2024 Q1 Form 10-K Financial Statement

#000121390024022676 Filed on March 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $67.70M $67.70M
YoY Change -59.03% -59.03%
Cash & Equivalents $33.76M $33.76M
Short-Term Investments $33.95M $33.95M
Other Short-Term Assets $64.39M $64.39M
YoY Change 19420.74% -11.91%
Inventory $61.55M $61.55M
Prepaid Expenses $1.909M
Receivables $18.95M $18.95M
Other Receivables $6.477M $130.9M
Total Short-Term Assets $343.5M $343.5M
YoY Change 4.32% 4.32%
LONG-TERM ASSETS
Property, Plant & Equipment $98.80M $104.7M
YoY Change 1.68% 0.91%
Goodwill $33.15M
YoY Change -0.1%
Intangibles $6.396M
YoY Change -19.99%
Long-Term Investments $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $9.993M $4.918M
YoY Change -6.0% -13.41%
Total Long-Term Assets $151.9M $151.9M
YoY Change -1.14% -1.14%
TOTAL ASSETS
Total Short-Term Assets $343.5M $343.5M
Total Long-Term Assets $151.9M $151.9M
Total Assets $495.5M $495.5M
YoY Change 2.58% 2.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.74M $28.74M
YoY Change -18.62% -18.62%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $9.072M $33.14M
YoY Change 62.01% 34.23%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $76.67M $76.67M
YoY Change -5.93% -5.93%
LONG-TERM LIABILITIES
Long-Term Debt $8.400M $8.389M
YoY Change
Other Long-Term Liabilities $227.0K $2.920M
YoY Change -62.29% 21.41%
Total Long-Term Liabilities $12.27M $11.31M
YoY Change 224.38% 370.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $76.67M $76.67M
Total Long-Term Liabilities $12.27M $11.31M
Total Liabilities $88.95M $91.33M
YoY Change 4.29% 6.19%
SHAREHOLDERS EQUITY
Retained Earnings -$16.33M
YoY Change -0.04%
Common Stock $457.9M
YoY Change 1.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $404.1M $404.1M
YoY Change
Total Liabilities & Shareholders Equity $495.5M $495.5M
YoY Change 2.58% 2.58%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023

Facts In Submission

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KANDI TECHNOLOGIES GROUP, INC.
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">NOTE 3 - BASIS OF PRESENTATION</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">The Company’s financial statements and notes are the representations of the Company’s management. Accounting policies adopted by the Company conform to generally accepted accounting principles in the United States and have been consistently applied in the Company’s presentation of its financial statements.</p>
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Pursuant to the No.2 Supplementary Agreement, the Transferors have the right to obtain 858,770 KNDI shares in each of the below-mentioned periods, provided that Jiangxi Huiyi achieves a net income of 1) RMB 8 million yuan or more during the period from July 1, 2021 to September 30, 2022 (“Period I”); 2) RMB 15 million yuan or more during the period from October 1, 2022 to September 30, 2023 (“Period II”); 3) RMB 15 million yuan or more during the period from October 1, 2023 to September 30, 2024 (“Period III”). If the net income of Jiangxi Huiyi fails to reach the respective target number in any of the three periods, the shares that the Transferors are entitled to obtain in that period will be adjusted accordingly: 1) if the difference between the net income in each Period and its Target Number is less than or equivalent to 20% of its Target Number (RMB 8 Million in Period I or RMB 15 Million in Period II or Period III), the transferee or KNDI has right to directly subtract 171,754 KNDI shares from the total make good shares, and the Transferor are entitled to obtain 687,016 KNDI shares; 2) if the difference between the net income in each Period and its Target Number (RMB 8 Million in Period I or RMB 15 Million in Period II or Period III) is more than 20% of its Target Number but less than 40% of its Target Number, the transferee or KNDI has the right to directly subtract 343,508 KNDI shares from the total make good shares, and the Transferors have the right to obtain 515,262 KNDI shares; 3) if the difference between the net income in each Period and its Target Number (RMB 8 Million in Period I or RMB 15 Million in Period II or Period III) is greater than or equal to 40% of its Target Number, the transferee of KNDI has the right to directly subtract 858,770 KNDI shares from the total make good shares, and the Transferors will not have the right to obtain any shares in such year.
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Revenues
123599232 usd
CY2022 us-gaap Revenues
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13000000 usd
CY2023 kndi Trading Days
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3.29
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2023 kndi Equity Transfer Agreement Description
EquityTransferAgreementDescription
Pursuant to the terms of the Equity Transfer Agreement and the Supplementary Agreement, dated as of March 12, 2024, the escrow restrictions on the KNDI Stock shall be removed sequentially based on the following conditions: 1) when NGI achieves pretax income of $4.6 million or more (“Profit Target I”) during the period from December 1, 2023 to November 30, 2024, 2,431,612 shares of KNDI Stock Transferor holds shall be fully vested by removing the escrow restriction. Notwithstanding the above, the Transferor, on December 31, 2023, can apply for vesting certain number of shares, but no more than 1,418,440 shares, with its value equal to the actual amount of pre-tax income achieved hereinunder (for example: if the pre-tax income is $3.5 million, 1,063,830 shares (3,500,000/3.29=1,063,830) shall be fully vested and without escrow restriction); 2) when NGI achieves pretax income of $5.25 million or more (“Profit Target II”) during the period from December 1, 2024 to November 30, 2025, 759,878 shares of KNDI Stock Transferor holds shall be fully vested by removing its escrow restriction; and 3) when NGI achieves pretax income of $6 million or more (“Profit Target III”, collectively with Profit Target I, and Profit Target II, “Profit Targets”) during the period from December 1, 2025 to November 30, 2026, 759,878 shares of KNDI Stock Transferor holds shall be fully vested by removing the escrow restriction. If NGI fails to reach any of the Profit Targets in any period as mentioned above, the number of KNDI Stock to be removed escrow restriction in that period shall be adjusted based on the percentage of the actual achieved pretax income. If there is any loss incurred in that period, the Transferor shall assume the loss.
CY2023Q4 us-gaap Asset Acquisition Contingent Consideration Liability Current
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CY2023 us-gaap Asset Acquisition Consideration Transferred Contingent Consideration
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2693000 usd
CY2023 us-gaap Asset Acquisition Consideration Transferred
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2693000 usd
CY2023 us-gaap Asset Acquisition Consideration Transferred Transaction Cost
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CY2023Q4 us-gaap Other Finite Lived Intangible Assets Gross
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0.006641 usd
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CY2023 kndi Stock Issued During Period Value Cancellation Of The Treasury Stock
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CY2022 us-gaap Stock Issued1
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