Kandi Technologies Group, Inc.

CIK:0001316517|SEC Filings

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
REVENUES, NET	$ 123,599,232	$ 117,813,049
COST OF GOODS SOLD	(82,229,209)	(98,295,323)
GROSS PROFIT	41,370,023	19,517,726
OPERATING EXPENSE:
Research and development	(4,265,176)	(6,029,608)
Selling and marketing	(13,335,950)	(5,501,475)
General and administrative	(35,381,496)	(32,325,889)
Impairment of goodwill	(496,981)	(642,665)
Impairment of long-lived assets	(942,591)	(2,697,521)
TOTAL OPERATING EXPENSE	(54,422,194)	(47,197,158)
LOSS FROM OPERATIONS	(13,052,171)	(27,679,432)
OTHER INCOME (EXPENSE):
Interest income	9,984,558	6,427,502
Interest expense	(1,327,341)	(707,488)
Change in fair value of contingent consideration	1,803,000	4,196,995
Government grants	2,017,551	1,639,328
Other income, net	4,047,074	2,784,561
TOTAL OTHER INCOME , NET	16,524,842	14,340,898
INCOME (LOSS) BEFORE INCOME TAXES	3,472,671	(13,338,534)
INCOME TAX (EXPENSE) BENEFIT	(1,802,904)	487,510
NET INCOME (LOSS)	1,669,767	(12,851,024)
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	1,662,635	(727,361)
NET INCOME (LOSS) ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS	7,132	(12,123,663)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(8,636,827)	(28,585,025)
COMPREHENSIVE LOSS	$ (6,967,060)	$ (41,436,049)
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC (in Shares)	78,781,094	75,571,702
WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED (in Shares)	79,902,891	75,571,702
NET INCOME (LOSS) PER SHARE, BASIC (in Dollars per share)	$ 0.02	$ (0.17)
NET INCOME (LOSS) PER SHARE, DILUTED (in Dollars per share)	$ 0.02	$ (0.17)

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 1,669,767	$ (12,851,024)
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Depreciation and amortization	11,913,647	12,427,973
Impairments	1,439,573	3,340,186
Provision of allowance for doubtful accounts	656,330	(542,801)
Deferred taxes	203,236	(461,045)
Loss from long-term Investment	141,389
Change in fair value of contingent consideration	(1,803,000)	(4,196,995)
Stock award and stock based compensation expense	11,059,801	1,926,376
Changes in operating assets and liabilities:
Accounts receivable	10,560,521	(20,965,140)
Notes receivable	(123,992,862)	4,726,570
Inventories	(21,531,323)	(9,145,298)
Other receivables and other assets	5,165,337	(4,932,463)
Advances to supplier and prepayments and prepaid expenses	1,491,762	16,275,678
Increase (Decrease) In:
Accounts payable	38,603,301	62,592,477
Other payables and accrued liabilities	(5,062,494)	7,842,715
Notes payable	(32,629,627)	(24,533,127)
Income tax payable	954,006	(25,171)
Net cash (used in) provided by operating activities	(101,160,636)	31,478,911
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment, net	(13,172,512)	(3,690,235)
Payment for construction in progress	(75,185)	(129,894)
Certificate of deposit	45,244,390	(31,210,986)
Acquisition of NGI	282,135
Net cash provided by (used in) investing activities	32,278,828	(35,031,115)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term loans	23,420,534	30,765,776
Repayments of short-term loans	(19,709,663)	(28,357,211)
Repayments of long-term loans	(46,426)
Proceeds from long-term loans	8,225,000
Contribution from non-controlling shareholder		757,981
Purchase of treasury stock	(510,745)	(7,499,634)
Proceeds from exercises stock options, stock awards and other financing	3,449,988
Net cash provided by (used in) financing activities	14,828,688	(4,333,088)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(54,053,120)	(7,885,292)
Effect of exchange rate changes	(3,357,083)	(9,750,444)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR	151,040,271	168,676,007
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	93,630,068	151,040,271
-CASH AND CASH EQUIVALENTS AT END OF PERIOD	33,756,941	84,063,717
-RESTRICTED CASH AT END OF PERIOD	59,873,127	66,976,554
SUPPLEMENTARY CASH FLOW INFORMATION
Income taxes paid	311,504	350,002
Interest paid	965,025	345,451
SUPPLEMENTAL NON-CASH DISCLOSURES:
Contribution from non-controlling shareholder by inventories, fixed assets and intangible assets		393,986
Common stock issued for settlement of payables related to acquisitions (see Note 19)	$ 1,812,005

Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 33,756,941	$ 84,063,717
Restricted cash	59,873,127	66,976,554
Certificate of deposit	33,947,212	81,191,191
Accounts receivable (net of allowance for doubtful accounts of $2,886,223 and $2,285,386 as of December 31, 2023 and December 31, 2022, respectively)	18,951,745	38,150,876
Inventories	61,551,268	40,475,366
Notes receivable	124,473,111	434,461
Other receivables	6,476,542	11,912,615
Prepayments and prepaid expense	1,909,094	2,970,261
Advances to suppliers	2,609,098	3,147,932
TOTAL CURRENT ASSETS	343,548,138	329,322,973
NON-CURRENT ASSETS
Property, plant and equipment, net	98,803,772	97,168,753
Intangible assets, net	6,395,825	7,994,112
Land use rights, net	2,754,442	2,909,950
Construction in progress		199,837
Deferred tax assets	814,610	1,432,527
Long-term investment		144,984
Goodwill	33,146,682	33,178,229
Other long-term assets	9,993,130	10,630,911
TOTAL NON-CURRENT ASSETS	151,908,461	153,659,303
TOTAL ASSETS	495,456,599	482,982,276
CURRENT LIABILITIES
Accounts payable	28,744,854	35,321,262
Other payables and accrued expenses	7,252,814	14,131,414
Short-term loans	9,072,336	5,569,154
Notes payable	24,071,461	19,123,476
Income tax payable	2,130,083	1,270,617
Other current liabilities	5,402,081	6,089,925
TOTAL CURRENT LIABILITIES	76,673,629	81,505,848
NON-CURRENT LIABILITIES
Long-term loans	8,389,163
Deferred taxes liability	963,691	1,378,372
Contingent consideration liability	2,693,000	1,803,000
Other long-term liabilities	227,024	602,085
TOTAL NON-CURRENT LIABILITIES	12,272,878	3,783,457
TOTAL LIABILITIES	88,946,507	85,289,305
STOCKHOLDER’S EQUITY
Common stock, $0.001 par value; 100,000,000 shares authorized; 87,532,800 and 77,668,730 shares issued and 87,348,234 and 74,180,171 outstanding at December 31,2023 and December 31,2022, respectively	87,533	77,669
Less: Treasury stock (184,566 shares with average price of $2.75 and 3,488,559 shares with average price of $2.81 at December 31, 2023 and December 31, 2022, respectively)	(507,013)	(9,807,820)
Additional paid-in capital	457,847,155	451,373,645
Accumulated deficit (the restricted portion is $4,422,033 and $4,422,033 at December 31, 2023 and December 31, 2022, respectively)	(16,332,633)	(16,339,765)
Accumulated other comprehensive loss	(36,970,066)	(28,333,239)
TOTAL KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS’ EQUITY	404,124,976	396,970,490
Non-controlling interests	2,385,116	722,481
TOTAL STOCKHOLDERS’ EQUITY	406,510,092	397,692,971
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 495,456,599	$ 482,982,276