- Q3 revenue increased 34.0% yoy to $38.0 million
-- Q3 gross profit increased 29.2% yoy to $6.2 million -
Kandi Technologies Group, Inc. (the “Company,”
“we” or “Kandi”) (NASDAQ GS: KNDI), today announced its financial
results for the third quarter of 2018.
Third Quarter Financial Highlights
- Total revenues were $38.0 million
for the third quarter of 2018, an increase of 34.0% from total
revenues of $28.4 million for the same period in 2017.
- Electric Vehicle (“EV”) parts sales increased by 18.7%, to
$32.1 million for the third quarter of 2018, compared with EV parts
sales of $27.0 million for the same period in 2017.
- Gross profit increased by 29.2% to $6.2 million, compared to
$4.8 million for the same period last year.
- Kandi Electric Vehicles Group Co., Ltd. (the "JV Company")
sold 1,502 units of EV products in the third quarter of
2018.
- GAAP net loss for the third quarter of 2018 was $6.5 million,
or loss of $0.13 per fully diluted share compared with GAAP net
income of $1.9 million, or income of $0.04 per fully diluted share
for the same period in 2017.
- Non-GAAP adjusted net loss1, which excludes stock award
expenses and the change of the fair value of contingent
consideration, was $5.0 million in the third quarter of 2018,
compared with non-GAAP net income of $2.9 million for the same
period in 2017. Non-GAAP adjusted loss per share1 was approximately
$0.10 per fully diluted share for the third quarter of 2018,
compared with Non-GAAP adjusted income per share1 of $0.06 per
fully diluted share for the same period in 2017.
- Working capital deficit was $12.2
million as of September 30, 2018. Cash, cash equivalents and
restricted cash totaled $10.4 million as of September 30,
2018.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi,
commented, “EV sales were impacted in the third quarter due to the
JV Company’s new EV models awaiting MIIT’s approval to be included
in the Directory of Recommended Models for Energy Saving and New
Energy Vehicle Demonstration and Promotion, as well as approval of
purchase tax exemption. Additionally, a large increase in the
research and development expense caused a decline in net profits in
the third quarter. However, we are happy to announce that the JV
Company’s new EV models obtained all required approvals from MIIT
for both Directory of Recommended Models for New Energy Vehicles
and the Tax Exemption on September 19, 2018, and are now available
for sale on the market. With the launch of the new EV models, the
Company’s operations are forecasted to improve. The management team
remains confident in enhancing Kandi’s brand name and competitive
edge through its consumer favored EV products.”
Net Revenues and Gross Profit
|
3Q18 |
|
3Q17 |
|
Y-o-Y% |
|
Net Revenues (US$million) |
$38.0 |
|
$28.4 |
|
34.0% |
|
Gross Profit (US$million) |
$6.2 |
|
$4.8 |
|
29.2% |
|
Gross Margin |
16.4% |
|
17.0% |
|
- |
|
Net revenues for the third quarter of 2018 increased by 34.0%
compared to the same period of last year. The increase in revenue
was mainly due to the increase in EV parts and off-road vehicles
sales during this quarter. The selling prices of our products for
the three months ended September 30, 2018 decreased on average from
the same period last year. The increase in revenue was primarily
due to the increase of sales volume.
Operating Income (Loss)
|
3Q18 |
|
3Q17 |
|
Y-o-Y% |
|
Operating Expenses (US$million) |
$8.7 |
|
$3.1 |
|
182.1% |
|
Operating (Loss) Income (US$million) |
|
($2.4) |
|
$1.8 |
|
-237.4% |
|
Operating Margin |
|
-6.4% |
|
|
6.2% |
|
- |
|
Total operating expenses in the third quarter of 2018 were $8.7
million, compared with $3.1 million in the same quarter of 2017.
The increase in total operating expenses was due to the increased
R&D expenses, which were $5.7 million in this quarter compared
with $0.7 million in the same quarter last year.
GAAP Net Income (Loss)
|
3Q18 |
|
3Q17 |
|
Y-o-Y% |
|
Net (Loss) Income (US$million) |
($6.5) |
|
$1.9 |
|
-440.0% |
|
(Loss)Earnings per Weighted Average Common Share |
($0.13) |
|
$0.04 |
|
- |
|
(Loss)Earnings per Weighted Average Diluted Share |
($0.13) |
|
$0.04 |
|
- |
|
Stock Award Expenses(US$million) |
$0.03 |
|
$1.0 |
|
-96.9% |
|
Change in the Fair Value of Contingent
Consideration(US$million) |
$1.6 |
|
- |
|
- |
|
Non-GAAP Net (Loss) Income (US$million) |
($5.0) |
|
$2.9 |
|
-267.5% |
|
Net loss was $6.5 million in the third quarter of 2018, compared
with net income of $1.9 million in the same quarter of 2017. The
decrease of net income for this quarter was primarily attributable
to the loss from the JV Company and increased R&D expenses this
period as compared to the same period of last year.
