Kandi Technologies Reports Full Year 2017 Financial Results

March 16, 2018 7:00 AM EDT | Source: Kandi Technologies, Corp.

Jinhua, China--(Newsfile Corp. - March 16, 2018) - Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the "Company," "we" or "Kandi"), today announced its financial results for the full year ended December 31, 2017. 

Full Year 2017 Highlights

  • Total revenues were $102.8 million in 2017, a decrease of 20.6% from total revenues of $129.5 million in 2016.
  • EV parts sales decreased by 18.9% to $97.4 million in 2017, compared with EV parts sales of $120.1 million in 2016. 
  • Off-road vehicles sales decreased by 4.3% to $5.4 million in 2017, compared with off-road vehicles sales of $5.7 million in 2016.
  • Kandi Electric Vehicles Group Co., Ltd. (The “JV Company”) sold 11,437 EV products in 2017, compared to 10,148 EV products sold in 2016, an increase of 12.7%.
  • GAAP net loss in 2017 was $28.3 million, or $0.59 loss per fully diluted share, compared with GAAP net loss of $6.5 million, or $0.14 loss per fully diluted share in 2016. The primary reason for the GAAP net loss in 2017 was due to $27.6 million research & development (“R&D”) expenses in 2017 related to the development of K23 and other models; additionally, the JV Company incurred R&D expenses of $6.88 million (which posed $3.44 million impact on Kandi’s net loss).  Excluding the impact from the R&D expenses, under the Non-GAAP adjusted financial measure I, our net income  for 2017 would be $2.72 million, or $0.06 earnings per fully diluted share.   
  • Non-GAAP adjusted financial measure II , which excludes stock award expenses and changes in the fair value of financial derivatives, was net loss of $23.2 million in 2017, compared with non-GAAP adjusted net income of $4.6 million in 2016. Non-GAAP adjusted loss per share1 was approximately $0.48 per fully diluted share for the full year of 2017, compared with non-GAAP adjusted earnings per share of $0.10 per fully diluted share for the full year of 2016. Excluding the impact from the R&D expenses, under the adjusted Non-GAAP financial measure III , our net income for 2017 was $7.9 million, or $0.17 earnings per fully diluted share.   
  • Working capital surplus was $53.7 million as of December 31, 2017. Cash, cash equivalents and restricted cash totaled $16.1 million as of December 31, 2017. 
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "2017 was still a challenging year for Kandi. Our business had been heavily impacted from the confusion surrounding the reusable battery exchange model, however Kandi has been working diligently to overcome the difficult time and resolve the issues. We are confident to successfully execute our long-term business model in the renewable energy industry that is full of opportunities in the future, and hopping to be back in the major league among EV industry players."

"Although, the EV unit sales in 2017 did not meet the expectations, the Company has had modest progress in the product R&D. To name a few, the pure electric SUV model K26 has been upgraded to be EX3, which will be exhibited at the upcoming launch event in March 26, where there will be more than 100 distributors and over 10 media representatives attending. Furthermore, Hainan facility's model K23 production will commence in March 28. We believe these new products will strengthen our company's competitiveness as well grow our market share. In my personal view, the loss in 2017 was temporary and strategic. What we have done in the past year will lay a strong foundation to prepare for the future development. Being the frontrunner in the pure EV industry, we are not only the pure EV products manufacturer but also an advocate of urban car-share with significant influence in the development of China's urban travel ecosphere. Whether the business model or the market share, Kandi is packed with solid fundamentals exceling its peers. The management team is confident in our future growth." Mr. Hu concluded.
 
Full Year 2017 Financial Results
 
Net Revenues and Gross Profit
 
  2017 2016 Y-o-Y%
Net Revenues
(US$mln)
$102.8 $129.5 -20.6%
Gross Profit
 (US$mln)
$14.3 $17.7 -19.1%
Gross Margin 14.0% 13.7% -
       

Net revenues for the full year 2017 decreased 20.6% from 2016. The decrease in net revenues was mainly due to the decrease of sales volume. Gross margin for the full year 2017 increased to 14.0%, compared with 13.7% in 2016. The moderate increase of gross margin was due to increased gross margin attributable to off-road vehicles sales in the year 2017.

