Kandi Technologies Group, Inc. (the “Company,”
“we” or “Kandi”) (NASDAQ GS: KNDI), today announced its financial
results for the full year ended December 31, 2020.
Full Year 2020 Highlights
-
Total revenue was $76.9 million, compared to $135.7 million in
2019.
-
EV parts sales were $40.6 million, compared to $110.7 million in
2019.
-
Off-road vehicles sales increased by 31.1% to $29.8 million,
compared to $22.7 million in 2019.
- EV product sales were $0.7 million, compared to $0.1 million in
2019.
- Electric Scooters,
Electric Self-Balancing Scooters and associated parts sales
increased by 160.5% to $5.8 million, compared with $2.2 million in
2019.
-
Gross margin was 17.5%, compared to 18.7% in 2019.
-
Operating income was $0.8 million, compared to $0.9 million in
2019.
-
Net loss was $10.4 million, or $0.19 loss per fully diluted share,
compared to a net loss of $7.2 million, or $0.14 loss per fully
diluted share in 2019.
-
As of December 31, 2020, working capital was $223.3 million; cash,
cash equivalents, and restricted cash totaled $142.5
million.
-
Two registered direct offerings were completed with $160 million
raised in November 2020.
Mr. Hu Xiaoming, Chairman and CEO of Kandi
commented: “The lock downs and closures of stores and facilities
around the world, caused by the spread of COVID-19, challenged
every corner of the economy in 2020. Although our operations in
China fully resumed in early March of 2020, sales of EV parts, one
of our primary revenue sources, were severely impacted by several
waves of the pandemic. On the positive side, this challenge
resulted in relentless effort and commitment from our management
and employees to explore other market opportunities that leverage
our expertise. We decided to pursue product innovation in
Electric Scooters and Electric Self-Balancing Scooters, which have
a global market of tens of millions of units sold each year. We
pursued these opportunities by expanding production of intelligent
transportation products that exploit our advantages in electric
motors and battery packs. This resulted in revenue from Electric
Scooters, Electric Self-Balancing Scooters and associated parts
increasing by 160.5% in 2020, offsetting a 63.3% decline in revenue
from EV parts.”
Hu continued, “During 2020 we achieved three
major strategic milestones despite unfavorable market
conditions.
First, we smoothly executed the real estate
repurchase agreement with Jinhua Economic and Technological
Development Zone, a key element of our Jinhua facility relocation.
The local government agreed to pay us approximately RMB525 million,
or $80 million, in three installments. We received the first two
installments, totaling RMB 363 million, or $55 million. The
final payment of RMB 162 million, or $25 million, will be received
when we demolish all the current factory buildings on this land and
move to our new facility. We are nearing the end of the
relocation process and have almost completed the move into our new
factory.
“Our second milestone was the successful trial
of the ‘300,000 government-accredited ride-sharing vehicles within
5 years’ program initiated by us. Zhejiang Ruiheng Technology
Co., Ltd plans to deliver over 3,000 government compliant EVs in
2021, and gradual delivery is underway. All those EVs feature our
battery swapping technology, which is recognized by the central
government as one of the three approved charging methods in China.
Driven by the tailwinds of Chinese Government policy
regarding battery exchange, in 2020 we moved forward in many ways.
For example, we signed an agreement with the Zhejiang State Grid
Electric Vehicle Service Company in October 2020 to strategically
incorporate battery exchange into pure EVs. We believe this program
can drive the production and sales of our EV parts and battery swap
equipment, and therefore drive the growth in our pure EV
business.”
Regarding the U.S. market, Hu commented, “In
August 2020 we successfully held a virtual launch event to
introduce our K23 and K27 EV models into the U.S. market, achieving
our third milestone of the year. We have obtained clearance
from the United States Environmental Protection Agency (EPA) for
both models, so our focus now is working on some modifications to
meet all Federal Motor Vehicle Safety Standards (FMVSS)
requirements. We are also working on feature improvements to
accommodate U.S. consumer tastes.”
Hu concluded, “Looking forward, we have multiple
growth opportunities. We are dedicated to building our
business in the U.S., and we are pursuing third and fourth-tier
city government-accredited EV online ride-share service businesses.