Non-GAAP net loss was $5.0 million in the third quarter of 2018,
compared to Non-GAAP net income of $2.9 million in the same quarter
of 2017. The decrease of net income (non-GAAP) was primarily
attributable to the loss from the JV Company and increased R&D
expenses this period as compared to the same period of last
year.
Kandi Electric Vehicles Group Co., Ltd. (the “JV Company”)
Financial Results
In the third quarter of 2018, the JV Company sold 1,502 units of
EV products.
The condensed financial income statements of the JV Company in
the third quarter are as set forth below:
|
3Q18 |
|
3Q17 |
|
Y-o-Y% |
|
Net Revenues (US$million) |
$19.9 |
|
$86.2 |
|
-76.9% |
|
Gross Income (US$million) |
$3.1 |
|
$5.3 |
|
-41.5% |
|
Gross Margin |
15.8% |
|
6.1% |
|
- |
|
Net loss (US$million) |
($5.9) |
|
($0.5) |
|
1080.0% |
|
Revenue for the JV Company was $19.9 million in the third
quarter of 2018, a decrease of 76.9% compared to the same quarter
of 2017. Net loss was $5.9 million, a 1080.0% increase in the loss
compared to the same quarter of 2017.
Kandi’s investments in the JV Company are accounted for using
the equity method of accounting because Kandi has a 50% ownership
interest in the JV Company. As a result, Kandi recorded 50% of the
JV Company’s losses of $2.9 million for this quarter. After
eliminating intra-entity profits and losses, Kandi’s share of the
after-tax loss of the JV Company was $3.2 million for the third
quarter of 2018.
Third Quarter 2018 Conference Call
DetailsThe Company has scheduled a conference call and
live webcast to discuss its third quarter 2018 financial results
at 8:00 A.M. Eastern Time (9:00 P.M. Beijing Time)
on November 9, 2018. Mr. Hu Xiaoming, Chief Executive Officer
of the Company, and Mr. Mei Bing, Chief Financial Officer of the
Company, will deliver prepared remarks to be followed by a question
and answer session.
Dial-in details for the conference call are as follows:
- Toll-free dial-in number: +1-800-263-0877
- International dial-in number: + 1-646-828-8143
- Webcast and
replay: http://public.viavid.com/index.php?id=132150
A 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, Zhejiang Province, is engaged in the
research and development, manufacturing and sales of various
vehicle products. Kandi has established itself as one of China's
leading manufacturers of pure electric vehicle ("EV") products
(through its joint venture), EV parts and off-road vehicles. Kandi
conducts its primary business operations through its wholly-owned
subsidiary, Zhejiang Kandi Vehicles Co., Ltd. (“Kandi Vehicles”),
SC Autosports, LLC – previously Sportsman Country, LLC, and the
partially and wholly-owned subsidiaries of Kandi
Vehicles.
More information about Kandi can be viewed at
the Company's corporate website at http://www.kandivehicle.com. The
Company routinely posts important information on its
website. http://www.kandiev.com.
Safe Harbor StatementThis 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 securities
laws, the Company does not assume a duty to update these
forward-looking statements.
