SEC Info - Kandi Technologies Group, Inc. - ‘10-Q’ for 6/30/13

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Kandi Technologies Group, Inc. – ‘10-Q’ for 6/30/13 – ‘XML.R28’

On: Wednesday, 8/14/13, at 9:01am ET · For: 6/30/13 · Accession #: 1062993-13-4078 · File #: 1-33997

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/14/13  Kandi Technologies Group, Inc.    10-Q        6/30/13  177:9M                                     Newsfile Corp/FA

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report -- form10q                         HTML    510K 
 2: EX-31.1     Certification -- §302 - SOA'02 -- exhibit31-1       HTML     45K 
 3: EX-31.2     Certification -- §302 - SOA'02 -- exhibit31-2       HTML     45K 
 4: EX-32.1     Certification -- §906 - SOA'02 -- exhibit32-1       HTML     43K 
171: R1          Document and Entity Information                     HTML     70K  
105: R2          Condensed Consolidated Balance Sheets               HTML    195K  
98: R3          Condensed Consolidated Balance Sheets               HTML     58K 
                [Parenthetical]                                                  
21: R4          Condensed Consolidated Statements of Income (Loss)  HTML    108K 
                Andcomprehensive Income (Loss)                                   
102: R5          Condensed Consolidated Statements of Cash Flows     HTML    168K  
66: R6          Organization and Principal Activities               HTML     52K 
141: R7          Liquidity                                           HTML     47K  
69: R8          Basis of Presentation                               HTML     45K 
77: R9          Principles of Consolidation                         HTML     53K 
22: R10         Use of Estimates                                    HTML     44K 
72: R11         Summary of Significant Accounting Policies          HTML     79K 
140: R12         New Accounting Pronouncements                       HTML     57K  
131: R13         Concentrations                                      HTML     59K  
99: R14         Income (Loss) Per Share                             HTML     51K 
164: R15         Inventories                                         HTML     49K  
137: R16         Notes Receivable                                    HTML     54K  
18: R17         Land Use Rights                                     HTML     51K 
29: R18         Plant and Equipment                                 HTML     55K 
163: R19         Short Term Bank Loans                               HTML     78K  
169: R20         Notes Payable                                       HTML     58K  
173: R21         Bond Payable                                        HTML     46K  
167: R22         Tax                                                 HTML     79K  
118: R23         Stock Options, Warrants and Convertible Notes       HTML     62K  
23: R24         Stock Award                                         HTML     44K 
64: R25         Intangible Assets                                   HTML     56K 
40: R26         Commitments and Contingencies                       HTML     59K 
39: R27         Subsequent Event                                    HTML     46K 
79: R28         Summary of Significant Accounting Policies          HTML    129K 
                (Policies)                                                       
117: R29         Summary of Significant Accounting Policies          HTML     63K  
                (Tables)                                                         
134: R30         Concentrations (Tables)                             HTML     58K  
50: R31         Income (Loss) Per Share (Tables)                    HTML     48K 
80: R32         Inventories (Tables)                                HTML     48K 
151: R33         Notes Receivable (Tables)                           HTML     53K  
44: R34         Land Use Rights (Tables)                            HTML     50K 
128: R35         Plant and Equipment (Tables)                        HTML     53K  
129: R36         Short Term Bank Loans (Tables)                      HTML     74K  
85: R37         Notes Payable (Tables)                              HTML     58K 
38: R38         Bond Payable (Tables)                               HTML     45K 
125: R39         Tax (Tables)                                        HTML     75K  
47: R40         Stock Options, Warrants and Convertible Notes       HTML     56K 
                (Tables)                                                         
78: R41         Commitments and Contingencies (Tables)              HTML     48K 
136: R42         Organization and Principal Activities (Narrative)   HTML     69K  
                (Details)                                                        
59: R43         Liquidity (Narrative) (Details)                     HTML     63K 
119: R44         Principles of Consolidation (Narrative) (Details)   HTML     59K  
97: R45         Summary of Significant Accounting Policies          HTML     55K 
                (Narrative) (Details)                                            
43: R46         Income (Loss) Per Share (Narrative) (Details)       HTML     43K 
146: R47         Land Use Rights (Narrative) (Details)               HTML     54K  
34: R48         Plant and Equipment (Narrative) (Details)           HTML     53K 
48: R49         Short Term Bank Loans (Narrative) (Details)         HTML     70K 
96: R50         Notes Payable (Narrative) (Details)                 HTML     47K 
109: R51         Bond Payable (Narrative) (Details)                  HTML     47K  
144: R52         Tax (Narrative) (Details)                           HTML     72K  
19: R53         Stock Options, Warrants and Convertible Notes       HTML    148K 
                (Narrative) (Details)                                            
123: R54         Stock Award (Narrative) (Details)                   HTML     49K  
90: R55         Intangible Assets (Narrative) (Details)             HTML     88K 
27: R56         Commitments and Contingencies (Narrative)           HTML     57K 
                (Details)                                                        
37: R57         Subsequent Event (Narrative) (Details)              HTML     62K 
103: R58         Schedule of Fair Value, by Balance Sheet Grouping   HTML     66K  
                (Details)                                                        
