– Off-road Vehicles Sales Are Steadily Growing
– Quarter-end money stability1 elevated to $232.5 million
JINHUA, China, Aug. 08, 2022 (GLOBE NEWSWIRE) — Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), at this time introduced its monetary outcomes for the second quarter of 2022.
Second Quarter Highlights
- Total revenues of $20.8 million in comparison with $29.9 million in the identical interval of 2021.
- Off-road automobiles gross sales elevated by 84.4% to $10.1 million, in comparison with $5.5 million in the identical interval of 2021.
- EV merchandise gross sales elevated by 307.1% to $2.5 million, in comparison with $0.6 million in the identical interval of 2021.
- EV components gross sales had been $0.6 million, in comparison with $6.7 million in the identical interval of 2021.
- Electric Scooters, Electric Self-Balancing Scooters and related components gross sales had been $1.2 million, in contrast with $16.5 million in the identical interval of 2021.
- Net loss was $1.9 million, or $0.02 loss per totally diluted share, in comparison with a internet revenue of $40.9 million, or $0.54 revenue per totally diluted share for a similar interval of 2021. The lower was primarily because of the second quarter 2021 achieve from the disposal of long-lived property of roughly $48.3 million, which was associated to the relocation of our Jinhua manufacturing facility. There was no comparable achieve within the second quarter of 2022.
- Working capital of $264.2 million as of June 30, 2022
- Cash, money equivalents, restricted money, and certificates of deposit of $232.5 million as of June 30, 2022
Mr. Hu Xiaoming, Chairman and CEO of Kandi commented, “Kandi has continuously refined its business strategy to make our company more diversified and competitive. We saw the positive impact of this effort in the second quarter. Despite frequent lockdowns caused by COVID resurgences and severe supply chain disruptions, our business strategy adjustments enabled us to achieve relatively solid results. Notably, we are getting traction in a variety of newly launched off-road vehicles, such as golf karts, UTVs, ATVs, and beach dune buggy crossovers. For example, the monthly production of golf crossovers increased to 2,000 units in June, from just double digits in March. We intend to launch more new models as the year goes on to capture this market opportunity. We believe this product category could grow around 19%2 annually in compound growth rate, and eventually exceeding $2.2 billion by 2028. We are confident of sequential growth in off-road vehicles in the quarters ahead.”
Q2 2022 Financial Results
Net Revenues and Gross Profit (in USD tens of millions)
| Q2 2022 | Q2 2021 | Y-o-Y% | ||
| Net Revenues | $20.8 | $29.9 | -30.2% | |
| Gross Profit | $2.7 | $6.1 | -55.4% | |
| Gross Margin% | 13.0% | 20.4% | – | |
Net revenues of $20.8 million within the second quarter of 2022 decreased 30.2% from the identical interval of 2021. The income decline was primarily attributable to decrease gross sales volumes of Electric Scooters, Electric Self-Balancing Scooters and related components and EV components attributable to decrease seasonal demand. The combine shift to extra battery income precipitated the contraction in gross margin.
Operating Income/Loss (in USD tens of millions)
| Q2 2022 | Q2 2021 | Y-o-Y% | |||
| Operating (Expenses) Income | ($9.0) | $38.3 | -123.5% | ||
| (Loss) revenue from Operations | ($6.3) | $44.4 | -114.2% | ||
| Operating Margin% | -30.1% | 148.5% | – | ||
Operating bills had been $9.0 million, in contrast with working revenue of $38.3 million for a similar interval of 2021. Second quarter 2021 working revenue included the $48.3 million achieve from the disposal of long-live property associated to our Jinhua facility relocation.
Net Income/Loss (in USD tens of millions)
| Q2 2022 | Q2 2021 | Y-o-Y% | |||||
| Net (loss) Income | ($1.9) | $40.9 | -104.6% | ||||
| Net (Loss) revenue per Share, Basic and Diluted | ($0.02) | $0.54 | – | ||||
Net loss for the second quarter of 2022 was $1.9 million in comparison with internet revenue of $40.9 million for a similar interval of 2021, reflecting the one-time facility relocation achieve final yr.
Second Quarter 2022 Conference Call Details
The Company has scheduled a convention name and reside webcast to debate its monetary outcomes at 8:00 A.M. Eastern Time (8:00 P.M. Beijing Time) on Monday, August 8, 2022. Management will ship ready remarks to be adopted by a question-and-answer session.