Follow us on Twitter: @ Kandi_GroupCompany Contact:
Ms. KewaLuoKandi Technologies Group, Inc.Phone:
1-212-551-3610Email: IR@kandigroup.com
- Tables Below -
KANDI TECHNOLOGIES GROUP,
INC. |
AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE
SHEET |
|
(UNAUDITED) |
|
|
|
|
September 30, 2018 |
|
|
December 31, 2017 |
|
|
|
(Unaudited) |
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
1,342,085 |
|
|
$ |
4,891,808 |
|
Restricted cash |
|
|
9,104,584 |
|
|
|
11,218,688 |
|
Accounts receivable
(net of allowance for doubtful accounts of $319,421 and $133,930 as
of September 30, 2018 and December 31, 2017, respectively) |
|
|
40,111,173 |
|
|
|
34,397,858 |
|
Inventories (net of
provision for slow moving inventory of $662,769 and $620,919 as of
September 30, 2018 and December 31, 2017, respectively) |
|
|
15,676,683 |
|
|
|
15,979,794 |
|
Notes receivable |
|
|
72,817 |
|
|
|
- |
|
Notes receivable from
JV Company and related party |
|
|
2,184,519 |
|
|
|
1,137,289 |
|
Other receivables |
|
|
1,233,460 |
|
|
|
2,650,668 |
|
Prepayments and prepaid
expense |
|
|
6,662,684 |
|
|
|
6,536,839 |
|
Due from employees |
|
|
6,668 |
|
|
|
7,070 |
|
Advances to
suppliers |
|
|
8,794,653 |
|
|
|
14,908,385 |
|
Amount due from JV
Company, net |
|
|
77,386,193 |
|
|
|
146,422,440 |
|
Amount due from related
party |
|
|
- |
|
|
|
162,048 |
|
TOTAL CURRENT
ASSETS |
|
|
162,575,519 |
|
|
|
238,312,887 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM
ASSETS |
|
|
|
|
|
|
|
|
Property, Plant and
Equipment, net |
|
|
83,664,992 |
|
|
|
12,000,971 |
|
Land use rights,
net |
|
|
11,848,966 |
|
|
|
12,666,047 |
|
Construction in
progress |
|
|
- |
|
|
|
53,083,925 |
|
Deferred taxes
assets |
|
|
3,294,885 |
|
|
|
4,383,425 |
|
Long Term
Investment |
|
|
- |
|
|
|
1,460,034 |
|
Investment in JV
Company |
|
|
146,272,731 |
|
|
|
70,681,013 |
|
Goodwill |
|
|
28,583,528 |
|
|
|
322,591 |
|
Intangible assets |
|
|
4,491,080 |
|
|
|
331,116 |
|
Advances to
suppliers |
|
|
- |
|
|
|
21,592,918 |
|
Other long term
assets |
|
|
6,168,533 |
|
|
|
7,590,734 |
|
Amount due from JV
Company, net |
|
|
- |
|
|
|
15,907,183 |
|
TOTAL Long-Term
Assets |
|
|
284,324,715 |
|
|
|
200,019,957 |
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
|
$ |
446,900,234 |
|
|
$ |
438,332,844 |
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
Accounts payables |
|
$ |
111,376,786 |
|
|
$ |
111,595,540 |
|
Other payables and
accrued expenses |
|
|
6,065,379 |
|
|
|
6,556,209 |
|
Short-term loans |
|
|
30,583,267 |
|
|
|
33,042,864 |
|
Customer deposits |
|
|
214,079 |
|
|
|
205,544 |
|
Notes payable |
|
|
24,663,846 |
|
|
|
28,075,945 |
|
Income tax payable |
|
|
471,184 |
|
|
|
2,902,699 |
|
Due to employees |
|
|
34,070 |
|
|
|
35,041 |
|
Deferred income |
|
|
1,353,819 |
|
|
|
2,191,143 |
|
Total Current
Liabilities |
|
|
174,762,430 |
|
|
|
184,604,985 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES |
|
|
|
|
|
|
|
|
Long term bank
loans |
|
|
28,981,286 |
|
|
|
30,737,547 |
|
Contingent
liability |
|
|
12,204,964 |
|
|
|
- |
|
Other long-term
liability |
|
|
681,768 |
|
|
|
- |
|
Total Long-Term
Liabilities |
|
|
41,868,018 |
|
|
|
30,737,547 |
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES |
|
|
216,630,448 |
|
|
|
215,342,532 |
|
STOCKHOLDER’S
EQUITY |
|
|
|
|
|
|
|
|
Common stock, $0.001
par value; 100,000,000 shares authorized; 55,989,502 and 48,036,538
shares issued and 51,481,944 and 48,036,538 outstanding at
September 30, 2018 and December 31,2017, respectively |
|
|
51,482 |
|
|
|
48,037 |
|
Additional paid-in
capital |
|
|
254,980,909 |
|
|
|
233,055,348 |
|
Retained earnings (the
restricted portion is $4,422,033 and $4,422,033 at September
