--Revenue of approx. $30 million, +54% y/y--
--Net Income of approx. $41 million ($0.54 per fully diluted share), +900% y/y--
--Working Capital of approx. $300 million, cash1totaled $202.4 million --
JINHUA, CHINA, Aug. 09, 2021 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced financial results for the second quarter of 2021.
Second Quarter Highlights
- Total revenues increased by 53.7% to $29.9 million, from $19.4 million in the same period of 2020.
- EV parts sales were $6.7 million, compared to $12.5 million in the same period of 2020.
- Off-road vehicles sales were $5.5 million, compared to $6.6 million in the same period of 2020.
- Electric Scooters, Electric Self-Balancing Scooters and associated parts sales were $16.5 million, compared to $0.4 million in the same period of 2020, This growth represents a successful strategic initiative to sell intelligent transportation products after the COVID-19 outbreak seriously impacted the EV market in 2020.
- Battery exchange equipment and battery exchange service sales were $0.6 million. As a new business, there was no such revenue in the same period of 2020.
- Gross margin was 20.4%, compared to 18.2% for the same period of 2020.
- Net income was $40.9 million, or $0.54 per fully diluted share primarily due to a gain on the disposal of a long-live asset recognized as part of our Jinhua facility relocation that was completed in the second quarter. This compares to a net income of $4.1 million, or $0.08 per fully diluted share for the same period of 2020.
- As of June 30, 2021, working capital was $297.3 million. Cash, cash equivalents, restricted cash, and certificate of deposit totaled $202.4 million.
1 Includes cash, cash equivalents, restricted cash, and certificate of deposit.
Mr. Hu Xiaoming, Chairman and CEO of Kandi commented: “We are excited to see both strong revenue growth and profitability. Last year, as the Covid-19 pandemic impacted our EV business, we undertook a strategic initiative to find new markets for our industry-leading technology. This pivot to new markets is proved successful, as you can see by our strong growth in intelligent mobility sector and associated parts. Furthermore, we are with our operating cash flow as robust because we received final payments for the Jinhua Facility relocation. The vacated old factory property met the inspection authorities’ stipulated conditions, it was returned to the government, and we received the agreed payments. With this cash inflow, our balance sheet is even stronger for pursuing the multiple growth opportunities we see ahead of us.”
Elaborating on Kandi’s commitment to R&D, Hu elaborated, “As we noted last quarter, there are significant growth opportunities in affordable short-distance EVs for the China market, and in UTVs for the U.S. market. In May, we unveiled the K32 premium UTV, which is produced at our factory in Hainan, China. The K32 features pure electric four-wheel-drive propulsion and a fully enclosed cockpit with air conditioning. We intend to sell the K32 in the U.S. by the end of this year.”
Turning to acquisitions, Hu commented, “Last month, we announced the acquisition of Jiangxi Huiyi, which pushes us further into the battery cell business. Jiangxi Huiyi is a leading battery cell producer with intelligent production lines that each day can manufacture approximately 250,000 units of 18650 lithium-ion rechargeable cells. Today, the cells are implemented in various consumer applications. Equipped with this technology, Kandi will now focus on EV battery packs as well as other appropriate consumer products.”
Q22021 Financial Results
Net Revenues and Gross Profit (in USD millions)
|
|
|
2Q21 |
|
|
|
2Q20 |
|
|
|
Y/Y% |
|
| Net Revenue |
|
$ |
29.9 |
|
|
$ |
19.4 |
|
|
|
53.7 |
% |
| Gross Profit |
|
$ |
6.1 |
|
|
$ |
3.5 |
|
|
|
72.4 |
% |
| Gross Margin |
|
|
20.4 |
% |
|
|
18.2 |
% |
|
|
- |
|
Net revenues of $29.9 million increased 53.7% from the second quarter of 2020. The increase in revenue was primarily due to the growth in sales of Electric Scooters, Electric Self-Balancing Scooters and associated parts. This segment had a higher gross margin than other segments, resulting in 20.4% gross margin in the second quarter of 2021, higher than 18.2% for the same period of 2020.
Operating Income/Loss(in USD millions)
|
|
|
2Q21 |
|
|
|
2Q20 |
|
|
|
Y/Y% |
|
| Operating Income |
|
$ |
38.3 |
|
|
$ |
8.1 |
|
|
|
373.3 |
% |
| Income from Operations |
|
$ |
44.4 |
|
|
$ |
11.6 |
|
|
|
281.7 |
% |
| Operating Margin |
|
|
148.5 |
% |
|
|
59.8 |
% |
|
|
- |
|
Operating income was $38.3 million, compared with $8.1 million in the second quarter of 2020. The increase was primarily attributable to the gain on disposal of a long-lived asset related to the Jinhua facility relocation.