158: R59         Schedule of Cash and Cash Equivalents (Details)     HTML     49K  
177: R60         Schedule of Property and Equipment Estimated        HTML     52K  
                Useful Lives (Details)                                           
175: R61         Schedule of Average Foreign Currency Exchange       HTML     54K  
                Rates (Details)                                                  
132: R62         Schedule of Revenue and Accounts Receivable         HTML     85K  
                Percentage by Major Customers (Details)                          
58: R63         Schedule of Purchases and Accounts Payable          HTML     85K 
                Percentage by Major Suppliers (Details)                          
53: R64         Schedule of Earnings Per Share, Basic and Diluted   HTML     66K 
                (Details)                                                        
124: R65         Schedule of Inventories (Details)                   HTML     64K  
156: R66         Schedule of Notes Receivable (Details)              HTML     57K  
25: R67         Schedule of Detailed Unrelated Party Notes          HTML     50K 
                Receivable (Details)                                             
166: R68         Schedule of Land Use Rights (Details)               HTML     53K  
60: R69         Schedule of Land Use Rights Expected Amortization   HTML     56K 
                Expense (Details)                                                
86: R70         Schedule of Plant and Equipment (Details)           HTML     93K 
81: R71         Schedule of Short-term Bank Loans (Details)         HTML    147K 
56: R72         Schedule of Notes Payable (Details)                 HTML     99K 
73: R73         Schedule of Restricted Cash Held As Collateral For  HTML     52K 
                Notes Payable (Details)                                          
139: R74         Schedule of Bond Payable (Details)                  HTML     51K  
114: R75         Schedule of Components of Income Tax Expense        HTML     52K  
                (Benefit) (Details)                                              
13: R76         Schedule of Expected Components of Income Tax       HTML     63K 
                Expense (Benefit) (Details)                                      
120: R77         Schedule of Deferred Tax Assets and Liabilities     HTML     98K  
                (Details)                                                        
16: R78         Summary of Income Tax Holiday (Details)             HTML     49K 
111: R79         Schedule of Share-based Compensation, Stock         HTML     63K  
                Options, Activity (Details)                                      
35: R80         Schedule of Disclosure of Share-based               HTML     65K 
                Compensation, Stock Option Outstanding Summary                   
                (Details)                                                        
154: R81         Schedule of Guarantees For Bank Loans (Details)     HTML     52K  
147: R82         Schedule for Pledged Collateral For A Third Partys  HTML     46K  
                Bank Loans (Details)                                             
94: XML         IDEA XML File -- Filing Summary                      XML    183K 
174: XML.R1      Document and Entity Information                      XML    167K  
75: XML.R2      Condensed Consolidated Balance Sheets                XML    496K 
116: XML.R3      Condensed Consolidated Balance Sheets                XML    122K  
                [Parenthetical]                                                  
93: XML.R4      Condensed Consolidated Statements of Income (Loss)   XML    366K 
                Andcomprehensive Income (Loss)                                   
89: XML.R5      Condensed Consolidated Statements of Cash Flows      XML    488K 
14: XML.R6      Organization and Principal Activities                XML     60K 
107: XML.R7      Liquidity                                            XML     57K  
12: XML.R8      Basis of Presentation                                XML     55K 
57: XML.R9      Principles of Consolidation                          XML     62K 
83: XML.R10     Use of Estimates                                     XML     55K 
70: XML.R11     Summary of Significant Accounting Policies           XML     90K 
62: XML.R12     New Accounting Pronouncements                        XML     65K 
148: XML.R13     Concentrations                                       XML     71K  
74: XML.R14     Income (Loss) Per Share                              XML     61K 
168: XML.R15     Inventories                                          XML     60K  
112: XML.R16     Notes Receivable                                     XML     65K  
108: XML.R17     Land Use Rights                                      XML     62K  
115: XML.R18     Plant and Equipment                                  XML     67K  
46: XML.R19     Short Term Bank Loans                                XML     89K 
101: XML.R20     Notes Payable                                        XML     70K  
133: XML.R21     Bond Payable                                         XML     56K  
138: XML.R22     Tax                                                  XML     92K  
150: XML.R23     Stock Options, Warrants and Convertible Notes        XML     71K  
82: XML.R24     Stock Award                                          XML     55K 
33: XML.R25     Intangible Assets                                    XML     68K 
161: XML.R26     Commitments and Contingencies                        XML     65K  
113: XML.R27     Subsequent Event                                     XML     56K  
162: XML.R28     Summary of Significant Accounting Policies           XML    215K  
                (Policies)                                                       
24: XML.R29     Summary of Significant Accounting Policies           XML     87K 
                (Tables)                                                         
130: XML.R30     Concentrations (Tables)                              XML     75K  
127: XML.R31     Income (Loss) Per Share (Tables)                     XML     60K  
32: XML.R32     Inventories (Tables)                                 XML     59K 
165: XML.R33     Notes Receivable (Tables)                            XML     77K  