With capital from the real estate repurchase agreement and the $160
million direct placement, we are confident that we can fund the
R&D necessary to develop sports cars, battery swapping
technology, and the ride-sharing program. Furthermore, our recent
exit from the Fengsheng affiliation through the transfer of the
remaining equity interest eliminates the non-compete restrictions,
thus enabling us to pursue the EV market more aggressively in
China. We believe the years ahead hold a multitude of
opportunities that can restart our growth.”
Full Year 2020 Financial Results
Net Revenues and Gross Profit
|
2020 |
2019 |
Y-o-Y% |
Net Revenues (US$mln) |
$76.9 |
$135.7 |
-43.3% |
Gross Profit (US$mln) |
$13.5 |
$25.4 |
-47.0% |
Gross Margin |
17.5% |
18.7% |
- |
Net revenues of $76.9 million decreased 43.3% from 2019. The
decrease was due primarily to reduced sales of EV parts, a result
of production interruptions caused by the COVID-19 pandemic and the
overall demand of EV parts from customers was significantly
affected during 2020. Gross margin was 17.5%, compared with
18.7% in 2019. The decrease was due to less high-margin battery
processing compared to 2019.
Operating Income (Loss)
|
2020 |
2019 |
Y-o-Y% |
Operating Expenses (US$mln) |
$12.7 |
$24.5 |
-48.1% |
Operating Income (US$mln) |
$0.75 |
$0.91 |
-17.1% |
Operating Margin |
1.0% |
0.7% |
- |
Total operating expenses were $12.7 million,
compared with $24.5 million in 2019. The decrease was due to lower
general and administrative expenses, largely due to cost-cutting
programs and tighter budget control. We also booked a $14.2
million gain on disposal of long-lived assets, which was related to
the real estate repurchase agreement. In June 2020, 73,333
square meters of land use rights were transferred to the local
government, and the related gain was recognized.
Net Loss
|
2020 |
2019 |
Y-o-Y% |
Net Loss (US$mln) |
($10.4) |
($7.2) |
44.6% |
Loss per Weighted Average Common Share |
($0.19) |
($0.14) |
- |
Loss per Weighted Average Diluted Share |
($0.19) |
($0.14) |
- |
Net loss was $10.4 million, compared with a net
loss of $7.2 million in 2019. The greater net loss was primarily
attributable to the absence of gains on the sales of equity that
were present in 2019.
Full Year 2020 Conference Call
Details
The Company has scheduled a conference call and live webcast to
discuss its financial results at 8:00 A.M. Eastern Time
(8:00 P.M. Beijing Time) on Tuesday, March 30, 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=144093
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 Vehicles Co.,
Ltd. ("Kandi Vehicles") 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. Kandi Vehicles has established itself as one of
China's leading manufacturers of pure electric vehicle parts and
off-road vehicles.
More information about KNDI is available on the Company's
corporate website at http://www.kandivehicle.com. The Company
routinely posts important information on its website.
