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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):
November 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 November 8, 2023, Kandi
Technologies Group, Inc. (the “Company”) issued an earnings release announcing certain financial results for the quarter ended
September 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: November 8, 2023 |
By: |
/s/ Dong Xueqin |
|
Name: |
Dong Xueqin |
|
Title: |
Chief Executive Officer |
2
Exhibit 99.1
Kandi
Technologies Reports Third Quarter 2023 Financial Results
- Product Transformation
Initiative Driving Profit Growth
- Nine-month
Net Income of $6.3 Million, Diluted EPS of $0.08
JINHUA, China, Nov. 08, 2023 (GLOBE
NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company”, “we” or “Kandi”) (NASDAQ GS: KNDI), today
announced its financial results for the third quarter of 2023.
Third Quarter and Nine Months
2023 Financial Highlights
| Third | quarter total revenues of $36.4
million increased by 8.2% year-over-year. |
| ● | Nine-month
revenues of $95.2 million increased by 19.9% year-over-year. |
| ● | Net
income for the nine months was $6.3 million, or $0.08 income per fully diluted share, compared to a net loss of $2.4 million, or $0.03
loss per fully diluted share for the same period of 2022. |
| ● | Cash
and cash equivalents, restricted cash, and certificate of deposit totaled $244.5 million as of September 30, 2023. |
Dr. Xueqin Dong, CEO of Kandi,
commented, “We are pleased to see that, following a turnaround from losses to profits in the first half of 2023, the company was
profitable in the quarter. Comparing to the first nine months of last year, key metrics grew significantly, with increased sales, higher
net income, and a notable improvement in gross profit. This achievement highlights our ongoing commitment to delivering exceptional value
to our customers. Our strategic adjustments in recent years paved the way for this positive performance in the all-electric off-road
vehicle market. Recently, we showcased our new electric off-road vehicle products at the Mid-States Rendezvous and received positive
feedback, which has further solidified our market presence across various channels.”
Dr. Dong continued, “Looking ahead to 2024, our primary focus
is to increase our market share in the North American market. Kandi’s dedication to innovation and quality places us in a strong
position to capitalize on the growing demand for fully electric off-road vehicles in the region, presenting significant market potential
and opportunities for sustained growth. We are confident that our sales and production in 2024 will grow substantially compared to those
of this year.”
Financial Results for the Third
Quarter and the First Nine Months of 2023
Net Revenues and Gross Profit (in
USD millions)
Q3 | |
2023 | | |
2022 | | |
Y-o-Y% | |
Net Revenues | |
$ | 36.4 | | |
$ | 33.7 | | |
| +8.2 | % |
Gross Profit | |
$ | 10.9 | | |
$ | 6.4 | | |
| +71.4 | % |
Gross Margin% | |
| 30.0 | % | |
| 18.9 | % | |
| - | |
Nine
Months Ending Sep 30 | |
2023 | | |
2022 | | |
Y-o-Y% | |
Net
Revenues | |
$ | 95.2 | | |
$ | 79.4 | | |
| +19.9 | % |
Gross
Profit | |
$ | 32.7 | | |
$ | 11.5 | | |
| +184.8 | % |
Gross
Margin% | |
| 34.3 | % | |
| 14.5 | % | |
| | |
During the first nine months of 2023,
net revenues grew 19.9%, reaching $95.2 million, fueled by rapid market acceptance of our fully-electric off-road vehicles and related
components. Furthermore, gross margin improved compared to the previous year, due to the better profitability of fully-electric off-road
vehicles, particularly crossover golf carts.
Operating Income/Loss (in USD millions)
Q3 | |
2023 | | |
2022 | | |
Y-o-Y% | |
Operating Expenses | |
$ | (14.5 | ) | |
$ | (8.6 | ) | |
| +69.4 | % |
Loss
from Operations | |
$ | (3.6 | ) | |
$ | (2.2 | ) | |
| +63.7 | % |
Operating
Margin% | |
| (9.8 | )% | |
| (6.5 | )% | |
| - | |
Nine Months Ending Sep 30 | |
2023 | | |
2022 | | |
Y-o-Y% | |
Operating Expenses | |
$ | (38.7 | ) | |
$ | (25.7 | ) | |
| +51.0% | |
Loss from Operations | |
$ | (6.1 | ) | |
$ | (14.2 | ) | |
| -57.3 | % |
Operating Margin% | |
| (6.4 | )% | |
| (17.9 | )% | |
| | |
During the nine months, Operating expenses
rose to $38.7 million from $25.7 million in the same period of 2022, reflecting investment in the off-road EV opportunity in the U.S.