30: XML.R34     Land Use Rights (Tables)                             XML     66K 
170: XML.R35     Plant and Equipment (Tables)                         XML     65K  
155: XML.R36     Short Term Bank Loans (Tables)                       XML     86K  
145: XML.R37     Notes Payable (Tables)                               XML     75K  
149: XML.R38     Bond Payable (Tables)                                XML     56K  
92: XML.R39     Tax (Tables)                                         XML    104K 
67: XML.R40     Stock Options, Warrants and Convertible Notes        XML     72K 
                (Tables)                                                         
172: XML.R41     Commitments and Contingencies (Tables)               XML     64K  
126: XML.R42     Organization and Principal Activities (Narrative)    XML    137K  
                (Details)                                                        
160: XML.R43     Liquidity (Narrative) (Details)                      XML    128K  
31: XML.R44     Principles of Consolidation (Narrative) (Details)    XML    105K 
110: XML.R45     Summary of Significant Accounting Policies           XML     97K  
                (Narrative) (Details)                                            
63: XML.R46     Income (Loss) Per Share (Narrative) (Details)        XML     55K 
106: XML.R47     Land Use Rights (Narrative) (Details)                XML     93K  
95: XML.R48     Plant and Equipment (Narrative) (Details)            XML     87K 
51: XML.R49     Short Term Bank Loans (Narrative) (Details)          XML    143K 
121: XML.R50     Notes Payable (Narrative) (Details)                  XML     70K  
54: XML.R51     Bond Payable (Narrative) (Details)                   XML     81K 
68: XML.R52     Tax (Narrative) (Details)                            XML    154K 
17: XML.R53     Stock Options, Warrants and Convertible Notes        XML    393K 
                (Narrative) (Details)                                            
143: XML.R54     Stock Award (Narrative) (Details)                    XML     76K  
157: XML.R55     Intangible Assets (Narrative) (Details)              XML    208K  
42: XML.R56     Commitments and Contingencies (Narrative)            XML    122K 
                (Details)                                                        
45: XML.R57     Subsequent Event (Narrative) (Details)               XML    123K 
20: XML.R58     Schedule of Fair Value, by Balance Sheet Grouping    XML    126K 
                (Details)                                                        
159: XML.R59     Schedule of Cash and Cash Equivalents (Details)      XML     75K  
87: XML.R60     Schedule of Property and Equipment Estimated         XML     81K 
                Useful Lives (Details)                                           
76: XML.R61     Schedule of Average Foreign Currency Exchange        XML     87K 
                Rates (Details)                                                  
71: XML.R62     Schedule of Revenue and Accounts Receivable          XML    179K 
                Percentage by Major Customers (Details)                          
152: XML.R63     Schedule of Purchases and Accounts Payable           XML    179K  
                Percentage by Major Suppliers (Details)                          
122: XML.R64     Schedule of Earnings Per Share, Basic and Diluted    XML    127K  
                (Details)                                                        
36: XML.R65     Schedule of Inventories (Details)                    XML    125K 
55: XML.R66     Schedule of Notes Receivable (Details)               XML    100K 
65: XML.R67     Schedule of Detailed Unrelated Party Notes           XML     88K 
                Receivable (Details)                                             
26: XML.R68     Schedule of Land Use Rights (Details)                XML     87K 
61: XML.R69     Schedule of Land Use Rights Expected Amortization    XML     94K 
                Expense (Details)                                                
100: XML.R70     Schedule of Plant and Equipment (Details)            XML    213K  
11: XML.R71     Schedule of Short-term Bank Loans (Details)          XML    385K 
135: XML.R72     Schedule of Notes Payable (Details)                  XML    238K  
104: XML.R73     Schedule of Restricted Cash Held As Collateral For   XML     82K  
                Notes Payable (Details)                                          
28: XML.R74     Schedule of Bond Payable (Details)                   XML     82K 
142: XML.R75     Schedule of Components of Income Tax Expense         XML     82K  
                (Benefit) (Details)                                              
52: XML.R76     Schedule of Expected Components of Income Tax        XML    113K 
                Expense (Benefit) (Details)                                      
84: XML.R77     Schedule of Deferred Tax Assets and Liabilities      XML    226K 
                (Details)                                                        
153: XML.R78     Summary of Income Tax Holiday (Details)              XML     76K  
88: XML.R79     Schedule of Share-based Compensation, Stock          XML    115K 
                Options, Activity (Details)                                      
176: XML.R80     Schedule of Disclosure of Share-based                XML    116K  
                Compensation, Stock Option Outstanding Summary                   
                (Details)                                                        
41: XML.R81     Schedule of Guarantees For Bank Loans (Details)      XML     81K 
15: XML.R82     Schedule for Pledged Collateral For A Third Partys   XML     63K 
                Bank Loans (Details)                                             
91: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS    678K 
 5: EX-101.INS  XBRL Instance -- kndi-20130630                       XML    876K 
 7: EX-101.CAL  XBRL Calculations -- kndi-20130630_cal               XML    197K 
 8: EX-101.DEF  XBRL Definitions -- kndi-20130630_def                XML   1.39M 
 9: EX-101.LAB  XBRL Labels -- kndi-20130630_lab                     XML   2.86M 
10: EX-101.PRE  XBRL Presentations -- kndi-20130630_pre              XML   1.54M 
 6: EX-101.SCH  XBRL Schema -- kndi-20130630                         XSD    539K 
49: ZIP         XBRL Zipped Folder -- 0001062993-13-004078-xbrl      Zip    215K

