UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
(State of Incorporation) | (Commission File Number) | (IRS Employer Identification) |
Post Code
(Address of principal executive offices)
(
Registrant’s telephone number, including area code
Jinhua City Industrial Zone, Jinhua, Zhejiang Province, People’s Republic of China 321016
(Former name, former address and former fiscal year, if changed since last report)
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 1 4a- 12 under the Exchange Act (17 CFR 240.1 4a- 12) |
Pre-commencement communications pursuant to Rule 1 4d-2(b) under the Exchange Act (17 CFR 240.1 4d-2(b)) |
Pre-commencement communications pursuant to Rule 1 3e-4(c) under the Exchange Act (17 CFR 240.1 3e-4(c)) |
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. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On November 9, 2021, Kandi Technologies Group, Inc. (the “Company”) issued a press release announcing certain financial results for the fiscal quarter ended September 30, 2021. A copy of the press 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.
Exhibit No. | Description | |
99.1 | Press release dated November 9, 2021 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
1
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 9, 2021 | By: | /s/ Hu Xiaoming |
Name: | Hu Xiaoming | |
Title: | Chief Executive Officer |
2
Exhibit 99.1
Kandi Technologies Reports Third Quarter 2021 Financial Results
--Revenue ~$17 million --
--Working Capital of ~$289 million, cash1 balance $211 million –
-- Sales into e-Scooter-related markets surge nearly 600% --
JINHUA, CHINA-- (November 9, 2021) - Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced financial results for the third quarter of 2021.
Third Quarter Highlights
● | Total revenues decreased by 10.3% to $16.8 million, from $18.7 million in the same period of 2020. |
● | EV parts sales were $3.2 million, compared to $8.4 million in the same period of 2020. |
● | Off-road vehicles sales were $6.8 million, compared to $8.9 million in the same period of 2020. |
● | Electric Scooters, Electric Self-Balancing Scooters and associated parts sales were $6.3 million, compared to $0.9 million in the same period of 2020. |
● | Battery exchange equipment and battery exchange service sales were $0.2 million. This new business had no revenue in the same period of 2020. |
● | Gross margin was 16.4%, compared to 20.9% for the same period of 2020. |
● | Net loss was $7.9 million, or ($0.10) per fully diluted share due to decreased sales and increased investment in R&D, compared to net loss of $1.5 million, or ($0.03) per fully diluted share for the same period of 2020. |
● | As of September 30, 2021, working capital was $289.4 million. Cash, cash equivalents, restricted cash, and a certificate of deposit totaled $211.0 million. |
Hu Xiaoming, Chairman and CEO of Kandi commented: “Sales are surging in the segment of e-Scooters, electric self-balancing scooters and associated parts sales. With explosive growth again this quarter, we are increasingly confident that our traction in this market can continue. Our strategic entry into this market last year represents a great success in identifying and developing intelligent transportation products to counteract the impact to EV market demand caused by the COVID-19 outbreak in 2020. We expect the EV-related business recovery to take time. Our restructuring of this business segment resulted in lower sales of EV products and parts.”
1 Includes cash, cash equivalents, restricted cash, and certificate of deposit.
Hu continued, “Compared to the second quarter, our sales mix had a couple of notable shifts. Within EV parts, battery pack sales were impacted by supply chain constraints hitting the whole industry. Meanwhile, off-road vehicles sales grew more rapidly, indicating burgeoning customer demand for off-road and ATV recreation. We are excited about the new products we are introducing for this segment.”