Growing expenditures in sales, marketing, and general administration are directly linked to expanding exports to the U.S. market.
Net Income/Loss (in USD millions)
Q3 |
|
2023 |
|
|
2022 |
|
|
Y-o-Y% |
|
Net Income |
|
$ |
1.3 |
|
|
$ |
1.1 |
|
|
|
+19.0% |
|
Net Income per Share, Basic and Diluted |
|
$ |
0.02 |
|
|
$ |
0.01 |
|
|
|
- |
|
Nine Months Ending Sep 30 | |
2023 | | |
2022 | | |
Y-o-Y% | |
Net Income (loss) | |
$ | 6.3 | | |
$ | (2.4 | ) | |
| NM | |
Net Income (loss) per Share, Basic and Diluted | |
$ | 0.08 | | |
$ | (0.03 | ) | |
| | |
Net income of the first nine months
reached $6.3 million, turning from a net loss in the same period in 2022, mainly due to higher gross profit from increased sales of high-margin
off-road vehicles resulting from the product transformation strategy.
Third 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 (9:00 P.M. Beijing Time) on Wednesday, November 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=1642510&tp_key=32e2677025 |
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
(UNAUDITED)
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
(Unaudited) | | |
| |
CURRENT ASSETS | |
| | |
| |
Cash and cash equivalents | |
$ | 72,900,121 | | |
$ | 84,063,717 | |
Restricted cash | |
| 61,957,395 | | |
| 66,976,554 | |
Certificate of deposit | |
| 109,676,181 | | |
| 81,191,191 | |
Accounts receivable (net of allowance for doubtful accounts of $2,795,798 and $2,285,386 as of September 30, 2023 and December 31, 2022, respectively) | |
| 16,350,519 | | |
| 38,150,876 | |
Inventories | |
| 57,860,989 | | |
| 40,475,366 | |
Notes receivable | |
| 41,129 | | |
| 434,461 | |
Other receivables | |
| 11,068,946 | | |
| 11,912,615 | |
Prepayments and prepaid expense | |
| 1,689,174 | | |
| 2,970,261 | |
Advances to suppliers | |
| 1,540,949 | | |
| 3,147,932 | |
TOTAL CURRENT ASSETS | |
| 333,085,403 | | |
| 329,322,973 | |
| |
| | | |
| | |
NON-CURRENT ASSETS | |
| | | |
| | |
Property, plant and equipment, net | |
| 98,754,578 | | |
| 97,168,753 | |
Intangible assets, net | |
| 5,561,878 | | |
| 7,994,112 | |
Land use rights, net | |
| 2,690,181 | | |
| 2,909,950 | |
Construction in progress | |
| 36,652 | | |
| 199,837 | |
Deferred tax assets | |
| 1,427,290 | | |
| 1,432,527 | |
Long-term investment | |
| 137,095 | | |
| 144,984 | |
Goodwill | |
| 31,193,706 | | |
| 33,178,229 | |
Other long-term assets | |
| 9,756,037 | | |
| 10,630,911 | |
TOTAL NON-CURRENT ASSETS | |
| 149,557,417 | | |
| 153,659,303 | |
| |
| | | |
| | |
TOTAL ASSETS | |
$ | 482,642,820 | | |
$ | 482,982,276 | |
| |
| | | |
| | |
CURRENT LIABILITIES | |
| | | |
| | |
Accounts payable | |
$ | 34,475,667 | | |
$ | 35,321,262 | |
Other payables and accrued expenses | |
| 8,364,215 | | |
| 14,131,414 | |
Short-term loans | |
| 9,065,350 | | |
| 5,569,154 | |
Notes payable | |
| 22,129,999 | | |
| 19,123,476 | |
Income tax payable | |
| 688,633 | | |
| 1,270,617 | |
Other current liabilities | |
| 5,273,881 | | |
| 6,089,925 | |
TOTAL CURRENT LIABILITIES | |
| 79,997,745 | | |
| 81,505,848 | |
| |
| | | |
| | |
NON-CURRENT LIABILITIES | |
| | | |
| | |
Long-term loans | |
| 8,225,000 | | |