‘XML.R28’ — Summary of Significant Accounting Policies (Policies)

This Financial Report is an XBRL XML File.

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(a) Economic and Political Risks The Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC, and by the general state of the PRC economy. Our operations are conducted mainly in the PRC. As such, our earnings are subject to movements in foreign currency exchange rates when transactions are denominated in Renminbi (“RMB”), which is our functional currency. Accordingly, our operation results are affected by changes in the exchange rate between the U.S. dollar and those currencies. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s performance may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things.

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Cash and cash equivalents consist primarily of highly rated money market funds at a variety of well-known institutions with original maturities of three months or less. Restricted cash represents time deposits on account, some of which is used to secure short-term bank loans and notes payable. The original cost of these assets approximates fair value due to their short term maturity. Warrants which are accounted as liabilities, are treated as derivative instruments, which will be measured at each reporting date for their fair value using Level 2 inputs. Also see Note 6 section (s).

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(c) Cash and Cash Equivalents The Company considers highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Restricted cash, as of June 30, 2013 and December 31, 2012, represents time deposits on account, some of which are used to secure short-term bank loans and notes payable. As of June 30, 2013, our restricted cash was as follows:

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<ElementDefenition> Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value. </ElementDefenition>

<ElementReferences> Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash -URI http://asc.fasb.org/extlink&oid=6506951 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash Equivalents -URI http://asc.fasb.org/extlink&oid=6507016 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 305 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2122427 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4273-108586 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Financial Reporting Release (FRR) -Number 203 -Paragraph 02-03 </ElementReferences>

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(d) Inventories Inventories are stated at the lower of cost or net realizable value (market value). The cost of raw materials is determined on a weighted average basis. The cost of finished goods is also determined on a weighted average basis and includes direct materials, direct labor and an appropriate proportion of overhead. Net realizable value is based on estimated selling prices, less any further costs expected to be incurred and related completion and selling expenses.

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<ElementName> us-gaap_TradeAndOtherAccountsReceivablePolicy </ElementName>

<PeriodType> duration </PeriodType>

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<IsSegmentTitle> false </IsSegmentTitle>

<IsCalendarTitle> false </IsCalendarTitle>

<IsEquityPrevioslyReportedAsRow> false </IsEquityPrevioslyReportedAsRow>

<IsEquityAdjustmentRow> false </IsEquityAdjustmentRow>

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<IsEndingBalance> false </IsEndingBalance>

<IsReverseSign> false </IsReverseSign>

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(e) Accounts Receivable Accounts receivable are recognized and carried at net realizable value. An allowance for doubtful accounts is recorded in periods where we determine a loss is probable, based on our assessment of specific factors such as troubled collection, historical experience, accounts aging, ongoing business relation and other factors. Accounts are written off after an exhaustive collection effort. If accounts receivable are to be provided for, or written off, they are recognized in the consolidated statement of operations within operating expenses line item. As of June 30, 2013 and December 31, 2012, the Company recorded no allowance for doubtful accounts. This determination was made per our management's judgment, which was based on their best knowledge. As of June 30, 2013 and December 31, 2012, the longest credit term used, in connection with certain selected customers, was 90 days.

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<ShowCurrencySymbol> false </ShowCurrencySymbol>

<DisplayDateInUSFormat> false </DisplayDateInUSFormat>

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<ElementDefenition> Disclosure of accounting policy for trade and other accounts receivables. This disclosure may include the basis at which such receivables are carried in the entity's statements of financial position (for example, net realizable value), how the entity determines the level of its allowance for doubtful accounts, when impairments, charge-offs or recoveries are recognized, and the entity's income recognition policies for such receivables, including its treatment of related fees and costs, its treatment of premiums, discounts or unearned income, when accrual of interest is discontinued, how the entity records payments received on nonaccrual receivables and its policy for resuming accrual of interest on such receivables. If the enterprise holds a large number of similar loans, disclosure may include the accounting policy for the anticipation of prepayments and significant assumptions underlying prepayment estimates for amortization of premiums, discounts, and nonrefundable fees and costs. </ElementDefenition>

<IsTotalLabel> false </IsTotalLabel>

<Label> Accounts Receivable [Policy Text Block] </Label>

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<IsAbstractGroupTitle> false </IsAbstractGroupTitle>