Turning to the balance sheet, Hu commented, “During the quarter we received the final payment related to the sale of our 22% equity position in Fengsheng. Our liquidity has never been better. We are well-capitalized to pursue the most promising market opportunities: those that show high demand, are not oversupplied, and play to our competitive strengths. After we finish the ‘reset’ of our electric vehicle business, we can again achieve substantial growth. “
Q3 2021 Financial Results
Net Revenues and Gross Profit (in USD millions)
3Q21 | 3Q20 | Y/Y% | ||||||||||
Net Revenue | $ | 16.8 | $ | 18.7 | -10.3 | % | ||||||
Gross Profit | $ | 2.7 | $ | 3.9 | -29.7 | % | ||||||
Gross Margin | 16.4 | % | 20.9 | % | - |
Net revenues of $16.8 million decreased 10.3% from the third quarter of 2020. The decrease in revenue was primarily due to lower sales of EV parts. Gross margin was 16.4%, lower than the 20.9% recorded in the same period of 2020, primarily attributable to a lower proportion of revenue generated from off-road vehicles, which offers higher gross margin.
Operating Income/Loss(in USD millions)
3Q21 | 3Q20 | Y/Y% | ||||||||||
Operating Expenses | $ | (11.8 | ) | $ | (6.3 | ) | 87.2 | % | ||||
Loss from Operations | $ | (9.0 | ) | $ | (2.4 | ) | 279.3 | % | ||||
Operating Margin | -53.7 | % | -12.7 | % | - |
Operating expenses were $11.8 million, compared with expenses of $6.3 million in the third quarter of 2020. The greater expense was primarily attributable to increased R&D spending for new product development.
2
Net Loss (in USD millions)
3Q21 | 3Q20 | Y/Y% | ||||||||||
Net Loss | $ | (7.9 | ) | $ | (1.5 | ) | 439.6 | % | ||||
Net Loss per Share, Basic and Diluted | $ | (0.10 | ) | $ | (0.03 | ) | - |
Net loss was $7.9 million, compared with a net loss of $1.5 million in the same period of 2020. The greater loss was primarily attributable to higher R&D spending and decreased revenue generated by certain EV parts.
Conference Call Details
The Company has scheduled a conference call and live webcast to discuss its financial results at 8:00 A.M. Eastern Time (9:00 P.M. Beijing Time) on Tuesday, November 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: +1-844-825-9789 |
● | International dial-in number: + 1-412-317-5180 |
● | Webcast and replay: https://viavid.webcasts.com/starthere.jsp?ei=1511452&tp_key=9297e2ff2a |
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 –
3
KANDI
TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
September 30, 2021 | December 31, 2020 | |||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 132,866,957 | $ | 142,078,190 | ||||
Restricted cash | 23,903,418 | 442,445 | ||||||
Certificate of deposit | 54,207,258 | - | ||||||
Accounts receivable (net of allowance for doubtful accounts of $111,481 and $110,269 as of September 30, 2021 and December 31, 2020, respectively) | 43,998,755 | 38,547,137 | ||||||
Inventories | 27,346,751 | 19,697,383 | ||||||
Notes receivable | 106,514 | 31,404,630 | ||||||
Other receivables | 23,754,321 | 1,875,245 | ||||||
Prepayments and prepaid expense | 19,371,962 | 13,708,149 | ||||||
Advances to suppliers | 12,506,543 | 36,733,182 | ||||||
Amount due from the Affiliate Company | - | 21,742,226 | ||||||
Amount due from related party | - | 886,989 | ||||||
TOTAL CURRENT ASSETS | 338,062,479 | 307,115,576 | ||||||
NON-CURRENT ASSETS | ||||||||
Property, plant and equipment, net | 90,461,708 | 65,402,680 | ||||||