Operating Income (Loss)

  2017 2016 Y-o-Y%
Operating Expenses
 (US$mln)
$40.4 $48.7 -17.1%
Operating -(Loss)
(US$mln)
($26.1) ($31.0) -15.9%
Operating Margin -25.4% -24.0% -
       

Total operating expenses in 2017 were $40.4 million, compared with $48.7 million in 2016. The decrease in total operating expenses was due to decreased general and administrative expenses in 2017.

GAAP Net Loss

  2017 2016 Y-o-Y%
GAAP Net Loss (US$mln) ($28.3) ($6.5) 335.4%
Loss per Weighted Average Common Share ($0.59) ($0.14) -
Loss per Weighted Average Diluted Share ($0.59) ($0.14) -
       

Non-GAAP Financial Measures

We make reference to certain non-GAAP financial measures, i.e., adjusted net income. Management believes that such adjusted financial results are useful for investors in evaluating our operating performance because they present a meaningful measure of corporate performance. See the non-GAAP reconciliation table below. Any non-GAAP measures should not be considered as a substitute for, and should only be read in conjunction with, measures of financial performance prepared in accordance with the GAAP.

The following table summarizes our non-GAAP net income (loss):

Non-GAAP financial measure I 2017
GAAP Net Loss (US$mln) (28.35)
R&D Expense (US$mln) 27.63
Share of (loss)after tax of JV impacted by JV Company's R&D Expense (US$mln) 3.44
Non-GAAP net Income (US$mln) 2.72
   
Non-GAAP financial measure II  2017 2016 Y-o-Y%
GAAP Net Loss (US$mln) ($28.3) ($6.5) 335.4%
Stock award expenses (US$mln) $5.2 $15.0 -65.3%
Change of the fair value of financial derivatives (US$mln) - ($3.8)
Non-GAAP net (Loss) income (US$mln) ($23.2) $4.6 -600.6%
       
Non-GAAP financial measure III 2017
GAAP Net Loss (US$mln) (28.35)
Stock award expenses (US$mln) $5.2
Change of the fair value of financial derivatives (US$mln) -
R&D Expense (US$mln) 27.63
Share of (loss)after tax of JV impacted by JV Company's R&D Expense (US$mln) 3.44
Non-GAAP net Income (US$mln) 7.91
   

Net loss in 2017 was $28.3 million, compared with net loss of $6.5 million in 2016. The increase in net loss was primarily attributable to $27.6 million related to the development of K23 and other models; additionally, the JV Company incurred R&D expenses of $6.88 million (which posed $3.44 million impact on Kandi's net loss).

JV Company Financial Results

In the full year 2017, the JV Company sold 11,437 EV products, a 12.7% increase from 2016. Total EV product sales comprised 7,416 units of Model K12, 3,939 units of Model K17 and 82 units of other models.

The condensed financial income statement of the JV Company for the full year 2017 is as set forth below:

  2017 2016 Y-o-Y%
Net Revenues (US$mln) $192.7 $179.3 7.5%
Gross Profit (US$mln) $3.6 $19.3 -81.3%
Gross Margin 1.9% 10.8% -
Net Loss (US$mln) ($22.7) ($14.2) 60.4%
% of Net revenues -11.8% -7.9% -
       

Kandi's investments in the JV Company are accounted for under the equity method of accounting, as Kandi has a 50% ownership interest in the JV Company. As a result, Kandi recorded 50% of the JV Company's loss for $11.3 million for the full year 2017. After eliminating intra-entity profits and losses, Kandi's share of the after tax loss of the JV Company was $11.6 million for the full year 2017.