Net Income (in USD millions)
|
|
|
2Q21 |
|
|
|
2Q20 |
|
|
|
Y/Y% |
|
| Net Income |
|
$ |
40.9 |
|
|
$ |
4.1 |
|
|
|
909.3 |
% |
| Net Income per Weighted Average Common Share |
|
$ |
0.54 |
|
|
$ |
0.08 |
|
|
|
- |
|
| Net Income per Weighted Average Diluted Share |
|
$ |
0.54 |
|
|
$ |
0.08 |
|
|
|
- |
|
Net income was $40.9 million, compared with a net income of $4.1 million in the same period of 2020.The greater income was primarily attributable to the gain on disposal of a long-lived asset recognized in the second quarter of 2021.
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 Monday, August 9, 2021. 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: http://public.viavid.com/index.php?id=146195
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,
2021 |
|
|
December 31,
2020 |
|
|
|
(UNAUDITED) |
|
|
|
|
| Current assets |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
132,071,957 |
|
|
$ |
142,078,190 |
|
| Restricted cash |
|
|
16,117,526 |
|
|
|
442,445 |
|
| Certificate of deposit |
|
|
54,222,374 |
|
|
|
- |
|
| Accounts receivable (net of allowance for doubtful accounts of $111,512 and $110,269 as of June 30, 2021 and December 31, 2020, respectively) |
|
|
48,713,854 |
|
|
|
38,547,137 |
|
| Inventories |
|
|
23,232,234 |
|
|
|
19,697,383 |
|
| Notes receivable |
|
|
8,985,422 |
|
|
|
31,404,630 |
|
| Other receivables |
|
|
40,574,115 |
|
|
|
1,875,245 |
|
| Prepayments and prepaid expense |
|
|
16,791,928 |
|
|
|
13,708,149 |
|
| Advances to suppliers |
|
|
13,274,911 |
|
|
|
36,733,182 |
|
| Amount due from the Affiliate Company |
|
|
- |
|
|
|
21,742,226 |
|
| Amount due from related party |
|
|
- |
|
|
|
886,989 |
|
| TOTAL CURRENT ASSETS |
|
|
353,984,321 |
|
|
|
307,115,576 |
|
|
|
|
|
|
|
|
|
|
| NON-CURRENT ASSETS |
|
|
|
|
|
|
|
|
| Property, plant and equipment, net |
|
|
81,579,358 |
|
|
|
65,402,680 |
|
| Intangible assets, net |
|
|
2,936,697 |
|
|
|
3,232,753 |
|
| Land use rights, net |
|
|
3,248,223 |
|
|
|
3,257,760 |
|
| Construction in progress |
|
|
6,123,956 |
|
|
|
16,317,662 |
|
| Deferred taxes assets |
|
|
7,852,209 |
|
|
|
8,964,946 |
|
| Long term investment |
|
|
154,921 |
|
|
|
45,958 |
|
| Investment in the Affiliate Company |
|
|
- |
|
|
|
28,892,638 |
|
| Goodwill |
|
|
29,970,415 |
|
|
|
29,712,383 |
|
| Other long term assets |
|
|
18,012,160 |
|
|
|
32,307,484 |
|
| TOTAL NON-CURRENT ASSETS |
|
|
149,877,939 |
|
|
|
188,134,264 |
|
|
|
|
|
|
|
|
|
|
| TOTAL ASSETS |
|
$ |
503,862,260 |
|
|
$ |
495,249,840 |
|
|
|
|
|
|
|
|
|
|
| CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
| Accounts payable |
|
$ |
31,373,506 |
|
|
$ |
34,257,935 |
|
| Other payables and accrued expenses |
|
|
8,930,573 |
|
|
|
7,218,395 |
|
| Short-term loans |
|
|
250,000 |
|
|
|
- |
|
| Notes payable |
|
|
232,382 |
|
|
|
92,445 |
|
| Income tax payable |
|
|
11,280,164 |
|
|
|
1,313,754 |
|
| Advance receipts |
|
|
- |
|
|
|
38,229,242 |
|
| Amount due to related party |
|
|
500,000 |
|
|
|
500,000 |
|
| Other current liabilities |
|
|
4,067,928 |
|
|
|
2,185,654 |
|
| TOTAL CURRENT LIABILITIES |
|
|
56,634,553 |
|
|
|
83,797,425 |
|
|
|
|
|
|
|
|
|
|
| NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
| Deferred taxes liability |
|
|
602,435 |
|
|
|
3,483,171 |
|
| Contingent consideration liability |
|
|
- |
|
|
|
3,743,000 |
|
| Other long-term liabilities |
|
|
464,763 |
|
|
|
459,580 |
|