Intangible assets, net | 2,770,152 | 3,232,753 | ||||||
Land use rights, net | 3,224,185 | 3,257,760 | ||||||
Construction in progress | 8,306,311 | 16,317,662 | ||||||
Deferred taxes assets | 7,852,209 | 8,964,946 | ||||||
Long term investment | 154,878 | 45,958 | ||||||
Investment in the Affiliate Company | - | 28,892,638 | ||||||
Goodwill | 29,963,965 | 29,712,383 | ||||||
Other long term assets | 11,946,463 | 32,307,484 | ||||||
TOTAL NON-CURRENT ASSETS | 154,679,871 | 188,134,264 | ||||||
TOTAL ASSETS | $ | 492,742,350 | $ | 495,249,840 | ||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 26,177,367 | $ | 34,257,935 | ||||
Other payables and accrued expenses | 3,000,136 | 7,218,395 | ||||||
Short-term loans | 2,630,000 | - | ||||||
Notes payable | 371,707 | 92,445 | ||||||
Income tax payable | 11,660,654 | 1,313,754 | ||||||
Advance receipts | 601,644 | 38,229,242 | ||||||
Amount due to related party | 500,000 | 500,000 | ||||||
Other current liabilities | 3,682,386 | 2,185,654 | ||||||
TOTAL CURRENT LIABILITIES | 48,623,894 | 83,797,425 | ||||||
NON-CURRENT LIABILITIES | ||||||||
Deferred taxes liability | 602,435 | 3,483,171 | ||||||
Contingent consideration liability | - | 3,743,000 | ||||||
Other long-term liabilities | 464,634 | 459,580 | ||||||
TOTAL NON-CURRENT LIABILITIES | 1,067,069 | 7,685,751 | ||||||
TOTAL LIABILITIES | 49,690,963 | 91,483,176 | ||||||
STOCKHOLDER’S EQUITY | ||||||||
Common stock, $0.001 par value; 100,000,000 shares authorized; 77,462,516 and 77,298,499 shares issued and 77,152,972 and 75,377,555 outstanding at September 30,2021 and December 31,2020, respectively | 77,153 | 75,377 | ||||||
Additional paid-in capital | 448,591,602 | 439,549,338 | ||||||
Accumulated deficit (the restricted portion is $4,422,033 and $4,422,033 at September 30,2021 and December 31,2020, respectively) | (421,965 | ) | (27,079,900 | ) | ||||
Accumulated other comprehensive loss | (5,195,403 | ) | (8,778,151 | ) | ||||
TOTAL STOCKHOLDERS’ EQUITY | 443,051,387 | 403,766,664 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 492,742,350 | $ | 495,249,840 |
4
KANDI
TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||
REVENUES FROM UNRELATED PARTIES, NET | $ | 16,795,712 | $ | 18,717,212 | $ | 62,647,714 | $ | 44,525,756 | ||||||||
REVENUES FROM THE AFFILIATE COMPANY AND RELATED PARTIES, NET | - | 6 | 1,587 | 962 | ||||||||||||
REVENUES, NET | 16,795,712 | 18,717,218 | 62,649,301 | 44,526,718 | ||||||||||||
COST OF GOODS SOLD | (14,046,041 | ) | (14,806,322 | ) | (49,447,497 | ) | (35,911,785 | ) | ||||||||
GROSS PROFIT | 2,749,671 | 3,910,896 | 13,201,804 | 8,614,933 | ||||||||||||
OPERATING INCOME (EXPENSE): | ||||||||||||||||
Research and development | (6,747,934 | ) | (987,285 | ) | (31,937,436 | ) | (2,777,426 | ) | ||||||||
Selling and marketing | (1,290,544 | ) | (2,165,383 | ) | (3,494,927 | ) | (3,807,355 | ) | ||||||||
General and administrative | (3,733,230 | ) | (3,212,209 | ) | (13,522,925 | ) | (10,186,135 | ) | ||||||||
Gain on disposal of long-lived assets | 2,238 | 76,159 | 48,255,905 | 13,983,733 | ||||||||||||
TOTAL OPERATING EXPENSE | (11,769,470 | ) | (6,288,718 | ) | (699,383 | ) | (2,787,183 | ) | ||||||||
(LOSS) INCOME FROM OPERATIONS | (9,019,799 | ) | (2,377,822 | ) | 12,502,421 | 5,827,750 | ||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||
Interest income | 1,247,544 | 558,059 | 2,750,241 | 1,118,795 | ||||||||||||
