Chijet Motor Company, Inc. / "Long-term" | Tables in SEC filings

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	$	-	$	-


	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

	December 31, 2023		December 31, 2022
	US$’000		US$’000
Long-term deferred expenses		4,292		2,392
Total		4,292		2,392

	US$’000		RMB’000
Assets acquired:
Cash and cash equivalents		235,165		1,645,169
Accounts and notes receivable		111,511		780,105
Other receivable		262		1,829
Inventory		30,766		215,232
Property, plant and equipment, net		273,142		1,910,844
Equity investment		4,773		33,391
Intangible assets		129,315		904,663
Land use right		87,970		615,419
Prepayments and other assets, current and non-current		53,820		376,512
Total assets acquired		926,724		6,483,164
Liabilities and equity assumed
Short-term borrowing		(28,589)		(200,000)
Accounts and notes payable		(160,346)		(1,121,745)
Contract liabilities		(11,904)		(83,276)
Accounts and other liabilities		(20,830)		(145,725)
Long-term payables		(249,417)		(1,744,870)
Accrued post-employment and termination benefits		(73,634)		(515,130)
Other payable, current and non-current		(81,749)		(571,898)
Noncontrolling interest		(88,575)		(619,653)
Total liabilities and equity assumed		(715,044)		(5,002,297)
Net assets acquired		211,680		1,480,867
Goodwill		2,735		19,133
Total purchase price		214,415		1,500,000

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