Full Year 2017 Conference Call Details

The Company has scheduled a conference call and live webcast to discuss the financial results at 8:00 AM (U.S. Eastern Time) on March 16, 2017 (8:00 PM Beijing Time on March 16, 2017). Mr. Hu Xiaoming, the Company's Chief Executive Officer and Mr. Mei Bing, the Company's Chief Financial Officer, will deliver prepared remarks, followed by a question and answer session.

The dial-in details for the conference call are as follows:

A live audio webcast of the call may also be accessed by visiting Kandi's Investor Relations website at http://ir.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, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicle products. Kandi has established itself as one of China's leading manufacturers of pure electric vehicle ("EV") products (through its joint venture), EV parts and off-road vehicles. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles"), and the partially and wholly-owned subsidiaries of Kandi Vehicles. 

More information can be viewed at 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 financial measure I, including the Non-GAAP net income and Non-GAAP EPS are defined as the financial measures excluding the R&D expenses. We supply non-GAAP information because we believe it allows our investors to obtain a clearer understanding of our operations. Any non-GAAP measures 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.
2Non-GAAP financial measures II, including the Non-GAAP net income and Non-GAAP EPS are defined as the financial measures excluding the change of the fair value of financial derivatives and the effects of the stock award expense. We supply non-GAAP information because we believe it allows our investors to obtain a clearer understanding of our operations. Any non-GAAP measures 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.
3Non-GAAP financial measures III, including the Non-GAAP net income and Non-GAAP EPS are defined as the financial measures excluding the change of the fair value of financial derivatives, the effects of the stock award expense and the effects of the R&D expenses.We supply non-GAAP information because we believe it allows our investors to obtain a clearer understanding of our operations. Any non-GAAP measures 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.

- Tables Below -


KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

 

 

December 31,
2017

 

 

December 31,
2016

 

             

Current assets

           

Cash and cash equivalents

 

$

4,891,808

   

$

12,235,921

 

Restricted cash

   

11,218,688

     

12,957,377

 

Short term investment

   

-

     

4,463,097

 

Accounts receivable (net of allowance for doubtful accounts of $133,930 and $0 as of December 31, 2017 and December 31, 2016, respectively)

   

34,397,858

     

32,394,613

 

Inventories (net of provision for slow moving inventory of $620,919 and $415,797 as of December 31, 2017 and December 31, 2016, respectively)

   

15,979,794

     

11,914,110

 

Notes receivable from JV Company and related party

   

1,137,289

     

400,239

 

Other receivables

   

2,650,668

     

66,064

 

Prepayments and prepaid expense

   

6,536,839

     

4,317,855

 

Due from employees

   

7,070

     

4,863

 

Advances to suppliers

   

14,908,385

     

38,250,818

 

Amount due from JV Company, net

   

146,422,440

     

136,536,159

 

Amount due from related party

   

162,048

     

10,484,816

 

TOTAL CURRENT ASSETS

   

238,312,887

     

264,025,932

 
                 

LONG-TERM ASSETS

               

Property, Plant and equipment, net

   

12,000,971

     

15,194,442

 

Land use rights, net

   

12,666,047

     

11,775,720

 

Construction in progress

   

53,083,925

     

27,054,181

 

Deferred taxes assets

   

4,383,425

     

-

 

Long Term Investment

   

1,460,034

     

1,367,723

 

Investment in JV Company

   

70,681,013

     

77,453,014

 

Goodwill

   

322,591

     

322,591

 

Intangible assets

   

331,116

     

413,211

 

Advances to suppliers

   

21,592,918

     

33,819,419

 

Other long-term assets

   

7,590,734

     

8,271,952

 

Amount due from JV Company, net

   

15,907,183

     

-

 

TOTAL Long-Term Assets

   

200,019,957

     

175,672,253

 
                 

TOTAL ASSETS

 

$

438,332,844

   