Interest expense | (63,368 | ) | (788,589 | ) | (267,785 | ) | (2,894,579 | ) | ||||||||
Change in fair value of contingent consideration | - | (1,069,000 | ) | - | 1,794,000 | |||||||||||
Government grants | 220,967 | 13,431 | 570,162 | 111,329 | ||||||||||||
Gain from sale of equity in the Affiliate Company | 822 | - | 17,734,733 | - | ||||||||||||
Share of loss after tax of the Affiliate Company | (119 | ) | (1,550,568 | ) | (2,584,520 | ) | (5,631,867 | ) | ||||||||
Other income, net | 442,102 | 988,287 | 4,768,092 | 2,051,272 | ||||||||||||
TOTAL OTHER INCOME (EXPENSE), NET | 1,847,948 | (1,848,380 | ) | 22,970,923 | (3,451,050 | ) | ||||||||||
(LOSS) INCOME BEFORE INCOME TAXES | (7,171,851 | ) | (4,226,202 | ) | 35,473,344 | 2,376,700 | ||||||||||
INCOME TAX (EXPENSE) BENEFIT | (696,968 | ) | 2,767,939 | (8,815,409 | ) | (1,354,563 | ) | |||||||||
NET (LOSS) INCOME | (7,868,819 | ) | (1,458,263 | ) | 26,657,935 | 1,022,137 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
Foreign currency translation adjustment | (116,054 | ) | 8,216,974 | 3,582,748 | 5,171,643 | |||||||||||
COMPREHENSIVE (LOSS) INCOME | $ | (7,984,873 | ) | $ | 6,758,711 | $ | 30,240,683 | $ | 6,193,780 | |||||||
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC AND DILUTED | 76,394,573 | 54,112,981 | 75,766,749 | 53,282,066 | ||||||||||||
NET (LOSS) INCOME PER SHARE, BASIC AND DILUTED | $ | (0.10 | ) | $ | (0.03 | ) | $ | 0.35 | $ | 0.02 |
5
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 | ||||||||||||
Stock issuance and award | 258,600 | 259 | - | 870,837 | - | - | 871,096 | |||||||||||||||||||||
Net loss | - | - | - | - | (1,458,263 | ) | - | (1,458,263 | ) | |||||||||||||||||||
Foreign currency translation | - | - | - | - | - | 8,216,974 | 8,216,974 | |||||||||||||||||||||
Reduction in the Affiliate Company’s equity | - | - | - | (3,144,213 | ) | - | - | (3,144,213 | ) | |||||||||||||||||||
Balance, September 30, 2020 | 54,610,758 | $ | 54,611 | $ | (2,477,965 | ) | $ | 260,605,209 | $ | (15,663,602 | ) | $ | (17,551,938 | ) | $ | 224,966,315 |
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 | ||||||||||||||
Stock issuance and award | 1,526,817 | 1,527 | - | 4,874,224 | - | - | 4,875,751 | |||||||||||||||||||||
Net loss | - | - | - | - | (7,868,819 | ) | - | (7,868,819 | ) | |||||||||||||||||||
Foreign currency translation | - | - | - | - | - | (116,054 | ) | (116,054 | ) | |||||||||||||||||||
Balance, September 30, 2021 | 77,152,972 | $ | 77,153 | $ | - | $ | 448,591,602 | $ | (421,965 | ) | $ | (5,195,403 | ) | $ | 443,051,387 |
6
KANDI
TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended | ||||||||
September 30, 2021 | September 30, 2020 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 26,657,935 | $ | 1,022,137 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Depreciation and amortization | 6,893,192 | 6,078,070 | ||||||
(Reversal) provision of allowance for doubtful accounts | - | (150,756 | ) | |||||
Deferred taxes | (11,970 | ) | 1,256,167 | |||||
Share of loss after tax of the Affiliate Company | 2,584,520 | 5,631,867 | ||||||
Gain from equity sale in the Affiliate Company | (17,734,733 | ) | - | |||||
Gain on disposal of long-live assets | (48,255,905 | ) | (13,983,733 | ) | ||||
Change in fair value of contingent consideration | - | (1,794,000 | ) | |||||
Stock based compensation expense | 1,452,381 | 870,471 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 4,289,150 | 18,165,084 | ||||||
