JINHUA, China, Nov. 12, 2019 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company," "we" or "Kandi") (NASDAQ GS: KNDI), today announced its financial results for the third quarter of 2019.
Third Quarter Financial Highlights
- Total revenues were $31.7 million for the third quarter of 2019, a decrease of 16.6% from total revenues of $38.0 million for the same period in 2018.
- Electric Vehicle ("EV") parts sales decreased by 19.4%, to $25.8 million for the third quarter of 2019, compared with EV parts sales of $32.1 million for the same period in 2018.
- Revenues from sales of off-road vehicles decreased by 1.5%, to $5.8 million for the third quarter of 2019, compared with revenues from sales of off-road vehicles of $5.9 million for the same period in 2018.
- Gross profit decreased 15.5% to $5.3 million, compared to $6.2 million for the same period last year. Gross margin increased to 16.7% compared to 16.4% for the same period of 2018.
- GAAP net income for the third quarter of 2019 was $12.1 million, or earnings of $0.23 per fully diluted share compared with GAAP net loss of $6.5 million, or loss of $0.13 per fully diluted share for the same period in 2018.
- Non-GAAP adjusted net income1, which excludes stock award expenses and the change of the fair value of contingent consideration, was $12.1 million in the third quarter of 2019, compared with non-GAAP net loss of $4.9 million for the same period in 2018. Non-GAAP adjusted income per share1 was approximately $0.23 per fully diluted share for the third quarter of 2019, compared with Non-GAAP adjusted loss per share1 of $0.10 per fully diluted share for the same period in 2018.
- Working capital was $80.4 million as of September 30, 2019. Cash, cash equivalents and restricted cash totaled $26.1 million as of September 30, 2019.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "Kandi's financial performance in the first three quarters of 2019 were unsatisfying due to the negative impact stemming from the Affiliate Company's2 equity adjustment and the corresponding changes to its business operations. However, over the past six months, the Company's efforts have led to new opportunities for its future development. These efforts include reorganizing and working with other business partners to facilitate the online ride-sharing service alliance project, which offers 300,000 government-accredited vehicles within five years. The Company's efforts also include improving the operation and production capacity of the Hainan facility, enhancing the Company's ability to supply the EV-part products, strengthening its relationship with DGL Group Inc. (USA) while simultaneously developing the business of the all-terrain vehicles. We are confident in the Company's ability to grow and prosper in 2020. In addition, Geely Technologies Group Co., Ltd. has conducted substantial work in connection with the improvement of the Affiliate Company and achieved significant results, details of which will be released by the Affiliate Company in December."
Revenues and Gross Profit
| 3Q19 | 3Q18 | Y-o-Y% | ||||||
| Revenues (US$million) | $31.7 | $38.0 | -16.6% | |||||
| Gross Profit (US$million) | $5.3 | $6.2 | -15.5% | |||||
| Gross Margin | 16.7% | 16.4% | - | |||||
Revenues for the third quarter of 2019 decreased by 16.6% compared to the same period of last year. The decrease in revenues was mainly due to the decrease in EV parts sales during this quarter. The decrease in EV parts sales was primarily due to the Affiliate Company's temporary declining sales, which was caused by its product adjustments. The increase in the gross margin was mainly due to the increased selling price of the charging and exchanging equipment and the increased proportion of the high-margin battery processing business this year.
Operating Income (Loss)
| 3Q19 | 3Q18 | Y-o-Y% | ||||||
| Operating Expenses (US$million) | $5.0 | $8.7 | 42.7% | |||||
| Operating Income (Loss) (US$million) | $0.3 | ($2.4) | -113.1% | |||||
| Operating Margin | 1.0% | -6.4% | - | |||||
Total operating expenses in the third quarter of 2019 were $5.0 million, compared with $8.7 million in the same quarter of 2018. The decrease in total operating expenses was due to the decreased R&D expenses, which were $0.6 million in this quarter compared with $5.7 million in the same quarter last year.
