Website: N/A
Stock Symbol: NASDAQ: KNDI
Market Value: N/A (in millions)
Except as otherwise indicated by the context, references in this Annual Report
to “we,” “us,” “our,” “Kandi,” or the “Company” are to the combined businesses
of Kandi Technologies, Corp.
Introduction
On June 29, 2007, Stone Mountain Resources, Inc., a Delaware corporation (“Stone
Mountain”) executed a share exchange agreement (the “Exchange Agreement”) with
Continental Development Limited, a Hong Kong corporation (“Continental”) and
Excelvantage Group Limited, a British Virgin Islands Company which owned 100% of
Continental (the “Continental Shareholder”). Pursuant to the Exchange Agreement,
Stone Mountain issued 12,000,000 shares of its common stock to the Continental
Shareholder, in exchange for 100% of the common stock of Continental. After the
closing of the Exchange Agreement, Stone Mountain had a total of 19,961,000
shares of common stock outstanding, with the Continental Shareholder owning
60.