![[Toyota Times] Century as a Brand, Lexus as Innovation: All the Details on Toyota's New Project!](https://businessfortnight.com/wp-content/uploads/2025/10/Toyota-Times-Century-as-a-Brand-Lexus-as-Innovation-All-218x150.jpg "[Toyota Times] Century as a Brand, Lexus as Innovation: All the Details on Toyota's New Project!")
– Steady Growth in Off-road Vehicles
– Revenue development drove considerably narrowed loss
JINHUA, China, Nov. 08, 2022 (GLOBE NEWSWIRE) — Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), right this moment introduced its monetary outcomes for the third quarter of 2022.
Third Quarter Highlights
- Total revenues of $33.7 million in comparison with $16.8 million in the identical interval of 2021.
- Off-road automobiles and related elements gross sales elevated by 217.6% to $21.7 million, in comparison with $6.8 million in the identical interval of 2021.
- EV merchandise gross sales elevated considerably to $1.7 million from $0.3 million in the identical interval of 2021.
- EV elements gross sales had been $2.6 million, in comparison with $3.2 million in the identical interval of 2021.
- Electric Scooters, Electric Self-Balancing Scooters and related elements gross sales had been $1.2 million, in contrast with $6.3 million in the identical interval of 2021.
- Net earnings was $1.1 million, or $0.01 earnings per absolutely diluted share, in comparison with a web lack of $7.9 million, or $0.10 loss per absolutely diluted share for a similar interval of 2021. A flip to profitability from loss was largely attributed to larger whole income, resulted from extremely carried out off-road automobiles and related elements gross sales, and decrease working bills.
- Working capital totaled $252.9 million as of September 30, 2022
- Cash and equivalents, restricted money, and certificates of deposit totaled $210.2 million as of September 30, 2022
Mr. Hu Xiaoming, Chairman and CEO of Kandi commented, “During the third quarter, our strategic pivot enabled us to make inroads in electric off-road vehicles. With high market interest in the electrification of off-road vehicles, we successfully developed and delivered “crossover” electrical golf carts which are seeing excessive acceptance by our prospects. Growing demand, and constructive market suggestions offers us extra confidence to speculate extra in electrical off-road automobiles. Our subsequent step is to launch extra fashions within the classes of golf crossovers, utility terrain automobiles, and extra. We imagine that our high line development and disciplined management of working bills can drive improved profitability, which might be more and more acknowledged by traders.”
Q3 2022 Financial Results
Net Revenues and Gross Profit (in USD hundreds of thousands)
| Q3 2022 | Q3 2021 | Y-o-Y% | |
| Net Revenues | $33.7 | $16.8 | 100.5% |
| Gross Profit | $6.4 | $2.7 | 131.6% |
| Gross Margin% | 18.9% | 16.4% | – |
Net revenues of $33.7 million within the third quarter of 2022 elevated 100.5% from the identical interval of 2021. The enhance in income and gross margin was primarily on account of a product combine shift to off-road automobiles, a phase with the next gross margin that achieved important development previously quarter.
Operating Income/Loss (in USD hundreds of thousands)
| Q3 2022 | Q3 2021 | Y-o-Y% | |
| Operating Expenses | ($8.6) | ($11.8) | 27.3% |
| Loss from Operations | ($2.2) | ($9.0) | 75.7% |
| Operating Margin% | -6.5% | -53.7% | – |
Operating bills had been $8.6 million, in contrast with working expense of $11.8 million for a similar interval of 2021. Operating bills decreased because the Company moved previous the 2021 peak analysis and growth effort on new merchandise.
Net Income/Loss (in USD hundreds of thousands)
| Q3 2022 | Q3 2021 | Y-o-Y% | |
| Net Income (Loss) | $1.1 | ($7.9) | 113.6% |
| Net Income (Loss) per Share, Basic and Diluted | $0.01 | ($0.1) | – |
Net earnings was $1.1 million evaluating to a web lack of $7.9 million for a similar interval of 2021. The flip to profitability was primarily on account of larger whole income and decrease working bills.
