- Gross margin expanded to 42.6%, up 11.8 percentage points year over year
- Maintained strong financial position with $212M in cash, restricted cash, and time deposits
JINHUA, China, April 28, 2026 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. ("Kandi" or the "Company") (NASDAQ GS: KNDI), a global innovator in intelligent equipment and a technology-driven platform company, today announced its financial results for the full year ended December 31, 2025.
Full Year 2025 Financial Highlights
- Total net revenues were $87.4 million, compared with $127.6 million for 2024.
- Gross margin increased to 42.6% from 30.8% for 2024.
- As of December 31, 2025, the Company had cash and cash equivalents, restricted cash, and certificates of deposit totaling $211.9 million, compared with $126.3 million as of December 31, 2024.
- Net cash provided by operating activities was $96.8 million, compared with net cash used in operating activities of $17.8 million for 2024.
Recent Developments
- Kandi's subsidiary, China Battery Exchange (Zhejiang) Technology Co., Ltd ("China Battery Exchange"), has entered into a three-year strategic cooperation agreement with CATL's subsidiary, under which it has been designated as a strategic supplier for the mass production and delivery of heavy-truck battery swap station equipment. As a partner in CATL's "Ten Thousand Station Plan," China Battery Exchange will leverage its R&D and manufacturing expertise to support the standardized, large-scale deployment of battery swap infrastructure.
- Kandi has entered into a strategic partnership with HawkRobo Systems LLC to establish KH Robotics, a joint venture, aimed at commercializing autonomous quadruped security robots in the North American market. KH Robotics will initially focus on logistics parks, delivering integrated autonomous security solutions with commercial deployments anticipated within 2026.
Management Remarks
Mr. Feng Chen, CEO of Kandi, commented, "In 2025, amid a complex and rapidly evolving global macroeconomic environment, Kandi formally initiated its transformation from a single-product manufacturer into a technology-driven platform company, advancing a systematic upgrade across its business structure, organizational capabilities, and industry positioning. This transformation represents both a proactive response to external shifts and a deliberate initiative aimed at driving long-term value creation.
"Within the Company's core business, the Off-Road Electric Vehicle business delivered meaningful gross margin expansion through streamlined inventory management and technology-driven efficiency gains. This year we generated $96.8 million in net cash from operating activities and ended with $211.9 million in cash on hand. This strong liquidity position gives us the flexibility and confidence for the execution on our dual-engine strategy. On the innovation front, the Company has established a strategic partnership with CATL, becoming a designated equipment supplier for its battery-swapping station network, while also steadily advancing its intelligent robotics initiative and embodied intelligence rollout in North America.
"Looking ahead, Kandi will strengthen its core capabilities in intelligent equipment manufacturing, with battery-swapping systems and intelligent robotics serving as milestone growth incubation pillars. Supported by a global production network, the Company will continue to build out its industrial capability and solution ecosystem in line with the megatrends of electrification and intelligization, enhancing its resilience and global competitiveness and creating sustainable value."
Full Year 2025 Financial Results
REVENUES
Net revenues were $87.4 million, a decrease of 31.5% from $127.6 million for 2024. This decrease was mainly due to reduced demand for EV products in the PRC market and fewer sales of crossover golf carts and other vehicle models. Ongoing trade uncertainties, including potential tariffs and trade restrictions, together with persistent inflation and elevated interest rates, adversely affected consumer demand for higher-priced recreational vehicles, which in turn impacted sales to Kandi's major retail customers and distributors.
COST OF GOODS SOLD
Cost of goods sold was $50.1 million, a decrease of 43.2% from $88.3 million for 2024. The decrease was primarily due to the corresponding decrease in sales.
GROSS PROFIT
Gross profit was $37.3 million, compared with $39.3 million for 2024. Gross margin was 42.6%, compared with 30.8% for 2024. The improvement in gross margin was primarily driven by sales of inventory that was previously impaired under our inventory obsolescence reserve.