| - | |
Deferred taxes liability | |
| 1,172,820 | | |
| 1,378,372 | |
Contingent consideration liability | |
| - | | |
| 1,803,000 | |
Other long-term liabilities | |
| 410,182 | | |
| 602,085 | |
TOTAL NON-CURRENT LIABILITIES | |
| 9,808,002 | | |
| 3,783,457 | |
| |
| | | |
| | |
TOTAL LIABILITIES | |
| 89,805,747 | | |
| 85,289,305 | |
| |
| | | |
| | |
STOCKHOLDER’S EQUITY | |
| | | |
| | |
Common stock, $0.001 par value; 100,000,000 shares authorized; 84,997,369 and 77,668,730 shares issued and 84,997,369 and 74,180,171 outstanding at September 30,2023 and December 31,2022, respectively | |
| 84,997 | | |
| 77,669 | |
Less: Treasury stock (null shares and 3,488,559 shares with average price of $2.81 at September 30, 2023 and December 31, 2022 ) | |
| - | | |
| (9,807,820 | ) |
Additional paid-in capital | |
| 450,242,032 | | |
| 451,373,645 | |
Accumulated deficit (the restricted portion is $4,422,033 and $4,422,033 at September 30, 2023 and December 31, 2022, respectively) | |
| (11,771,861 | ) | |
| (16,339,765 | ) |
Accumulated other comprehensive loss | |
| (48,131,857 | ) | |
| (28,333,239 | ) |
TOTAL KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS’ EQUITY | |
| 390,423,311 | | |
| 396,970,490 | |
| |
| | | |
| | |
Non-controlling interests | |
| 2,413,762 | | |
| 722,481 | |
TOTAL STOCKHOLDERS’ EQUITY | |
| 392,837,073 | | |
| 397,692,971 | |
| |
| | | |
| | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | |
$ | 482,642,820 | | |
$ | 482,982,276 | |
See
accompanying notes to unaudited condensed consolidated financial statements
KANDI TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, 2023 | | |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2022 | |
| |
| | |
| | |
| | |
| |
REVENUES FROM UNRELATED PARTIES, NET | |
$ | 36,426,201 | | |
$ | 33,673,201 | | |
$ | 95,241,648 | | |
$ | 79,405,788 | |
REVENUES FROM THE FORMER AFFILIATE COMPANY AND RELATED PARTIES, NET | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
REVENUES, NET | |
| 36,426,201 | | |
| 33,673,201 | | |
| 95,241,648 | | |
| 79,405,788 | |
| |
| | | |
| | | |
| | | |
| | |
COST OF GOODS SOLD | |
| (25,507,180 | ) | |
| (27,304,038 | ) | |
| (62,558,825 | ) | |
| (67,930,595 | ) |
| |
| | | |
| | | |
| | | |
| | |
GROSS PROFIT | |
| 10,919,021 | | |
| 6,369,163 | | |
| 32,682,823 | | |
| 11,475,193 | |
| |
| | | |
| | | |
| | | |
| | |
OPERATING EXPENSE: | |
| | | |
| | | |
| | | |
| | |
Research and development | |
| (917,893 | ) | |
| (1,433,649 | ) | |
| (2,671,435 | ) | |
| (3,828,078 | ) |
Selling and marketing | |
| (4,152,246 | ) | |
| (1,440,995 | ) | |
| (8,760,490 | ) | |
| (3,807,222 | ) |
General and administrative | |
| (9,457,877 | ) | |
| (5,686,233 | ) | |
| (25,855,648 | ) | |
| (18,016,843 | ) |
Impairment of goodwill | |
| 7,539 | | |
| - | | |
| (500,064 | ) | |
| - | |
Impairment of long-lived assets | |
| 14,299 | | |
| - | | |
| (948,438 | ) | |
| - | |
TOTAL OPERATING EXPENSE | |
| (14,506,178 | ) | |
| (8,560,877 | ) | |
| (38,736,075 | ) | |
| (25,652,143 | ) |
LOSS FROM OPERATIONS | |
| (3,587,157 | ) | |
| (2,191,714 | ) | |
| (6,053,252 | ) | |
| (14,176,950 | ) |