$

439,698,185

 
                 

CURRENT LIABILITIES

               

Accounts payables

 

$

111,595,540

   

$

115,870,051

 

Other payables and accrued expenses

   

6,556,209

     

4,835,952

 

Short-term loans

   

33,042,864

     

34,265,065

 

Customer deposits

   

205,544

     

41,671

 

Notes payable

   

28,075,945

     

14,797,325

 

Income tax payable

   

2,902,699

     

1,364,235

 

Due to employees

   

35,041

     

21,214

 

Deferred taxes liabilities

   

-

     

118,643

 

Deferred income

   

2,191,143

     

6,363,751

 

Total Current Liabilities

   

184,604,985

     

177,677,907

 
                 

LONG-TERM LIABILITIES

               

Long term bank loans

   

30,737,547

     

28,794,172

 

Deferred taxes liabilities

   

-

     

878,639

 

Total Long-Term Liabilities

   

30,737,547

     

29,672,811

 
                 

TOTAL LIABILITIES

   

215,342,532

     

207,350,718

 
                 

STOCKHOLDER'S EQUITY

               

Common stock, $0.001 par value; 100,000,000 shares authorized; 48,036,538 and 47,699,638 shares issued and outstanding at December 31,2017 and December 31,2016, respectively

   

48,037

     

47,700

 

Additional paid-in capital

   

233,055,348

     

227,911,477

 

Retained earnings (the restricted portion is $4,422,033 and $4,219,808 at December 31,2017 and December 31, 2016, respectively)

   

(3,802,310

)

   

24,545,163

 

Accumulated other comprehensive loss

   

(6,310,763

)

   

(20,156,873

)

TOTAL STOCKHOLDERS' EQUITY

   

222,990,312

     

232,347,467

 
                 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

438,332,844

   

$

439,698,185

 

 


KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

 

 

Year Ended

 

 

 

December 31, 2017

 

 

December 31, 2016

 

 

December 31, 2015

 

                   

REVENUES FROM UNRELATED PARTY, NET

 

$

9,853,410

   

$

47,870,589

   

$

6,790,032

 

REVENUES FROM JV COMPANY AND RELATED PARTY, NET

   

92,952,211

     

81,621,424

     

194,279,141

 
                         

REVENUES, NET

 

 

102,805,621

 

 

 

129,492,013

 

 

 

201,069,173

 

                         

COST OF GOODS SOLD

   

(88,461,432

)

   

(111,770,197

)

   

(172,649,955

)

                         

GROSS PROFIT

 

 

14,344,189

 

 

 

17,721,816

 

 

 

28,419,218

 

                         

OPERATING EXPENSES:

                       

Research and development

   

(27,628,085

)

   

(26,504,650

)

   

(3,482,511

)

Selling and marketing

   

(1,465,007

)

   

(1,567,707

)

   

(633,863

)

General and administrative

   

(11,333,336

)

   

(20,665,709

)

   

(28,255,267

)

Total Operating Expenses

   

(40,426,428

)

   

(48,738,066

)

   

(32,371,641

)

                         

LOSS FROM OPERATIONS

 

 

(26,082,239

)

 

 

(31,016,250

)

 

 

(3,952,423

)

                         

OTHER INCOME (EXPENSE):

                       

Interest income

   

2,269,844

     

2,961,153

     

3,138,717

 

Interest expense

   

(2,280,286

)

   

(1,831,667

)

   

(2,214,635

)

Change in fair value of financial instruments

   

-

     

3,823,590

     

8,519,295

 

Government grants

   

5,913,554

     

25,913,540

     

1,645,032

 

Share of (loss) income after tax of JV

   

(11,555,302

)

   

(7,307,510

)

   

11,841,855

 

Other income, net

   

123,925

     

1,627,933

     

1,814,882

 

Total other (expense) income, net

   

(5,528,265

)

   

25,187,039

     

24,745,146

 
                         