30,2018 and December 31,2017, respectively) |
|
|
(5,221,190 |
) |
|
|
(3,802,310 |
) |
Accumulated other
comprehensive loss |
|
|
(19,541,415 |
) |
|
|
(6,310,763 |
) |
TOTAL
STOCKHOLDERS’ EQUITY |
|
|
230,269,786 |
|
|
|
222,990,312 |
|
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
446,900,234 |
|
|
$ |
438,332,844 |
|
|
|
|
|
|
|
|
|
|
|
KANDI TECHNOLOGIES GROUP, INC. |
AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(LOSS) AND |
COMPREHENSIVE INCOME
(LOSS) |
(UNAUDITED) |
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, 2018 |
|
|
September 30, 2017 |
|
|
September 30, 2018 |
|
|
September 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES FROM UNRELATED
PARTY, NET |
|
$ |
14,860,034 |
|
|
$ |
6,604,109 |
|
|
$ |
32,211,352 |
|
|
$ |
10,720,595 |
|
REVENUES FROM JV
COMPANY AND RELATED PARTY, NET |
|
|
23,135,326 |
|
|
|
21,749,790 |
|
|
|
30,479,521 |
|
|
|
49,233,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES,
NET |
|
|
37,995,360 |
|
|
|
28,353,899 |
|
|
|
62,690,873 |
|
|
|
59,953,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF GOODS SOLD |
|
|
(31,753,311 |
) |
|
|
(23,522,406 |
) |
|
|
(53,044,861 |
) |
|
|
(50,697,990 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT |
|
|
6,242,049 |
|
|
|
4,831,493 |
|
|
|
9,646,012 |
|
|
|
9,255,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
|
(5,691,649 |
) |
|
|
(657,851 |
) |
|
|
(7,091,836 |
) |
|
|
(26,569,624 |
) |
Selling and
marketing |
|
|
(898,896 |
) |
|
|
(216,351 |
) |
|
|
(1,875,294 |
) |
|
|
(976,913 |
) |
General and
administrative |
|
|
(2,070,947 |
) |
|
|
(2,196,201 |
) |
|
|
(5,534,039 |
) |
|
|
(12,074,147 |
) |
Total Operating
Expenses |
|
|
(8,661,492 |
) |
|
|
(3,070,403 |
) |
|
|
(14,501,169 |
) |
|
|
(39,620,684 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME
FROM OPERATIONS |
|
|
(2,419,443 |
) |
|
|
1,761,090 |
|
|
|
(4,855,157 |
) |
|
|
(30,364,923 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
52,745 |
|
|
|
619,923 |
|
|
|
1,452,522 |
|
|
|
1,709,990 |
|
Interest expense |
|
|
(483,376 |
) |
|
|
(598,523 |
) |
|
|
(1,505,409 |
) |
|
|
(1,761,786 |
) |
Change in fair value of
contingent consideration |
|
|
(1,552,686 |
) |
|
|
- |
|
|
|
1,814,326 |
|
|
|
- |
|
Government grants |
|
|
607,008 |
|
|
|
474,950 |
|
|
|
717,821 |
|
|
|
5,804,561 |
|
Share of (loss) income
after tax of JV |
|
|
(3,247,343 |
) |
|
|
444,181 |
|
|
|
(79,592 |
) |
|
|
(13,455,786 |
) |
Other income (expense),
net |
|
|
15,735 |
|
|
|
(6,560 |
) |
|
|
666,294 |
|
|
|
143,617 |
|
Total other
(expense) income, net |
|
|
(4,607,917 |
) |
|
|
933,971 |
|
|
|
3,065,962 |
|
|
|
(7,559,404 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME
BEFORE INCOME TAXES |
|
|
(7,027,360 |
) |
|
|
2,695,061 |
|
|
|
(1,789,195 |
) |
|
|
(37,924,327 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX BENEFIT
(EXPENSE) |
|
|
505,961 |
|
|
|
(776,985 |
) |
|
|
370,316 |
|
|
|
4,130,951 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET (LOSS)
INCOME |
|
|
(6,521,399 |
) |
|
|
1,918,076 |
|
|
|
(1,418,879 |
) |
|
|
(33,793,376 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE
(LOSS) INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation |
|
|
(8,108,270 |
) |
|
|
4,032,652 |
|
|
|
(13,230,652 |
) |
|
|
8,942,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE
(LOSS) INCOME |
|
$ |
(14,629,669 |
) |
|
$ |
5,950,728 |
|
|
$ |
(14,649,531 |
) |
|
$ |
(24,850,445 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES
OUTSTANDING BASIC |
|
|
51,474,048 |
|
|
|
48,028,467 |
|
|
|
51,089,047 |
|
|
|
47,913,028 |
|
WEIGHTED AVERAGE SHARES
OUTSTANDING DILUTED |
|
|