<ElementName> us-gaap_FinanceLoansAndLeasesReceivablePolicy </ElementName>

<PeriodType> duration </PeriodType>

<IsReportTitle> false </IsReportTitle>

<IsSegmentTitle> false </IsSegmentTitle>

<IsCalendarTitle> false </IsCalendarTitle>

<IsEquityPrevioslyReportedAsRow> false </IsEquityPrevioslyReportedAsRow>

<IsEquityAdjustmentRow> false </IsEquityAdjustmentRow>

<IsBeginningBalance> false </IsBeginningBalance>

<IsEndingBalance> false </IsEndingBalance>

<IsReverseSign> false </IsReverseSign>

<Cells>

<IsNumeric> false </IsNumeric>

<IsRatio> false </IsRatio>

<DisplayZeroAsNone> false </DisplayZeroAsNone>

(f) Note receivable Notes receivable represents short-term loans to third parties with the maximum term of one year. Interest income is recognized, on an accrual basis, in accordance with each agreement between a borrower and the Company. If notes receivable are provided for, or written off, such notes are recognized in the relevant year that the loan default is probable (management is reasonably certain and losses can be reasonably estimated). The Company recognizes income if the written-off loan is recovered at a future date. In case of foreclosure procedures or legal actions, the Company provides accrual for related foreclosure and litigation expenses.

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<ShowCurrencySymbol> false </ShowCurrencySymbol>

<DisplayDateInUSFormat> false </DisplayDateInUSFormat>

</Cell>

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<ElementDataType> nonnum:textBlockItemType </ElementDataType>

<ElementDefenition> Disclosure of accounting policy for finance, loan and lease receivables, including those held for investment and those held for sale. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the allowance for loan and lease losses is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of origination fees and costs, including the amortization method for net deferred fees or costs (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition (revenues, expenses and gains and losses arising from committing to issue, issuing, granting, collecting, terminating, modifying and holding loans) policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and (7) the treatment of foreclosures or repossessions. </ElementDefenition>

<ElementReferences> Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=28368275&loc=d3e5144-111524 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6378556&loc=d3e10133-111534 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=28368275&loc=d3e5093-111524 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (b,d) -URI http://asc.fasb.org/extlink&oid=28368275&loc=d3e5212-111524 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3-5 -Article 5 </ElementReferences>

<IsTotalLabel> false </IsTotalLabel>

<Label> Note receivable [Policy Text Block] </Label>

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<IsAbstractGroupTitle> false </IsAbstractGroupTitle>

<ElementName> kndi_PrepaymentsPolicyTextBlock </ElementName>

<IsBaseElement> false </IsBaseElement>

<PeriodType> duration </PeriodType>

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<IsSegmentTitle> false </IsSegmentTitle>

<IsCalendarTitle> false </IsCalendarTitle>

<IsEquityPrevioslyReportedAsRow> false </IsEquityPrevioslyReportedAsRow>

<IsEquityAdjustmentRow> false </IsEquityAdjustmentRow>

<IsBeginningBalance> false </IsBeginningBalance>

<IsEndingBalance> false </IsEndingBalance>

<IsReverseSign> false </IsReverseSign>

<Cells>

<IsNumeric> false </IsNumeric>

<IsRatio> false </IsRatio>

<DisplayZeroAsNone> false </DisplayZeroAsNone>

(g) Prepayments Prepayments represent cash paid in advance to suppliers. As of June 30, 2013, prepayments included cash paid advances to raw material suppliers, and prepaid expenses, such as water and electricity fees.

</NonNumbericText>

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<ShowCurrencySymbol> false </ShowCurrencySymbol>

<DisplayDateInUSFormat> false </DisplayDateInUSFormat>

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<ElementDataType> nonnum:textBlockItemType </ElementDataType>

<ElementDefenition> Prepayments </ElementDefenition>

<ElementReferences> No definition available. </ElementReferences>

<IsTotalLabel> false </IsTotalLabel>

<Label> Prepayments [Policy Text Block] </Label>

</Row>

<IsAbstractGroupTitle> false </IsAbstractGroupTitle>

<ElementName> us-gaap_PropertyPlantAndEquipmentPolicyTextBlock </ElementName>

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<IsEquityPrevioslyReportedAsRow> false </IsEquityPrevioslyReportedAsRow>

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<IsReverseSign> false </IsReverseSign>

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The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the statement of income. The cost of maintenance and repairs is charged to expense as incurred, whereas significant renewals and betterments are capitalized.

