12 results
20-F
2023 FY
CJET
Chijet Motor Company, Inc.
30 Apr 24
Annual report (foreign)
4:31pm
Note | December 31, 2023 | December 31, 2022 | ||||||||
ASSETS | ||||||||||
Current assets | ||||||||||
Cash and cash equivalents | 2(f) | $ | 10,731 | $ | 37,918 | |||||
Restricted cash | 2(g) | 1,378 | 12,105 | |||||||
Accounts and notes receivable, net | 2(h), 5 | 2,241 | 233 | |||||||
Accounts and notes receivable from related parties, net | 2(h), 22 (b)(i) | 208 | 870 | |||||||
Accounts and notes receivable, net | 2(h), 5 | 2,241 | 233 | |||||||
Inventory, net | 2(i), 6 | 14,785 | 23,918 | |||||||
Amounts due from related parties | 2(h), 22 (b)(i) | 48,748 | 60,019 | |||||||
Other current assets | 2(h), 7 | 9,951 | 22,905 | |||||||
Other current assets from related parties | 22 (b)(i) | 2,786 | 2,659 | |||||||
Other current assets | 2(h), 7 | 9,951 | 22,905 | |||||||
Total current assets | 90,828 | 160,627 | ||||||||
Property, plant and equipment, net | 2(j), 8 | 181,377 | 217,902 | |||||||
Intangible assets, net | 2(k), 9 | 127,411 | 131,206 | |||||||
Land use rights, net | 2(l), 10 | 126,149 | 134,341 | |||||||
Long-term investments | 2(m) | 3,699 | 4,370 | |||||||
Goodwill | 2(n), 12 | 2,695 | 2,774 | |||||||
Other assets | 13 | 4,292 | 2,392 | |||||||
Total assets | $ | 536,451 | $ | 653,612 | ||||||
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY | ||||||||||
Current liabilities | ||||||||||
Accounts and notes payable | 14 | $ | 14,824 | $ | 28,784 | |||||
Accounts and notes payable to related parties | 22 (b)(i) | 47,192 | 52,889 | |||||||
Accounts and notes payable | 14 | $ | 14,824 | $ | 28,784 | |||||
Loans attributable to related parties | 22 (b)(i), 22(c) | 232,867 | 193,189 | |||||||
Contract liabilities | 2(q), 15 | 2,525 | 2,742 | |||||||
Contract liabilities to related parties | 22 (b)(i) | 2,483 | 912 | |||||||
Contract liabilities | 2(q), 15 | 2,525 | 2,742 | |||||||
Long-term payables, current | 17 | 97,832 | 100,697 | |||||||
Promissory note payable | 18 | 1,408 | 2,830 | |||||||
Accruals and other current liabilities | 16 | 47,428 | 45,574 | |||||||
Accruals and other current liabilities, related parties | 22 (b)(i) | 78,495 | 65,523 | |||||||
Accruals and other current liabilities | 16 | 47,428 | 45,574 | |||||||
Total current liabilities | 525,054 | 493,140 | ||||||||
Accrued post-employment and termination benefits | 19 | 43,541 | 51,575 | |||||||
Loans attributable to related parties, non-current | 22(b)(i), 22(c) | 40,545 | 85,910 | |||||||
Other liabilities | 6,185 | 6,859 | ||||||||
Total liabilities | 615,325 | 637,484 | ||||||||
Commitments and contingencies | 23 | - | - | |||||||
Shareholders’ (Deficit) Equity | ||||||||||
Ordinary shares (US$0.0001 par value; 500,000,000 shares authorized, 160,707,171 and 152,130,300 shares issued, 160,659,630 and 152,130,300 shares outstanding as of December 31, 2023 and December 31, 2022, respectively) (i) | 20 | 16 | 15 | |||||||
Treasury Stock (47,541 and nil ordinary shares as of December 31, 2023 and December 31, 2022, respectively) | 20(b) | (500) | - | |||||||
Additional paid-in capital | 169,129 | 163,738 | ||||||||
Statutory reserve | 20(c) | 6,656 | 6,656 | |||||||
Accumulated deficit | (314,235) | (246,051) | ||||||||
Accumulated other comprehensive loss | 6,100 | 7,063 | ||||||||
Chijet Motor Company, Inc. shareholders’ (deficit) equity | (132,834) | (68,579) | ||||||||
Non-controlling interest | 53,960 | 84,707 | ||||||||
Total shareholders’ (deficit) equity | (78,874) | 16,128 | ||||||||
Total liabilities and shareholders’ (deficit) equity | $ | 536,451 | $ | 653,612 |
20-F
2023 FY
CJET
Chijet Motor Company, Inc.