Third Quarter 2022 Conference Call Details
The Company has scheduled a convention name and dwell webcast to debate its monetary outcomes at 8:00 A.M. Eastern Time (9:00 P.M. Beijing Time) on Tuesday, November 8, 2022. Management will ship ready remarks to be adopted by a query and reply session.
The dial-in particulars for the convention name are as follows:
The dwell audio webcast of the decision will 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 might be out there on the Company’s web site following the dwell name.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua Economic Development Zone, Zhejiang Province, is engaged within the analysis, growth, manufacturing, and gross sales of assorted vehicular merchandise. Kandi conducts its major 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 certainly one of China’s main producers of pure electrical automobile elements and off-road automobiles.
Safe Harbor Statement
This press launch accommodates sure statements that will embody “forward-looking statements.” All statements apart from statements of historic truth included herein are “forward-looking statements.” These forward-looking statements are sometimes recognized by way of forward-looking terminology similar to “believes,” “expects” or comparable expressions, involving identified 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 could show to be incorrect. You shouldn’t place undue reliance on these forward-looking statements, which communicate 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 because of quite a lot of components, together with the chance components mentioned within the Company’s periodic reviews which are filed with the Securities and Exchange Commission and out there 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 threat components. Other than as required underneath 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
(UNAUDITED)
| September 30, 2022 |
December 31, 2021 |
|||||||
| Current property | ||||||||
| Cash and money equivalents | $ | 99,029,118 | $ | 129,223,443 | ||||
| Restricted money | 40,855,710 | 39,452,564 | ||||||
| Certificate of deposit | 70,324,477 | 55,041,832 | ||||||
| Accounts receivable (web of allowance for uncertain accounts of $2,734,642 and $3,053,277 as of September 30, 2022 and December 31, 2021, respectively) | 40,034,961 | 52,896,305 | ||||||
| Inventories | 43,673,888 | 33,171,973 | ||||||
| Notes receivable | 1,371,773 | 323,128 | ||||||
| Other receivables | 19,293,487 | 8,901,109 | ||||||
| Prepayments and pay as you go expense | 4,006,808 | 17,657,326 | ||||||
| Advances to suppliers | 5,800,659 | 5,940,456 | ||||||
| TOTAL CURRENT ASSETS | 324,390,881 | 342,608,136 | ||||||
| NON-CURRENT ASSETS | ||||||||
| Property, plant and tools, web | 94,908,520 | 111,577,411 | ||||||
| Intangible property, web | 10,785,106 | 13,249,079 | ||||||
| Land use rights, web | 2,843,944 | 3,250,336 | ||||||
| Construction in progress | 329,726 | 79,317 | ||||||
| Deferred tax property | 2,171,890 | 2,219,297 | ||||||
| Long-term funding | 140,649 | 157,262 | ||||||
| Goodwill | 32,960,659 | 36,027,425 | ||||||
| Other long-term property | 10,423,361 | 10,992,009 | ||||||
| TOTAL NON-CURRENT ASSETS | 154,563,855 | 177,552,136 | ||||||
| TOTAL ASSETS | $ | 478,954,736 | $ | 520,160,272 | ||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 33,281,208 | $ | 36,677,802 | ||||
| Other payables and accrued bills | 7,894,152 | 9,676,973 | ||||||
| Short-term loans | 5,604,312 | 950,000 | ||||||
| Notes payable | 17,170,279 | 8,198,193 | ||||||