OPERATING EXPENSES
Total operating expenses were $94.5 million, a decrease of 12.6% from $108.1 million for 2024.
Research and development expenses were $7.6 million, an increase of 52.6% from $5.0 million for 2024. The increase was mainly due to the completion of research and development projects during the current period.
Selling and marketing expenses were $16.7 million, a decrease of 21.5% from $21.2 million for 2024. The decrease was mainly due to decreases in freight expenses and commission expenses, in line with the decrease in revenue.
General and administrative expenses were $54.4 million, a decrease of 5.7% from $57.7 million for 2024. The decrease was mainly due to decreased depreciation and amortization in 2025 following the material impairment of long-lived assets provisioned in 2024.
LOSS FROM OPERATIONS
Loss from operations was $57.2 million, compared with $68.8 million for 2024.
NET LOSS
Net loss was $95.6 million, compared with $51.0 million for 2024. The increase in net loss was primarily attributable to higher other expenses resulting from anti-dumping duty expenses and increased litigation costs compared to the prior year.
Basic and diluted net loss attributable to the Company's shareholders per share were $1.12, compared with basic and diluted net loss per share of $0.59 for 2024.
BALANCE SHEET AND CASH FLOW
As of December 31, 2025, the Company had cash and cash equivalents, restricted cash, and certificates of deposit totaling $211.9 million, compared with $126.3 million as of December 31, 2024.
Net cash provided by operating activities was $96.8 million, compared with net cash used in operating activities of $17.8 million for 2024.
Conference Call
The Company's management will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on April 28, 2026, or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the full year of 2025.
The dial-in and webcast details for the conference call are as follows:
- Toll-free dial-in number: +1-877-407-3982
- International dial-in number: + 1-201-493-6780
Webcast and replay: https://viavid.webcasts.com/starthere.jsp?ei=1761045&tp_key=b7396bb841
A live and archived webcast of the conference call will also be available on the Company's investor relations website at ir.kandigroup.com.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (NASDAQ: KNDI) is a global innovator in intelligent equipment and a technology-driven platform company. It leverages technological innovation, a global supply chain, and advanced manufacturing to transform industries and expand real-world applications, bringing technology closer to people's everyday lives. Guided by a "one core, two growth engines" strategic framework, the Company anchors its business in all-domain intelligent vehicles, with battery swapping equipment and intelligent robotics as two strategic growth pillars. Driven by its mission to bring joy to daily life, Kandi fosters shared success and sustainable, long-term growth through open collaboration and mutually beneficial partnerships, creating enduring industrial and societal value while building a globally respected brand.
For more information, please visit ir.kandigroup.com.
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.
For investor and media inquiries, please contact:
Kandi Technologies Group, Inc.
