2,171,890 |
|
|
|
2,219,297 |
|
| Long-term investment |
|
|
140,649 |
|
|
|
157,262 |
|
| Goodwill |
|
|
32,960,659 |
|
|
|
36,027,425 |
|
| Other long-term assets |
|
|
10,423,361 |
|
|
|
10,992,009 |
|
| TOTAL NON-CURRENT
ASSETS |
|
|
154,563,855 |
|
|
|
177,552,136 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL
ASSETS |
|
$ |
478,954,736 |
|
|
$ |
520,160,272 |
|
| |
|
|
|
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
| Accounts payable |
|
$ |
33,281,208 |
|
|
$ |
36,677,802 |
|
| Other payables and accrued
expenses |
|
|
7,894,152 |
|
|
|
9,676,973 |
|
| Short-term loans |
|
|
5,604,312 |
|
|
|
950,000 |
|
| Notes payable |
|
|
17,170,279 |
|
|
|
8,198,193 |
|
| Income tax payable |
|
|
1,121,744 |
|
|
|
1,620,827 |
|
| Other current liabilities |
|
|
6,425,151 |
|
|
|
7,038,895 |
|
| TOTAL CURRENT
LIABILITIES |
|
|
71,496,846 |
|
|
|
64,162,690 |
|
| |
|
|
|
|
|
|
|
|
| NON-CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
| Long-term loans |
|
|
2,210,589 |
|
|
|
2,210,589 |
|
| Deferred taxes liability |
|
|
2,462,901 |
|
|
|
2,460,141 |
|
| Contingent consideration
liability |
|
|
3,266,000 |
|
|
|
7,812,000 |
|
| Other long-term
liabilities |
|
|
777,211 |
|
|
|
314,525 |
|
| TOTAL NON-CURRENT
LIABILITIES |
|
|
8,716,701 |
|
|
|
12,797,255 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL
LIABILITIES |
|
|
80,213,547 |
|
|
|
76,959,945 |
|
| |
|
|
|
|
|
|
|
|
| STOCKHOLDER’S
EQUITY |
|
|
|
|
|
|
|
|
|
Common stock, $0.001 par value; 100,000,000 shares authorized;
77,658,730 and 77,385,130 shares issued and 75,343,594 and
76,705,381 outstanding at September 30,2022 and December 31,2021,
respectively |
|
|
77,659 |
|
|
|
77,385 |
|
|
Less: Treasury stock (2,315,136 shares with average price of $2.96
and 679,749 shares with average price of $3.52 at September 30,2022
and December 31,2021, respectively ) |
|
|
(6,848,731 |
) |
|
|
(2,392,203 |
) |
| Additional paid-in
capital |
|
|
450,380,994 |
|
|
|
449,479,461 |
|
|
Accumulated deficit (the restricted portion is $4,422,033 and
$4,422,033 at September 30,2022 and December 31,2021,
respectively) |
|
|
(7,390,410 |
) |
|
|
(4,216,102 |
) |
| Accumulated other
comprehensive loss |
|
|
(39,637,503 |
) |
|
|
251,786 |
|
| TOTAL KANDI
TECHNOLOGIES GROUP, INC. STOCKHOLDERS’ EQUITY |
|
|
396,582,009 |
|
|
|
443,200,327 |
|
| |
|
|
|
|
|
|
|
|
| Non-controlling interests |
|
|
2,159,180 |
|
|
|
- |
|
| TOTAL STOCKHOLDERS’
EQUITY |
|
|
398,741,189 |
|
|
|
443,200,327 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
$ |
478,954,736 |
|
|
$ |
520,160,272 |
|
| |
KANDI TECHNOLOGIES GROUP,
INC.AND SUBSIDIARIESCONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
ANDCOMPREHENSIVE INCOME
(LOSS)(UNAUDITED)
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
|
September 30, 2022 |
|
|
September 30, 2021 |
|
|
September 30, 2022 |
|
|
September 30, 2021 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES FROM UNRELATED PARTIES, NET |
|
$ |
33,673,201 |
|
|
$ |
16,795,712 |
|
|
$ |
79,405,788 |