The following table summarizes our non-GAAP net income for the three months ended September 30, 2019 and 2018:
| 3Q19 | 3Q18 | Y-o-Y% | ||||||
| Net Income (Loss) (US$million) | $12.1 | ($6.5) | -285.4% | |||||
| Earnings (Loss) per Weighted Average Common Share | $0.23 | ($0.13) | - | |||||
| Earnings (Loss) per Weighted Average Diluted Share | $0.23 | ($0.13) | - | |||||
| Stock Award Expenses (US$million) | $0.02 | $0.03 | -27.6% | |||||
| Change in the Fair Value of Contingent Consideration (US$million) | ($0.06) | $1.6 | -103.7% | |||||
| Non-GAAP Net Income (Loss) (US$million) | $12.1 | ($5.0) | -344.2% | |||||
Net income was $12.1 million in the third quarter of 2019, compared with net loss of $6.5 million in the same quarter of 2018. The increase of net income for this quarter was primarily attributable to the gain from equity sale in the Affiliate Company and the decreased research and development expense.
Non-GAAP net income was $12.1 million in the third quarter of 2019, compared to Non-GAAP net loss of $5.0 million in the same quarter of 2018. The increase of net income (non-GAAP) was primarily attributable to the gain from equity sale in the Affiliate Company and the decreased research and development expense.
Third Quarter 2019 Conference Call Details
The Company has scheduled a conference call and live webcast to discuss its third quarter 2019 financial results at 8:00 A.M. Eastern Time (9:00 P.M. Beijing Time) on November 12, 2019. Mr. Hu Xiaoming, Chief Executive Officer of the Company, and Mr. Zhu Xiaoying, interim Chief Financial Officer of the Company, will deliver prepared remarks to be followed by a question and answer session.
Dial-in details for the conference call are as follows:
- Toll-free dial-in number: +1-866-548-4713
- International dial-in number: + 1-323-794-2093
- Webcast and replay: http://public.viavid.com/index.php?id=136981
A live audio webcast of the call can also be accessed by visiting Kandi's Investor Relations page on the Company's website at http://www.kandivehicle.com. An archive of the webcast will be available on the Company's website following the live call.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua 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, SC Autosports, LLC, a wholly-owned subsidiary of Kandi in the United States and Kandi Electric Vehicles Group Co., Ltd. (the "Affiliate Company"). Kandi Vehicles has established itself as one of China's leading manufacturers of pure electric vehicle ("EV") parts and off-road vehicles.
In 2013, Kandi Vehicles and Geely Group, China's leading automaker, jointly invested in the establishment of the Affiliate Company in order to develop, manufacture and sell pure EV products. As of September 30, 2019, Geely Technologies Group Co., Ltd. (including its affiliate) and Kandi Vehicles respectively hold 78% and 22% of the equity interest in the Affiliate Company. The Affiliate Company has established itself as one of the driving forces in the development and the manufacturing of pure EV products in China.
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 securities laws, the Company does not assume a duty to update these forward-looking statements.
Follow us on Twitter: @ Kandi_Group
Company Contact:
Ms. Kewa Luo
Kandi Technologies Group, Inc.
Phone: 1-212-551-3610
Email: IR@kandigroup.com
________________________________
1Non-GAAP measures, including Non-GAAP net income and Non-GAAP EPS are defined as the financial measures excluding the change of fair value of contingent consideration and the effects of stock award expenses. We supply non-GAAP information because we believe it allows our investors to obtain a clearer understanding of our operations. Any non-GAAP measure should not be considered as a substitute for, and should only be read in conjunction with, measures of financial performance prepared in accordance with GAAP.