(LOSS) INCOME BEFORE INCOME TAXES

   

(31,610,504

)

   

(5,829,211

)

   

20,792,723

 
                         

INCOME TAX BENEFIT (EXPENSE)

   

3,263,030

     

(681,546

)

   

(6,127,228

)

                         

NET(LOSS) INCOME

 

 

(28,347,474

)

 

 

(6,510,757

)

 

 

14,665,495

 

                         

OTHER COMPREHENSIVE INCOME (LOSS)

                       

Foreign currency translation

   

13,846,110

     

(15,415,223

)

   

(9,631,753

)

                         

COMPREHENSIVE (LOSS) INCOME

 

$

(14,501,364

)

 

$

(21,925,980

)

 

$

5,033,742

 
                         

WEIGHTED AVERAGE SHARES OUTSTANDING BASIC

   

47,943,830

     

47,447,665

     

46,744,718

 

WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED

   

47,943,830

     

47,447,665

     

46,925,554

 
                         

NET (LOSS) INCOME PER SHARE, BASIC

 

$

(0.59

)

 

$

(0.14

)

 

$

0.31

 

NET (LOSS) INCOME PER SHARE, DILUTED

 

$

(0.59

)

 

$

(0.14

)

 

$

0.31

 

 

 

KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015

 

 

Year Ended

 

 

 

December 31,
2017

 

 

December 31,
2016

 

 

December 31,
2015

 

                   

CASH FLOWS FROM OPERATING ACTIVITIES:

                 

Net (loss) income

 

$

(28,347,474

)

 

$

(6,510,757

)

 

$

14,665,495

 

Adjustments to reconcile net income to net cash provided by operating activities

                       

Depreciation and amortization

   

4,777,992

     

4,863,277

     

5,788,780

 

Assets Impairments

   

170,506

     

(40,142

)

   

194,366

 

Allowance for doubtful accounts

   

128,972

     

-

     

-

 

Deferred taxes

   

(5,448,015

)

   

3,651,362

     

1,446,345

 

Change in fair value of financial instruments

   

-

     

(3,823,590

)

   

(8,519,295

)

Share of loss after tax of JV Company

   

11,555,302

     

7,307,510

     

(11,841,855

)

Reserve for fixed assets

   

451,503

     

-

     

-

 

Stock Compensation cost

   

5,191,307

     

14,913,212

     

22,306,987

 
                         

Changes in operating assets and liabilities, net of effects of acquisition:

                       

(Increase) Decrease In:

                       

Accounts receivable

   

(5,821,522

)

   

(40,962,889

)

   

(16,240,270

)

Notes receivable

   

-

     

1,383,605

     

1,708,223

 

Notes receivable from JV Company and related party

   

8,068,968

     

-

     

-

 

Inventories

   

(3,311,357

)

   

4,952,792

     

(3,497,460

)

Other receivables and other assets

   

(1,243,552

)

   

(43,650,395

)

   

(193,954

)

Due from employee

   

10,127

     

41,529

     

(7,596

)

Advances to supplier and Prepayments and prepaid expenses

   

23,107,334

     

(9,209,955

)

   

6,664,779

 

Advances to suppliers-Long term

   

(5,941,692

)

   

-

     

-

 

Amount due from JV Company

   

(53,622,842

)

   

(111,996,250

)

   

(127,667,063

)

Amount due from JV Company-Long term

   

(15,907,183

)

   

-

     

-

 

Due from related party

   

10,622,123

     

28,715,113

     

(42,249,905

)

                         

Increase (Decrease) In:

                       

Accounts payable

   

66,784,385

     

112,150,789

     

164,704,112

 

Other payables and accrued liabilities

   

1,914,293

     

(3,790,859

)

   

5,300,095

 

Notes payable

   

(13,297,993

)

   

(8,480,858

)

   

(15,398,471

)

Customer deposits

   

155,100

     

(48,312

)