Kewa Luo
Tel: +1 (212) 551-3610
Email: IR@kandigroup.com
Piacente Financial Communications
Brandi Piacente
Tel: +86-10-6508-0677
Email: Kandi@thepiacentegroup.com
- Tables Below -
| KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | - | 35,531,096 | - | 37,307,867 | ||||
| Restricted cash | 93,495,277 | 83,530,443 | ||||||
| Certificate of deposit | 82,917,554 | 5,481,329 | ||||||
| Accounts receivable (net of allowance for doubtful accounts of $2,991,001 and $3,680,803 as of December 31, 2025 and December 31, 2024, respectively) | 22,478,579 | 26,462,884 | ||||||
| Inventories | 26,360,506 | 51,268,075 | ||||||
| Notes receivable | 183,230 | 346,202 | ||||||
| Other receivables | 32,805,705 | 144,721,398 | ||||||
| Prepayments and prepaid expense | 2,613,301 | 4,967,736 | ||||||
| Advances to suppliers | 4,692,318 | 562,094 | ||||||
| TOTAL CURRENT ASSETS | 301,077,566 | 354,648,028 | ||||||
| NON-CURRENT ASSETS | ||||||||
| Property, plant and equipment, net | 58,604,740 | 63,503,610 | ||||||
| Intangible assets, net | 318,263 | 3,893,128 | ||||||
| Land use rights, net | 2,613,115 | 2,586,628 | ||||||
| Construction in progress | 61,651 | - | ||||||
| Deferred tax assets | 2,762,416 | 6,496,863 | ||||||
| Long-term investment | 1,856,536 | 1,413,065 | ||||||
| Goodwill | 22,491,482 | 31,182,116 | ||||||
| Other long-term assets | 9,876,537 | 10,173,183 | ||||||
| TOTAL NON-CURRENT ASSETS | 98,584,740 | 119,248,593 | ||||||
| TOTAL ASSETS | - | 399,662,306 | - | 473,896,621 | ||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | - | 22,106,022 | - | 25,475,725 | ||||
| Other payables and accrued expenses | 51,744,834 | 8,544,046 | ||||||
| Short-term loans | 30,750,924 | 37,528,831 | ||||||
| Notes payable | 16,477,037 | 41,620,702 | ||||||
| Income tax payable | 1,103,942 | 1,430,612 | ||||||
| Other current liabilities | 6,233,456 | 5,794,987 | ||||||
| TOTAL CURRENT LIABILITIES | 128,416,215 | 120,394,903 | ||||||
| NON-CURRENT LIABILITIES | ||||||||
| Long-term loans | - | 5,706,510 | ||||||
| Deferred taxes liability | 857,370 | 524,903 | ||||||
| Other long-term liabilities | 328,373 | 640,839 | ||||||
| TOTAL NON-CURRENT LIABILITIES | 1,185,743 | 6,872,252 | ||||||
| TOTAL LIABILITIES | 129,601,958 | 127,267,155 | ||||||
| STOCKHOLDER'S EQUITY | ||||||||
| Ordinary Shares, $0.001 par value; 100,000,000 shares authorized; 84,782,499 and 87,552,800 shares issued and 82,705,365 and 85,475,666 outstanding at December 31,2025 and December 31,2024, respectively | 84,782 | 87,553 | ||||||
| Less: Treasury stock (2,077,134 shares with average price of $2.11 at December 31, 2025 and December 31, 2024) | (4,385,882 | - | (4,385,882 | - | ||||
| Additional paid-in capital | 470,810,948 | 463,922,873 | ||||||
| Accumulated deficit (the restricted portion is $4,422,033 and $4,422,033 at December 31, 2025 and December 31, 2024, respectively) | (160,712,269 | - | (66,828,296 | - | ||||
| Accumulated other comprehensive loss | (35,736,487 | - | (48,097,215 | - | ||||
| TOTAL KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS' EQUITY | 270,061,092 | 344,699,033 | ||||||
| Non-controlling interests | (744 | - | 1,930,433 | |||||
| TOTAL STOCKHOLDERS' EQUITY | 270,060,348 | 346,629,466 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | - | 399,662,306 | - | 473,896,621 | ||||
| KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023 | |||||||||||||||||||||||||||||||