|
|
$ |
62,647,714 |
|
| REVENUES FROM THE FORMER
AFFILIATE COMPANY AND RELATED PARTIES, NET |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,587 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REVENUES,
NET |
|
|
33,673,201 |
|
|
|
16,795,712 |
|
|
|
79,405,788 |
|
|
|
62,649,301 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COST OF GOODS SOLD |
|
|
(27,304,038 |
) |
|
|
(14,046,041 |
) |
|
|
(67,930,595 |
) |
|
|
(49,447,497 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GROSS
PROFIT |
|
|
6,369,163 |
|
|
|
2,749,671 |
|
|
|
11,475,193 |
|
|
|
13,201,804 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING INCOME
(EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development |
|
|
(1,433,649 |
) |
|
|
(6,747,934 |
) |
|
|
(3,828,078 |
) |
|
|
(31,937,436 |
) |
| Selling and marketing |
|
|
(1,440,995 |
) |
|
|
(1,290,544 |
) |
|
|
(3,807,222 |
) |
|
|
(3,494,927 |
) |
| General and
administrative |
|
|
(5,686,233 |
) |
|
|
(3,733,230 |
) |
|
|
(18,016,843 |
) |
|
|
(13,522,925 |
) |
| Gain on disposal of long-lived
assets |
|
|
- |
|
|
|
2,238 |
|
|
|
- |
|
|
|
48,255,905 |
|
| TOTAL OPERATING
EXPENSE |
|
|
(8,560,877 |
) |
|
|
(11,769,470 |
) |
|
|
(25,652,143 |
) |
|
|
(699,383 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (LOSS) INCOME FROM
OPERATIONS |
|
|
(2,191,714 |
) |
|
|
(9,019,799 |
) |
|
|
(14,176,950 |
) |
|
|
12,502,421 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OTHER INCOME
(EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
|
2,138,130 |
|
|
|
1,247,544 |
|
|
|
4,739,208 |
|
|
|
2,750,241 |
|
| Interest expense |
|
|
(177,417 |
) |
|
|
(63,368 |
) |
|
|
(463,994 |
) |
|
|
(267,785 |
) |
| Change in fair value of
contingent consideration |
|
|
434,995 |
|
|
|
- |
|
|
|
2,733,995 |
|
|
|
- |
|
| Government grants |
|
|
829,539 |
|
|
|
220,967 |
|
|
|
1,536,856 |
|
|
|
570,162 |
|
| Gain from sale of equity in
the Former Affiliate Company |
|
|
- |
|
|
|
822 |
|
|
|
- |
|
|
|
17,734,733 |
|
| Share of loss after tax of the
Former Affiliate Company |
|
|
- |
|
|
|
(119 |
) |
|
|
- |
|
|
|
(2,584,520 |
) |
| Other income, net |
|
|
536,726 |
|
|
|
442,102 |
|
|
|
2,954,036 |
|
|
|
4,768,092 |
|
| TOTAL OTHER INCOME,
NET |
|
|
3,761,973 |
|
|
|
1,847,948 |
|
|
|
11,500,101 |
|
|
|
22,970,923 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INCOME (LOSS) BEFORE
INCOME TAXES |
|
|
1,570,259 |
|
|
|
(7,171,851 |
) |
|
|
(2,676,849 |
) |
|
|
35,473,344 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INCOME TAX (EXPENSE)
BENEFIT |
|
|
(497,211 |
) |
|
|
(696,968 |
) |
|
|
255,232 |
|
|
|
(8,815,409 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME
(LOSS) |
|
|
1,073,048 |
|
|
|
(7,868,819 |
) |
|
|
(2,421,617 |
) |
|
|
26,657,935 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LESS: NET INCOME ATTRIBUTABLE
TO NON-CONTROLLING INTERESTS |
|
|
694,029 |
|
|
|
- |
|
|
|
752,691 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME (LOSS)
ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC.