| Income tax payable | 1,121,744 | 1,620,827 | ||||||
| Other present liabilities | 6,425,151 | 7,038,895 | ||||||
| TOTAL CURRENT LIABILITIES | 71,496,846 | 64,162,690 | ||||||
| NON-CURRENT LIABILITIES | ||||||||
| Long-term loans | 2,210,589 | 2,210,589 | ||||||
| Deferred taxes legal responsibility | 2,462,901 | 2,460,141 | ||||||
| Contingent consideration legal responsibility | 3,266,000 | 7,812,000 | ||||||
| Other long-term liabilities | 777,211 | 314,525 | ||||||
| TOTAL NON-CURRENT LIABILITIES | 8,716,701 | 12,797,255 | ||||||
| TOTAL LIABILITIES | 80,213,547 | 76,959,945 | ||||||
| STOCKHOLDER’S EQUITY | ||||||||
| Common inventory, $0.001 par worth; 100,000,000 shares licensed; 77,658,730 and 77,385,130 shares issued and 75,343,594 and 76,705,381 excellent at September 30,2022 and December 31,2021, respectively | 77,659 | 77,385 | ||||||
| Less: Treasury inventory (2,315,136 shares with common value of $2.96 and 679,749 shares with common value of $3.52 at September 30,2022 and December 31,2021, respectively ) | (6,848,731 | ) | (2,392,203 | ) | ||||
| Additional paid-in capital | 450,380,994 | 449,479,461 | ||||||
| Accumulated deficit (the restricted portion is $4,422,033 and $4,422,033 at September 30,2022 and December 31,2021, respectively) | (7,390,410 | ) | (4,216,102 | ) | ||||
| Accumulated different complete loss | (39,637,503 | ) | 251,786 | |||||
| TOTAL KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS’ EQUITY | 396,582,009 | 443,200,327 | ||||||
| Non-controlling pursuits | 2,159,180 | – | ||||||
| TOTAL STOCKHOLDERS’ EQUITY | 398,741,189 | 443,200,327 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 478,954,736 | $ | 520,160,272 | ||||
KANDI TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2022 |
September 30, 2021 |
September 30, 2022 |
September 30, 2021 |
|||||||||||||
| REVENUES FROM UNRELATED PARTIES, NET | $ | 33,673,201 | $ | 16,795,712 | $ | 79,405,788 | $ | 62,647,714 | ||||||||
| REVENUES FROM THE FORMER AFFILIATE COMPANY AND RELATED PARTIES, NET | – | – | – | 1,587 | ||||||||||||
| REVENUES, NET | 33,673,201 | 16,795,712 | 79,405,788 | 62,649,301 | ||||||||||||
| COST OF GOODS SOLD | (27,304,038 | ) | (14,046,041 | ) | (67,930,595 | ) | (49,447,497 | ) | ||||||||
| GROSS PROFIT | 6,369,163 | 2,749,671 | 11,475,193 | 13,201,804 | ||||||||||||
| OPERATING INCOME (EXPENSE): | ||||||||||||||||
| Research and growth | (1,433,649 | ) | (6,747,934 | ) | (3,828,078 | ) | (31,937,436 | ) | ||||||||
| Selling and advertising and marketing | (1,440,995 | ) | (1,290,544 | ) | (3,807,222 | ) | (3,494,927 | ) | ||||||||
| General and administrative | (5,686,233 | ) | (3,733,230 | ) | (18,016,843 | ) | (13,522,925 | ) | ||||||||
| Gain on disposal of long-lived property | – | 2,238 | – | 48,255,905 | ||||||||||||
| TOTAL OPERATING EXPENSE | (8,560,877 | ) | (11,769,470 | ) | (25,652,143 | ) | (699,383 | ) | ||||||||
| (LOSS) INCOME FROM OPERATIONS | (2,191,714 | ) | (9,019,799 | ) | (14,176,950 | ) | 12,502,421 | |||||||||
| OTHER INCOME (EXPENSE): | ||||||||||||||||
| Interest earnings | 2,138,130 | 1,247,544 | 4,739,208 | 2,750,241 | ||||||||||||
| Interest expense | (177,417 | ) | (63,368 | ) | (463,994 | ) | (267,785 | ) | ||||||||
| Change in honest worth of contingent consideration | 434,995 | – | 2,733,995 | – | ||||||||||||
| Government grants | 829,539 | 220,967 | 1,536,856 | 570,162 | ||||||||||||
| Gain from sale of fairness within the Former Affiliate Company | – | 822 | – | 17,734,733 | ||||||||||||
| Share of loss after tax of the Former Affiliate Company | – | (119 | ) | – | (2,584,520 | ) | ||||||||||