| Number of Outstanding Shares | Ordinary Shares | Treasury Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income : Loss: | Non- controlling interests | Total | ||||||||||||||||||||||||
| BALANCE AS OF DECEMBER 31, 2022 | 77,668,730 | - | 77,669 | - | (9,807,820 | - | - | 451,373,645 | - | (16,339,765 | - | - | (28,333,239 | - | - | 722,481 | - | 397,692,971 | |||||||||||||
| Stock issuance and award | 11,685,968 | 11,686 | - | 9,357,192 | - | - | - | 9,368,878 | |||||||||||||||||||||||
| Stock-based compensation | - | - | - | 3,476,058 | - | - | - | 3,476,058 | |||||||||||||||||||||||
| Stock buyback | - | - | (507,013 | - | (3,731 | - | - | - | - | (510,744 | - | ||||||||||||||||||||
| Cancellation of the Treasury Stock | (3,488,559 | - | (3,489 | - | 9,807,820 | (9,804,331 | - | - | - | - | - | ||||||||||||||||||||
| Stock option exercise | 1,666,661 | 1,667 | - | 3,448,322 | - | - | - | 3,449,989 | |||||||||||||||||||||||
| Net income | - | - | - | - | 7,132 | - | 1,662,635 | 1,669,767 | |||||||||||||||||||||||
| Foreign currency translation | - | - | - | - | - | (8,636,827 | - | - | (8,636,827 | - | |||||||||||||||||||||
| BALANCE AS OF DECEMBER 31, 2023 | 87,532,800 | - | 87,533 | - | (507,013 | - | - | 457,847,155 | - | (16,332,633 | - | - | (36,970,066 | - | - | 2,385,116 | - | 406,510,092 | |||||||||||||
| Stock issuance and award | 20,000 | 20 | - | 4,532,762 | - | - | - | 4,532,782 | |||||||||||||||||||||||
| Stock-based compensation | - | - | - | 1,584,443 | - | - | - | 1,584,443 | |||||||||||||||||||||||
| Stock buyback | - | - | (3,878,869 | - | (41,487 | - | - | - | - | (3,920,356 | - | ||||||||||||||||||||
| Net loss | - | - | - | - | (50,495,663 | - | - | (454,683 | - | (50,950,346 | - | ||||||||||||||||||||
| Foreign currency translation | - | - | - | - | - | (11,127,149 | - | - | (11,127,149 | - | |||||||||||||||||||||
| BALANCE AS OF DECEMBER 31, 2024 | 87,552,800 | - | 87,553 | - | (4,385,882 | - | - | 463,922,873 | - | (66,828,296 | - | - | (48,097,215 | - | - | 1,930,433 | - | 346,629,466 | |||||||||||||
| Stock issuance and award | 1,181,067 | 1,180 | - | 6,451,152 | - | - | - | 6,452,332 | |||||||||||||||||||||||
| Stock-based compensation | - | - | - | 1,025,646 | - | - | - | 1,025,646 | |||||||||||||||||||||||
| Cancellation of the escrow shares | (3,951,368 | - | (3,951 | - | - | 3,951 | - | - | - | - | |||||||||||||||||||||
| Acquisition of non-controlling interests | - | - | - | (592,674 | - | - | - | (245,208 | - | (837,882 | - | ||||||||||||||||||||
| Net loss | - | - | - | - | (93,883,973 | - | - | (1,685,969 | - | (95,569,942 | - | ||||||||||||||||||||
| Foreign currency translation | - | - | - | - | - | 12,360,728 | - | 12,360,728 | |||||||||||||||||||||||
| BALANCE AS OF DECEMBER 31, 2025 | 84,782,499 | - | 84,782 | - | (4,385,882 | - | - | 470,810,948 | - | (160,712,269 | - | - | (35,736,487 | - | - | (744 | - | - | 270,060,348 | ||||||||||||
| KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023 | ||||||||||||
| Years Ended | ||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2023 | ||||||||||
| REVENUES, NET | - | 87,439,981 | 127,569,613 | 123,599,232 | ||||||||
| COST OF GOODS SOLD | (50,148,318 | - | (88,299,242 | - | (82,229,209 | - | ||||||
| GROSS PROFIT | 37,291,663 | 39,270,371 | 41,370,023 | |||||||||
| OPERATING EXPENSE: | ||||||||||||