OTHER INCOME (EXPENSE): | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| 1,927,494 | | |
| 2,138,130 | | |
| 5,982,400 | | |
| 4,739,208 | |
Interest expense | |
| (354,999 | ) | |
| (177,417 | ) | |
| (722,608 | ) | |
| (463,994 | ) |
Change in fair value of contingent consideration | |
| - | | |
| 434,995 | | |
| 1,803,000 | | |
| 2,733,995 | |
Government grants | |
| 667,944 | | |
| 829,539 | | |
| 1,478,296 | | |
| 1,536,856 | |
Other income, net | |
| 2,611,239 | | |
| 536,726 | | |
| 3,685,019 | | |
| 2,954,036 | |
TOTAL OTHER INCOME , NET | |
| 4,851,678 | | |
| 3,761,973 | | |
| 12,226,107 | | |
| 11,500,101 | |
INCOME (LOSS) BEFORE INCOME TAXES | |
| 1,264,521 | | |
| 1,570,259 | | |
| 6,172,855 | | |
| (2,676,849 | ) |
INCOME TAX BENEFIT (EXPENSE) | |
| 12,007 | | |
| (497,211 | ) | |
| 86,330 | | |
| 255,232 | |
NET INCOME (LOSS) | |
| 1,276,528 | | |
| 1,073,048 | | |
| 6,259,185 | | |
| (2,421,617 | ) |
LESS: NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | |
| 407,626 | | |
| 694,029 | | |
| 1,691,281 | | |
| 752,691 | |
NET INCOME (LOSS) ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS | |
| 868,902 | | |
| 379,019 | | |
| 4,567,904 | | |
| (3,174,308 | ) |
OTHER COMPREHENSIVE LOSS | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation adjustment | |
| (2,102,246 | ) | |
| (20,932,870 | ) | |
| (19,798,618 | ) | |
| (39,889,289 | ) |
COMPREHENSIVE LOSS | |
$ | (825,718 | ) | |
$ | (19,859,822 | ) | |
$ | (13,539,433 | ) | |
$ | (42,310,906 | ) |
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC | |
| 79,174,343 | | |
| 75,741,399 | | |
| 75,931,247 | | |
| 75,962,899 | |
WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED | |
| 81,234,002 | | |
| 75,885,630 | | |
| 77,645,533 | | |
| 76,061,190 | |
NET INCOME (LOSS) PER SHARE, BASIC | |
$ | 0.02 | | |
$ | 0.01 | | |
$ | 0.08 | | |
$ | (0.03 | ) |
NET INCOME (LOSS) PER SHARE, DILUTED | |
$ | 0.02 | | |
$ | 0.01 | | |
$ | 0.08 | | |
$ | (0.03 | ) |
See
accompanying notes to unaudited condensed consolidated financial statements
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 | |
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 | |
| |
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 | |
Stock issuance and award | |
| 9,987,198 | | |
| 9,987 | | |
| - | | |
| 2,974,599 | | |
| - | | |
| - | | |
| - | | |
| 2,984,586 | |
Stock based compensation | |
| - | | |
| - | | |
| - | | |
| 1,007,263 | | |
| - | | |
| - | | |
| - | | |
| 1,007,263 | |
Cancellation of the Treasury Stock | |
| | | |
| | | |
| | | |
| | | |
| - | | |
| - | | |
| - | | |
| - | |
Net income | |
| - | | |
| - | | |
| - | | |
| - | | |
| 868,902 | | |
| - | | |
| 407,626 | | |
| 1,276,528 | |
Foreign currency translation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,102,246 | ) | |
| - | | |
| (2,102,246 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, September 30, 2023 | |
| 84,997,369 | | |
$ | 84,997 | | |
$ | - | | |
$ | 450,242,032 | | |
$ | (11,771,861 | ) | |
$ | (48,131,857 | ) | |
$ | 2,413,762 | | |
$ | 392,837,073 | |
See
accompanying notes to unaudited condensed consolidated financial statements.