</NonNumbericText>

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<ShowCurrencySymbol> false </ShowCurrencySymbol>

<DisplayDateInUSFormat> false </DisplayDateInUSFormat>

</Cell>

</Cells>

<ElementDataType> nonnum:textBlockItemType </ElementDataType>

<ElementDefenition> Disclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments. </ElementDefenition>

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<Label> Plant and Equipment [Policy Text Block] </Label>

</Row>

<IsAbstractGroupTitle> false </IsAbstractGroupTitle>

<ElementName> kndi_ConstructionInProgressPolicyTextBlock </ElementName>

<IsBaseElement> false </IsBaseElement>

<PeriodType> duration </PeriodType>

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<IsSegmentTitle> false </IsSegmentTitle>

<IsCalendarTitle> false </IsCalendarTitle>

<IsEquityPrevioslyReportedAsRow> false </IsEquityPrevioslyReportedAsRow>

<IsEquityAdjustmentRow> false </IsEquityAdjustmentRow>

<IsBeginningBalance> false </IsBeginningBalance>

<IsEndingBalance> false </IsEndingBalance>

<IsReverseSign> false </IsReverseSign>

<Cells>

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<IsRatio> false </IsRatio>

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(i) Construction in Progress Construction in progress represents the direct costs of construction, the acquisition cost of buildings, or machinery and design fees. Capitalization of these costs ceases, and the construction in progress is transferred to plant and equipment, when substantially all the activities necessary to prepare the assets for their intended use are completed. No depreciation is provided until the assets are completed and ready for their intended use.

</NonNumbericText>

<IsIndependantCurrency> false </IsIndependantCurrency>

<ShowCurrencySymbol> false </ShowCurrencySymbol>

<DisplayDateInUSFormat> false </DisplayDateInUSFormat>

</Cell>

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<ElementDefenition> Construction in Progress </ElementDefenition>

<ElementReferences> No definition available. </ElementReferences>

<IsTotalLabel> false </IsTotalLabel>

<Label> Construction in Progress [Policy Text Block] </Label>

</Row>

<IsAbstractGroupTitle> false </IsAbstractGroupTitle>

<ElementName> kndi_LandUseRightsPolicyTextBlock </ElementName>

<IsBaseElement> false </IsBaseElement>

<PeriodType> duration </PeriodType>

<IsReportTitle> false </IsReportTitle>

<IsSegmentTitle> false </IsSegmentTitle>

<IsCalendarTitle> false </IsCalendarTitle>

<IsEquityPrevioslyReportedAsRow> false </IsEquityPrevioslyReportedAsRow>

<IsEquityAdjustmentRow> false </IsEquityAdjustmentRow>

<IsBeginningBalance> false </IsBeginningBalance>

<IsEndingBalance> false </IsEndingBalance>

<IsReverseSign> false </IsReverseSign>

<Cells>

<IsNumeric> false </IsNumeric>

<IsRatio> false </IsRatio>

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(j) Land Use Rights According Chinese laws, land in the PRC is owned by the government and land ownership rights cannot be sold to an individual or to a private company. However, the government grants the user a “land use right” to use the land. The land use rights granted to the Company are being amortized using the straight-line method over the lease term of fifty years.

</NonNumbericText>

<IsIndependantCurrency> false </IsIndependantCurrency>

<ShowCurrencySymbol> false </ShowCurrencySymbol>

<DisplayDateInUSFormat> false </DisplayDateInUSFormat>

</Cell>

</Cells>

<ElementDataType> nonnum:textBlockItemType </ElementDataType>

<ElementDefenition> Land Use Rights </ElementDefenition>

<ElementReferences> No definition available. </ElementReferences>

<IsTotalLabel> false </IsTotalLabel>

<Label> Land Use Rights [Policy Text Block] </Label>

</Row>

<IsAbstractGroupTitle> false </IsAbstractGroupTitle>

<ElementName> us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock </ElementName>

<PeriodType> duration </PeriodType>

<IsReportTitle> false </IsReportTitle>

<IsSegmentTitle> false </IsSegmentTitle>

<IsCalendarTitle> false </IsCalendarTitle>

<IsEquityPrevioslyReportedAsRow> false </IsEquityPrevioslyReportedAsRow>

<IsEquityAdjustmentRow> false </IsEquityAdjustmentRow>

<IsBeginningBalance> false </IsBeginningBalance>

<IsEndingBalance> false </IsEndingBalance>

<IsReverseSign> false </IsReverseSign>

<Cells>

<IsNumeric> false </IsNumeric>

<IsRatio> false </IsRatio>

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(k) Accounting for the Impairment of Long-Lived Assets The Company periodically evaluates the carrying value of long-lived assets to be held and used, including intangible assets subject to amortization, when events and circumstances warrant such a review, pursuant to the guidelines established in Statement of Financial Accounting Standards (“SFAS”) No. 144 (now known as "ASC 360 "). The carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flow from such asset is separately identifiable and is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset. Fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. Losses on long-lived assets to be disposed of are determined in a similar manner, except that fair market values are reduced for the cost to dispose. During the reporting period, no impairment loss was recognized.

