Alphabet Inc
Change company Symbol lookup
Select an option...
GOOGL Alphabet Inc
BABA Alibaba Group Holding Ltd
ALK Alaska Air Group Inc
ALL Allstate Corp
AFL Aflac Inc
ADBE Adobe Inc
ABT Abbott Laboratories
QFIN 360 DigiTech Inc
GOEV Canoo Inc
PFSI PennyMac Financial Services Inc
Go

Communication Services : Interactive Media & Services | Large Cap Growth
Company profile

Alphabet Inc. is a holding company. The Company's businesses include Google Inc. (Google) and its Internet products, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X. The Company's segments include Google and Other Bets. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives. The Google segment is engaged in advertising, sales of digital content, applications and cloud offerings, and sales of hardware products. The Other Bets segment is engaged in the sales of Internet and television services through Google Fiber, sales of Nest products and services, and licensing and research and development (R&D) services through Verily. It offers Google Assistant, which allows users to type or talk with Google; Google Maps, which helps users navigate to a store, and Google Photos, which helps users store and organize all of their photos.

Closing Price
$1,727.62
Day's Change
-3.30 (-0.19%)
Bid
--
Ask
--
B/A Size
--
Day's High
1,747.62
Day's Low
1,711.71
Volume
(Average)
Volume:
1,572,214

10-day average volume:
1,596,087
1,572,214

Kandi Technologies Reports Third Quarter 2020 Financial Results

7:30 am ET November 9, 2020 (Globe Newswire) Print

- Off-road vehicles sales increased 51.6% to $8.9 million

- Gross margin of 20.9% up versus 16.7% year-ago

Kandi Technologies Group, Inc. (the "Company," "we" or "Kandi") (NASDAQ GS: KNDI), today announced its financial results for the third quarter of 2020.

Operating Highlights

During the third quarter, Kandi achieved:

-- In September, established China Battery Exchange Technology Company, a wholly-owned subsidiary for its battery swapping services.

-- On August 18, Kandi America held a successful virtual launch event to introduce its K23 and K27 EVs into the U.S. market.

-- In August, delivered its fully automatic intelligent battery exchange system to the rideshare operator in Haikou City, Hainan.

-- In July, the Affiliate Company Fengsheng Automotive launched sales of the Maple 30X, its first pure electric SUV.

-- Fengsheng Automative's Maple 60V all-electric multi-purpose vehicle) was approved for purchase subsidies by China's Ministry of Industry and Information Technology.

More recently, Kandi also announced:

-- A strategic cooperation agreement with the Zhejiang State Grid Electric Vehicle Service Company in the area of battery exchange for pure electric vehicles.

-- The establishment of Zhejiang Ruiheng Technology Company, which intends to operate a ridesharing service across China.

-- Initiated the IPO process for its wholly owned subsidiary, Zhejiang Kandi Smart Battery Swap Technology, to list on the Shanghai Stock Exchange STAR market.

-- Kandi America, the U.S. subsidiary has received the required clearance from the United States Environmental Protection Agency (EPA) for its two electric vehicle models - the K23 and K27 - via Certificates of Conformity.

Financial Highlights

All figures refer to the third quarter of 2020 unless noted otherwise. All comparisons are with the third quarter of 2019, unless noted otherwise.

-- Total revenues were down 40.9% to $18.7 million.

-- Electric Vehicle ("EV") parts sales decreased by 67.4% to $8.4 million.

-- Off-road vehicle sales increased by 51.6% to $8.9 million.

-- Gross margin of 20.9% increased 42 basis points versus the year-ago period.

-- Net loss was $1.5 million, or $0.03 per fully diluted share. This compares to net income of $12.1 million, or $0.23 last year.

-- As of September 30, 2020, working capital was $79.8 million. Cash, cash equivalents and restricted cash was $24.2 million.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, "As we approach year-end, we are proud of our progress despite the challenges posed by COVID-19 around the world. We were productive in the third quarter. Most importantly, after a lengthy process of preparation, the '300,000 government-accredited pure EV within 5 years rideshare' program--of which Kandi was a co-founder-- has begun its trial with the gradual delivery of 1,000 EVs to the city of Haikou in Hainan province and 2,500 EVs to the city of Shaoxing in Zhejiang province. All the EVs delivered for the program include our battery swap feature. We believe that this program can drive the production and sales of our EV parts and battery swap equipment, and we can thus restore growth in our pure EV business."