The dial-in particulars for the convention name are as follows:
• Toll-free dial-in quantity: +1-877-407-3982
• International dial-in quantity: + 1-201-493-6780
• Webcast and replay: https://viavid.webcasts.com/starthere.jsp?ei=1562753&tp_key=ef917a2508
The reside audio webcast of the decision may also be accessed by visiting Kandi’s Investor Relations web page on the Company’s web site at http://www.kandivehicle.com. An archive of the webcast will probably be obtainable on the Company’s web site following the reside name.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua Economic Development Zone, Zhejiang Province, is engaged within the analysis, improvement, manufacturing, and gross sales of assorted vehicular merchandise. Kandi conducts its main business operations by way of its wholly-owned subsidiary, Zhejiang Kandi Technologies Group Co., Ltd. (“Zhejiang Kandi Technologies”), previously, Zhejiang Kandi Vehicles Co., Ltd. and its subsidiaries together with Zhejiang Kandi Smart Battery Swap Technology Co., Ltd, and SC Autosports, LLC (d/b/a Kandi America), the wholly-owned subsidiary of Kandi within the United States, and its wholly-owned subsidiary, Kandi America Investment, LLC. Zhejiang Kandi Technologies has established itself as one among China’s main producers of pure electrical car components and off-road automobiles.
Safe Harbor Statement
This press launch comprises sure statements which will embrace “forward-looking statements.” All statements aside from statements of historic reality included herein are “forward-looking statements.” These forward-looking statements are sometimes recognized by way of forward-looking terminology reminiscent of “believes,” “expects” or comparable expressions, involving recognized and unknown dangers and uncertainties. Although the Company believes that the expectations mirrored in these forward-looking statements are cheap, they do contain assumptions, dangers and uncertainties, and these expectations might show to be incorrect. You shouldn’t place undue reliance on these forward-looking statements, which converse solely as of the date of this press launch. The Company’s precise outcomes might differ materially from these anticipated in these forward-looking statements on account of quite a lot of components, together with the chance components mentioned within the Company’s periodic experiences which might be filed with the Securities and Exchange Commission and obtainable on the SEC’s web site (http://www.sec.gov). All forward-looking statements attributable to the Company or individuals performing on its behalf are expressly certified of their entirety by these danger components. Other than as required beneath the relevant securities legal guidelines, the Company doesn’t assume an obligation to replace these forward-looking statements.
Follow us on Twitter: @ Kandi_Group
Contacts:
Kandi Technologies Group, Inc.
Ms. Kewa Luo
+1 (212) 551-3610
[email protected]
The Blueshirt Group
Mr. Gary Dvorchak, CFA
[email protected]
– Tables Below –
KANDI TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, 2022 | December 31, 2021 | ||||||
| (Unaudited) | |||||||
| Current property | |||||||
| Cash and money equivalents | $ | 87,098,779 | $ | 129,223,443 | |||
| Restricted money | 72,235,039 | 39,452,564 | |||||
| Certificate of deposit | 73,173,646 | 55,041,832 | |||||
| Accounts receivable (internet of allowance for uncertain accounts of $2,903,505 and $3,053,277 as of June 30, 2022 and December 31, 2021, respectively) |
37,794,871 | 52,896,305 | |||||
| Inventories | 41,937,709 | 33,171,973 | |||||
| Notes receivable | 725,332 | 323,128 | |||||
| Other receivables | 8,491,785 | 8,901,109 | |||||
| Prepayments and pay as you go expense | 2,516,142 | 17,657,326 | |||||
| Advances to suppliers | 6,978,469 | 5,940,456 | |||||
| TOTAL CURRENT ASSETS | 330,951,772 | 342,608,136 | |||||
| NON-CURRENT ASSETS | |||||||
| Property, plant and gear, internet | 102,735,918 | 111,577,411 | |||||