2 Refers to Kandi Electric Vehicles Group Co., Ltd., formerly known as the "JV Company".
- Tables Below -
KANDI TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
| September 30, 2019 | December 31, 2018 | |||||||
| (UNAUDITED) | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 14,338,637 | $ | 15,662,201 | ||||
| Restricted cash | 11,713,004 | 6,690,870 | ||||||
| Accounts receivable (net of allowance for doubtful accounts of $130,420 and $120,010 as of September 30, 2019 and December 31, 2018, respectively) | 54,859,801 | 34,274,728 | ||||||
| Inventories | 35,447,383 | 21,997,868 | ||||||
| Notes receivable | 41,549,888 | 72,712 | ||||||
| Notes receivable from the Affiliate Company and related party | - | 3,861,032 | ||||||
| Other receivables | 12,859,304 | 1,264,323 | ||||||
| Prepayments and prepaid expense | 9,497,459 | 11,136,408 | ||||||
| Due from employees | 5,499 | 1,001 | ||||||
| Advances to suppliers | 4,474,104 | 4,705,183 | ||||||
| Amount due from the Affiliate Company, net | 25,335,894 | 67,683,462 | ||||||
| Right - of - use asset | 42,974 | - | ||||||
| TOTAL CURRENT ASSETS | 210,123,947 | 167,349,788 | ||||||
| LONG-TERM ASSETS | ||||||||
| Property, plant and equipment, net | 74,491,204 | 82,045,923 | ||||||
| Land use rights, net | 11,084,717 | 11,749,728 | ||||||
| Construction in progress | 17,781 | - | ||||||
| Deferred taxes assets | - | 8,204 | ||||||
| Investment in the Affiliate Company | 53,837,011 | 128,929,893 | ||||||
| Goodwill | 27,762,120 | 28,552,215 | ||||||
| Intangible assets | 3,723,988 | 4,328,127 | ||||||
| Other long term assets | 4,803,349 | 5,865,386 | ||||||
| TOTAL Long-Term Assets | 175,720,170 | 261,479,476 | ||||||
| TOTAL ASSETS | $ | 385,844,117 | $ | 428,829,264 | ||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 79,632,036 | $ | 112,309,683 | ||||
| Other payables and accrued expenses | 4,843,001 | 4,251,487 | ||||||
| Short-term loans | 30,969,731 | 30,539,236 | ||||||
| Customer deposits | 33,535 | 94,408 | ||||||
| Notes payable | 11,463,004 | 12,787,619 | ||||||
| Income tax payable | 1,519,699 | 3,471,366 | ||||||
| Due to employees | 7,105 | 28,473 | ||||||
| Deferred income | 1,237,556 | 1,340,605 | ||||||
| Lease liability | 44,121 | - | ||||||
| Total Current Liabilities | 129,749,788 | 164,822,877 | ||||||
| LONG-TERM LIABILITIES | ||||||||
| Long term bank loans | 27,606,502 | 28,794,136 | ||||||
| Deferred taxes liability | 1,758,643 | 1,711,343 | ||||||
| Contingent consideration liability | 6,562,000 | 7,256,000 | ||||||
| Other long-term liability | - | 622,034 | ||||||
| Total Long-Term Liabilities | 35,927,145 | 38,383,513 | ||||||
| TOTAL LIABILITIES | 165,676,933 | 203,206,390 | ||||||
| STOCKHOLDER'S EQUITY | ||||||||
| Common stock, $0.001 par value; 100,000,000 shares authorized; 56,263,102 and 55,992,002 shares issued and 52,839,441 and 51,484,444 outstanding at September 30, 2019 and December 31, 2018, respectively | 52,839 | 51,484 | ||||||
| Less: Treasury stock (487,155 shares with average price of $5.09 and 0 shares at September 30, 2019 and December 31, 2018, respectively ) | (2,477,965 | ) | - | |||||
| Additional paid-in capital | 259,691,370 | 254,989,657 | ||||||
| Accumulated deficit (the restricted portion is $4,422,033 and $4,422,033 at September 30, 2019 and December 31, 2018, respectively) | (9,135,198 | ) | (9,497,009 | ) | ||||
| Accumulated other comprehensive loss | (27,963,862 | ) | (19,921,258 | ) | ||||
| TOTAL STOCKHOLDERS' EQUITY | 220,167,184 | 225,622,874 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 385,844,117 | $ | 428,829,264 | ||||