Hu also discussed the plan to list Kandi's Battery Swap Subsidiary on the Shanghai Stock Exchange's STAR Board: "Based on feedback from three world-class advisors' preliminary due diligence, we are confident about this proposed spin-off listing on the STAR market. By tapping China's capital markets, listing on the STAR Board will accelerate the Company's business growth and also enable Kandi to unlock and realize the value of this emerging business."

Net Revenues and Gross Profit

ã??                        3Q20       3Q19       Y-o-Y%
Net Revenues (US$million)  $  18.7    $  31.7        -40.9 %
Gross Profit (US$million)  $  3.9     $  5.3         -25.9 %
Gross Margin                  20.9 %     16.7 %      -

The decline in revenue was due mainly to slower sales of EV parts, a result of reduced demand from our customers due to the economic effects of the COVID-19 pandemic.

Operating Loss

ã??                                   3Q20        3Q19      Y-o-Y%
Operating Expenses (US$million)       $  6.3      $  5.0        26.8   %
Operating (Loss) Income (US$million)  ($ 2.4   )  $  0.3        -851.3 %
Operating Margin                         -12.7 %     1.0 %      -

Operating expenses increased due to higher sales and marketing expense related to the Company's entry into the U.S. electric vehicle market.

Net Income (Loss)

ã??                                                 3Q20       3Q19      Y-o-Y%
Net  (Loss) Income (US$million)                     ($ 1.5  )  $  12.1       -112.1 %
(Loss) Earnings per Weighted Average Common Share   ($ 0.03 )  $  0.23       -
(Loss) Earnings per Weighted Average Diluted Share  ($ 0.03 )  $  0.23       -

Net loss was $1.5 million in the third quarter of 2020, compared with net income of $12.1 million in the same quarter of 2019. The decline was due to recognition in the third quarter of 2019 of a $20.6 million gain from the sale of equity in the Affiliate Company.

Financial Condition

As of September 30, 2020, the Company had cash and cash equivalents of $23.9 million, restricted cash of $0.25 million, and working capital of $79.8 million. This compares to $5.5 million, $11.0 million, $63.7 million as of December 31, 2019, respectively.

As of September 30, 2020, accounts receivable were $38.4 million, compared to $61.2 million as of December 31, 2019.

For the first three quarters of 2020, cash used in operating activities was $13.4 million, as compared to cash used in operating activities of $14.6 million for the same period last year.

Third Quarter 2020 Conference Call Details

The Company will conduct a conference call and live webcast to discuss its third quarter 2020 financial results at 8:00 A.M. Eastern Time (9:00 P.M. Beijing Time) on November 9, 2020. Management will deliver prepared remarks to be followed by a question and answer session.

Dial-in details for the conference call are as follows:

A live audio webcast of the call can also be accessed by visiting Kandi's Investor Relations page on the Company's website at http://www.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 Economic Development Zone, Zhejiang Province, is engaged in the research, development, manufacturing, and sales of various vehicular products. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles") and its subsidiaries including Zhejiang Kandi Smart Battery Swap Technology Co., Ltd, SC Autosports, LLC (d/b/a Kandi America), the wholly-owned subsidiary of Kandi in the United States and Fengsheng Automobile Technology Group Co., Ltd (formerly known as Kandi Electric Vehicles Group Co., Ltd., the "Affiliate Company"). Kandi Vehicles has established itself as one of China's leading manufacturers of pure electric vehicle parts and off-road vehicles.

In 2013, Kandi Vehicles and Geely Group, China's leading automaker, jointly invested in the establishment of the Affiliate Company in order to develop, manufacture and sell pure electric vehicle ("EV") products. Geely Group (including its affiliate) and Kandi Vehicles currently holds 78% and 22% of the equity interests in the Affiliate Company, respectively. The Affiliate Company has established itself as one of the driving forces in the development and the manufacturing of pure EV products in China.

