Kandi Technolgies Corp (KNDI)

[bullmarket2222]

There been some concerns cited over this payment by some because they can't find this company on the internet. This could be for a number of reasons.

For sure we need more clarity going forward. I suspect it's Nanjing Automobile which is SAIC since 2007. Just a guess.

Financial Condition Liquidity and Capital Resources Working Capital

We had a working capital surplus of $108,121,553 as of September 30, 2014, compared to a working capital deficit of $24,027,852 as of September 30, 2013.

As of September 30, 2014, the amount of advances to suppliers was $58,777,479, which included the advance of RMB353 million, or approximately $57,342,430, for a prepayment by Kandi Wanning to an equipment supplier - Nanjing Shangtong Auto Technologies Co., Ltd. (“Nanjing Shangtong”) for equipment purchases relating to developing Kandi Wanning’s manufacturing factory in Wanning city, Hainan province. The equipment will be purchased and delivered according to the construction schedule and development of Kandi Wanning. This advance will be used to offset the equipment purchase price upon delivery.

As of September 30, 2014, we had credit lines from commercial banks of $41,910,331, of which $35,412,606 was used as of September 30, 2014.