STOCKHOLDERS |
|
|
379,019 |
|
|
|
(7,868,819 |
) |
|
|
(3,174,308 |
) |
|
|
26,657,935 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OTHER COMPREHENSIVE INCOME
(LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency translation
adjustment |
|
|
(20,932,870 |
) |
|
|
(116,054 |
) |
|
|
(39,889,289 |
) |
|
|
3,582,748 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COMPREHENSIVE (LOSS)
INCOME |
|
$ |
(19,859,822 |
) |
|
$ |
(7,984,873 |
) |
|
$ |
(42,310,906 |
) |
|
$ |
30,240,683 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| WEIGHTED AVERAGE SHARES
OUTSTANDING BASIC |
|
|
75,741,399 |
|
|
|
76,394,573 |
|
|
|
75,962,899 |
|
|
|
75,766,749 |
|
| WEIGHTED AVERAGE SHARES
OUTSTANDING DILUTED |
|
|
75,885,630 |
|
|
|
76,394,573 |
|
|
|
76,061,190 |
|
|
|
75,766,749 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME (LOSS) PER SHARE,
BASIC |
|
$ |
0.01 |
|
|
$ |
(0.10 |
) |
|
$ |
(0.03 |
) |
|
$ |
0.35 |
|
| NET INCOME (LOSS) PER SHARE,
DILUTED |
|
$ |
0.01 |
|
|
$ |
(0.10 |
) |
|
$ |
(0.03 |
) |
|
$ |
0.35 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KANDI TECHNOLOGIES GROUP,
INC.AND
SUBSIDIARIESCONDENSED CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS’
EQUITY(UNAUDITED)
|
|
|
Number
ofOutstandingShares |
|
|
CommonStock |
|
|
Treasury Stock |
|
|
AdditionalPaid-inCapital |
|
|
AccumulatedDeficit |
|
|
AccumulatedOtherComprehensiveLoss |
|
|
Non-controllinginterests |
|
|
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 |
|
| 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 |
|
| Stock issuance and award |
|
|
1,526,817 |
|
|
|
1,527 |
|
|
|
- |
|
|
|
4,874,224 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,875,751 |
|
| Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(7,868,819 |
) |
|
|
- |
|
|
|
- |
|
|
|
(7,868,819 |
) |
| Foreign currency
translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(116,054 |
) |
|
|
- |
|
|
|
(116,054 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, September 30,
2021 |
|
|
77,152,972 |
|
|
$ |
77,153 |
|
|
$ |
- |
|
|
$ |
448,591,602 |
|
|
$ |
(421,965 |
) |
|
$ |
(5,195,403 |
) |
|
$ |
- |
|
|
$ |
443,051,387 |
|
| |
|
|
|
Number
ofOutstandingShares |
|
|
CommonStock |
|
|
TreasuryStock |
|
|
AdditionalPaid-inCapital |
|
|
AccumulatedEarning(Deficit) |
|
|
AccumulatedOtherComprehensiveIncome |
|
|
Non-controllinginterests |
|
|
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 |
|
| Stock issuance and award |
|
|
10,000 |
|
|
|
10 |
|
|
|
- |
|
|
|
22,290 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
22,300 |
|
| Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
250,673 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
250,673 |
|
| Stock buyback |
|
|
- |
|
|
|
- |
|
|
|
(911,714 |
) |
|
|
(12,872 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(924,586 |
) |
| Capital contribution from
shareholder |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
337,557 |
|
|
|
337,557 |
|
| Net income (loss) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
379,019 |
|
|
|
- |
|
|
|
694,029 |
|
|
|
1,073,048 |
|
| Foreign currency
translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(20,932,870 |
) |
|
|
(66,006 |
) |
|
|
(20,998,876 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, September 30,
2022 |
|
|
77,658,730 |
|
|
$ |
77,659 |
|
|
$ |
(6,848,731 |
) |
|
$ |
450,380,994 |
|
|
$ |
(7,390,410 |
) |
|
$ |
(39,637,503 |
) |
|
|
2,159,180 |
|
|
$ |
398,741,189 |
|
| |
KANDI TECHNOLOGIES GROUP,
INC.AND SUBSIDIARIESCONDENSED
CONSOLIDATED STATEMENTS OF CASH
FLOWS(UNAUDITED)
|
|
|
Nine Months Ended |
|
|
|
|
September 30, 2022 |
|
|
September 30, 2021 |
|
| |
|
|
|
|
|
|
| CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(2,421,617 |
) |
|
$ |
26,657,935 |
|
| Adjustments to reconcile net
income to net cash provided by operating activities |
|
|
|
|
|
|
|
|
| Depreciation and
amortization |
|
|
9,512,970 |
|
|
|
6,893,192 |
|
| Provision (reversal) of