KANDI TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND
COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | |||||||||||||
| REVENUES FROM UNRELATED PARTY, NET | $ | 26,968,385 | $ | 14,860,034 | $ | 63,360,044 | $ | 32,211,352 | ||||||||
| REVENUES FROM THE AFFILIATE COMPANY AND RELATED PARTY, NET | 4,720,159 | 23,135,326 | 10,543,190 | 30,479,521 | ||||||||||||
| REVENUES, NET | 31,688,544 | 37,995,360 | 73,903,234 | 62,690,873 | ||||||||||||
| COST OF GOODS SOLD | (26,412,129 | ) | (31,753,311 | ) | (61,288,228 | ) | (53,044,861 | ) | ||||||||
| GROSS PROFIT | 5,276,415 | 6,242,049 | 12,615,006 | 9,646,012 | ||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||
| Research and development | (596,187 | ) | (5,691,649 | ) | (1,766,210 | ) | (7,091,836 | ) | ||||||||
| Selling and marketing | (930,810 | ) | (898,896 | ) | (2,448,291 | ) | (1,875,294 | ) | ||||||||
| General and administrative | (3,432,920 | ) | (2,070,947 | ) | (11,096,246 | ) | (5,534,039 | ) | ||||||||
| Total Operating Expenses | (4,959,917 | ) | (8,661,492 | ) | (15,310,747 | ) | (14,501,169 | ) | ||||||||
| INCOME (LOSS) FROM OPERATIONS | 316,498 | (2,419,443 | ) | (2,695,741 | ) | (4,855,157 | ) | |||||||||
| OTHER INCOME (EXPENSE): | ||||||||||||||||
| Interest income | 209,736 | 52,745 | 559,954 | 1,452,522 | ||||||||||||
| Interest expense | (435,524 | ) | (483,376 | ) | (1,304,062 | ) | (1,505,409 | ) | ||||||||
| Change in fair value of contingent consideration | 57,000 | (1,552,686 | ) | 694,000 | 1,814,326 | |||||||||||
| Government grants | 502,146 | 607,008 | 725,189 | 717,821 | ||||||||||||
| Gain from equity dilution in the Affiliate Company | (49,285 | ) | - | 4,291,974 | - | |||||||||||
| Gain from equity sale in the Affiliate Company | 20,574,217 | - | 20,574,217 | - | ||||||||||||
| Share of loss after tax of the Affiliate Company | (8,433,767 | ) | (3,247,343 | ) | (22,883,126 | ) | (79,592 | ) | ||||||||
| Other income , net | 57,833 | 15,735 | 357,626 | 666,294 | ||||||||||||
| Total other income (expense), net | 12,482,356 | (4,607,917 | ) | 3,015,772 | 3,065,962 | |||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | 12,798,854 | (7,027,360 | ) | 320,031 | (1,789,195 | ) | ||||||||||
| INCOME TAX (EXPENSE) BENEFIT | (709,413 | ) | 505,961 | 41,780 | 370,316 | |||||||||||
| NET INCOME (LOSS) | 12,089,441 | (6,521,399 | ) | 361,811 | (1,418,879 | ) | ||||||||||
| OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
| Foreign currency translation | (8,531,043 | ) | (8,108,270 | ) | (8,042,604 | ) | (13,230,652 | ) | ||||||||
| COMPREHENSIVE INCOME (LOSS) | $ | 3,558,398 | $ | (14,629,669 | ) | $ | (7,680,793 | ) | $ | (14,649,531 | ) | |||||
| WEIGHTED AVERAGE SHARES OUTSTANDING BASIC AND DILUTED | 52,613,642 | 51,474,048 | 52,332,260 | 51,089,047 | ||||||||||||
| NET INCOME (LOSS) PER SHARE, BASIC AND DILUTED | $ | 0.23 | $ | (0.13 | ) | $ | 0.01 | $ | (0.03 | ) | ||||||
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 Income | Total | ||||||||||||||||||||||
| Balance, December 31, 2018 | 51,484,444 | 51,484 | - | 254,989,657 | (9,497,009 | ) | (19,921,258 | ) | 225,622,874 | |||||||||||||||||||
| Stock issuance and award | 1,096,397 | 1,097 | - | 3,387,379 | - | - | 3,388,476 | |||||||||||||||||||||
| Net income (loss) | - | - | - | - | (4,409,472 | ) | - | (4,409,472 | ) | |||||||||||||||||||
| Foreign currency translation | - | - | - | - | - | 5,404,028 | 5,404,028 | |||||||||||||||||||||
| Balance, March 31, 2019 | 52,580,841 | 52,581 | - | 258,377,036 | (13,906,481 | ) | (14,517,230 | ) | 230,005,906 | |||||||||||||||||||
