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2023-08-08
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 8, 2023
KANDI TECHNOLOGIES GROUP, INC.
(Exact name of registrant as specified in its charter)
| Delaware |
|
001-33997 |
|
90-0363723 |
| (State of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification) |
Jinhua New Energy Vehicle Town
Jinhua, Zhejiang Province
People’s Republic of China
Post Code 321016
(Address of principal executive offices) (Zip Code)
(86-579) 8223-9700
Registrant’s telephone number, including area code
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
| Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
| Common Stock |
|
KNDI |
|
NASDAQ Global Select Market |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On August 8, 2023, Kandi Technologies
Group, Inc. (the “Company”) issued an earnings release announcing certain financial results for the quarter ended June 30,
2023. A copy of the earnings release is attached hereto as Exhibit 99.1.
The information contained in
this Item 2.02 is not “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and is not deemed incorporated by reference by any general statements incorporating by reference this report or future filings into any
filings under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent the Company specifically incorporates
the information by reference.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| |
KANDI TECHNOLOGIES GROUP, INC. |
| |
|
|
| Date: August 8, 2023 |
By: |
/s/ Dong Xueqin |
| |
Name: |
Dong Xueqin |
| |
Title: |
Chief Executive Officer |
2
Exhibit
99.1
Kandi
Technologies Reports Second Quarter 2023 Financial Results
Strategic product transformation has borne
fruitful outcomes, leading to a remarkable turnaround to profitability
JINHUA, China, Aug. 08, 2023 (GLOBE NEWSWIRE)
-- 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) 551-3610
IR@kandigroup.com
The Blueshirt Group
Mr. Gary Dvorchak, CFA
gary@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 of
Outstanding
Shares | | |
Common
Stock | | |
Treasury
Stock | | |
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 of
Outstanding
Shares | | |
Common
Stock | | |
Treasury
Stock | | |
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 | |
7
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