| Other earnings, web | 536,726 | 442,102 | 2,954,036 | 4,768,092 | ||||||||||||
| TOTAL OTHER INCOME, NET | 3,761,973 | 1,847,948 | 11,500,101 | 22,970,923 | ||||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | 1,570,259 | (7,171,851 | ) | (2,676,849 | ) | 35,473,344 | ||||||||||
| INCOME TAX (EXPENSE) BENEFIT | (497,211 | ) | (696,968 | ) | 255,232 | (8,815,409 | ) | |||||||||
| NET INCOME (LOSS) | 1,073,048 | (7,868,819 | ) | (2,421,617 | ) | 26,657,935 | ||||||||||
| LESS: NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 694,029 | – | 752,691 | – | ||||||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS | 379,019 | (7,868,819 | ) | (3,174,308 | ) | 26,657,935 | ||||||||||
| OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
| Foreign foreign money translation adjustment | (20,932,870 | ) | (116,054 | ) | (39,889,289 | ) | 3,582,748 | |||||||||
| COMPREHENSIVE (LOSS) INCOME | $ | (19,859,822 | ) | $ | (7,984,873 | ) | $ | (42,310,906 | ) | $ | 30,240,683 | |||||
| WEIGHTED AVERAGE SHARES OUTSTANDING BASIC | 75,741,399 | 76,394,573 | 75,962,899 | 75,766,749 | ||||||||||||
| WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED | 75,885,630 | 76,394,573 | 76,061,190 | 75,766,749 | ||||||||||||
| NET INCOME (LOSS) PER SHARE, BASIC | $ | 0.01 | $ | (0.10 | ) | $ | (0.03 | ) | $ | 0.35 | ||||||
| NET INCOME (LOSS) PER SHARE, DILUTED | $ | 0.01 | $ | (0.10 | ) | $ | (0.03 | ) | $ | 0.35 | ||||||
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 foreign money translation | – | – | – | – | – | (1,176,013 | ) | – | (1,176,013 | ) | ||||||||||||||||||||||
| Reversal of discount within the Former Affiliate Company’s fairness (web 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 earnings | – | – | – | – | 40,929,474 | – | – | 40,929,474 | ||||||||||||||||||||||||
| Foreign foreign money 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 foreign money 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 | |||||||||||||||
| 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 foreign money 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 earnings (loss) | – | – | – | – | (1,937,271 | ) | – | 61,619 | (1,875,652 | ) | ||||||||||||||||||||||
| Foreign foreign money 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 | |||||||||||||||
| Stock issuance and award | 10,000 | 10 | – | 22,290 | – | – | – | 22,300 | ||||||||||||||||||||||||
| Stock primarily based compensation | 250,673 | 250,673 | ||||||||||||||||||||||||||||||
| Stock buyback | – | – | (911,714 | ) | (12,872 | ) | – | – | – | (924,586 | ) | |||||||||||||||||||||
| Capital contribution from shareholder | – | – | – | – | – | – | 337,557 | 337,557 | ||||||||||||||||||||||||
| Net earnings (loss) | – | – | – | – | 379,019 | – | 694,029 | 1,073,048 | ||||||||||||||||||||||||
| Foreign foreign money translation | – | – | – | – | – | (20,932,870 | ) | (66,006 | ) | (20,998,876 | ) | |||||||||||||||||||||
| Balance, September 30, 2022 | 77,658,730 | $ | 77,659 | $ | (6,848,731 | ) | $ | 450,380,994 | $ | (7,390,410 | ) | $ | (39,637,503 | ) | 2,159,180 | $ | 398,741,189 | |||||||||||||||
KANDI TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| Nine Months Ended | ||||||||
| September 30, 2022 |
September 30, 2021 |
|||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net (loss) earnings | $ | (2,421,617 | ) | $ | 26,657,935 | |||
| Adjustments to reconcile web earnings to web money offered by working actions | ||||||||
| Depreciation and amortization | 9,512,970 | 6,893,192 | ||||||