| Research and development | (7,621,559 | - | (4,995,940 | - | (4,265,176 | - | ||||||
| Selling and marketing | (16,674,434 | - | (21,237,864 | - | (13,335,950 | - | ||||||
| General and administrative | (54,392,589 | - | (57,683,262 | - | (35,381,496 | - | ||||||
| Impairment of goodwill | (9,716,799 | - | - | (496,981 | - | |||||||
| Impairment of long-lived assets | (6,061,289 | - | (24,135,226 | - | (942,591 | - | ||||||
| TOTAL OPERATING EXPENSE | (94,466,670 | - | (108,052,292 | - | (54,422,194 | - | ||||||
| LOSS FROM OPERATIONS | (57,175,007 | - | (68,781,921 | - | (13,052,171 | - | ||||||
| OTHER INCOME (EXPENSE): | ||||||||||||
| Interest income | 8,690,914 | 10,046,204 | 9,984,558 | |||||||||
| Interest expense | (1,886,319 | - | (2,195,618 | - | (1,327,341 | - | ||||||
| Change in fair value of contingent consideration | - | 2,693,000 | 1,803,000 | |||||||||
| Government grants | 1,873,209 | 1,620,632 | 2,017,551 | |||||||||
| Other (loss) income, net | (43,135,872 | - | 537,966 | 4,047,074 | ||||||||
| TOTAL OTHER INCOME, NET | (34,458,068 | - | 12,702,184 | 16,524,842 | ||||||||
| (LOSS) INCOME BEFORE INCOME TAXES | (91,633,075 | - | (56,079,737 | - | 3,472,671 | |||||||
| INCOME TAX (EXPENSE) BENEFIT | (3,936,867 | - | 5,129,391 | (1,802,904 | - | |||||||
| NET (LOSS) INCOME | (95,569,942 | - | (50,950,346 | - | 1,669,767 | |||||||
| LESS: NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | (1,685,969 | - | (454,683 | - | 1,662,635 | |||||||
| NET (LOSS) INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS | (93,883,973 | - | (50,495,663 | - | 7,132 | |||||||
| OTHER COMPREHENSIVE LOSS | ||||||||||||
| Foreign currency translation adjustment | 12,360,728 | (11,127,149 | - | (8,636,827 | - | |||||||
| COMPREHENSIVE LOSS | - | (83,209,214 | - | - | (62,077,495 | - | - | (6,967,060 | - | |||
| WEIGHTED AVERAGE SHARES OUTSTANDING BASIC | 83,611,267 | 86,317,058 | 78,781,094 | |||||||||
| WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED | 83,611,267 | 86,317,058 | 79,902,891 | |||||||||
| NET (LOSS) INCOME PER SHARE, BASIC | - | (1.14 | - | - | (0.59 | - | - | 0.02 | ||||
| NET (LOSS) INCOME PER SHARE, DILUTED | - | (1.14 | - | - | (0.59 | - | - | 0.02 | ||||
| NET (LOSS) INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS PER SHARE, BASIC | - | (1.12 | - | - | (0.59 | - | - | 0.00 | ||||
| NET (LOSS) INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS PER SHARE, DILUTED | - | (1.12 | - | - | (0.59 | - | - | 0.00 | ||||
| KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023 | ||||||||||||
| Years Ended | ||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2023 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
| Net income | - | (95,569,942 | - | - | (50,950,346 | - | - | 1,669,767 | ||||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities | ||||||||||||
| Depreciation and amortization | 5,701,609 | 12,021,015 | 11,913,647 | |||||||||
| Impairments | 15,778,088 | 45,499,258 | 1,439,573 | |||||||||
| Provision of allowance for doubtful accounts | (812,236 | - | 884,134 | 656,330 | ||||||||
| Deferred taxes | 3,735,568 | (6,140,342 | - | 203,236 | ||||||||
| Loss from long-term Investment | 1,486,851 | (419,114 | - | 141,389 | ||||||||
| Loss from disposal of a subsidiary | - | 2,826,213 | - | |||||||||
| Change in fair value of contingent consideration | - | (2,693,000 | - | (1,803,000 | - | |||||||