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) 551-3610IR@kandigroup.com
The Blueshirt GroupMr. Gary Dvorchak,
CFAgary@blueshirtgroup.com
- Tables Below -
KANDI TECHNOLOGIES GROUP, INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
Current
assets |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
142,078,190 |
|
|
$ |
5,490,557 |
|
Restricted cash |
|
|
442,445 |
|
|
|
11,022,078 |
|
Accounts receivable (net of
allowance for doubtful accounts of $110,269 and $254,665 as of
December 31, 2020 and December 31, 2019, respectively) |
|
|
38,547,137 |
|
|
|
61,181,849 |
|
Inventories |
|
|
19,697,383 |
|
|
|
27,736,566 |
|
Notes receivable |
|
|
31,404,630 |
|
|
|
42,487,225 |
|
Other receivables |
|
|
1,875,245 |
|
|
|
5,023,327 |
|
Prepayments and prepaid
expense |
|
|
13,708,149 |
|
|
|
10,615,063 |
|
Advances to suppliers |
|
|
36,733,182 |
|
|
|
685,008 |
|
Amount due from the Affiliate
Company |
|
|
21,742,226 |
|
|
|
31,330,763 |
|
Amount due from related
party |
|
|
886,989 |
|
|
|
- |
|
TOTAL CURRENT
ASSETS |
|
|
307,115,576 |
|
|
|
195,572,436 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
ASSETS |
|
|
|
|
|
|
|
|
Property, plant and equipment,
net |
|
|
65,402,680 |
|
|
|
74,407,858 |
|
Intangible assets, net |
|
|
3,232,753 |
|
|
|
3,654,772 |
|
Land use rights, net |
|
|
3,257,760 |
|
|
|
11,272,815 |
|
Construction in progress |
|
|
16,317,662 |
|
|
|
71,247 |
|
Deferred taxes assets |
|
|
8,964,946 |
|
|
|
726,182 |
|
Long term investment |
|
|
45,958 |
|
|
|
- |
|
Investment in the Affiliate
Company |
|
|
28,892,638 |
|
|
|
47,228,614 |
|
Goodwill |
|
|
29,712,383 |
|
|
|
28,270,400 |
|
Other long term assets |
|
|
32,307,484 |
|
|
|
10,014,072 |
|
TOTAL NON-CURRENT
ASSETS |
|
|
188,134,264 |
|
|
|
175,645,960 |
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
|
$ |
495,249,840 |
|
|
$ |
371,218,396 |
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
34,257,935 |
|
|
$ |
72,093,940 |
|
Other payables and accrued
expenses |
|
|
7,218,395 |
|
|
|
6,078,041 |
|
Short-term loans |
|
|
- |
|
|
|
25,980,364 |
|
Notes payable |
|
|
92,445 |
|
|
|
10,765,344 |
|
Income tax payable |
|
|
1,313,754 |
|
|
|
1,796,601 |
|
Advance receipts |
|
|
38,229,242 |
|
|
|
- |
|
Long term loans - current
portion |
|
|
- |
|
|
|
13,779,641 |
|
Amount due to related party |
|
|
500,000 |
|
|
|
- |
|
Other current liabilities |
|
|
2,185,654 |
|
|
|
1,379,808 |
|
TOTAL CURRENT
LIABILITIES |
|
|
83,797,425 |
|
|
|
131,873,739 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
Long term loans |
|
|
- |
|
|
|
14,353,792 |
|
Deferred taxes liability |
|
|
3,483,171 |
|
|
|
1,362,786 |
|
Contingent consideration
liability |
|
|
3,743,000 |
|
|
|
5,197,000 |
|
Other long-term liabilities |
|
|
459,580 |
|
|
|
574,152 |
|
TOTAL NON-CURRENT
LIABILITIES |
|
|
7,685,751 |
|
|
|
21,487,730 |
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES |
|
|
91,483,176 |
|
|
|
153,361,469 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDER’S
EQUITY |
|
|
|
|
|
|
|
|
Common stock, $0.001 par value;
100,000,000 shares authorized; 77,298,499 and 56,263,102 shares
issued and 75,377,555 and 52,839,441 outstanding at December
31,2020 and December 31,2019, respectively |
|
|
75,377 |
|
|
|
52,839 |
|
Less: Treasury stock (nil and
487,155 shares with average price of $5.09 at December 31,2020 and
December 31,2019, respectively) |
|
|
- |
|
|
|
(2,477,965 |
) |
Additional paid-in capital |
|
|
439,549,338 |
|
|