</NonNumbericText>

<IsIndependantCurrency> false </IsIndependantCurrency>

<ShowCurrencySymbol> false </ShowCurrencySymbol>

<DisplayDateInUSFormat> false </DisplayDateInUSFormat>

</Cell>

</Cells>

<ElementDataType> nonnum:textBlockItemType </ElementDataType>

<ElementDefenition> Disclosure of accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets. </ElementDefenition>

<IsTotalLabel> false </IsTotalLabel>

<Label> Accounting for the Impairment of Long-Lived Assets [Policy Text Block] </Label>

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<ElementName> us-gaap_RevenueRecognitionPolicyTextBlock </ElementName>

<PeriodType> duration </PeriodType>

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<IsCalendarTitle> false </IsCalendarTitle>

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<IsEndingBalance> false </IsEndingBalance>

<IsReverseSign> false </IsReverseSign>

<Cells>

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(l) Revenue Recognition Revenue represents the invoiced value of goods sold. Revenue is recognized when we ship the goods to our customers. Revenue is recognized when all of the following criteria are met: <ul style="TEXT-ALIGN: justify"> <li style="font-family: times new roman,times,serif; font-size: 10pt;">Persuasive evidence of an arrangement exists;</li> <li style="font-family: times new roman,times,serif; font-size: 10pt;">Delivery has occurred or services have been rendered;</li> <li style="font-family: times new roman,times,serif; font-size: 10pt;">The seller’s price to the buyer is fixed or determinable; and</li> <li style="font-family: times new roman,times,serif; font-size: 10pt;">Collectability is reasonably assured.</li> </ul>

</NonNumbericText>

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<ShowCurrencySymbol> false </ShowCurrencySymbol>

<DisplayDateInUSFormat> false </DisplayDateInUSFormat>

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</Cells>

<ElementDataType> nonnum:textBlockItemType </ElementDataType>

<ElementDefenition> Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction. </ElementDefenition>

<IsTotalLabel> false </IsTotalLabel>

<Label> Revenue Recognition [Policy Text Block] </Label>

</Row>

<IsAbstractGroupTitle> false </IsAbstractGroupTitle>

<ElementName> us-gaap_ResearchAndDevelopmentExpensePolicy </ElementName>

<PeriodType> duration </PeriodType>

<IsReportTitle> false </IsReportTitle>

<IsSegmentTitle> false </IsSegmentTitle>

<IsCalendarTitle> false </IsCalendarTitle>

<IsEquityPrevioslyReportedAsRow> false </IsEquityPrevioslyReportedAsRow>

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<IsEndingBalance> false </IsEndingBalance>

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<Cells>

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(m) Research and Development Expenditures relating to the development of new products and processes, including significant improvement to existing products, are expensed as incurred. Research and development expenses were $1,362,156 and $1,376,186 for the six months ended June 30, 2013 and 2012, respectively.

</NonNumbericText>

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<ShowCurrencySymbol> false </ShowCurrencySymbol>

<DisplayDateInUSFormat> false </DisplayDateInUSFormat>

</Cell>

</Cells>

<ElementDataType> nonnum:textBlockItemType </ElementDataType>

<ElementDefenition> Disclosure of accounting policy for costs it has incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process. </ElementDefenition>

<IsTotalLabel> false </IsTotalLabel>

<Label> Research and Development [Policy Text Block] </Label>

</Row>

<IsAbstractGroupTitle> false </IsAbstractGroupTitle>

<ElementName> kndi_GovernmentGrantPolicyTextBlock </ElementName>

<IsBaseElement> false </IsBaseElement>

<PeriodType> duration </PeriodType>

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<IsCalendarTitle> false </IsCalendarTitle>

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<IsEquityAdjustmentRow> false </IsEquityAdjustmentRow>

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<IsEndingBalance> false </IsEndingBalance>

<IsReverseSign> false </IsReverseSign>

<Cells>

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(n) Government Grant Grants received from the PRC Government for assisting in the Company’s technical research and development efforts are recognized when the proceeds are received or collectible. For the six months ended June 30, 2013 and 2012, $49,807 and $25,308, respectively, was received from the PRC government.

</NonNumbericText>

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<ShowCurrencySymbol> false </ShowCurrencySymbol>

<DisplayDateInUSFormat> false </DisplayDateInUSFormat>

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<ElementDefenition> Government Grant </ElementDefenition>

<ElementReferences> No definition available. </ElementReferences>

<IsTotalLabel> false </IsTotalLabel>

<Label> Government Grant [Policy Text Block] </Label>

</Row>

<IsAbstractGroupTitle> false </IsAbstractGroupTitle>

<ElementName> us-gaap_IncomeTaxPolicyTextBlock </ElementName>

<PeriodType> duration </PeriodType>

<IsReportTitle> false </IsReportTitle>

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<IsCalendarTitle> false </IsCalendarTitle>

<IsEquityPrevioslyReportedAsRow> false </IsEquityPrevioslyReportedAsRow>

<IsEquityAdjustmentRow> false </IsEquityAdjustmentRow>

<IsBeginningBalance> false </IsBeginningBalance>

<IsEndingBalance> false </IsEndingBalance>

<IsReverseSign> false </IsReverseSign>

<Cells>

<IsNumeric> false </IsNumeric>

<IsRatio> false </IsRatio>

<DisplayZeroAsNone> false </DisplayZeroAsNone>

(o) Income Taxes The Company accounts for income tax using an asset and liability approach, which allows for the recognition of deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The accounting for deferred tax calculation represents the management’s best estimate on the most likely future tax consequences of events that have been recognized in our financial statements or tax returns and related future anticipation. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future realization is uncertain.