| Intangible property, internet | 11,606,688 | 13,249,079 | |||||
| Land use rights, internet | 3,041,861 | 3,250,336 | |||||
| Construction in progress | 373,484 | 79,317 | |||||
| Deferred tax property | 2,171,889 | 2,219,297 | |||||
| Long-term funding | 149,334 | 157,262 | |||||
| Goodwill | 34,678,790 | 36,027,425 | |||||
| Other long-term property | 11,166,861 | 10,992,009 | |||||
| TOTAL NON-CURRENT ASSETS | 165,924,825 | 177,552,136 | |||||
| TOTAL ASSETS | $ | 496,876,597 | $ | 520,160,272 | |||
| CURRENT LIABILITIES | |||||||
| Accounts payable | $ | 32,635,923 | $ | 36,677,802 | |||
| Other payables and accrued bills | 8,065,531 | 9,676,973 | |||||
| Short-term loans | 1,450,000 | 950,000 | |||||
| Notes payable | 17,933,221 | 8,198,193 | |||||
| Income tax payable | 629,642 | 1,620,827 | |||||
| Other present liabilities | 6,086,563 | 7,038,895 | |||||
| TOTAL CURRENT LIABILITIES | 66,800,880 | 64,162,690 | |||||
| NON-CURRENT LIABILITIES | |||||||
| Long-term loans | 2,210,589 | 2,210,589 | |||||
| Deferred taxes legal responsibility | 2,490,130 | 2,460,141 | |||||
| Contingent consideration legal responsibility | 5,513,000 | 7,812,000 | |||||
| Other long-term liabilities | 880,925 | 314,525 | |||||
| TOTAL NON-CURRENT LIABILITIES | 11,094,644 | 12,797,255 | |||||
| TOTAL LIABILITIES | 77,895,524 | 76,959,945 | |||||
| STOCKHOLDER’S EQUITY | |||||||
| Common inventory, $0.001 par worth; 100,000,000 shares approved; 77,648,730 and 77,385,130 shares issued and 75,760,807 and 76,705,381 excellent at June 30,2022 and December 31,2021, respectively |
77,649 | 77,385 | |||||
| Less: Treasury inventory (1,887,923 shares with common value of $3.14 and 679,749 shares with common value of $3.52 at June 30,2022 and December 31,2021, respectively ) |
(5,937,017 | ) | (2,392,203 | ) | |||
| Additional paid-in capital | 450,120,903 | 449,479,461 | |||||
| Accumulated deficit (the restricted portion is $4,422,033 and $4,422,033 at June 30,2022 and December 31,2021, respectively) |
(7,769,429 | ) | (4,216,102 | ) | |||
| Accumulated different complete loss | (18,704,633 | ) | 251,786 | ||||
| TOTAL KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS’ EQUITY | 417,787,473 | 443,200,327 | |||||
| Non-controlling pursuits | 1,193,600 | – | |||||
| TOTAL STOCKHOLDERS’ EQUITY | 418,981,073 | 443,200,327 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 496,876,597 | $ | 520,160,272 | |||
KANDI TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, 2022 |
June 30, 2021 |
June 30, 2022 |
June 30, 2021 |
||||||||||||
| REVENUES FROM UNRELATED PARTIES, NET | $ | 20,841,183 | $ | 29,875,835 | $ | 45,732,587 | $ | 45,852,002 | |||||||
| REVENUES FROM THE FORMER AFFILIATE COMPANY AND RELATED PARTIES, NET |
– | – | – | 1,587 | |||||||||||
| REVENUES, NET | 20,841,183 | 29,875,835 | 45,732,587 | 45,853,589 | |||||||||||
| COST OF GOODS SOLD | (18,122,316 | ) | (23,778,053 | ) | (40,626,557 | ) | (35,401,456 | ) | |||||||
| GROSS PROFIT | 2,718,867 | 6,097,782 | 5,106,030 | 10,452,133 | |||||||||||
| OPERATING INCOME (EXPENSE): | |||||||||||||||
| Research and improvement | (1,253,843 | ) | (3,564,905 | ) | (2,394,429 | ) | (25,189,502 | ) | |||||||
| Selling and advertising and marketing | (1,172,528 | ) | (1,057,517 | ) | (2,366,227 | ) | (2,204,383 | ) | |||||||
| General and administrative | (6,574,079 | ) | (5,359,572 | ) | (12,330,610 | ) | (9,789,695 | ) | |||||||
| Gain on disposal of long-lived property | – | 48,253,667 | – | 48,253,667 | |||||||||||
| TOTAL OPERATING (EXPENSE) INCOME | (9,000,450 | ) | 38,271,673 | (17,091,266 | ) | 11,070,087 | |||||||||
| (LOSS) INCOME FROM OPERATIONS | (6,281,583 | ) | 44,369,455 | (11,985,236 | ) | 21,522,220 | |||||||||
| OTHER INCOME (EXPENSE): | |||||||||||||||
| Interest revenue | 1,378,774 | 974,105 | 2,601,078 | 1,502,697 | |||||||||||
| Interest expense | (138,433 | ) | (78,069 | ) | (286,577 | ) | (204,417 | ) | |||||||
| Change in truthful worth of contingent consideration | (391,000 | ) | (357,000 | ) | 2,299,000 | – | |||||||||