|
259,691,370 |
|
Accumulated deficit (the
restricted portion is $4,422,033 and $4,422,033 at December 31,2020
and December 31,2019, respectively) |
|
|
(27,079,900 |
) |
|
|
(16,685,736 |
) |
Accumulated other comprehensive
loss |
|
|
(8,778,151 |
) |
|
|
(22,723,581 |
) |
TOTAL STOCKHOLDERS’
EQUITY |
|
|
403,766,664 |
|
|
|
217,856,927 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
$ |
495,249,840 |
|
|
$ |
371,218,396 |
|
KANDI TECHNOLOGIES GROUP, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS
ANDCOMPREHENSIVE INCOME (LOSS)FOR
THE YEARS ENDED DECEMBER 31, 2020 AND 2019
|
|
Years Ended |
|
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
REVENUES FROM
UNRELATED PARTIES, NET |
|
$ |
76,176,609 |
|
|
$ |
119,879,895 |
|
|
|
|
|
|
|
|
|
|
REVENUES FROM THE AFFILIATE
COMPANY AND RELATED PARTIES, NET |
|
|
743,904 |
|
|
|
15,861,441 |
|
|
|
|
|
|
|
|
|
|
REVENUES,
NET |
|
|
76,920,513 |
|
|
|
135,741,336 |
|
|
|
|
|
|
|
|
|
|
COST OF GOODS SOLD |
|
|
(63,432,580 |
) |
|
|
(110,310,427 |
) |
|
|
|
|
|
|
|
|
|
GROSS
PROFIT |
|
|
13,487,933 |
|
|
|
25,430,909 |
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
Research and development |
|
|
(7,246,312 |
) |
|
|
(6,207,747 |
) |
Selling and marketing |
|
|
(6,619,355 |
) |
|
|
(4,070,001 |
) |
General and administrative |
|
|
(13,042,103 |
) |
|
|
(14,243,625 |
) |
Gain on disposal of long-lived
assets |
|
|
14,174,233 |
|
|
|
- |
|
TOTAL OPERATING
EXPENSES |
|
|
(12,733,537 |
) |
|
|
(24,521,373 |
) |
|
|
|
|
|
|
|
|
|
INCOME FROM
OPERATIONS |
|
|
754,396 |
|
|
|
909,536 |
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE): |
|
|
|
|
|
|
|
|
Interest income |
|
|
2,190,678 |
|
|
|
791,888 |
|
Interest expense |
|
|
(3,750,233 |
) |
|
|
(4,822,734 |
) |
Change in fair value of
contingent consideration |
|
|
(565,000 |
) |
|
|
(1,107,427 |
) |
Government grants |
|
|
1,130,262 |
|
|
|
792,628 |
|
Gain from equity dilution in the
Affiliate Company |
|
|
- |
|
|
|
4,263,764 |
|
Gain from sale of equity in the
Affiliate Company |
|
|
- |
|
|
|
20,438,986 |
|
Share of loss after tax of the
Affiliate Company |
|
|
(17,252,662 |
) |
|
|
(30,716,938 |
) |
Other income, net |
|
|
2,051,226 |
|
|
|
1,569,311 |
|
TOTAL OTHER EXPENSE,
NET |
|
|
(16,195,729 |
) |
|
|
(8,790,522 |
) |
|
|
|
|
|
|
|
|
|
LOSS BEFORE INCOME
TAXES |
|
|
(15,441,333 |
) |
|
|
(7,880,986 |
) |
|
|
|
|
|
|
|
|
|
INCOME TAX BENEFIT |
|
|
5,047,169 |
|
|
|
692,259 |
|
|
|
|
|
|
|
|
|
|
NET LOSS |
|
|
(10,394,164 |
) |
|
|
(7,188,727 |
) |
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE INCOME
(LOSS) |
|
|
|
|
|
|
|
|
Foreign currency translation
adjustment |
|
|
13,945,430 |
|
|
|
(2,802,323 |
) |
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME
(LOSS) |
|
$ |
3,551,266 |
|
|
$ |
(9,991,050 |
) |
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES
OUTSTANDING BASIC AND DILUTED |
|
|
55,960,010 |
|
|
|
52,337,308 |
|
|
|
|
|
|
|
|
|
|
NET LOSS PER SHARE, BASIC AND
DILUTED |
|
$ |
(0.19 |
) |
|
$ |
(0.14 |
) |
KANDI TECHNOLOGIES GROUP, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CHANGES IN
STOCKHOLDERS’ EQUITYFOR THE YEARS ENDED DECEMBER
31, 2020 AND 2019
|
|
Number of Outstanding Shares |
|
|
Common Stock |
|
|
Treasury Stock |
|
|
Additional Paid-in Capital |
|
|
Accumulated Deficit |
|
|
Accumulated Other Comprehensive Income |
|
|
Total |
|
BALANCE AT DECEMBER 31,
2018 |
|
|
51,484,444 |
|
|
$ |
51,484 |
|
|
$ |
- |
|
|
$ |
254,989,657 |
|
|
$ |
(9,497,009 |