More information about KNDI is available on 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 applicable securities laws, the Company does not assume a duty to update these forward-looking statements.

Follow us on Twitter: @ Kandi_Group

For More Information:

Kandi Technologies Group, Inc.

Ms. Kewa Luo

Phone: +1 (212) 551-3610

Email: IR@kandigroup.com

The Blueshirt Group

U.S.:

Mr. Gary Dvorchak

Email: gary@blueshirtgroup.com

China:

Ms. Susie Wang

Email: susie@blueshirtgroup.com

- Tables Below -

KANDI TECHNOLOGIES GROUP, INC.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

                                                                                                                                                                                                            September 30,         December 31,
                                                                                                                                                                                                            2020                  2019
                                                                                                                                                                                                            (UNAUDITED)
Current assets
Cash and cash equivalents                                                                                                                                                                                   $      23,909,159     $      5,490,557
Restricted cash                                                                                                                                                                                                    250,000               11,022,078
Accounts receivable (net of allowance for doubtful accounts of $105,833 and $254,665 as of September 30, 2020 and December 31, 2019, respectively)                                                                 38,370,898            61,181,849
Inventories                                                                                                                                                                                                        30,244,514            27,736,566
Notes receivable                                                                                                                                                                                                   235,249               42,487,225
Other receivables                                                                                                                                                                                                  54,654,688            5,019,971
Prepayments and prepaid expense                                                                                                                                                                                    10,980,473            10,615,063
Amount due from the Affiliate Company                                                                                                                                                                              20,869,315            31,330,763
Other current assets                                                                                                                                                                                               4,262,285             688,364
TOTAL CURRENT ASSETS                                                                                                                                                                                               183,776,581           195,572,436
NON-CURRENT ASSETS
Property, plant and equipment, net                                                                                                                                                                                 71,132,470            74,407,858
Intangible assets, net                                                                                                                                                                                             3,264,500             3,654,772
Land use rights, net                                                                                                                                                                                               9,042,991             11,272,815
Investment in the Affiliate Company                                                                                                                                                                                39,442,126            47,228,614
Goodwill                                                                                                                                                                                                           28,792,031            28,270,400
Other long term assets                                                                                                                                                                                             13,132,240            10,811,501
TOTAL NON-CURRENT ASSETS                                                                                                                                                                                           164,806,358           175,645,960
TOTAL ASSETS                                                                                                                                                                                                $      348,582,939    $      371,218,396
CURRENT LIABILITIES
Accounts payable                                                                                                                                                                                            $      42,154,366     $      72,093,940
Other payables and accrued expenses                                                                                                                                                                                5,857,897             6,078,041
Short-term loans                                                                                                                                                                                                   -                     25,980,364
Notes payable                                                                                                                                                                                                      -                     10,765,344
Income tax payable                                                                                                                                                                                                 1,087,338             1,796,601
Advance receipts                                                                                                                                                                                                   36,691,372            -
Long term loans - current portion                                                                                                                                                                                  16,761,501            13,779,641
Other current liabilities                                                                                                                                                                                          1,456,108             1,379,808
TOTAL CURRENT LIABILITIES                                                                                                                                                                                          104,008,582           131,873,739
NON-CURRENT LIABILITIES
Long term loans                                                                                                                                                                                                    12,156,573            14,353,792
Deferred taxes liability                                                                                                                                                                                           3,460,346             1,362,786
Contingent consideration liability                                                                                                                                                                                 3,403,000             5,197,000
Other long-term liabilities                                                                                                                                                                                        588,123               574,152
TOTAL NON-CURRENT LIABILITIES                                                                                                                                                                                      19,608,042            21,487,730
TOTAL LIABILITIES                                                                                                                                                                                                  123,616,624           153,361,469
STOCKHOLDER'S EQUITY
Common stock, $0.001 par value; 100,000,000 shares authorized; 56,531,702 and 56,263,102 shares issued and 54,610,758 and 52,839,441 outstanding at September 30, 2020 and December 31, 2019, respectively         54,611                52,839
Less: Treasury stock (487,155 shares with average price of $5.09 at September 30, 2020 and December 31, 2019, respectively)                                                                                        (2,477,965  )         (2,477,965  )
Additional paid-in capital                                                                                                                                                                                         260,605,209           259,691,370
Accumulated deficit                                                                                                                                                                                                (15,663,602 )         (16,685,736 )
Accumulated other comprehensive loss                                                                                                                                                                               (17,551,938 )         (22,723,581 )
TOTAL STOCKHOLDERS' EQUITY                                                                                                                                                                                         224,966,315           217,856,927
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                                                  $      348,582,939    $      371,218,396