| TOTAL NON-CURRENT LIABILITIES |
|
|
1,067,198 |
|
|
|
7,685,751 |
|
|
|
|
|
|
|
|
|
|
| TOTAL LIABILITIES |
|
|
57,701,751 |
|
|
|
91,483,176 |
|
|
|
|
|
|
|
|
|
|
| STOCKHOLDER’S EQUITY |
|
|
|
|
|
|
|
|
| Common stock, $0.001 par value; 100,000,000 shares authorized; 77,547,099 and 77,298,499 shares issued and 75,626,155 and 75,377,555 outstanding at June 30,2021 and December 31,2020, respectively |
|
|
75,626 |
|
|
|
75,377 |
|
| Additional paid-in capital |
|
|
443,717,378 |
|
|
|
439,549,338 |
|
| Accumulated deficit (the restricted portion is $4,422,033 and $4,422,033 at June 30,2021 and December 31,2020, respectively) |
|
|
7,446,854 |
|
|
|
(27,079,900 |
) |
| Accumulated other comprehensive loss |
|
|
(5,079,349 |
) |
|
|
(8,778,151 |
) |
| TOTAL STOCKHOLDERS’ EQUITY |
|
|
446,160,509 |
|
|
|
403,766,664 |
|
|
|
|
|
|
|
|
|
|
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
503,862,260 |
|
|
$ |
495,249,840 |
|
KANDI TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30,
2021 |
|
|
June 30,
2020 |
|
|
June 30,
2021 |
|
|
June 30,
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REVENUES FROM UNRELATED PARTIES, NET |
|
$ |
29,875,835 |
|
|
$ |
19,436,120 |
|
|
$ |
45,852,002 |
|
|
$ |
25,808,544 |
|
| REVENUES FROM THE AFFILIATE COMPANY AND RELATED PARTIES, NET |
|
|
- |
|
|
|
956 |
|
|
|
1,587 |
|
|
|
956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REVENUES, NET |
|
|
29,875,835 |
|
|
|
19,437,076 |
|
|
|
45,853,589 |
|
|
|
25,809,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COST OF GOODS SOLD |
|
|
(23,778,053 |
) |
|
|
(15,900,298 |
) |
|
|
(35,401,456 |
) |
|
|
(21,105,463 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GROSS PROFIT |
|
|
6,097,782 |
|
|
|
3,536,778 |
|
|
|
10,452,133 |
|
|
|
4,704,037 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING INCOME (EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development |
|
|
(3,564,905 |
) |
|
|
(1,149,901 |
) |
|
|
(25,189,502 |
) |
|
|
(1,790,141 |
) |
| Selling and marketing |
|
|
(1,057,517 |
) |
|
|
(763,666 |
) |
|
|
(2,204,383 |
) |
|
|
(1,641,972 |
) |
| General and administrative |
|
|
(5,359,572 |
) |
|
|
(3,907,191 |
) |
|
|
(9,789,695 |
) |
|
|
(6,973,926 |
) |
| Gain on disposal of long-lived assets |
|
|
48,253,667 |
|
|
|
13,907,574 |
|
|
|
48,253,667 |
|
|
|
13,907,574 |
|
| TOTAL OPERATING INCOME |
|
|
38,271,673 |
|
|
|
8,086,816 |
|
|
|
11,070,087 |
|
|
|
3,501,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INCOME FROM OPERATIONS |
|
|
44,369,455 |
|
|
|
11,623,594 |
|
|
|
21,522,220 |
|
|
|
8,205,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
|
974,105 |
|
|
|
221,792 |
|
|
|
1,502,697 |
|
|
|
560,736 |
|
| Interest expense |
|
|
(78,069 |
) |
|
|
(1,123,056 |
) |
|
|
(204,417 |
) |
|
|
(2,105,990 |
) |
| Change in fair value of contingent consideration |
|
|
(357,000 |
) |
|
|
(929,000 |
) |
|
|
- |
|
|
|
2,863,000 |
|
| Government grants |
|
|
114,402 |
|
|
|
86,799 |
|
|
|
349,195 |
|
|
|
97,898 |
|
| Gain from sale of equity in the Affiliate Company |
|
|
33,651 |
|
|
|
- |
|
|
|
17,733,911 |
|
|
|
- |
|
| Share of loss after tax of the Affiliate Company |
|
|
(4,904 |
) |
|
|
(2,978,529 |
) |
|
|
(2,584,401 |
) |
|
|
(4,081,299 |
) |
| Other income, net |
|
|
3,827,089 |
|
|
|
1,043,335 |
|
|
|
4,325,990 |
|
|
|
1,062,985 |
|
| TOTAL OTHER INCOME (EXPENSE), NET |
|
|
4,509,274 |
|
|
|
(3,678,659 |
) |
|
|
21,122,975 |