allowance for doubtful accounts |
|
|
4,220 |
|
|
|
- |
|
| Deferred taxes |
|
|
(116,206 |
) |
|
|
(11,970 |
) |
| Share of loss after tax of the
Former Affiliate Company |
|
|
- |
|
|
|
2,584,520 |
|
| Gain from equity sale in the
Former Affiliate Company |
|
|
- |
|
|
|
(17,734,733 |
) |
| Gain on disposal of long-lived
assets |
|
|
- |
|
|
|
(48,255,905 |
) |
| Change in fair value of
contingent consideration |
|
|
(2,733,995 |
) |
|
|
- |
|
| Stock award and stock based
compensation expense |
|
|
913,288 |
|
|
|
1,452,381 |
|
| |
|
|
|
|
|
|
|
|
| Changes in operating
assets and liabilities: |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Accounts receivable |
|
|
(20,932,970 |
) |
|
|
4,289,150 |
|
| Notes receivable |
|
|
1,927,621 |
|
|
|
- |
|
| Inventories |
|
|
(13,183,546 |
) |
|
|
(7,443,414 |
) |
| Other receivables and other
assets |
|
|
(10,264,805 |
) |
|
|
(17,537,034 |
) |
| Advances to supplier and
prepayments and prepaid expenses |
|
|
12,405,615 |
|
|
|
18,776,708 |
|
| |
|
|
|
|
|
|
|
|
| Increase (Decrease)
In: |
|
|
|
|
|
|
|
|
| Accounts payable |
|
|
46,796,615 |
|
|
|
(4,116,153 |
) |
| Other payables and accrued
liabilities |
|
|
4,951,022 |
|
|
|
7,052,572 |
|
| Notes payable |
|
|
(13,574,849 |
) |
|
|
(93,278 |
) |
| Income tax payable |
|
|
(60,313 |
) |
|
|
8,053,977 |
|
| Net cash provided by
(used in) operating activities |
|
$ |
13,223,050 |
|
|
$ |
(19,432,052 |
) |
| |
|
|
|
|
|
|
|
|
| CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
| Purchases of property, plant
and equipment, net |
|
|
(1,674,445 |
) |
|
|
(10,948,968 |
) |
| Acquisition of Jiangxi
Huiyi |
|
|
- |
|
|
|
(3,864,346 |
) |
| Payment for construction in
progress |
|
|
(278,777 |
) |
|
|
(4,048,889 |
) |
| Proceeds from disposal of
long-lived assets |
|
|
- |
|
|
|
23,235,758 |
|
| (Loan to) Repayment from third
party |
|
|
(4,545,386 |
) |
|
|
31,687,637 |
|
| Certificate of deposit |
|
|
(22,726,928 |
) |
|
|
(54,100,844 |
) |
| Proceeds from sales of equity
in the Former Affiliate Company |
|
|
- |
|
|
|
47,608,743 |
|
| Long-term Investment |
|
|
- |
|
|
|
(108,202 |
) |
| Advance receipts of equity
transfer |
|
|
- |
|
|
|
600,463 |
|
| Net cash (used in)
provided by investing activities |
|
$ |
(29,225,536 |
) |
|
$ |
30,061,352 |
|
| |
|
|
|
|
|
|
|
|
| CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
| Proceeds from short-term
loans |
|
|
20,642,224 |
|
|
|
2,630,000 |
|
| Repayments of short-term
loans |
|
|
(15,987,912 |
) |
|
|
- |
|
| Contribution from
non-controlling shareholder |
|
|
772,716 |
|
|
|
- |
|
| Purchase of treasury
stock |
|
|
(4,505,213 |
) |
|
|
- |
|
| Net cash provided by
financing activities |
|
$ |
921,815 |
|
|
$ |
2,630,000 |
|
| |
|
|
|
|
|
|
|
|
| NET (DECREASE)
INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED
CASH |
|
$ |
(15,080,671 |
) |
|
$ |
13,259,300 |
|
| Effect of exchange rate
changes |
|
$ |
(13,710,508 |
) |
|
$ |
990,440 |
|
| 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 |
|
$ |
139,884,828 |
|
|
$ |
156,770,375 |
|
| -CASH AND CASH EQUIVALENTS AT
END OF PERIOD |
|
|
99,029,118 |
|
|
|
132,866,957 |
|
| -RESTRICTED CASH AT END OF
PERIOD |
|
|
40,855,710 |
|
|
|
23,903,418 |
|
| |
|
|
|
|
|
|
|
|
| SUPPLEMENTARY CASH
FLOW INFORMATION |
|
|
|
|
|
|
|
|
| Income taxes paid |
|
$ |
274,037 |
|
|
|
688,160 |
|
| Interest paid |
|
$ |
225,479 |
|
|
|
17,536 |
|
| |
|
|
|
|
|
|
|
|
| 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) |
|
|
- |
|
|
|
2,813,968 |
|
| Contribution from
non-controlling shareholder by inventories, fix assets and
intangible assets |
|
|
393,986 |
|
|
|
- |
|
| Common stock issued for
settlement of payables related to acquisitions (see Note 19) |
|
|
- |
|
|
|
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Kandi Technolgies (NASDAQ:KNDI)
Historical Stock Chart
From Nov 2023 to Dec 2023
Kandi Technolgies (NASDAQ:KNDI)
Historical Stock Chart
From Dec 2022 to Dec 2023