KANDI TECHNOLOGIES GROUP, INC.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

                                                              Three Months Ended                            Nine Months Ended
                                                              September 30,           September 30,         September 30,          September 30,
                                                              2020                    2019                  2020                   2019
REVENUES FROM UNRELATED PARTIES, NET                          $      18,717,212       $      26,968,385     $      44,525,756      $      63,360,044
REVENUES FROM THE AFFILIATE COMPANY AND RELATED PARTIES, NET         6                       4,720,159             962                    10,543,190
REVENUES, NET                                                        18,717,218              31,688,544            44,526,718             73,903,234
COST OF GOODS SOLD                                                   (14,806,322 )           (26,412,129 )         (35,911,785 )          (61,288,228 )
GROSS PROFIT                                                         3,910,896               5,276,415             8,614,933              12,615,006
OPERATING EXPENSES:
Research and development                                             (987,285    )           (596,187    )         (2,777,426  )          (1,766,210  )
Selling and marketing                                                (2,165,383  )           (930,810    )         (3,807,355  )          (2,448,291  )
General and administrative                                           (3,212,209  )           (3,432,920  )         (10,186,135 )          (11,096,246 )
Gain on disposal of long-lived assets                                76,159                  -                     13,983,733             -
TOTAL OPERATING EXPENSES, NET                                        (6,288,718  )           (4,959,917  )         (2,787,183  )          (15,310,747 )
(LOSS) INCOME FROM OPERATIONS                                        (2,377,822  )           316,498               5,827,750              (2,695,741  )
OTHER INCOME (EXPENSE):
Interest income                                                      558,059                 209,736               1,118,795              559,954
Interest expense                                                     (788,589    )           (435,524    )         (2,894,579  )          (1,304,062  )
Change in fair value of contingent consideration                     (1,069,000  )           57,000                1,794,000              694,000
Government grants                                                    13,431                  502,146               111,329                725,189
Gain (loss) from equity dilution in the Affiliate Company            -                       (49,285     )         -                      4,291,974
Gain from sale of equity in the Affiliate Company                    -                       20,574,217            -                      20,574,217
Share of loss after tax of the Affiliate Company                     (1,550,568  )           (8,433,767  )         (5,631,867  )          (22,883,126 )
Other income, net                                                    988,287                 57,833                2,051,272              357,626
TOTAL OTHER (EXPENSE) INCOME, NET                                    (1,848,380  )           12,482,356            (3,451,050  )          3,015,772
(LOSS) INCOME BEFORE INCOME TAXES                                    (4,226,202  )           12,798,854            2,376,700              320,031
INCOME TAX BENEFIT (EXPENSE)                                         2,767,939               (709,413    )         (1,354,563  )          41,780
NET (LOSS) INCOME                                                    (1,458,263  )           12,089,441            1,022,137              361,811
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment                              8,216,974               (8,531,043  )         5,171,643              (8,042,604  )
COMPREHENSIVE INCOME (LOSS)                                   $      6,758,711        $      3,558,398      $      6,193,780       $      (7,680,793  )
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC AND DILUTED                54,112,981              52,613,642            53,282,066             52,332,260
NET (LOSS) INCOME PER SHARE, BASIC AND DILUTED                $      (0.03       )    $      0.23           $      0.02            $      0.01

KANDI TECHNOLOGIES GROUP, INC.