Inventories | (7,443,414 | ) | (1,830,827 | ) | ||||
Other receivables and other assets | (17,537,034 | ) | (5,226,968 | ) | ||||
Advances to supplier and prepayments and prepaid expenses | 18,776,708 | (84,089 | ) | |||||
Amount due from the Affiliate Company | - | 4,178,477 | ||||||
Increase (Decrease) In: | ||||||||
Accounts payable | (4,116,153 | ) | (15,642,931 | ) | ||||
Other payables and accrued liabilities | 7,052,572 | 2,675,156 | ||||||
Notes payable | (93,278 | ) | (13,725,855 | ) | ||||
Income tax payable | 8,053,977 | (804,238 | ) | |||||
Net cash used in operating activities | $ | (19,432,052 | ) | $ | (13,365,968 | ) | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Purchases of property, plant and equipment, net | (10,948,968 | ) | (383,568 | ) | ||||
Prepayments for acquisition of Jiangxi Huiyi | (3,864,346 | ) | - | |||||
Payment for construction in progress | (4,048,889 | ) | (1,604,427 | ) | ||||
Proceeds from disposal of long-lived assets | 23,235,758 | 51,872,829 | ||||||
Loan to third party | 31,687,637 | (45,958,247 | ) | |||||
Certificate of deposit | (54,100,844 | ) | - | |||||
Cash received from sales of equity in the Affiliate Company | 47,608,743 | 42,321,385 | ||||||
Long Term Investment | (108,202 | ) | - | |||||
Advance receipts of equity transfer | 600,463 | - | ||||||
Net cash provided by investing activities | $ | 30,061,352 | $ | 46,247,972 | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from short-term loans | 2,630,000 | 24,163,223 | ||||||
Repayments of short-term loans | - | (50,042,178 | ) | |||||
Repayments of long-term loans | - | (285,955 | ) | |||||
Proceeds from long-term loans | - | 394,116 | ||||||
Net cash provided by (used in) financing activities | $ | 2,630,000 | $ | (25,770,794 | ) | |||
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | $ | 13,259,300 | $ | 7,111,210 | ||||
Effect of exchange rate changes | $ | 990,440 | $ | 535,314 | ||||
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 | $ | 156,770,375 | $ | 24,159,159 | ||||
-CASH AND CASH EQUIVALENTS AT END OF PERIOD | 132,866,957 | 23,909,159 | ||||||
-RESTRICTED CASH AT END OF PERIOD | 23,903,418 | 250,000 | ||||||
SUPPLEMENTARY CASH FLOW INFORMATION | ||||||||
Income taxes paid | $ | 688,160 | 901,021 | |||||
Interest paid | $ | 17,536 | 644,724 | |||||
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 | - | |||||
Decrease in investment in the Affiliate Company due to change in its equity | - | 3,057,540 | ||||||
Common stock issued for settlement of payables related to acquisitions (see Note 21) | $ | 4,853,451 | 3,166,427 |
7
Cover |
Nov. 09, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Nov. 09, 2021 |
Entity File Number | 001-33997 |
Entity Registrant Name | KANDI TECHNOLOGIES GROUP, INC. |
Entity Central Index Key | 0001316517 |
Entity Tax Identification Number | 90-0363723 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | Jinhua New Energy Vehicle Town |
Entity Address, City or Town | Jinhua, Zhejiang Province |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 321016 |
City Area Code | 86-579 |
Local Phone Number | 8223-9700 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock |
Trading Symbol | KNDI |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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end
-1DUL@UIL0%!7-[4S$T&&"!5O2%WJ%J8$.DVB44$<0P#=MZE@'8<1S6
M)3AF B[9)>AX>H_S(1]T&+IKET%&N280'V;7]D[M4+3RC)V/.1 XHHI?PHS^RAT&D
MQ<#YAP<>GG%TYO2=("7,.7K#