|
|
|
(1,602,670 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INCOME BEFORE INCOME TAXES |
|
|
48,878,729 |
|
|
|
7,944,935 |
|
|
|
42,645,195 |
|
|
|
6,602,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INCOME TAX EXPENSE |
|
|
(7,949,255 |
) |
|
|
(3,889,889 |
) |
|
|
(8,118,441 |
) |
|
|
(4,122,502 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME |
|
|
40,929,474 |
|
|
|
4,055,046 |
|
|
|
34,526,754 |
|
|
|
2,480,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OTHER COMPREHENSIVE INCOME (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency translation adjustment |
|
|
4,874,815 |
|
|
|
477,734 |
|
|
|
3,698,802 |
|
|
|
(3,045,331 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COMPREHENSIVE INCOME (LOSS) |
|
$ |
45,804,289 |
|
|
$ |
4,532,780 |
|
|
$ |
38,225,556 |
|
|
$ |
(564,931 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| WEIGHTED AVERAGE SHARES OUTSTANDING BASIC AND DILUTED |
|
|
75,510,788 |
|
|
|
53,369,602 |
|
|
|
75,447,633 |
|
|
|
52,862,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME PER SHARE, BASIC AND DILUTED |
|
$ |
0.54 |
|
|
$ |
0.08 |
|
|
$ |
0.46 |
|
|
$ |
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
Deficit |
|
|
Accumulated
Other
Comprehensive
Loss |
|
|
Total |
|
| Balance, December 31, 2019 |
|
|
52,839,441 |
|
|
$ |
52,839 |
|
|
$ |
(2,477,965 |
) |
|
$ |
259,691,370 |
|
|
$ |
(16,685,736 |
) |
|
$ |
(22,723,581 |
) |
|
$ |
217,856,927 |
|
| Stock issuance and award |
|
|
10,000 |
|
|
|
10 |
|
|
|
- |
|
|
|
22,290 |
|
|
|
- |
|
|
|
- |
|
|
|
22,300 |
|
| Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,574,646 |
) |
|
|
- |
|
|
|
(1,574,646 |
) |
| Foreign currency translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,523,065 |
) |
|
|
(3,523,065 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, March 31, 2020 |
|
|
52,849,441 |
|
|
$ |
52,849 |
|
|
$ |
(2,477,965 |
) |
|
$ |
259,713,660 |
|
|
$ |
(18,260,382 |
) |
|
$ |
(26,246,646 |
) |
|
$ |
212,781,516 |
|
| Stock issuance and award |
|
|
1,502,717 |
|
|
|
1,503 |
|
|
|
|
|
|
|
3,164,925 |
|
|
|
|
|
|
|
|
|
|
|
3,166,428 |
|
| Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,055,043 |
|
|
|
|
|
|
|
4,055,043 |
|
| Foreign currency translation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
477,734 |
|
|
|
477,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, June 30, 2020 |
|
|
54,352,158 |
|
|
$ |
54,352 |
|
|
$ |
(2,477,965 |
) |
|
$ |
262,878,585 |
|
|
$ |
(14,205,339 |
) |
|
$ |
(25,768,912 |
) |
|
$ |
220,480,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Outstanding
Shares |
|
|
|
Common
Stock |
|
|
|
Treasury
Stock |
|
|
|
Additional
Paid-in
Capital |
|
|
|
Accumulated
Earning
(Deficit) |
|
|
|
Accumulated
Other
Comprehensive
Income |
|
|
|
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 Affiliate Company’s equity (net off 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 |
|
KANDI TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|
Six Months Ended |
|
|
|
June 30,
2021 |
|
|
June 30,
2020 |
|
|
|
|
|
|
|
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
| Net income |
|
$ |
34,526,754 |
|
|
$ |
2,480,400 |
|
| Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
4,443,218 |
|
|
|
4,022,676 |
|
| Impairments |
|
|
- |
|
|
|
(148,054 |
) |
| Deferred taxes |
|
|
(11,970 |
) |
|
|
2,089,505 |
|
| Share of loss after tax of the Affiliate Company |
|
|