30 Apr 24
Annual report (foreign)
4:31pm
For the year ended | For the year ended | For the year ended | ||||||||||||
Note | December 31, 2023 | December 31, 2022 | December 31, 2021 | |||||||||||
Net loss | $ | (98,501) | $ | (111,518) | $ | (62,552) | ||||||||
Other comprehensive income, net of tax | ||||||||||||||
Changes in post-employment and termination benefits | 19 | (1,216) | (567) | (888) | ||||||||||
Foreign currency adjustments | 2(d) | (104) | (6,722) | 3,811 | ||||||||||
Comprehensive loss | (99,821) | (118,807) | (59,629) | |||||||||||
Comprehensive loss attributed to non-controlling interest | (30,747) | (35,601) | (32,017) | |||||||||||
Comprehensive loss attributable to ordinary shareholders of Chijet Motor Company, Inc. | $ | (69,074) | $ | (83,206) | $ | (27,612) |
20-F
2023 FY
CJET
Chijet Motor Company, Inc.
30 Apr 24
Annual report (foreign)
4:31pm
Ordinary Share (i) | Common Stock in Treasury | Additional Paid-in | Statutory | Accumulated | Accumulated Other Comprehensive | Non- Controlling | Total Shareholders’ | |||||||||||||||||||||||||||||||||||
Note | Shares | Amount | Shares | Amount | Capital (i) | Reserve | Deficit | Income(Loss) | Interest | Equity(Deficit) | ||||||||||||||||||||||||||||||||
Balance, January 1, 2022 | 152,130,300 | $ | 15 | - | $ | - | $ | 140,838 | $ | 6,656 | $ | (168,795) | $ | 13,013 | $ | 120,308 | $ | 112,035 | ||||||||||||||||||||||||
Foreign currency translation adjustment | 2(d) | - | - | - | - | - | - | - | (5,610) | (1,112) | (6,722) | |||||||||||||||||||||||||||||||
Changes in post-employment and termination benefits | 19 | - | - | - | - | - | - | - | (340) | (227) | (567) | |||||||||||||||||||||||||||||||
Issuance of warrants | 20(a) | - | - | - | - | 22,900 | - | - | - | - | 22,900 | |||||||||||||||||||||||||||||||
Net loss | - | - | - | - | - | - | (77,256) | - | (34,262) | (111,518) | ||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | 152,130,300 | $ | 15 | - | $ | - | $ | 163,738 | $ | 6,656 | $ | (246,051) | $ | 7,063 | $ | 84,707 | $ | 16,128 |
20-F
2023 FY
CJET
Chijet Motor Company, Inc.
30 Apr 24
Annual report (foreign)
4:31pm
For the year ended | For the year ended | For the year ended | ||||||||||||
Note | December 31, 2023 | December 31, 2022 | December 31, 2021 | |||||||||||
Cash flows from operating activities | ||||||||||||||
Net loss | $ | (98,501) | $ | (111,518) | $ | (62,552) | ||||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||||||||||||
Depreciation and amortization expense | 8,9,10 | 34,620 | 44,653 | 54,313 | ||||||||||
Share-based compensation expenses | 3,171 | - | - | |||||||||||
Impairment of property, plant and equipment | 2(o), 8 | 283 | 842 | 6,054 | ||||||||||
Impairment of inventory | 2(i), 6 | 4,510 | 4,450 | 20,328 | ||||||||||
Bad debt expense | 259 | 235 | 94 | |||||||||||
Warrant expense | 2(y), 20(a) | - | 22,900 | - | ||||||||||
Government grant | 2(w) | (3,748) | (19,467) | (80,995) | ||||||||||
Gain on disposal of property, plant and equipment | 2(j) | (287) | (13) | (11) | ||||||||||
Loss (gain) on equity investment | 519 | (6) | (131) | |||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Accounts and notes receivable | (2,008) | (228) | 528 | |||||||||||
Accounts and notes receivable from related parties | 662 | (506) | 3,689 | |||||||||||
Accounts and notes receivable | (2,008) | (228) | 528 | |||||||||||
Inventory | 3,973 | 490 | (25,080) | |||||||||||
Amounts due from related party | 11,271 | 10,594 | 66,867 | |||||||||||
Other current assets | 8,927 | 6,927 | (10,390) | |||||||||||
Other current assets from related parties | (127) | (1,180) | (1,616) | |||||||||||
Other current assets | 8,927 | 6,927 | (10,390) | |||||||||||
Other assets | (1,900) | 52,007 | (7,010) | |||||||||||
Accounts and notes payable | (7,440) | (7,720) | (23,168) | |||||||||||
Accounts and notes payable to related party | (5,697) | (4,014) | (16,744) | |||||||||||