| Stock issuance and award | 238,600 | 238 | - | 1,259,569 | - | - | 1,259,807 | |||||||||||||||||||||
| Net income (loss) | - | - | - | - | (7,318,158 | ) | - | (7,318,158 | ) | |||||||||||||||||||
| Foreign currency translation | - | - | - | - | - | (4,915,589 | ) | (4,915,589 | ) | |||||||||||||||||||
| Balance, June 30, 2019 | 52,819,441 | 52,819 | - | 259,636,605 | (21,224,639 | ) | (19,432,819 | ) | 219,031,966 | |||||||||||||||||||
| Stock issuance and award | 20,000 | 20 | - | 69,380 | - | - | 69,400 | |||||||||||||||||||||
| Stock buyback | - | - | (2,477,965 | ) | - | - | - | (2,477,965 | ) | |||||||||||||||||||
| Commission in stock buyback | - | - | - | (14,615 | ) | - | - | (14,615 | ) | |||||||||||||||||||
| Net income (loss) | - | - | - | - | 12,089,441 | - | 12,089,441 | |||||||||||||||||||||
| Foreign currency translation | - | - | - | - | - | (8,531,043 | ) | (8,531,043 | ) | |||||||||||||||||||
| Balance, September 30, 2019 | 52,839,441 | 52,839 | (2,477,965 | ) | 259,691,370 | (9,135,198 | ) | (27,963,862 | ) | 220,167,184 | ||||||||||||||||||
| Number of Outstanding Shares | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total | ||||||||||||||||||||||
| Balance, December 31, 2017 | 48,036,538 | 48,037 | - | 233,055,348 | (3,802,310 | ) | (6,310,763 | ) | 222,990,312 | |||||||||||||||||||
| Stock issuance and award | 2,972,337 | 2,972 | - | 19,099,556 | - | - | 19,102,528 | |||||||||||||||||||||
| Net income (loss) | - | - | - | - | 3,727,995 | - | 3,727,995 | |||||||||||||||||||||
| Foreign currency translation | - | - | - | - | - | 7,465,240 | 7,465,240 | |||||||||||||||||||||
| Balance, March 31, 2018 | 51,008,875 | 51,009 | - | 252,154,904 | (74,315 | ) | 1,154,477 | 253,286,075 | ||||||||||||||||||||
| Stock issuance and award | 288,600 | 289 | - | 2,038,476 | - | - | 2,038,765 | |||||||||||||||||||||
| Net income (loss) | - | - | - | - | 1,374,525 | - | 1,374,525 | |||||||||||||||||||||
| Foreign currency translation | - | - | - | - | - | (12,587,622 | ) | (12,587,622 | ) | |||||||||||||||||||
| Balance, June 30, 2018 | 51,297,475 | 51,298 | - | 254,193,380 | 1,300,210 | (11,433,145 | ) | 244,111,743 | ||||||||||||||||||||
| Stock issuance and award | 184,469 | 184 | - | 787,529 | - | - | 787,713 | |||||||||||||||||||||
| Net income (loss) | - | - | - | - | (6,521,399 | ) | - | (6,521,399 | ) | |||||||||||||||||||
| Foreign currency translation | - | - | - | - | - | (8,108,271 | ) | (8,108,271 | ) | |||||||||||||||||||
| Balance, September 30, 2018 | 51,481,944 | 51,482 | - | 254,980,909 | (5,221,189 | ) | (19,541,416 | ) | 230,269,786 | |||||||||||||||||||
KANDI TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| Nine Months Ended | ||||||||
| September 30, 2019 | September 30, 2018 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net income (loss) | $ | 361,811 | $ | (1,418,879 | ) | |||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
| Depreciation and amortization | 6,443,422 | 2,271,599 | ||||||
| Impairments | 44,544 | 24,854 | ||||||
| Allowance for doubtful accounts | 15,366 | (7,093 | ) | |||||
| Deferred taxes | 50,693 | - | ||||||
| Share of loss after tax of the Affiliate Company | 22,883,126 | 79,592 | ||||||
| Gain from equity dilution in the Affiliate Company | (4,291,974 | ) | - | |||||
| Gain from equity sale in the Affiliate Company | (20,574,217 | ) | - | |||||
| Change in fair value of contingent consideration | (694,000 | ) | (1,814,326 | ) | ||||
| Stock compensation cost | 1,337,333 | 253,934 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| (Increase) Decrease In: | ||||||||