| Stock award and stock-based compensation expense | 7,121,078 | 7,114,524 | 11,059,801 | |||||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Accounts receivable | 4,855,109 | (29,770,703 | - | 10,560,521 | ||||||||
| Notes receivable | (596,732 | - | 131,350,242 | (123,992,862 | - | |||||||
| Inventories | 25,651,304 | (11,581,779 | - | (21,531,323 | - | |||||||
| Other receivables and other assets | 115,160,725 | (141,311,335 | - | 5,165,337 | ||||||||
| Advances to supplier and prepayments and prepaid expenses | (1,557,572 | - | (1,095,052 | - | 1,491,762 | |||||||
| Increase (Decrease) In: | ||||||||||||
| Accounts payable | 54,279,618 | 79,040,317 | 38,603,301 | |||||||||
| Other payables and accrued liabilities | 41,864,485 | 3,315,701 | (5,062,494 | - | ||||||||
| Notes payable | (79,804,260 | - | (55,334,895 | - | (32,629,627 | - | ||||||
| Income tax payable | (486,351 | - | (575,250 | - | 954,006 | |||||||
| Net cash provided by (used in) operating activities | - | 96,807,342 | - | (17,820,412 | - | - | (101,160,636 | - | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
| Purchases of property, plant and equipment, net | (428,840 | - | (934,985 | - | (13,172,512 | - | ||||||
| Payment for construction in progress | (41,878 | - | - | (75,185 | - | |||||||
| Certificate of deposit | (75,138,798 | - | 27,831,121 | 45,244,390 | ||||||||
| Acquisition (Disposal) of NGI | - | (157,211 | - | 282,135 | ||||||||
| Long-term Investment | (1,858,990 | - | (1,015,836 | - | - | |||||||
| Net cash (used in) provided by investing activities | - | (77,468,506 | - | - | 25,723,089 | - | 32,278,828 | |||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
| Proceeds from short-term loans | 21,371,060 | 66,203,360 | 23,420,534 | |||||||||
| Repayments of short-term loans | (29,508,010 | - | (37,489,677 | - | (19,709,663 | - | ||||||
| Repayments of long-term loans | (5,706,510 | - | (2,284,081 | - | (46,426 | - | ||||||
| Proceeds from long-term loans | - | - | 8,225,000 | |||||||||
| Acquisition of non-controlling interests | (709,644 | - | - | - | ||||||||
| Purchase of treasury stock | - | (3,920,356 | - | (510,745 | - | |||||||
| Proceeds from exercises stock options, stock awards and other financing | - | - | 3,449,988 | |||||||||
| Net cash (used in) provided by financing activities | - | (14,553,104 | - | - | 22,509,246 | - | 14,828,688 | |||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | - | 4,785,732 | - | 30,411,923 | - | (54,053,120 | - | |||||
| Effect of exchange rate changes | - | 3,402,331 | - | (3,203,681 | - | - | (3,357,083 | - | ||||
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR | - | 120,838,310 | - | 93,630,068 | - | 151,040,271 | ||||||
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | - | 129,026,373 | - | 120,838,310 | - | 93,630,068 | ||||||
| -CASH AND CASH EQUIVALENTS AT END OF PERIOD | 35,531,096 | 37,307,867 | 33,756,941 | |||||||||
| -RESTRICTED CASH AT END OF PERIOD | 93,495,277 | 83,530,443 | 59,873,127 | |||||||||
| SUPPLEMENTARY CASH FLOW INFORMATION | ||||||||||||
| Income taxes paid | - | 687,649 | - | 859,673 | - | 311,504 | ||||||
| Interest paid | - | 1,648,877 | - | 1,737,738 | - | 965,025 | ||||||
| SUPPLEMENTAL NON-CASH DISCLOSURES: | ||||||||||||
| Ordinary Shares issued for settlement of payables related to acquisitions (see Note 18) | - | - | - | - | - | 1,812,005 | ||||||