Accounts and notes payable | (7,440) | (7,720) | (23,168) | |||||||||||
Accrual and other current liabilities | 1,427 | 472 | (17,836) | |||||||||||
Accruals and other current liabilities to related parties | 12,972 | 13,622 | 55,010 | |||||||||||
Accrual and other current liabilities | 1,427 | 472 | (17,836) | |||||||||||
Contract liabilities | 170 | (2,159) | 497 | |||||||||||
Contract liabilities to related parties | 1,571 | (884) | - | |||||||||||
Contract liabilities | 170 | (2,159) | 497 | |||||||||||
Accrued post-employment and termination benefits | (9,249) | (8,106) | (7,843) | |||||||||||
Other liabilities | 4,605 | 20,992 | 23,622 | |||||||||||
Net cash (used in) provided by operating activities | (40,017) | 22,383 | (22,374) | |||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchase of fixed assets | (5,340) | (11,838) | (951) | |||||||||||
Proceed from disposition of fixed assets | 1,514 | 74 | - | |||||||||||
Proceeds from disposal of land use rights | 1,184 | - | - | |||||||||||
Issuance of Promissory Notes receivable | (1,180) | (1,380) | - | |||||||||||
Purchase of intangible assets | - | (101) | (120) | |||||||||||
Proceeds from Promissory Notes receivable | 2,060 | - | - | |||||||||||
Net cash used in investing activities | (1,762) | (13,245) | (1,071) | |||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from short-term borrowings | 920 | - | 1,258 | |||||||||||
Proceeds from short-term borrowings-related parties | 4,840 | - | - | |||||||||||
Proceeds from exercise of warrants | 1,100 | - | - | |||||||||||
Repayments of short-term borrowings | (2,329) | - | (1,258) | |||||||||||
Repayments of short-term borrowings-related parties | (2,604) | - | - | |||||||||||
Cash acquired in the reverse recapitalization | 4,490 | - | - | |||||||||||
Payments for reverse recapitalization and ordinary shares issuance costs | (1,192) | - | - | |||||||||||
Proceeds from Promissory Notes Payable | - | 1,380 | - | |||||||||||
Repayments of long-term payable | - | - | (44,611) | |||||||||||
Net cash provided (used in) by financing activities | 5,225 | 1,380 | (44,611) | |||||||||||
Net change in cash, cash equivalents, and restricted cash | (36,554) | 10,518 | (68,056) | |||||||||||
Effects of currency translation on cash, cash equivalents, and restricted cash | (1,360) | (3,635) | 2,003 | |||||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 50,023 | 43,140 | 109,193 | |||||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 12,109 | $ | 50,023 | $ | 43,140 | ||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||||
Cash paid for interest | $ | 236 | $ | - | $ | 258 | ||||||||
Non-cash investing and financing activities: | ||||||||||||||
Warrant issued for services | 2(y), 20(a) | $ | - | $ | 22,900 | $ | - | |||||||
Initial measurement of right-of-use asset | $ | - | $ | 354 | $ | - | ||||||||
Initial measurement of right-of-use liabilities | $ | - | $ | 1,829 | $ | - | ||||||||
Unpaid deferred offering cost related with reverse recapitalization | $ | 379 | $ | - | $ | - | ||||||||
Deferred offering cost settled with ordinary shares | 1(b) | 1,000 | - | - | ||||||||||
Deferred offering costs reclassified to additional paid-in capital | 1(b) | $ | 4,500 | $ | - | $ | - | |||||||
Repurchase of treasury stock | 20(b) | $ | 500 | $ | - | $ | - |
20-F
2023 FY
CJET
Chijet Motor Company, Inc.
30 Apr 24
Annual report (foreign)
4:31pm
SCHEDULE OF ASSUMPTIONS USED FOR ACTUARIAL VALUATIONS
December 31, 2023 | December 31, 2022 | |||||||
Discount rate | 2.25%-2.75% | 2.50%-3.25% | ||||||
Mortality rate | (2010-2013) - CL5/CL6 up 2 years* | |||||||
Annual withdrawal rate | 3.00 | % | 3.00 | % | ||||
Annual increase rate of supplemental medical benefits | 6.00 | % | 6.00 | % | ||||
Annual increase rate of social insurance, housing fund and EAP | 8.00 | % | 8.00 | % | ||||
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Annual report (foreign)
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