51,474,048 |
|
|
|
48,028,467 |
|
|
|
51,089,047 |
|
|
|
47,913,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET (LOSS) INCOME PER
SHARE, BASIC |
|
$ |
(0.13 |
) |
|
$ |
0.04 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.71 |
) |
NET (LOSS) INCOME PER
SHARE, DILUTED |
|
$ |
(0.13 |
) |
|
$ |
0.04 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.71 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KANDI TECHNOLOGIES GROUP,
INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(UNAUDITED) |
|
|
|
Nine Months Ended |
|
|
|
September 30, 2018 |
|
|
September 30, 2017 |
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net (loss) |
|
$ |
(1,418,879 |
) |
|
$ |
(33,793,376 |
) |
Adjustments to
reconcile net income to net cash provided by operating
activities |
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
2,271,599 |
|
|
|
3,556,661 |
|
Assets impairments |
|
|
78,415 |
|
|
|
136,936 |
|
Allowance for doubtful
accounts |
|
|
(7,093 |
) |
|
|
- |
|
Deferred taxes |
|
|
- |
|
|
|
(5,596,103 |
) |
Share of income after
tax of JV Company |
|
|
79,592 |
|
|
|
13,455,786 |
|
Reserve for fixed
assets |
|
|
(53,561 |
) |
|
|
- |
|
Change in fair value of
contingent consideration |
|
|
(1,814,326 |
) |
|
|
- |
|
Stock compensation
cost |
|
|
253,934 |
|
|
|
5,498,183 |
|
Changes in
operating assets and liabilities, net of effects of
acquisition: |
|
|
|
|
|
|
|
|
(Increase)
Decrease In: |
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
(52,845,923 |
) |
|
|
(8,926,990 |
) |
Deferred taxes
assets |
|
|
(52,126 |
) |
|
|
- |
|
Notes receivable |
|
|
491,272 |
|
|
|
- |
|
Notes receivable from
JV Company and related party |
|
|
3,196,340 |
|
|
|
4,923,967 |
|
Inventories |
|
|
1,555,993 |
|
|
|
(2,814,129 |
) |
Other receivables and
other assets |
|
|
1,497,230 |
|
|
|
754,661 |
|
Due from employee |
|
|
945 |
|
|
|
(10,766 |
) |
Advances to supplier
and prepayments and prepaid expenses |
|
|
(4,590,404 |
) |
|
|
23,878,150 |
|
Advances to
suppliers-long term |
|
|
- |
|
|
|
(4,804,200 |
) |
Amount due from JV
Company |
|
|
(81,549,214 |
) |
|
|
(33,071,177 |
) |
Amount due from JV
Company-long-term |
|
|
15,907,183 |
|
|
|
(15,907,183 |
) |
Due from related
party |
|
|
161,874 |
|
|
|
4,406,105 |
|
Increase
(Decrease) In: |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
101,684,965 |
|
|
|
53,102,716 |
|
Other payables and
accrued liabilities |
|
|
29,845,307 |
|
|
|
2,173,413 |
|
Notes payable |
|
|
(12,434,813 |
) |
|
|
(3,933,839 |
) |
Customer deposits |
|
|
20,350 |
|
|
|
80,057 |
|
Income tax payable |
|
|
(2,353,826 |
) |
|
|
732,405 |
|
Deferred income |
|
|
(761,643 |
) |
|
|
(5,127,455 |
) |
Loss
contingency-litigation |
|
|
- |
|
|
|
587,579 |
|
Net cash used
in operating activities |
|
$ |
(836,809 |
) |
|
$ |
(698,599 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchases of property,
plant and equipment, net |
|
$ |
(304,745 |
) |
|
$ |
(420,037 |
) |
Purchases of land use
rights and other intangible assets |
|
|
(105,480 |
) |
|
|
- |
|
Acquisition of Jinhua
An Kao (net of cash received) |
|
|
(3,610,846 |
) |
|
|
- |
|
Acquisition of SC
Autosports (net of cash received) |
|
|
486,954 |
|
|
|
- |
|
Purchases of
construction in progress |
|
|
(425,241 |
) |
|
|
(1,565,244 |
) |
Reimbursement of
capitalize interests for construction in progress |
|
|
1,818,390 |
|
|
|
- |
|
Long Term
Investment |
|
|
1,458,464 |
|
|
|
- |
|
Short term
investment |
|
|
- |
|
|
|
4,553,734 |
|
Net cash (used
in) provided by investing activities |
|
$ |
(682,504 |
) |
|
$ |
2,568,453 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds from
short-term bank loans |
|
$ |
25,515,452 |
|