AND SUBSIDIARIES

Condensed CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

(UNAUDITED)

                              Number of          Common       Treasury           Additional           Accumulated          Accumulated           Total
                              Outstanding        Stock        Stock              Paid-in              Deficit              Other
                              Shares                                             Capital                                   Comprehensive
                                                                                                                           Loss
Balance, December 31, 2018          51,484,444   $   51,484   $    -             $     254,989,657    $     (9,497,009  )  $      (19,921,258 )  $  225,622,874
Stock issuance and awards           1,096,397        1,097         -                   3,387,379            -                     -                 3,388,476
Net loss                            -                -             -                   -                    (4,409,472  )         -                 (4,409,472  )
Foreign currency translation        -                -             -                   -                    -                     5,404,028         5,404,028
Balance, March 31, 2019             52,580,841   $   52,581   $    -             $     258,377,036    $     (13,906,481 )  $      (14,517,230 )  $  230,005,906
Stock issuance and awards           238,600          238           -                   1,259,569            -                     -                 1,259,807
Net loss                            -                -             -                   -                    (7,318,158  )         -                 (7,318,158  )
Foreign currency translation        -                -             -                   -                    -                     (4,915,589  )     (4,915,589  )
Balance, June 30, 2019              52,819,441   $   52,819   $    -             $     259,636,605    $     (21,224,639 )  $      (19,432,819 )  $  219,031,966
Stock issuance and awards           20,000           20            -                   69,380               -                     -                 69,400
Stock buyback                       -                -             (2,477,965 )        -                    -                     -                 (2,477,965  )
Commission in stock buyback         -                -             -                   (14,615     )        -                     -                 (14,615     )
Net income                                                         -                   -                    12,089,441            -                 12,089,441
Foreign currency translation        -                -             -                   -                    -                     (8,531,043  )     (8,531,043  )
Balance, September 30, 2019         52,839,441   $   52,839   $    (2,477,965 )  $     259,691,370    $     (9,135,198  )  $      (27,963,862 )  $  220,167,184
                                             Number of          Common       Treasury           Additional           Accumulated          Accumulated           Total
                                             Outstanding        Stock        Stock              Paid-in              Deficit              Other
                                             Shares                                             Capital                                   Comprehensive
                                                                                                                                          Loss
Balance, December 31, 2019                         52,839,441   $   52,839   $    (2,477,965 )  $     259,691,370    $     (16,685,736 )  $      (22,723,581 )  $  217,856,927
Stock issuance and awards                          10,000           10            -                   22,290               -                     -                 22,300
Net loss                                           -                -             -                   -                    (1,574,646  )         -                 (1,574,646  )
Foreign currency translation                       -                -             -                   -                    -                     (3,523,065  )     (3,523,065  )
Balance, March 31, 2020                            52,849,441   $   52,849   $    (2,477,965 )  $     259,713,660    $     (18,260,382 )  $      (26,246,646 )  $  212,781,516
Stock issuance and awards                          1,502,717        1,503         -                   3,164,925            -                     -                 3,166,428
Net income                                         -                -             -                   -                    4,055,043             -                 4,055,043
Foreign currency translation                       -                -             -                   -                    -                     477,734           477,734
Balance, June 30, 2020                             54,352,158   $   54,352   $    (2,477,965 )  $     262,878,585    $     (14,205,339 )  $      (25,768,912 )  $  220,480,721
Stock issuance and awards                          258,600          259           -                   870,837              -                     -                 871,096
Net loss                                           -                -             -                   -                    (1,458,263  )         -                 (1,458,263  )
Foreign currency translation                       -                -             -                   -                    -                     8,216,974         8,216,974
Reduction in the Affiliate Company's equity        -                -             -                   (3,144,213  )        -                     -                 (3,144,213  )
Balance, September 30, 2020                        54,610,758   $   54,611   $    (2,477,965 )  $     260,605,209    $     (15,663,602 )  $      (17,551,938 )  $  224,966,315

KANDI TECHNOLOGIES GROUP, INC.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