| Provision (reversal) of allowance for uncertain accounts | 4,220 | – | ||||||
| Deferred taxes | (116,206 | ) | (11,970 | ) | ||||
| Share of loss after tax of the Former Affiliate Company | – | 2,584,520 | ||||||
| Gain from fairness sale within the Former Affiliate Company | – | (17,734,733 | ) | |||||
| Gain on disposal of long-lived property | – | (48,255,905 | ) | |||||
| Change in honest worth of contingent consideration | (2,733,995 | ) | – | |||||
| Stock award and inventory primarily based compensation expense | 913,288 | 1,452,381 | ||||||
| Changes in working property and liabilities: | ||||||||
| Accounts receivable | (20,932,970 | ) | 4,289,150 | |||||
| Notes receivable | 1,927,621 | – | ||||||
| Inventories | (13,183,546 | ) | (7,443,414 | ) | ||||
| Other receivables and different property | (10,264,805 | ) | (17,537,034 | ) | ||||
| Advances to provider and prepayments and pay as you go bills | 12,405,615 | 18,776,708 | ||||||
| Increase (Decrease) In: | ||||||||
| Accounts payable | 46,796,615 | (4,116,153 | ) | |||||
| Other payables and accrued liabilities | 4,951,022 | 7,052,572 | ||||||
| Notes payable | (13,574,849 | ) | (93,278 | ) | ||||
| Income tax payable | (60,313 | ) | 8,053,977 | |||||
| Net money offered by (utilized in) working actions | $ | 13,223,050 | $ | (19,432,052 | ) | |||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Purchases of property, plant and tools, web | (1,674,445 | ) | (10,948,968 | ) | ||||
| Acquisition of Jiangxi Huiyi | – | (3,864,346 | ) | |||||
| Payment for development in progress | (278,777 | ) | (4,048,889 | ) | ||||
| Proceeds from disposal of long-lived property | – | 23,235,758 | ||||||
| (Loan to) Repayment from third social gathering | (4,545,386 | ) | 31,687,637 | |||||
| Certificate of deposit | (22,726,928 | ) | (54,100,844 | ) | ||||
| Proceeds from gross sales of fairness within the Former Affiliate Company | – | 47,608,743 | ||||||
| Long-term Investment | – | (108,202 | ) | |||||
| Advance receipts of fairness switch | – | 600,463 | ||||||
| Net money (utilized in) offered by investing actions | $ | (29,225,536 | ) | $ | 30,061,352 | |||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from short-term loans | 20,642,224 | 2,630,000 | ||||||
| Repayments of short-term loans | (15,987,912 | ) | – | |||||
| Contribution from non-controlling shareholder | 772,716 | – | ||||||
| Purchase of treasury inventory | (4,505,213 | ) | – | |||||
| Net money offered by financing actions | $ | 921,815 | $ | 2,630,000 | ||||
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | $ | (15,080,671 | ) | $ | 13,259,300 | |||
| Effect of trade charge modifications | $ | (13,710,508 | ) | $ | 990,440 | |||
| 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 | $ | 139,884,828 | $ | 156,770,375 | ||||
| -CASH AND CASH EQUIVALENTS AT END OF PERIOD | 99,029,118 | 132,866,957 | ||||||
| -RESTRICTED CASH AT END OF PERIOD | 40,855,710 | 23,903,418 | ||||||
| SUPPLEMENTARY CASH FLOW INFORMATION | ||||||||
| Income taxes paid | $ | 274,037 | 688,160 | |||||
| Interest paid | $ | 225,479 | 17,536 | |||||
| SUPPLEMENTAL NON-CASH DISCLOSURES: | ||||||||
| Reversal of lower in funding within the Former Affiliate Company on account of change in its fairness (web of tax impact of $491,400) | – | 2,813,968 | ||||||
| Contribution from non-controlling shareholder by inventories, repair property and intangible property | 393,986 | – | ||||||
| Common inventory issued for settlement of payables associated to acquisitions (see Note 19) | – | 4,853,451 | ||||||
