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Also in our opinion, the Company maintained, in all materials respects, effective internal control over monetary reporting as of December 31, 2021, primarily based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. On July 9, 2020, the Company received the second fee of RMB 119 million (approximately $19 million) under the Repurchase Agreemen On May 22, 2020, the Company obtained the first fee of RMB 244 million (approximately $38 million) under the Repurchase Agreement. In addition, if Zhejiang Kandi Technologies achieves sure milestones that contribute to native economic growth, the Company shall be eligible for tax rebates that might total up to RMB 500 million ($79 million) over the next eight years. Payments to Zhejiang Kandi Technologies shall be made in three installments as the Company disclosed in a Current Report on Form 8-K filed with the SEC on March 9, 2020.
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