KANDI TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| |
Nine Months Ended | |
| |
September 30, 2023 | | |
September 30, 2022 | |
| |
| | |
| |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | |
| |
Net income (loss) | |
$ | 6,259,185 | | |
$ | (2,421,617 | ) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities | |
| | | |
| | |
Depreciation and amortization | |
| 8,952,016 | | |
| 9,512,970 | |
Impairments | |
| 1,448,502 | | |
| - | |
Provision of allowance for doubtful accounts | |
| 658,707 | | |
| 4,220 | |
Deferred taxes | |
| (200,316 | ) | |
| (116,206 | ) |
Change in fair value of contingent consideration | |
| (1,803,000 | ) | |
| (2,733,995 | ) |
Stock award and stock based compensation expense | |
| 8,716,981 | | |
| 913,288 | |
| |
| | | |
| | |
Changes in operating assets and liabilities: | |
| | | |
| | |
| |
| | | |
| | |
Accounts receivable | |
| 11,846,717 | | |
| (20,932,970 | ) |
Notes receivable | |
| 744,574 | | |
| 1,927,621 | |
Inventories | |
| (18,498,142 | ) | |
| (13,183,546 | ) |
Other receivables and other assets | |
| 157,318 | | |
| (10,264,805 | ) |
Advances to supplier and prepayments and prepaid expenses | |
| 2,710,917 | | |
| 12,405,615 | |
| |
| | | |
| | |
Increase (Decrease) In: | |
| | | |
| | |
Accounts payable | |
| 34,021,872 | | |
| 46,796,615 | |
Other payables and accrued liabilities | |
| (4,480,660 | ) | |
| 4,951,022 | |
Notes payable | |
| (23,509,907 | ) | |
| (13,574,849 | ) |
Income tax payable | |
| (367,848 | ) | |
| (60,313 | ) |
Net cash provided by operating activities | |
$ | 26,656,916 | | |
$ | 13,223,050 | |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Purchases of property, plant and equipment, net | |
| (13,103,838 | ) | |
| (1,674,445 | ) |
Payment for construction in progress | |
| (75,651 | ) | |
| (278,777 | ) |
(Loan to) Repayment from third party | |
| - | | |
| (4,545,386 | ) |
Certificate of deposit | |
| (34,143,774 | ) | |
| (22,726,928 | ) |
Net cash used in investing activities | |
$ | (47,323,263 | ) | |
$ | (29,225,536 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Proceeds from short-term loans | |
| 12,153,286 | | |
| 20,642,224 | |
Repayments of short-term loans | |
| (8,398,565 | ) | |
| (15,987,912 | ) |
Proceeds from long-term loans | |
| 8,225,000 | | |
| - | |
Contribution from non-controlling shareholder | |
| - | | |
| 772,716 | |
Purchase of treasury stock | |
| - | | |
| (4,505,213 | ) |
Net cash provided by financing activities | |
$ | 11,979,721 | | |
$ | 921,815 | |
| |
| | | |
| | |
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | |
$ | (8,686,626 | ) | |
$ | (15,080,671 | ) |
Effect of exchange rate changes | |
$ | (7,496,129 | ) | |
$ | (13,710,508 | ) |
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 | |
$ | 134,857,516 | | |
$ | 139,884,828 | |
-CASH AND CASH EQUIVALENTS AT END OF PERIOD | |
| 72,900,121 | | |
| 99,029,118 | |
-RESTRICTED CASH AT END OF PERIOD | |
| 61,957,395 | | |
| 40,855,710 | |
| |
| | | |
| | |
SUPPLEMENTARY CASH FLOW INFORMATION | |
| | | |
| | |
Income taxes paid | |
$ | 149,585 | | |
$ | 274,037 | |
Interest paid | |
$ | 384,012 | | |
$ | 225,479 | |
| |
| | | |
| | |
SUPPLEMENTAL NON-CASH DISCLOSURES: | |
| | | |
| | |
Contribution from non-controlling shareholder by inventories, fixed assets and intangible assets | |
$ | - | | |
$ | 393,986 | |
See
accompanying notes to unaudited condensed consolidated financial statements
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Kandi Technolgies (NASDAQ:KNDI)
過去 株価チャート
から 4 2024 まで 5 2024
Kandi Technolgies (NASDAQ:KNDI)
過去 株価チャート
から 5 2023 まで 5 2024