|
$ |
24,854,574 |
|
Repayments of
short-term bank loans |
|
|
(26,283,065 |
) |
|
|
(27,939,362 |
) |
Repayments of long-term
bank loans |
|
|
(153,523 |
) |
|
|
- |
|
Proceeds from notes
payable |
|
|
40,313,800 |
|
|
|
13,367,413 |
|
Repayment of notes
payable |
|
|
(43,024,633 |
) |
|
|
(14,060,961 |
) |
Net cash used
in financing activities |
|
$ |
(3,631,969 |
) |
|
$ |
(3,778,336 |
) |
|
|
|
|
|
|
|
|
|
NET (DECREASE)
IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH |
|
$ |
(5,151,282 |
) |
|
$ |
(1,908,482 |
) |
Effect of exchange rate
changes on cash |
|
$ |
(512,545 |
) |
|
$ |
1,011,615 |
|
CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR |
|
$ |
16,110,496 |
|
|
$ |
25,193,298 |
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD |
|
$ |
10,446,669 |
|
|
$ |
24,296,431 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY
CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Income taxes paid |
|
$ |
1,981,072 |
|
|
$ |
1,072,082 |
|
Interest paid |
|
$ |
1,274,399 |
|
|
$ |
1,164,774 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
NON-CASH DISCLOSURES: |
|
|
|
|
|
|
|
|
Construction in
progress transferred to property, plant and equipment |
|
$ |
75,266,352 |
|
|
$ |
- |
|
Long term and short
term advances to suppliers transferred to construction in
progress |
|
$ |
31,786,196 |
|
|
$ |
12,241,736 |
|
Settlement of due from
JV Company and related parties with notes receivable |
|
$ |
62,549,758 |
|
|
$ |
39,197,964 |
|
Settlement of accounts
receivables with notes receivable from unrelated parties |
|
$ |
49,620,953 |
|
|
$ |
1,150,038 |
|
Settlement of other
receivables with notes receivable from unrelated parties |
|
$ |
930,347 |
|
|
$ |
- |
|
Assignment of notes
receivable from unrelated parties to supplier to settle accounts
payable |
|
$ |
20,126,196 |
|
|
$ |
1,150,038 |
|
Assignment of notes
receivable from JV Company and related parties to supplier to
settle accounts payable |
|
$ |
57,956,363 |
|
|
$ |
33,175,103 |
|
Assignment of notes
receivable from unrelated parties to supplier to settle other
payable |
|
$ |
29,857,070 |
|
|
$ |
- |
|
Assignment of notes
receivable from JV Company and related parties to supplier to
settle other payable |
|
$ |
230,284 |
|
|
$ |
- |
|
Settlement of accounts
payable with notes payables |
|
$ |
23,846,161 |
|
|
$ |
15,149,150 |
|
Acquisition of Jinhua
An Kao by stock |
|
$ |
20,718,859 |
|
|
$ |
- |
|
Acquisition of SC by
stock |
|
$ |
756,664 |
|
|
$ |
- |
|
Cancellation of notes
payables |
|
$ |
10,746,580 |
|
|
$ |
- |
|
Amount due from JV
Company converted to investment in JV Company |
|
$ |
83,669,804 |
|
|
$ |
- |
|
Adjustment of
construction in progress with accounts payable |
|
$ |
8,153,573 |
|
|
$ |
- |
|
Adjustment of advance
to supplier with accounts payable |
|
$ |
479,575 |
|
|
$ |
- |
|
Deferred tax changed to
other comprehensive income |
|
$ |
- |
|
|
$ |
52,266 |
|
Adjustment of
Construction in progress |
|
$ |
- |
|
|
$ |
1,057,152 |
|
Purchase of
construction in progress in accounts payable |
|
$ |
- |
|
|
$ |
6,244,120 |
|
____________________________1Non-GAAP measures,
including Non-GAAP net income and Non-GAAP EPS are defined as the
financial measures excluding the change of fair value of contingent
consideration and the effects of stock award expenses. We supply
non-GAAP information because we believe it allows our investors to
obtain a clearer understanding of our operations. Any non-GAAP
measure should not be considered as a substitute for, and should
only be read in conjunction with, measures of financial performance
prepared in accordance with GAAP.
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