) |
|
$ |
(19,921,258 |
) |
|
$ |
225,622,874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issuance and award |
|
|
1,354,997 |
|
|
|
1,355 |
|
|
|
- |
|
|
|
4,716,328 |
|
|
|
- |
|
|
|
- |
|
|
|
4,717,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock buyback |
|
|
- |
|
|
|
- |
|
|
|
(2,477,965 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,477,965 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commission in stock buyback |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(14,615 |
) |
|
|
- |
|
|
|
- |
|
|
|
(14,615 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(7,188,727 |
) |
|
|
- |
|
|
|
(7,188,727 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,802,323 |
) |
|
|
(2,802,323 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE AT 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 |
|
|
1,771,317 |
|
|
|
1,771 |
|
|
|
- |
|
|
|
4,058,052 |
|
|
|
- |
|
|
|
- |
|
|
|
4,059,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cancellation of the Treasury Stock |
|
|
(487,155 |
) |
|
|
(487 |
) |
|
|
2,477,965 |
|
|
|
(2,477,478 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered Direct Offering |
|
|
18,253,952 |
|
|
|
18,254 |
|
|
|
- |
|
|
|
151,904,993 |
|
|
|
- |
|
|
|
- |
|
|
|
151,923,247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock option exercise |
|
|
3,000,000 |
|
|
|
3,000 |
|
|
|
- |
|
|
|
29,157,000 |
|
|
|
- |
|
|
|
- |
|
|
|
29,160,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(10,394,164 |
) |
|
|
- |
|
|
|
(10,394,164 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
13,945,430 |
|
|
|
13,945,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reduction in the Affiliate Company’s equity (net off tax effect
of $491,400) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,784,599 |
) |
|
|
- |
|
|
|
- |
|
|
|
(2,784,599 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE AT DECEMBER 31, 2020 |
|
|
75,377,555 |
|
|
$ |
75,377 |
|
|
$ |
- |
|
|
$ |
439,549,338 |
|
|
$ |
(27,079,900 |
) |
|
$ |
(8,778,151 |
) |
|
$ |
403,766,664 |
|
KANDI TECHNOLOGIES GROUP, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWSFOR THE YEARS ENDED DECEMBER 31, 2020 AND
2019
|
|
Years Ended |
|
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(10,394,164 |
) |
|
$ |
(7,188,727 |
) |
Adjustments to reconcile net
income to net cash provided by operating activities |
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
8,222,984 |
|
|
|
8,202,869 |
|
Impairments |
|
|
- |
|
|
|
398,790 |
|
(Reversal) provision of allowance
for doubtful accounts |
|
|
(152,809 |
) |
|
|
137,387 |
|
Deferred taxes |
|
|
(5,349,722 |
) |
|
|
(1,066,536 |
) |
Share of loss after tax of the
Affiliate Company |
|
|
17,252,662 |
|
|
|
30,716,938 |
|
Gain from equity dilution in the
Affiliate Company |
|
|
- |
|
|
|
(4,263,764 |
) |
Gain from equity sale in the
Affiliate Company |
|
|
- |
|
|
|
(20,438,986 |
) |
Gain on disposal of long-live
assets |
|
|
(14,174,233 |
) |
|
|
- |
|
Change in fair value of
contingent consideration |
|
|
565,000 |
|
|
|
1,107,427 |
|
Stock based compensation
expense |
|
|
902,666 |
|
|
|
1,360,258 |
|
|
|
|
|
|
|
|
|
|
Changes in operating
assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
19,247,519 |
|
|
|
(40,123,966 |
) |
Notes receivable |
|
|
- |
|
|
|
246,120 |
|
Notes receivable from the
Affiliate Company and related party |
|
|
- |
|
|
|
434,329 |
|
Inventories |
|
|
9,246,455 |
|
|
|
(6,458,104 |
) |