| Accounts receivable | (36,822,184 | ) | (52,845,923 | ) | ||||
| Deferred taxes assets | - | (52,126 | ) | |||||
| Notes receivable | 174,881 | 491,272.00 | ||||||
| Notes receivable from the Affiliate Company and related party | 437,203 | 3,196,340 | ||||||
| Inventories | (14,813,147 | ) | 1,555,993 | |||||
| Other receivables and other assets | (17,275,954 | ) | 1,497,230 | |||||
| Due from employee | (25,861 | ) | 945 | |||||
| Advances to supplier and prepayments and prepaid expenses | 1,357,001 | (4,590,404 | ) | |||||
| Amount due from the Affiliate Company | 30,549,072 | (81,549,214 | ) | |||||
| Amount due from Affiliate Company-Long term | - | 15,907,183 | ||||||
| Due from related party | - | 161,874 | ||||||
| Increase (Decrease) In: | ||||||||
| Accounts payable | 11,383,411 | 101,684,965 | ||||||
| Other payables and accrued liabilities | 7,791,028 | 29,845,307 | ||||||
| Notes payable | (11,836,950 | ) | (12,434,813 | ) | ||||
| Customer deposits | (59,734 | ) | 20,350 | |||||
| Income tax payable | (1,803,574 | ) | (2,353,826 | ) | ||||
| Deferred income | (56,448 | ) | (761,643 | ) | ||||
| Net cash used in operating activities | $ | (25,425,152 | ) | $ | (836,809 | ) | ||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Purchases of property, plant and equipment, net | (955,670 | ) | (304,745 | ) | ||||
| Purchases of land use rights and other intangible assets | - | (105,480 | ) | |||||
| Acquisition of Jinhua An Kao (net of cash received) | - | (3,610,846 | ) | |||||
| Acquisition of SC Autosports | - | 486,954 | ||||||
| Purchases of construction in progress | (18,491 | ) | (425,241 | ) | ||||
| Reimbursement of capitalize interests for construction in progress | - | 1,818,390 | ||||||
| Cash received from equity sale in the Affiliate Company | 32,061,558 | - | ||||||
| Long Term Investment | - | 1,458,464 | ||||||
| Net cash provided by (used in) investing activities | $ | 31,087,397 | $ | (682,504 | ) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from short-term bank loans | 27,864,409 | 25,515,452 | ||||||
| Repayments of short-term bank loans | (26,261,331 | ) | (26,283,065 | ) | ||||
| Repayments of long-term bank loans | (145,734 | ) | (153,523 | ) | ||||
| Proceeds from notes payable | - | 40,313,800 | ||||||
| Repayment of notes payable | - | (43,024,633 | ) | |||||
| Cash used for stock buyback | (2,492,579 | ) | - | |||||
| Net cash used in financing activities | $ | (1,035,235 | ) | $ | (3,631,969 | ) | ||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 4,627,010 | (5,151,282 | ) | |||||
| Effect of exchange rate changes on cash | (928,440 | ) | (512,545 | ) | ||||
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR | 22,353,071 | 16,110,496 | ||||||
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | 26,051,641 | 10,446,669 | ||||||
| -CASH AND CASH EQUIVALENTS AT END OF PERIOD | 14,338,637 | 1,342,085 | ||||||
| -RESTRICTED CASH AT END OF PERIOD | 11,713,004 | 9,104,584 | ||||||
| SUPPLEMENTARY CASH FLOW INFORMATION | ||||||||
| Income taxes paid | 1,711,101 | 1,981,072 | ||||||
| Interest paid | 1,304,062 | 1,274,399 | ||||||
| SUPPLEMENTAL NON-CASH DISCLOSURES: | ||||||||
| Acquisition of Jinhua An Kao by stock | - | 20,718,859 | ||||||
| Acquisition of SC Autosports by stock | - | 756,664 | ||||||
| Amount due from the Affiliate Company converted to investment in the Affiliate Company | - | 83,669,804 | ||||||
| Notes receivable from unrelated parties for equity transfer payment | 43,137,369 | - | ||||||
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
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