| Government grants | 463,219 | 114,402 | 707,317 | 349,195 | |||||||||||
| Gain from sale of fairness within the Former Affiliate Company | – | 33,651 | – | 17,733,911 | |||||||||||
| Share of loss after tax of the Former Affiliate Company | – | (4,904 | ) | – | (2,584,401 | ) | |||||||||
| Other revenue, internet | 2,373,528 | 3,827,089 | 2,417,310 | 4,325,990 | |||||||||||
| TOTAL OTHER INCOME , NET | 3,686,088 | 4,509,274 | 7,738,128 | 21,122,975 | |||||||||||
| (LOSS) INCOME BEFORE INCOME TAXES | (2,595,495 | ) | 48,878,729 | (4,247,108 | ) | 42,645,195 | |||||||||
| INCOME TAX BENEFIT (EXPENSE) | 719,843 | (7,949,255 | ) | 752,443 | (8,118,441 | ) | |||||||||
| NET (LOSS) INCOME | (1,875,652 | ) | 40,929,474 | (3,494,665 | ) | 34,526,754 | |||||||||
| LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NON- CONTROLLING INTERESTS |
61,619 | – | 58,662 | – | |||||||||||
| NET (LOSS) INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS |
(1,937,271 | ) | 40,929,474 | (3,553,327 | ) | 34,526,754 | |||||||||
| OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||
| Foreign forex translation adjustment | (19,966,230 | ) | 4,874,815 | (18,956,419 | ) | 3,698,802 | |||||||||
| COMPREHENSIVE (LOSS) INCOME | $ | (21,841,882 | ) | $ | 45,804,289 | $ | (22,451,084 | ) | $ | 38,225,556 | |||||
| WEIGHTED AVERAGE SHARES OUTSTANDING BASIC AND DILUTED | 75,863,479 | 75,510,788 | 76,075,484 | 75,447,633 | |||||||||||
| NET (LOSS) INCOME PER SHARE, BASIC AND DILUTED | $ | (0.02 | ) | $ | 0.54 | $ | (0.05 | ) | $ | 0.46 | |||||
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 |
Non-controlling pursuits |
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 forex translation | – | – | – | – | – | (1,176,013 | ) | – | (1,176,013 | ) | ||||||||||||||
| Reversal of discount within the Former Affiliate Company’s fairness (internet of tax impact 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 revenue | – | – | – | – | 40,929,474 | – | – | 40,929,474 | ||||||||||||||||
| Foreign forex 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 | ||||||||
| Number of Outstanding Shares |
Common Stock |
Treasury Stock |
Additional Paid-in Capital |
Accumulated Earning (Deficit) |
Accumulated Other Comprehensive Income |
Non-controlling pursuits |
Total | |||||||||||||||||
| Balance, December 31, 2021 | 77,385,130 | $ | 77,385 | $ | (2,392,203 | ) | $ | 449,479,461 | $ | (4,216,102 | ) | $ | 251,786 | $ | – | $ | 443,200,327 | |||||||
| Stock issuance and award | 25,000 | 25 | – | 92,925 | – | – | – | 92,950 | ||||||||||||||||
| Stock buyback | – | – | (1,570,324 | ) | (13,236 | ) | – | – | – | (1,583,560 | ) | |||||||||||||
| Capital contribution from shareholder | – | – | – | – | – | – | 1,198,398 | 1,198,398 | ||||||||||||||||
| Net loss | – | – | – | – | (1,616,056 | ) | – | (2,957 | ) | (1,619,013 | ) | |||||||||||||
| Foreign forex translation | – | – | – | – | – | 1,009,811 | – | 1,009,811 | ||||||||||||||||
| Balance, March 31, 2022 | 77,410,130 | $ | 77,410 | $ | (3,962,527 | ) | $ | 449,559,150 | $ | (5,832,158 | ) | $ | 1,261,597 | $ | 1,195,441 | $ | 442,298,913 | |||||||
| Stock issuance and award | 238,600 | 239 | – | 584,331 | – | – | – | 584,570 | ||||||||||||||||
| Stock buyback | – | – | (1,974,490 | ) | (22,578 | ) | – | – | – | (1,997,068 | ) | |||||||||||||
| Net revenue (loss) | – | – | – | – | (1,937,271 | ) | – | 61,619 | (1,875,652 | ) | ||||||||||||||
| Foreign forex translation | – | – | – | – | – | (19,966,230 | ) | (63,460 | ) | (20,029,690 | ) | |||||||||||||
| Balance, June 30, 2022 | 77,648,730 | $ | 77,649 | $ | (5,937,017 | ) | $ | 450,120,903 | $ | (7,769,429 | ) | $ | (18,704,633 | ) | 1,193,600 | $ | 418,981,073 | |||||||
KANDI TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| Six Months Ended | |||||||
| June 30, 2022 |
June 30, 2021 |
||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
| Net (loss) revenue | $ | (3,494,665 | ) | $ | 34,526,754 | ||