Other receivables and other
assets |
|
|
2,008,612 |
|
|
|
(8,208,931 |
) |
Advances to supplier and
prepayments and prepaid expenses |
|
|
(36,330,634 |
) |
|
|
4,379,925 |
|
Amount due from the Affiliate
Company |
|
|
4,237,103 |
|
|
|
8,803,542 |
|
Due from related party |
|
|
(339,118 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
In: |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
(30,993,717 |
) |
|
|
10,440,338 |
|
Other payables and accrued
liabilities |
|
|
(173,806 |
) |
|
|
5,998,106 |
|
Notes payable |
|
|
(13,912,842 |
) |
|
|
(12,743,628 |
) |
Income tax payable |
|
|
(745,208 |
) |
|
|
(1,619,659 |
) |
Net cash used in
operating activities |
|
$ |
(50,883,252 |
) |
|
$ |
(29,886,272 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchases of property, plant and
equipment, net |
|
|
(7,483,743 |
) |
|
|
(526,336 |
) |
Purchases of land use rights and
other intangible assets |
|
|
(3,281,115 |
) |
|
|
- |
|
Payment for construction in
progress |
|
|
(7,419,644 |
) |
|
|
(71,862 |
) |
Proceeds from disposal of
long-lived assets |
|
|
52,579,492 |
|
|
|
- |
|
Loan to third party |
|
|
(26,097,991 |
) |
|
|
- |
|
Cash received from sales of
equity in the Affiliate Company |
|
|
42,897,929 |
|
|
|
31,850,822 |
|
Long Term Investment |
|
|
(43,478 |
) |
|
|
- |
|
Net cash provided by
investing activities |
|
$ |
51,151,450 |
|
|
$ |
31,252,624 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds from short-term loans |
|
|
24,642,399 |
|
|
|
34,746,352 |
|
Repayments of short-term loans |
|
|
(50,873,903 |
) |
|
|
(38,944,869 |
) |
Repayments of long-term loans |
|
|
(28,799,501 |
) |
|
|
(289,553 |
) |
Proceeds from long-term loans |
|
|
394,116 |
|
|
|
- |
|
Fund raising through issuing common stock and warrants |
|
|
151,923,247 |
|
|
|
- |
|
Stock buyback with
commission |
|
|
- |
|
|
|
(2,492,579 |
) |
Option exercise, stock awards & other financing |
|
|
29,160,000 |
|
|
|
- |
|
Net cash provided by (used in) financing
activities |
|
$ |
126,446,358 |
|
|
$ |
(6,980,649 |
) |
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE)
IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH |
|
$ |
126,714,556 |
|
|
$ |
(5,614,297 |
) |
Effect of exchange rate
changes |
|
$ |
(706,556 |
) |
|
$ |
(226,139 |
) |
CASH AND CASH EQUIVALENTS
AND RESTRICTED CASH AT BEGINNING OF YEAR |
|
$ |
16,512,635 |
|
|
$ |
22,353,071 |
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS
AND RESTRICTED CASH AT END OF PERIOD |
|
$ |
142,520,635 |
|
|
$ |
16,512,635 |
|
-CASH AND CASH EQUIVALENTS AT END
OF PERIOD |
|
|
142,078,190 |
|
|
|
5,490,557 |
|
-RESTRICTED CASH AT END OF
PERIOD |
|
|
442,445 |
|
|
|
11,022,078 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY CASH FLOW
INFORMATION |
|
|
|
|
|
|
|
|
Income taxes paid |
|
$ |
1,046,127 |
|
|
|
1,994,526 |
|
Interest paid |
|
$ |
653,507 |
|
|
|
1,738,656 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL NON-CASH
DISCLOSURES: |
|
|
|
|
|
|
|
|
Decrease in investment in the
Affiliate Company due to change in its equity |
|
$ |
3,099,193 |
|
|
|
- |
|
Notes receivable from unrelated
parties for equity transfer payment |
|
$ |
- |
|
|
|
42,853,834 |
|
Purchase of construction in
progress in accounts payable and other payable |
|
|
7,945,414 |
|
|
|
- |
|
Common stock issued from
settlement of payables to KSBS Shareholders and former members of
SC Autosports |
|
$ |
3,166,427 |
|
|
|
3,357,425 |
|
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