Financial Performance - Revenues for the three months ended September 30, 2021, were 16,520,598 in the same period of 2020[20]. - Gross profit for the nine months ended September 30, 2021, was 8,204,274 in the same period of 2020[20]. - Net income for the three months ended September 30, 2021, was 460,001 for the same period in 2020, marking a 172.5% increase[20]. - Total revenues for the nine months ended September 30, 2021, were 42,969,010 for the same period in 2020, representing an increase of approximately 76.7%[88]. - The company reported a basic and diluted net income per ordinary share of 0.02 for the same period in 2020[21]. - The Company recorded net income attributable to shareholders of 207,933 for the same period in 2020[190]. Assets and Liabilities - Total current assets as of September 30, 2021, were 107,643,434 as of December 31, 2020[13]. - Total liabilities as of September 30, 2021, were 81,317,275 as of December 31, 2020, reflecting a 12.4% increase[17]. - Total shareholders' equity increased to 50,661,462 as of December 31, 2020, representing a 31.3% growth[17]. - Accounts receivable, net, increased to 12,408,548 as of December 31, 2020[126]. - Total inventories, net, rose to 15,380,063 as of December 31, 2020[129]. - Accounts payable increased to 22,005,260 as of December 31, 2020[145]. Cash Flow and Financing - The company reported a net cash used in operating activities of 2,201,537 for the same period in 2020, indicating a decline in cash flow from operations[31]. - The net cash provided by financing activities was 2,196,111 for the same period in 2020, showing a substantial increase[34]. - Cash and cash equivalents increased to 7,159,015 as of December 31, 2020, indicating a 25.9% rise[13]. - The total cash and cash equivalents at the end of the period was 11,194,616 at the end of September 30, 2020, reflecting a year-over-year increase of about 40.5%[34]. Research and Development - Research and development expenses for the nine months ended September 30, 2021, were 1,604,151 in the same period of 2020[20]. - Research and development costs totaled approximately 1,604,151 for the same period in 2020, reflecting an increase of approximately 108.3%[93]. Market and Product Development - The company anticipates continued growth in revenues and profitability, driven by market expansion and new product development initiatives[8]. - Greenland launched a new division for electric industrial vehicles in December 2020, with the first batch of GEF-series electric forklifts beginning commercial sales in the U.S. market in November 2021[41]. - The company plans to establish assembly sites and experience centers in the United States in 2022 to support local sales, assembly, and distribution of electric vehicles[41]. - Greenland Technologies reported revenue growth from approximately 75.90 million for the same period in 2021, representing an increase of 76.6%[40]. - The company sold 110,082 sets of transmission products to more than 100 forklift manufacturers in China during the nine months ended September 30, 2021, compared to 71,749 sets in the same period of 2020, marking a 53.3% increase in sales volume[40]. Shareholder Information - As of September 30, 2021, Cenntro Holding Limited owned 59.20% of Greenland's outstanding ordinary shares, indicating a significant shareholder concentration[43]. - The number of ordinary shares issued and outstanding increased from 10,225,142 as of December 31, 2020, to 11,371,171 as of September 30, 2021, reflecting an increase of about 11.2%[168]. Legal and Regulatory Matters - The Company has evaluated all legal proceedings and claims as of September 30, 2021, and December 31, 2020, related to contingencies[110]. - The Company has settled a class action lawsuit related to its Business Combination, resulting in a payment of $65,000 as of January 25, 2021[203]. Economic and Political Risks - The Company is subject to economic and political risks associated with operating in the PRC, which may affect its financial condition and results[112].
Greenland Technologies (GTEC) - 2021 Q3 - Quarterly Report