| Adjustments to reconcile internet revenue to internet money offered by working actions | |||||||
| Depreciation and amortization | 6,447,548 | 4,443,218 | |||||
| Provision (reversal) of allowance for uncertain accounts | 4,301 | – | |||||
| Deferred taxes | (116,206 | ) | (11,970 | ) | |||
| Share of loss after tax of the Former Affiliate Company | – | 2,584,401 | |||||
| Gain from fairness sale within the Former Affiliate Company | – | (17,733,911 | ) | ||||
| Gain on disposal of long-lived property | – | (48,253,667 | ) | ||||
| Change in truthful worth of contingent consideration | (2,299,000 | ) | – | ||||
| Stock primarily based compensation expense | 639,690 | 1,429,456 | |||||
| Changes in working property and liabilities: | |||||||
| Accounts receivable | (9,108,858 | ) | 2,054,930 | ||||
| Notes receivable | 1,925,896 | – | |||||
| Inventories | (9,949,597 | ) | (3,328,120 | ) | |||
| Other receivables and different property | (2,806,192 | ) | (14,040,619 | ) | |||
| Advances to provider and prepayments and pay as you go bills | 13,475,591 | 20,596,182 | |||||
| Increase (Decrease) In: | |||||||
| Accounts payable | 32,751,997 | (1,044,040 | ) | ||||
| Other payables and accrued liabilities | 4,198,349 | (463,016 | ) | ||||
| Notes payable | (7,788,622 | ) | (93,273 | ) | |||
| Income tax payable | (777,068 | ) | 7,671,740 | ||||
| Net money offered by (utilized in) working actions | $ | 23,103,164 | $ | (11,661,935 | ) | ||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Purchases of property, plant and gear, internet | (1,491,918 | ) | (6,565,755 | ) | |||
| Payment for building in progress | (308,304 | ) | (1,869,028 | ) | |||
| Proceeds from disposal of long-lived property | – | 23,234,680 | |||||
| Repayment from (mortgage to) third get together | – | 31,686,168 | |||||
| Certificate of deposit | (21,617,615 | ) | (54,098,335 | ) | |||
| Proceeds from gross sales of fairness within the Former Affiliate Company | – | 23,803,268 | |||||
| Long-term Investment | – | (108,197 | ) | ||||
| Net money (utilized in) offered by investing actions | $ | (23,417,837 | ) | $ | 16,082,801 | ||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
| Proceeds from short-term loans | 5,070,582 | 250,000 | |||||
| Repayments of short-term loans | (4,570,582 | ) | – | ||||
| Contribution from non-controlling shareholder | 787,499 | – | |||||
| Purchase of treasury inventory | (3,580,628 | ) | – | ||||
| Net money (utilized in) offered by financing actions | $ | (2,293,129 | ) | $ | 250,000 | ||
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | $ | (2,607,802 | ) | $ | 4,670,866 | ||
| Effect of trade charge modifications | $ | (6,734,387 | ) | $ | 997,982 | ||
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR | $ | 168,676,007 | $ | 142,520,635 | |||
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $ | 159,333,818 | $ | 148,189,483 | |||
| -CASH AND CASH EQUIVALENTS AT END OF PERIOD | 87,098,779 | 132,071,957 | |||||
| -RESTRICTED CASH AT END OF PERIOD | 72,235,039 | 16,117,526 | |||||
| SUPPLEMENTARY CASH FLOW INFORMATION | |||||||
| Income taxes paid | $ | 140,831 | 373,433 | ||||
| Interest paid | $ | 102,722 | – | ||||
| SUPPLEMENTAL NON-CASH DISCLOSURES: | |||||||
| Reversal of lower in funding within the Former Affiliate Company attributable to change in its fairness (internet of tax impact of $491,400) |
– | 2,813,968 | |||||
| Increase of different receivable for fairness switch fee of the Former Affiliate Company | – | 23,803,268 | |||||
| Contribution from non-controlling shareholder by inventories and repair property | 393,986 | – | |||||
1 Includes money, money equivalents, restricted money, and certificates of deposit.
2 Source: The Insight Partners, Electric Off-Road Vehicle Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Vehicle (All-Terrain Vehicle (ATV), Special Service Vehicle/Utility Terrain Vehicle (SSV/UTV), and Off-Road Motorcycles), Application (Utility, Sports, Recreation, and Military), and Geography, July 13, 2022.
