7 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 | |||||||||||
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 LAND USE RIGHTS NET
December 31, 2023 | December 31, 2022 | |||||||
US$’000 | US$’000 | |||||||
Land use right | 153,204 | 158,995 | ||||||
Less: accumulated amortization | (27,055) | (24,654) | ||||||
Land use right, net | 126,149 | 134,341 |
20-F
2023 FY
CJET
Chijet Motor Company, Inc.
30 Apr 24
Annual report (foreign)
4:31pm
December 31, 2023 | December 31, 2022 | |||||||
US$’000 | US$’000 | |||||||
Collateralized by the FAW Jilin factory and land use right with the carrying value of US$64,942 thousand (RMB 461,080 thousand) and USD 71,312 thousand (RMB 491,909 thousand), as of December 31, 2023 and 2022. | 49,297 | 50,740 | ||||||
It is collateralized by the machinery and equipment, mold and tooling, other logistic equipment of FAW Jilin with carrying value of USD 25,702 thousand (RMB 182,485 thousand) and USD 39,108 thousand (RMB 269,767 thousand) as of December 31, 2023 and 2022. | 97,870 | 100,736 | ||||||
Collateralized by the machinery and equipment | 97,870 | 100,736 | ||||||
Credit loan, no collateralized items. | 15,014 | 15,454 | ||||||
Total | 162,181 | 166,930 | ||||||
Loans attributable to related parties | 162,181 | 166,930 |
20-F
2023 FY
CJET
Chijet Motor Company, Inc.
30 Apr 24
Annual report (foreign)
4:31pm
December 31, 2023 | December 31, 2022 | |||||||
US$’000 | US$’000 | |||||||
Collateralized by buildings, machinery and equipment, land use right of Dezhou Yarui. The carrying amounts of machinery and equipment pledged to secure the borrowings as of December 31, 2023 and 2022 were US$586 thousand (RMB 4,159 thousand) and US$ 844 thousand (RMB 5,821 thousand) respectively. The carrying amount of buildings and land use right pledged to secure the borrowings as of December 31, 2023 and 2022 were US$1,780 (RMB 12,640) and nil respectively. | 3,906 | 4,890 | ||||||
Collateralized amount | 3,906 | 4,890 |
20-F
bjp pt8rv
30 Apr 24
Annual report (foreign)
4:31pm
20-F
yylg1w
30 Apr 24
Annual report (foreign)
4:31pm
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