2,584,401 |
|
|
|
4,081,299 |
|
| Gain from equity sale in the Affiliate Company |
|
|
(17,733,911 |
) |
|
|
- |
|
| Gain on disposal of long-live assets |
|
|
(48,253,667 |
) |
|
|
(13,907,574 |
) |
| Change in fair value of contingent consideration |
|
|
- |
|
|
|
(2,863,000 |
) |
| Stock based compensation expense |
|
|
1,429,456 |
|
|
|
847,546 |
|
|
|
|
|
|
|
|
|
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accounts receivable |
|
|
2,054,930 |
|
|
|
(1,431,388 |
) |
| Inventories |
|
|
(3,328,120 |
) |
|
|
(743,483 |
) |
| Other receivables and other assets |
|
|
(14,040,619 |
) |
|
|
(11,248,701 |
) |
| Advances to supplier and prepayments and prepaid expenses |
|
|
20,596,182 |
|
|
|
(12,586,777 |
) |
| Amount due from the Affiliate Company |
|
|
- |
|
|
|
4,129,516 |
|
|
|
|
|
|
|
|
|
|
| Increase (Decrease) In: |
|
|
|
|
|
|
|
|
| Accounts payable |
|
|
(1,044,040 |
) |
|
|
(282,560 |
) |
| Other payables and accrued liabilities |
|
|
(463,016 |
) |
|
|
736,715 |
|
| Notes payable |
|
|
(93,273 |
) |
|
|
(10,664,922 |
) |
| Income tax payable |
|
|
7,671,740 |
|
|
|
1,161,312 |
|
| Net cash used in operating activities |
|
$ |
(11,661,935 |
) |
|
$ |
(34,327,490 |
) |
|
|
|
|
|
|
|
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
| Purchases of property, plant and equipment, net |
|
|
(6,565,755 |
) |
|
|
(59,670 |
) |
| Payment for construction in progress |
|
|
(1,869,028 |
) |
|
|
- |
|
| Proceeds from disposal of long-lived assets |
|
|
23,234,680 |
|
|
|
34,696,547 |
|
| Repayments of loan to third party |
|
|
31,686,168 |
|
|
|
- |
|
| Certificate of deposit |
|
|
(54,098,335 |
) |
|
|
- |
|
| Cash received from sales of equity in the Affiliate Company |
|
|
23,803,268 |
|
|
|
15,641,886 |
|
| Long Term Investment |
|
|
(108,197 |
) |
|
|
- |
|
| Net cash provided by investing activities |
|
$ |
16,082,801 |
|
|
$ |
50,278,763 |
|
|
|
|
|
|
|
|
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
| Proceeds from short-term loans |
|
|
250,000 |
|
|
|
24,031,625 |
|
| Repayments of short-term loans |
|
|
- |
|
|
|
(49,769,638 |
) |
| Repayments of long-term loans |
|
|
- |
|
|
|
(284,398 |
) |
| Proceeds from long-term loans |
|
|
- |
|
|
|
394,116 |
|
| Net cash provided by (used in) financing activities |
|
$ |
250,000 |
|
|
$ |
(25,628,295 |
) |
|
|
|
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH |
|
$ |
4,670,866 |
|
|
$ |
(9,677,022 |
) |
| Effect of exchange rate changes |
|
$ |
997,982 |
|
|
$ |
(157,062 |
) |
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR |
|
$ |
142,520,635 |
|
|
$ |
16,512,635 |
|
|
|
|
|
|
|
|
|
|
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD |
|
$ |
148,189,483 |
|
|
$ |
6,678,551 |
|
| -CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
|
132,071,957 |
|
|
|
3,457,498 |
|
| -RESTRICTED CASH AT END OF PERIOD |
|
|
16,117,526 |
|
|
|
3,221,053 |
|
|
|
|
|
|
|
|
|
|
| SUPPLEMENTARY CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
| Income taxes paid |
|
$ |
373,433 |
|
|
|
870,082 |
|
| Interest paid |
|
$ |
- |
|
|
|
641,213 |
|
|
|
|
|
|
|
|
|
|
| SUPPLEMENTAL NON-CASH DISCLOSURES: |
|
|
|
|
|
|
|
|
| Reversal of decrease in investment in the Affiliate Company due to change in its equity (net off tax effect of $491,400) |
|
$ |
2,813,968 |
|
|
|
- |
|
| Increase of other receivable for equity transfer payment of the Affiliate Company |
|
$ |
23,803,268 |
|
|
|
- |
|