                                                                                      Nine Months Ended
                                                                                      September 30,          September 30,
                                                                                      2020                   2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                                                            $      1,022,137       $      361,811
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization                                                                6,078,070              6,443,422
(Reversal) provision of allowance for doubtful accounts                                      (150,756    )          15,366
Deferred taxes                                                                               1,256,167              50,693
Share of loss after tax of the Affiliate Company                                             5,631,867              22,883,126
Gain from equity dilution in the Affiliate Company                                           -                      (4,291,974  )
Gain from sale of equity in the Affiliate Company                                            -                      (20,574,217 )
Gain on disposal of long-lived assets                                                        (13,983,733 )          -
Change in fair value of contingent consideration                                             (1,794,000  )          (694,000    )
Stock based compensation expense                                                             870,471                1,337,333
Changes in operating assets and liabilities:
Accounts receivable                                                                          18,165,084             (36,822,184 )
Notes receivable                                                                             -                      174,881
Notes receivable from the Affiliate Company and related party                                -                      437,203
Inventories                                                                                  (1,830,827  )          (14,768,603 )
Other receivables and other assets                                                           (5,226,968  )          (7,746,801  )
Prepayments and prepaid expenses                                                             (84,089     )          1,357,001
Amount due from the Affiliate Company                                                        4,178,477              30,549,072
Increase (Decrease) In:
Accounts payable                                                                             (15,642,931 )          11,383,411
Other payables and accrued liabilities                                                       2,675,156              8,934,397
Notes payable                                                                                (13,725,855 )          (11,836,950 )
Income tax payable                                                                           (804,238    )          (1,803,574  )
Net cash used in operating activities                                                 $      (13,365,968 )   $      (14,610,587 )
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment, net                                              (383,568    )          (955,670    )
Payment for construction in progress                                                         (1,604,427  )          (18,491     )
Proceeds from disposal of long-lived assets                                                  51,872,829             -
Loan to third party                                                                          (45,958,247 )          (9,555,014  )
Cash received from sales of equity in the Affiliate Company                                  42,321,385             32,061,558
Net cash provided by investing activities                                             $      46,247,972      $      21,532,383
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term loans                                                               24,163,223             27,864,409
Repayments of short-term loans                                                               (50,042,178 )          (26,261,331 )
Repayments of long-term loans                                                                (285,955    )          (145,734    )
Proceeds from long-term loans                                                                394,116                -
Repayments of loan from third party                                                          -                      (1,259,551  )
Stock buyback with commission                                                                -                      (2,492,579  )
Net cash used in financing activities                                                 $      (25,770,794 )   $      (2,294,786  )
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH                                7,111,210              4,627,010
Effect of exchange rate changes                                                              535,314                (928,440    )
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR                           16,512,635             22,353,071
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD                        $      24,159,159      $      26,051,641
-CASH AND CASH EQUIVALENTS AT END OF PERIOD                                                  23,909,159             14,338,637
-RESTRICTED CASH AT END OF PERIOD                                                            250,000                11,713,004
SUPPLEMENTARY CASH FLOW INFORMATION
Income taxes paid                                                                     $      901,021         $      1,711,101
Interest paid                                                                         $      644,724         $      1,304,062
SUPPLEMENTAL NON-CASH DISCLOSURES:
Decrease in investment in the Affiliate Company due to change in its equity           $      3,057,540       $      -
Notes receivable from unrelated parties for equity transfer payment                   $      -               $      43,137,369
Common stock issued for settlement of payables related to acquisitions (see Note 20)  $      3,166,427       $      3,357,425

__GNW8366DE3E__IMG

comtex tracking

Earnings Calendar and Events Data provided by |Terms of Use| © 2021 Wall Street Horizon, Inc.

Market data accompanied by is delayed by at least 15 minutes for NASDAQ, NYSE MKT, NYSE, and options. Duration of the delay for other exchanges varies.
Market data and information provided by Morningstar.

Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
Please read Characteristics and Risks of Standard Options before investing in options.

Information and news provided by ,, , Computrade Systems, Inc., , and

Copyright © 2021. All rights reserved.