   

(2,496,382

)

Income Tax payable

   

1,221,012

     

1,008,274

     

(1,039,187

)

Deferred income

   

(4,431,765

)

   

-

         

Net cash used in operating activities

 

$

(3,214,471

)

 

$

(49,526,543

)

 

$

(6,372,256

)

                         

CASH FLOWS FROM INVESTING ACTIVITIES:

                       

Purchases of property, plant and equipment, net

   

(760,253

)

   

(275,801

)

   

(827,059

)

(Purchases)/Disposal of land use rights and other intangible assets

   

(416,361

)

   

(3,388

)

   

1,589,165

 

(Purchases)/Disposal of construction in progress

   

(702,719

)

   

(6,001,664

)

   

1,128,443

 

Issuance of notes receivable

   

-

     

-

     

(9,411,720

)

Repayment of notes receivable

   

-

     

10,335,807

     

6,410,154

 

Long Term Investment

   

-

     

-

     

(1,522,411

)

Short Term Investment

   

4,587,971

     

(3,088,327

)

   

(1,679,051

)

Net cash provided by (used in) investing activities

 

$

2,708,638

   

$

966,627

   

$

(4,312,479

)

                         

CASH FLOWS FROM FINANCING ACTIVITIES:

                       

 Restricted cash

   

2,516,481

     

2,257,268

     

(4,006,346

)

 Proceeds from short-term bank loans

   

32,263,794

     

65,912,237

     

50,640,214

 

 Repayments of short-term bank loans

   

(35,667,772

)

   

(35,815,325

)

   

(47,595,391

)

 Proceeds from notes payable

   

22,270,028

     

12,038,765

     

-

 

 Repayment of notes payable

   

(28,680,591

)

   

-

     

-

 

 Warrant exercise

   

-

     

434,666

     

-

 

 Net cash (used in) provided by financing activities

 

$

(7,298,060

)

 

$

44,827,611

   

$

(961,523

)

                         

NET DECREASE IN CASH AND CASH EQUIVALENTS

   

(7,803,893

)

   

(3,732,305

)

   

(11,646,257

)

Effect of exchange rate changes on cash

   

459,780

     

(770,333

)

   

2,005,356

 

Cash and cash equivalents at beginning of year

   

12,235,921

     

16,738,559

     

26,379,460

 
                         

CASH AND CASH EQUIVALENTS AT END OF PERIOD

   

4,891,808

     

12,235,921

     

16,738,559

 
                         

SUPPLEMENTARY CASH FLOW INFORMATION

                       

Income taxes paid

   

1,448,523

     

2,598,846

     

2,496,654

 

Interest paid

   

1,625,240

     

1,671,372

     

2,188,223

 
                         

SUPPLEMENTAL NON-CASH DISCLOSURES:

                       

Construction in progress transferred back to prepayments

   

-

     

35,035,762

     

-

 

Advances to suppliers-long term transferred to Construction in progress

   

18,848,586

     

-

     

-

 

Purchase of construction in progress by accounts payable

   

3,756,605

     

4,191,246

     

-

 

Advances to suppliers-long term adjusted for other payable

   

1,065,100

     

-

     

-

 

Settlement of due from JV Company and related parties with notes receivable

   

53,565,297

     

43,707,157

     

99,147,703

 

Settlement of accounts receivables with notes receivable from unrelated parties

   

5,868,902

     

15,052,339

     

23,292,896

 

Assignment of notes receivable from unrelated parties to supplier to settle accounts payable

   

5,868,902

     

14,509,390

     

22,748,033

 

Assignment of notes receivable from JV Company and related parties to supplier to settle accounts payable

   

44,812,574

     

44,846,561

     

96,359,704

 

Settlement of accounts payable with notes payables

   

31,533,939

     

8,146,783

     

13,781,830

 

Deferred tax change to other comprehensive income

   

78,967

     

-

     

-

 
info