</NonNumbericText>

<IsIndependantCurrency> false </IsIndependantCurrency>

<ShowCurrencySymbol> false </ShowCurrencySymbol>

<DisplayDateInUSFormat> false </DisplayDateInUSFormat>

</Cell>

</Cells>

<ElementDataType> nonnum:textBlockItemType </ElementDataType>

<ElementDefenition> Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements. </ElementDefenition>

<ElementReferences> Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2144681 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=2144749 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32840-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 954 -SubTopic 740 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6491622&loc=d3e9504-115650 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32809-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e32247-109318 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e32280-109318 </ElementReferences>

<IsTotalLabel> false </IsTotalLabel>

<Label> Income Taxes [Policy Text Block] </Label>

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<IsAbstractGroupTitle> false </IsAbstractGroupTitle>

<ElementName> us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock </ElementName>

<PeriodType> duration </PeriodType>

<IsReportTitle> false </IsReportTitle>

<IsSegmentTitle> false </IsSegmentTitle>

<IsCalendarTitle> false </IsCalendarTitle>

<IsEquityPrevioslyReportedAsRow> false </IsEquityPrevioslyReportedAsRow>

<IsEquityAdjustmentRow> false </IsEquityAdjustmentRow>

<IsBeginningBalance> false </IsBeginningBalance>

<IsEndingBalance> false </IsEndingBalance>

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<Cells>

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<IsRatio> false </IsRatio>

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(p) Foreign Currency Translation The accompanying consolidated financial statements are presented in United States dollars. The functional currency of the Company is the Renminbi (RMB). Capital accounts of the consolidated financial statements are translated into United States dollars from RMB at their historical exchange rates when the capital transactions occurred. Assets and liabilities are translated at the exchange rates as of balance sheet date. Income and expenditures are translated at the average exchange rate of the year, which was obtained from website: http://www.oanda.com

</NonNumbericText>

<IsIndependantCurrency> false </IsIndependantCurrency>

<ShowCurrencySymbol> false </ShowCurrencySymbol>

<DisplayDateInUSFormat> false </DisplayDateInUSFormat>

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<ElementDefenition> Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy. </ElementDefenition>

<IsTotalLabel> false </IsTotalLabel>

<Label> Foreign Currency Translation [Policy Text Block] </Label>

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<ElementName> us-gaap_ComprehensiveIncomePolicyPolicyTextBlock </ElementName>

<PeriodType> duration </PeriodType>

<IsReportTitle> false </IsReportTitle>

<IsSegmentTitle> false </IsSegmentTitle>

<IsCalendarTitle> false </IsCalendarTitle>

<IsEquityPrevioslyReportedAsRow> false </IsEquityPrevioslyReportedAsRow>

<IsEquityAdjustmentRow> false </IsEquityAdjustmentRow>

<IsBeginningBalance> false </IsBeginningBalance>

<IsEndingBalance> false </IsEndingBalance>

<IsReverseSign> false </IsReverseSign>

<Cells>

<IsNumeric> false </IsNumeric>

<IsRatio> false </IsRatio>

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(q) Comprehensive Income Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive income are required to be reported in a financial statement that is presented with the same prominence as other financial statements. Comprehensive income includes net income and the foreign currency translation changes.

</NonNumbericText>

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(t) Goodwill We allocate goodwill to reporting units based on the reporting unit expected to benefit from the business combination. We evaluate our reporting units on an annual basis and, if necessary, reassign goodwill using a relative fair value allocation approach. Goodwill is tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. We first assess qualitative factors to determine whether it is more likely than not that goodwill is impaired. If the more likely than not threshold is met, we perform a quantitative impairment test. At June 30, 2013, the Company determined that goodwill was not impaired.

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(u) Intangible assets Intangible assets consist of tradename and customer relations associated with the purchase price allocation of Yongkang Scrou Electric Co.. Such assets are being amortized over their estimated useful lives of 9.7 years. Intangible assets are amortized as of June 30, 2013.

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Filing Submission 0001062993-13-004078 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Kandi Technologies Group, Inc. – ‘10-Q’ for 6/30/13 – ‘XML.R28’

On: Wednesday, 8/14/13, at 9:01am ET · For: 6/30/13 · Accession #: 1062993-13-4078 · File #: 1-33997

Previous ‘10-Q’: ‘10-Q’ on 5/14/13 for 3/31/13 · Next: ‘10-Q’ on 11/14/13 for 9/30/13 · Latest: ‘10-Q’ on 11/8/23 for 9/30/23

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34Filing Table of Contents

‘XML.R28’ — Summary of Significant Accounting Policies (Policies)

This Financial Report is an XBRL XML File.

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents